the ultimate standard of value-第13章

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　the　finished　product。　This　competition　（Werben）　is　extended　over　as　many　parts　of　the　general　market　as　there　are　different　kinds　of　products。　But　this　competition；　though　widely　diffused　and　indirect；　eventually　results　in　the　establishing　of　a　certain　market　price　for　the　productive　power。　This　market　price　of　the　productive　power　appears　in　each　single　branch　of　production　as　the　cost　of　the　same。　It　operate　like　a　speaking　trumpet　through　which　the　supply　price　in　other　and　distant　parts　of　the　general　market　is　made　audible　in　the　part　where　we　are　situated。　Those　interested　in　one　part　are　notified　of　the　conditions　which　obtain　in　the　general　market　and　are　thus　enabled　to　govern　their　actions　according　to　these　more　general　conditions。　　　　　　Let　us　now　return　to　our　example。　We　will　assume　that；　in　the　general　field　of　production　or　employment；　the　market　price　of　the　product　of　a　day　of　common　labor；　and　thus　the　wages　for　a　day　of　such　labor　is　eighty　cents。　We　will　also　assume　that　in　some　special　departments；　as　cotton　manufacturing；　because　of　some　unfavorable　combination；　the　value　of　the　product　of　a　day's　labor　has　fallen　to　sixty　cents；　while　at　the　same　time；　the　wages　of　labor　being　eighty　cents；　the　cost　of　production　is　eighty　cents。　What　is　the　meaning　and　effect　of　this　rate　of　cost　of　eighty　cents？　It　does　not　mean　that　the　laborer　cannot　live　on　less　than　eighty　cents；　or　that　the　labor　involves　a　degree　of　disutility　which　he　will　not　endure　for　less　than　eighty　cents。　It　means；　and　that　quite　clearly；　that　there　are　enough　people　in　the　world　who　will　give　eighty　cents　for　a　day's　labor；　or　for　the　product　of　the　same；　to　keep　all　the　productive　power　active；　and　therefore　that　it　would　be　foolish　to　ignore　this　offer；　and　employ　the　productive　power　in　the　service　of　people　who　are　able　and　willing　to　pay　only　sixty　cents　for　a　day's　work。　　　　　　Let　us　now　assume；　that　in　the　woolen　industry　the　product　of　a　day's　labor；　through　some　favorable　combination；　is　worth　one　dollar　and　twenty　cents；　while　the　cost　is　only　eighty　cents。　This　is　clearly　nothing　else　than　advice　to　those　interested；　that　in　the　general　field　of　employment　a　day's　labor　cannot　obtain　more　than　eighty　cents；　and　therefore　that　it　is　wise　to　listen　to　the　favorable　offer　that　we　have　been　ignoring；　namely；　the　offer　of　those　people　who　are　willing　and　able　to　pay　for　the　product　of　a　day's　labor　in　the　woolen　industry；　not　indeed　all　of　one　dollar　and　twenty　cents；　but　something　more　than　eighty　cents。　This　advice　bears　fruit　through　the　action　of　the　watchful　self…interest　of　the　entrepreneurs。　In　obedience　to　the　law　of　cost　it　levels　the　abnormal　price　of　sixty　cents　and　one　dollar　and　twenty　cents；　that　prevail　in　different　parts　of　the　general　market；　to　the　normal　price　of　eighty　cents。　This　means　nothing　more　than　the　bringing　about　of　that　disposition　of　the　productive　power；　which　insure　that　the　best　paying　wants　shall　always　be　satisfied　first。　At　the　outset；　according　to　our　illustration；　those　needs　whose　money　marginal　utility　was　between　eighty　cents　and　sixty　cents　were　satisfied；　while　those　whose　money　marginal　utility　was　between　eighty　cents　and　one　dollar　and　twenty　cents　remained　unsatisfied。　Eventually　a　readjustment　is　effected　so　that　everywhere　and　in　all　branches　of　production；　the　productive　power　is　employed　in　the　service　of　the　best　paying　wants。　This　take　place　successively　from　the　highest　down　to　those　whose　money　marginal　utility　is　eighty　cents。　We　may　conclude　then；　that　in　this　and　in　all　similar　case　the　law　of　cost　has　no　other　function　than　to　bring　all　products　of　equal　origin　into　line　with　each　other。　The　self…evident　proposition　that　the　same　product；　on　the　same　market；　at　the　same　time；　must　have　the　same　value　or　price；　is　extended　by　the　law　of　cost　a　step　further；　and　gives　us　the　proposition　that　products　of　like　origin　must　have　the　same　value　or　price。　But　how　high　this　value　or　price　will　be；　neither　proposition　informs　us。　The　self…evident　proposition；　that　one　bushel　of　wheat　has　the　same　value　as　another　similar　bushel　of　wheat；　gives　me　no　starting　point　from　I　which　I　can　determine　the　value　of　both　bushels。　In　the　same　way；　in　the　cases　described；　the　law　of　cost　gives　me　no　starting　point　from　which　I　can　determine　the　absolute　height　of　the　price　line；　to　which；　according　to　that　law；　the　price　of　all　products　of　equal　origin　are　brought。　When　we　take　a　certain　limited　view　of　the　question　we　do　seem　to　get　an　answer。　As　when　we　confine　ourselves　to　a　single　branch　of　production　and　think　of　the　amount　of　the　cost　as　something　that　we　determine　independently　of　our　problem。　But　we　might　just　as　well　argue；　in　the　case　of　our　two　bushels　of　wheat；　that　according　to　our　proposition；　one　of　these　bushels　has　just　the　same　value　as　the　other。　We　also　know　that　number　one　is　worth　one　dollar；　therefore；　according　to　our　proposition；　number　two　is　worth　one　dollar。　But　the　value　of　number　one　is　just　as　much　a　subject　for　investigation　as　the　value　of　number　two；　and　hence；　our　answer　does　not　give　us　the　value　of　either。　This　is　true　of　the　height　of　the　cost　in　every　branch　of　production。　We　must；　in　every　case；　go　back　of　the　apparent　answers　until　we　find　the　real　answer。　In　the　case　of　the　two　bushels　of　wheat　this　answer　lies　close　at　hand；　but　in　the　case　of　costs　in　general；　we　must　survey　the　whole　field　of　production　and　finally　find　our　answer　in　the　following　elementary　proposition：　　　　　　There　is　a　certain　limited　quantity　of　productive　power　which　at　any　given　time；　under　the　conditions　set　by　the　technical　development　of　that　time；　can　bring　forth　only　a　certain　limited　quantity　of　products。　These　products；　through　the　action　of　certain　leveling　influences　in　the　different　branches　of　production；　are　disposed　of　in　a　regular　order　of　succession；　in　each　case；　to　the　best　paying　purchaser。　The　satisfaction　extends　downward　in　the　scale　of　wants　until　a　certain　equalization　to　the　（money）　marginal　cost　of　production　is　attained；　and　it　is　this　which　decides　the　value　of　all　goods　that　come　under　the　dominion　of　that　leveling　influence。　It　determines　the　value　of　the　products　as　well　as　the　value　of　the　productive　power；　which　is　represented　by　the　cost。　　　　　　The　representatives　of　the　English　theory　have　chosen　the　figure　of　the　two　blades　of　a　pair　of　shears；　in　order　to　show　the　opposition　between　the　English　and　Austrian　conception　of　the　law　of　cost。　I　gladly　follow　them　in　the　use　of　this　figure　but　with　the　conviction　that　the　interpretation　which　my　English　colleague　have　given　to　it；　must　be　supplemented　as　follows：　　　　　　In　the　case　of　freely　reproducible　goods；　it　is　undoubtedly　true　that　the　price　is　fixed　at　that　point　where　the　money　marginal　utility　of　the　commodity　to　those　desiring　to　purchase　it　crosses　the　line　of　the　costs。　In　our　example；　the　last　purchaser　of　wool　will　be　the　one　whose　valuation　will　correspond　with　the　amount　of　the　cost；　or　with　eighty　cents。　In　this　case　it　is　entirely　correct　to　say　that　utility　（relative　marginal　utility　for　those　desiring　to　purchase）　and　cost　operate　together　in　the　determination　of　price；　like　the　two　bla