Chapter I

ECONOMIC VALUE
PAGE
Problem of value of money special case of general theory of
value; present chapter concerned with general theory 1

Formal and logical aspects of value: value as quality; value
as quantity; value and wealth 5-6

Absolute _vs._ relative conceptions of value: value of money
_vs._ "reciprocal of price-level"; value prior to exchange;
value and exchangeability; do prices correctly express
values? 6-12

Doctrine so far in accord with main current of economic
opinion 12-14

Causal theory of value new: marginal utility, labor theory,
etc., rejected 14-16

Social explanation required: "individual" a social product,
both in history of individual and in history of race 16-19

And above individual impersonal psychic forces, law, public
opinion, morality, economic values 19-20

Three types of theory have dealt with these: theory of
extra-human objective forces; extreme individualism;
social value theory 20-21

Illustrated in jurisprudence, ethics, and economic theory 21-26

Law, morals, and economic values generically alike, but have
_differentiae_ 26-28

But not differentiated on basis of states of consciousness
of individual immediately moved by them, because many
minds in organic interplay involved 28-33

Economic social value (a) of consumers' goods and services:
"utility" and scarcity; "marginal utility"; social
explanation of marginal utility; marginal utilities the
conscious _focus_ of economic values of consumers' goods;
but only minor part of these values; individuals, classes
and institutions heavily weighted by legal, moral, and
other social values, in power over economic values of
consumers' goods 33-38

Economic social value (b) of labor, land, stocks, bonds,
"good will," etc.; based only in part on values of
consumers' goods; partially independent, directly
influenced by contagion, and centers of power and
prestige 38-41

Pragmatic character of theory 41-43

Relation of social values to individual values 43-45