Price and _Preis_--Price broadened to include all relations between values, whether money be involved or not--History of price-concept in English economics--Distinction between prices and values--Generalization of notion of price--Measurement of beliefs, etc., in terms of money--"Qualitative analysis" and "quantitative analysis"--Great bulk of economic theory, and virtually all that is valid and valuable in economic theory, has so far been in theory of prices, and not in theory of value--Methods of price analysis--Abstract units of value--Price theory and practical problems 175 CHAPTER XVIII THE THEORY OF VALUE AND THE THEORY OF PRICES (_concluded_) Great work of Austrians really done in field of price theory--They have, without logical right, but with excellent results, assumed and used a quantitative, objective value concept--Distribution in relation to theory of value and theory of prices--Mill's treatment primarily from standpoint of fundamental value theory; later theories, as a rule, chiefly concerned with more superficial, but also more exact, price analysis of distributive problems--Theory of value not a substitute for detailed price analysis, but, rather, a presupposition of it--Prices have _meanings_, which only theory of value can explain 188 CHAPTER XIX THE THEORY OF VALUE AND THE SOCIAL OUTLOOK--SUMMARY Belief that social optimism and social pessimism are connected with theory of value--Views of Fetter, Schumpeter, Wieser, and Davenport--No such implications, either optimistic or pessimistic, in theory here maintained--Theory of value does not contain justification of existing social order--Summary of main argument of book 194 INDEX OF NAMES 201 PART I INTRODUCTION SOCIAL VALUE CHAPTER I PROBLEM AND PLAN OF PROCEDURE Recent economic literature has had much to say about "social value." The conception, while not entirely new,[1] has become important only of late years, chiefly through the influence of Professor J. B. Clark, who first set it forth in his article in _The New Englander_ in 1881 (since reproduced as the chapter on the theory of value in his _Philosophy of Wealth_). The conception has been found attractive by many other American writers, however, and has become familiar in many text-books, and in periodical literature. Among those who have used the conception may be named: Professors Seligman, Bullock, Kinley, Merriam, Ross, and C. A. Tuttle.[2] Gabriel Tarde, the brilliant French sociologist, has independently developed a social value doctrine, different in many respects from that of the Americans named, which we shall later have occasion to consider.[3]