Social Value: A Study in Economic Theory, Critical and ConstructiveAnderson, Benjamin M. (Benjamin McAlester)
General
Social Value: A Study in Economic Theory, Critical and Constructive
Anderson, Benjamin M. (Benjamin McAlester)
Value
Further, the value concept has been called upon to explain the motivation
of the economic activity of society, and value has been conceived of as a
motivating force.[148] Schaeffle, especially, has stressed this phase of
the matter in his criticism of the socialistic theories of value. "Utility
value," he holds, does direct industry into proper channels, but a value
based on labor-time would get supply and needs into a hopeless
discrepancy.[149]
No ratio "between objective articles" will serve these functions which the
economists have put upon the value concept. Value as a purely individual
phenomenon, varying from man to man, will in no way[150] serve these
purposes of the economists. Value as a mere brute quantity of physical
objects given in exchange for other physical objects, could in no way serve
these purposes. Value must be an objective quality, a _power_, embodied in
the object, independent of the individual judgment or desire. A strong
feeling that this is so is manifested in the term which the English School
so often uses as the equivalent of value, namely, "purchasing
power"[151]--a term which Boehm-Bawerk approves.[152] The notion of
relativity which has, historically, been bound up with this term, we have
criticized in chapter II, and it is not necessary to repeat the argument
here. But the other aspect of it, its recognition of the dynamic character
of value, and of the quantitative character of value, even though often
confusedly and vaguely, seems very much to strengthen the case for the
thesis I am maintaining.[153]
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