VALUE AND MARGINAL UTILITY
Individualistic method of Jevons and the Austrians—Such a method, applied to value problem in concrete social life, yields, not quantities of value, but rather, particular ratios between such quantities—Value cannot be identified with marginal utility of a good to a marginal individual, even though we assume the commensurability and homogeneity of human emotions—Clark's Law [28]
CHAPTER IV
JEVONS, PARETO AND BÖHM-BAWERK
When individualistic methods and assumptions are pushed to the extreme, the problem of a quantitative value becomes still more hopeless—Jevons' psychological and epistemological assumptions—No objective value quantity for Jevons—The same true of Pareto—Böhm-Bawerk, trying to find law of value in law of price, reaches results no more satisfactory—Austrian analysis, even with Professor Clark's correction, is simply an explanation of the modus operandi of determining particular ratios between values in the market—It tells us nothing of value itself, and assumes a whole system of values predetermined [34]
CHAPTER V
DEMAND CURVES AND UTILITY CURVES
Constant confusion of demand curves and utility curves in current economic literature has made necessary much of the foregoing criticism—Confusions in the writings of Jevons, Böhm-Bawerk, Wieser, Pierson, Patten, Hadley, Ely, Schaeffle, Flux, Marshall, and Davenport [40]