the ultimate standard of value-第6章

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ility；　and　therefore　the　value；　is　determined；　is　in　reality　the　marginal　point　for　both　utility　and　disutility。　We　might　therefore；　in　this　case；　say　with　Professor　Marshall；　that；　in　the　determination　of　value；　utility　and　disutility；　or　pleasure　and　pain；　work　together　like　the　two　blade　of　a　pair　of　shears。　　　　　　Though　essentially　the　same　thing；　the　matter　take　a　somewhat　more　complicated　form；　when　we　turn　to　the　consideration　of　a　laborer　in　our　actual　economic　world；　still　assuming　of　course　that　the　laborer　is　free　to　continue；　or　to　terminate　his　labor　when　he　please。　Here　also；　the　value　of　the　product　will　equal　the　value　or　wages　of　labor。　This　will　be　true；　even　though　the　laborer　does　not　receive　his　reward　directly　in　the　form　of　the　created　product；　but　receives　a　certain　money　consideration；　in　lieu　of　his　share　of　the　product。　When　competition　has　done　its　work；　and　forced　the　value　of　the　product　down；　until　it　equals　its　cost；　then　the　wages　which　the　entrepreneur　has　paid　out　either　directly　or　indirectly；　must　equal　the　value　of　the　product；　（we　here　ignore　all　payments　for　abstinence）。　How　high　will　the　value　of　both　product　and　labor　go？　We　would　again　answer；　to　the　point　at　which　marginal　utility　and　marginal　disutility　coincide。　Here；　however；　a　new　element　enters　into　the　problem。　We　have　to　consider；　not　only　the　marginal　utility　which　the　wages　have　for　the　laborer；　but　also　the　marginal　utility　which　the　product　of　labor　has　for　the　general　public　or　for　the　consumer。　　　　　　Every　consumer　continue　to　buy　so　long　as　the　marginal　utility　of　the　ware　exceeds　the　price　sacrifice。　Since　the　marginal　utility　decreases　as　the　supply　increase；　an　increase　in　the　amount　produced　cannot　find　a　market　except　at　a　lower　price。　When；　for　instance；　thirty　million　piece　of　a　product；　each　of　which　cost　one…quarter　hour's　labor；　will　find　purchasers　at　a　price　of　seven　and　one…half　cents；　thirty…five　million　pieces　will　perhaps　bring　only　six　cents　each；　thirty…eight　million　only　five　cents；　forty…two　million　only　four　cents；　while　fifty　million　might　only　find　buyers　at　two　or　at　one　and　one…half　cents。　On　the　other　hand；　the　amount　that　will　be　produced　will　depend；　ceteris　paribus；　upon　the　length　of　the　working　day。　But　this　again；　as　we　have　seen；　depends　in　part　upon　the　rate　of　wages；　or　upon　the　amount　which　the　laborer　will　receive　for　an　additional　quarter　hour　of　work。　With　a　wages　of　two　and　one…half　cents　per　quarter　hour；　every　worker；　according　to　the　figures　of　a　previous　example；　would　be　willing　to　work　thirty　quarter　hours　per　day：　with　a　wages　of　five　cents　per　quarter　hour；　they　would　work　thirty…eight　quarter　hours；　with　a　wages　of　seven　and　one…half　cents　per　quarter　hour；　they　would　work　forty…two　quarter　hours。　If　the　number　of　workers　be　taken　as　a　million；　then　with　a　wages　of　two　and　one…half　cents　per　quarter　hour；　they　will　produce　thirty　million　piece；　with　a　wages　of　five　cents；　thirty…eight　million；　and　with　a　wages　of　seven　and　one…half　cents；　they　will　produce　forty…two　million　pieces　of　a　product　of　which　each　piece　costs　one…quarter　hour　of　labor。　It　is　manifest　that　under　these　conditions　supply　and　demand　will　be　in　equilibrium　when　we　have　a　product　of　thirty…eight　million　pieces　with　a　value　of　product；　and　a　wages　of　labor　equal　to　five　cents。　This　would　be　the　price　of　the　commodity　and　the　level　of　wages　at　which　demand　and　supply　would　come　into　equilibrium。　All　those　who　desire　to　purchase　at　that　price　would　be　satisfied；　and；　at　the　same　time；　the　price　would　afford　sufficient　indemnification　for　the　pain　endured　by　just　the　right　number　of　workmen。　It　must　not；　however；　be　forgotten　that　in　the　fixing　of　this　level　the　utility　of　the　ware　is　just　as　important　a　factor　as　the　disutility　of　the　labor；　or　that　in　the　determination　of　this　level　they　work　together　like　the　two　blade　of　a　pair　of　shears。　　　　　　Here；　however；　my　English　and　American　colleagues　and　myself　must　part　company。　They　seem　to　regard　this　rule　as　capable　of　quite　general　application。（18*）　They　even　seem　disposed　to　hold　that　it　is　the　great　law　itself。　I　hold；　on　the　other　hand；　that　this　rule　has　no　wider　application　than　is　justified　by　the　assumption　upon　which　it　is　based；　namely；　that　the　laborer　is　entirely　free　to　determine　how　long　he　will　continue　his　daily　labor。　When；　however；　we　turn　to　the　actual　facts　of　our　present　industrial　life；　we　find　first　that　this　assumption　does　not　obtain；　save　as　an　exception；　and　that　it　does　not　correspond　at　all　with　the　other　assumptions　upon　which　our　empirical　law　of　cost　is　based。　

IV。　The　Relation　of　the　〃Law　of　Cost〃　to　Disutility　Continued

　　　　To　demonstrate　the　first　of　the　two　propositions　with　which　I　　closed　the　preceding　chapter；　I　need　only　advert　to　well…known　facts。　It　is；　for　instance；　a　fact　of　common　experience；　that　in　most　branches　of　production　the　laborer　is　not　free　to　determine　the　length　of　his　working　day。　The　hours　of　labor　are　fixed　more　or　less　by　custom　or　law。　This　is　true　in　factory　and　workshop；　as　well　as　in　agriculture。　In　some　countries　it　is　the　eleven…hour　day；　in　others　the　ten…hour　day；　that　prevails。　If　the　present　labor　agitation　should　be　at　all　successful；　we　may　see　the　eight…hour　day　quite　generally　adopted。　In　any　event；　the　amount　of　the　pain　of　labor　is　more　or　less　fixed。　When　changes　occur　in　the　rate　of　wages　or　in　the　value　of　the　product；　the　laborer　is　not　free　to　make　a　correponding　change　in　the　length　of　his　working　day；　and　thus　restore　the　equilibrium　between　utility　and　disutility。　If　the　ten…hour　day　prevails；　we　cannot　say　that　with　a　wages　of　seven　and　one…half　cents　per　quarter　hour；　a　million　laborers　will　work　forty…two　million　quarter　hours；　and　hence　that　forty…two　million　piece　of　commodity　will　be　produced；　while　with　a　wages　of　five　cents；　they　will　labor　thirty…eight　million　quarter　hours；　and　produce　thirty…eight　million　pieces　of　commodity。　But　whether　the　wages　was　five　or　seven　and　one…half　cents；　they　would；　in　all　probability；　work　forty　million　quarter　hours　and　produce　forty　million　piece　of　commodity。　In　this　way　the　equilibrium；　in　the　case　of　the　individual　laborer；　between　the　wages　and　the　disutility　of　labor　is　disturbed。　With　many　the　disutility　of　the　last　quarter　hour　of　labor　will　be　less　than　the　utility　of　the　wages　received；　while　for　others　it　will　be　in　excess　of　the　same；　i。e。；　the　laborer　in　this　last　instance；　will　find　that　the　disutility　of　the　last　quarter　hour　of　labor　（or　it　may　well　be　of　several　of　the　last　quarter　hours）　is　greater　than　the　utility　of　the　wages　that　he　receive　for　it；　and　this　whether　the　rate　of　pay　is　five　or　seven　and　one…half　cents　per　quarter　hour。　If　he　were　free　to　determine　the　length　of　his　working　day；　he　would；　of　course；　work　that　many　quarter　hours　less。　But；　as　a　matter　of　fact；　he　is　not　free　to　do　this。　He　must　either　work　the　regular　ten　hours　or　not　work　at　all。　He　naturally　chooses　the　former；　because　the　total　utility　of　his　entire　wages　（which　means　for　him　protection　from　hunger；　etc。）；　is　undoubtedly　greater　than　the　total　disutility　of　the　entire　ten　hours　of　labor。　　　　　　In　this　way　the　disutility　of　th