Science Volume 9 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1887 Excerpt: ...to an intelligent discussion of an economic subject. As an instance of the necessity of such an understanding, see the last number of Science (' Professor Marshall on the unit of value'). In that the professor evidently assumes that the market-price of commodities is their ' value.' Tet we all know that the price of a thing may be greater or less than its 'value' or worth. In order to establish a 'unit of value, ' the professor proposes a plan whereby the variations of prices of commodities shall be averaged, and that plan implies that a dollar (money unit) shall be established wbose weight shall be increased or decreased from time to time as the average commodity price increases or decreases. All this is a matter of money end price, and not value. The real thing to be determined is wbat is value, and then a measure may be designed for it. At present there is among economic writers a great confusion in the use of the word 'value.' Some, as Professor Marshall, use it as meaning price (marketprice); some, comparative utility; some, exchange value: some, cost of production in terms of human labor; and some, "the average amount of socially requisite labor measured by time" involved in the production of the article. I hold that this last is the best definition of value or worth, and that it should be adopted as the scientific meaning of the term. At any rate, a discussion on this topic is most timely. The basic idea of the modern labor move ." nt is the idea that workingmen do not get an equivalent (equal value) for what they produce. If scientific men are to take any hand in practical politics or applied sociology, this is the point where their work is most required at present. E. I.ASC1EHFELD. New York, March 86. The destructive caterpillars of t...