the ultimate standard of value-第12章

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now　take　a　few　examples；　in　which　this　leveling　influence　is　free　to　operate　over　a　limited　area　of　the　process　of　production；　and　then　at　a　certain　point　becomes　permanently　inoperative。　　　　　　Take　a　chemical　product；　which　we　will　assume　to　be　sold　at　any　given　time；　at　its　actual　cost　of　production；　say　eight　dollars。　Let　us　further　assume　that　some　discovery　is　made　by　which　the　cost　of　this　material　is　reduced　to　four　dollars；　and　that　the　discoverer　patents　the　process　and　allows　others　to　use　it　for　a　fee　of　two　dollars。　The　price　of　this　product　will　now　permanently　adjust　itself　to　a　money　cost　of　six　dollars；　which　exceeds　the　elementary　cost　of　four　dollars　by　the　amount　of　the　patent　fee　or　royalty　of　two　dollars。　　　　　　Let　us　take　another　case；　and　assume　that　a　hundredweight　of　coffee；　when　admitted　into　a　country　free　of　duty；　will　sell　at　a　price　which　is　just　sufficient　to　cover　its　cost　of　production；　which　we　will　assume　to　be　sixty…five　dollars。　Let　it　now　be　subjected　to　an　import　duty　of　fifteen　dollars。　The　price　must；　of　course；　be　high　enough　to　cover　this　additional　cost；　and；　therefore；　will　rise　to　eighty　dollars；　an　amount　which　exceeds　the　elementary　cost　by　fifteen　dollars。　　　　　　Here　we　have　two　typical　example　of　price　variations；　which　will　be　found　to　include　nearly　the　entire　field　of　price　phenomena；　for　there　are　at　the　present　time　very　few　products　in　which　some　patented　machine　or　process；　or　some　import　duty　on　raw　or　auxiliary　material　does　not　play　a　part。　　　　　　It　is　now　time　to　ask：　What　has　our　theory　to　say　about　the　determination　of　these　price　of　copper　kettle；　chemical　products；　coffee；　etc。？　　　　　　It　must　offer　some　explanation　of　these　facts；　since　they　are　of　such　frequent　and　general　occurrence。　It　is　also　manifest　that　it　cannot　explain　them　in　terms　of　the　elementary　cost　of　labor　and　abstinence；　nor　in　terms　of　the　value　of　these　elementary　factors　of　cost；　nor　by　a　reference　to　the　disutility　which　may　be　associated　with　the　same。　The　price　of　the　copper　kettle　has　advanced　from　fourteen　dollars　to　eighteen　dollars；　and　the　price　of　coffee　from　sixty…five　dollars　to　eighty　dollars；　not　because；　but　in　spite　of　the　fact；　that　the　elementary　costs　have　remained　unchanged　at　fourteen　and　sixty…five　dollars。　Again；　in　the　case　of　our　chemical　product；　if　the　price　depended　upon　the　elementary　cost；　it　should　not　stop　at　six　dollars　but　should　sink　to　four　dollars。　It　is　equally　clear　that　all　these　cases　of　price　variations　are　subject　to　the　law　of　cost　and　are　actually　effects　of　this　law。　It　would；　indeed；　be　a　very　serious　sin　of　omission；　on　the　part　of　economic　science；　to　attempt　an　explanation　why　the　present　prices　of　the　several　commodities　mentioned　in　our　frustration　are　just　eighteen；　six　and　eighty　dollars；　without　any　reference　to　the　characteristic　circumstance　that　these　prices　represent　the　present　cost　to　the　entrepreneur；　and　instead；　content　itself；　with　a　vague　reference　to　the　relation　existing　between　the　supply　of；　and　demand　for　these　commodities。　　　　　　The　same　considerations　which　in　the　past　have　forced　us　to　supplement　the　general　law　of　supply　and　demand　through　the　more　exact　law　of　cost；　make　it　necessary　to　so　interpret　the　law　of　cost　that　it　may　include　and　explain　the　above　variations　in　price。　　　　　　What　now　remains　to　be　done？　In　our　opinion；　just　that　which　the　Austrian　economists　have　endeavored　to　do。　　　　　　The　conception　of　a　historically　reckoned　cost　must　be　brought　face　to　face　with　the　conception　of　a　synchronously　reckoned　cost；　and　due　importance　must　consciously　be　given　to　each　of　the　two　conceptions。　Thee　two　conceptions　may；　indeed；　be　put　side　by　side；　but　are　in　no　sense　interchangeable。　For　the　solution　of　different　problems　in　our　science；　both　conceptions　are　necessary。　It　is　even　necessary　to　distinguish　between　the　different　varieties　of　the　〃historical〃　cost。　For　certain　explanatory　and　speculative　purposes；　it　is　well　to　have　in　mind　the　disutility　of　labor。　In　other　cases　（as　in　estimating　certain　technical　advances　in　production）；　it　is　the　quantity　of　labor　that　we　must　consider。　In　still　others；　it　is　the　value　of　the　labor　that　we　must　inquire　about。　There　is　not；　as　Professor　Macvane　thinks；　only　one　〃true　conception〃　of　cost。　Professor　Patten；　although　his　limitations　are　not　entirely　satisfactory；　come　much　nearer　the　truth　when　he　says　that　the　competing　concepts　really　belong　to　different　branches　of　the　theory；　the　one　to　the〃　theory　of　value〃　and　the　other　to　the　〃theory　of　prosperity。〃（44*）　　　　　Again；　we　must　not　endeavor　to　find　in　the　law　of　cost　either　more　or　less　than　the　Austrian　economists　have　found　in　it；　namely；　a　universal　law　of　leveling。　And　this　is　an　influence　which　operate　not　merely　upon　certain　final　elements；　but　also　at　every　stage　of　the　productive　process。　There　is　a　leveling　or　equating　not　merely　of　the　final　elements；　labor　and　the　disutility　of　labor；　but　also　of　productive　goods　and　of　utility　with　utility。　This　last　takes　place　independent　of；　and　ofttimes　in　direct　opposition　to　the　influence　of　the　final　elements。　Why；　in　our　example　of　the　copper　kettle；　does　the　price　rise　from　fourteen　to　eighteen　dollars？　Simply　because　through　the　common　cost　it　can　and　must　be　leveled　to　the　price　of　the　other　commodities　produced　from　copper；　i。e。；　in　this　case　to　the　price　of　the　strongly　demanded　copper　wire。　But　why　have　prices　in　the　entire　copper　business　advanced？　Because；　and　in　so　far　as；　through　the　increased　demand　for　copper；　the　marginal　utility　of　this　material　has　been　raised。　It　is；　therefore；　an　increase　in　utility　and　not　in　disutility；　that　here　in　the　guise　of　cost　dictate　the　advance　of　the　price。　The　numerous　instances　of　this　kind　which　at　once　suggest　themselves　to　the　reader；　confirm　our　earlier　judgment　of　the　important　part　which；　under　modern　economic　conditions；　utility　plays　in　the　determination　of　cost。　　　　　　It　is　a　curious　fact　that　the　objection　has　been　more　than　once　advanced；　that　the　Austrian　economists　have　closed　their　eye　to　the　rich　treasure　of　insight　and　knowledge　which　the　great　law　of　cost　affords；（45*）　and　that　they　have　disdained　to　avail　themselves　of　its　help　in　the　explanation　of　the　phenomena　of　value。　In　reality　as　we　have　endeavored　to　show；　the　reverse　of　this　is　true。　So　anxious　are　we　to　coin　the　whole　of　this　treasure；　so　strong　is　our　desire　not　to　neglect　or　discard　one　particle　of　the　help　which　it　offers　us；　that　we　object　to　a　misleading　interpretation　of　this　law；　an　interpretation　which　would　compel　us　to　ignore　the　greater　part　of　its　influence。　The　character　of　the　facts　as　well　as　the　necessities　of　the　science　force　upon　us；　as　we　believe；　with　equal　imperativeness；　the　other　universal　concept；　the　concept　which　the　Austrian　economists　have　made　their　own；　and　whose　essential　feature　I　will　in　conclusion　recapitulate。　　　　　　The　variety　of　meanings　that　have　attached　themselves　to　the　word　cost　have　been　the　source　of　much　confusion。　There　is；　for　instance；　the　cost；　which；　in　the　sense　of　the　great　empirical　law　of　cost；　operates　as　the　determinant　or　regulator　of　price。　To　identify　this　either　directly　or　indirectly　with　the　personal　sacrifice；　laboriousness；　pain　or　disutility　that　is　imposed　upon　us　by　labor　or　abstinence；　is　an　actual　misunderstanding。　　　　　　The　〃cost〃　of　the　law　of　cost　is　not　the　name　of　an　elementary　factor。　It　is　a　designation　applied　indifferently；　according　to　the　special　circumstance　of　the　case；　either　to　sacrifice　utilities　embodied　in　goods；　or　to　personal　discomfort　or　pains；　i。e。；　either　to　utilities　or　to　disutilities。　The　law　of　cost　is　always　in　the　first　instance　a　simple　leveling　principle。　In　order　to　determine　what　elementary　forces　are　included　under　this　title；　we　must　inquire　what　it　is；　that　under　the　name　of　cost；　brings　about　this　leveling。　We　then　find　that　at　first　the　marginal　utility　of　one　product　is　leveled　to　the　marginal　utility　of　other　products；　that　are　produced　from　the　same　cost　good　（raw　material；　machine；　etc。）；　or　it　is　a　leveling　of　utility　with　utility。　In　most　cases　this　leveling　process　not　only　begins　but　ends　here。　Only　occasionally；　under　quite　definite　casuistic　assumptions；　is　the　leveling　process　carried　a　step　further；　and　the　utility　of　the　good　itself　brought　into　equilibrium　with　the　disutility　endured　by　the　producers。　In　this　limited　number　of　cases　the　general　law　of　cost　become　a　special　law　of　disutility。　The　independent　character　of　this　law　is　shown　by　the　fact；　that　while　its　domain　is　very　limited；　yet　in　one　direction　it　extends　beyond　that　of　the　classical　law　of　cost。（46*）　　　　　What　then　is　the　〃ultimate　standard〃　for　the　determination　of　the　value　of　goods；　in　the　search　for　which；　men　have　been　as　indefatigable　during　the　last　one　hundred　years；　as　they　formerly　were　in　their　endeavors　to　square　the　circle。　If　we　wish　to　answer　this　question　in　a　single　phrase；　then　we　cannot　choose　any　less　general　expression　than　〃human　well…being。〃　The　ultimate　standard　for　the　value　of　all　goods　is　the　degree　of　well…being　which　is　dependent　upon　goods　in　general。　If；　however；　we　desire　a　more　concrete　standard；　one　that　will　give　us　a　more　definite　idea；　just