[8] This distinction is elaborated infra, in the chapter on the "Origin of Money."
[9] It is a matter of high importance that the value notion should be extended beyond exchange, if the economist is to be able to apply his theory to such highly important economic problems as socialism. Cf. Schäffle, Quintessence of Socialism, and Clark, J. M., Quart. Jour. of Econ., Aug. 1915, p. 710.
[10] As shown, infra, in the chapters on "Supply and Demand," "Cost of Production," "Capitalization Theory," etc.
[11] Vide Social Value, p. 176, n. Cf. Davenport, Value and Distribution, chapter on "Ricardo."
[12] Knies, Das Geld, vol. I of Geld und Credit, Berlin, 1873, pp. 113-125, esp. 124.
[13] Chapter on "Value" in the Philosophy of Wealth, and ch. 24 of the Distribution of Wealth.
[14] Social Value, ch. 7.
[15] T. S. Adams, "Index Numbers and the Standard of Value," Jour. of Pol. Econ., vol. x, 1901-02, pp. 11 and 18-19; Kinley, "Money", p. 62; W. G. L. Taylor, "Values, Relative and Positive," Annals of the Amer. Acad., vol. ix; Merriam, L. S., "The Theory of Final Utility in its Relation to Money and the Standard of Deferred Payments," Annals of the American Acad., vol. iii. and "Money as a Measure of Value," Ibid., vol. iv; Scott, W. A., "Money and Banking", 1903 ed., ch. III. Professor Scott, in a letter to the writer, expresses the opinion that a value concept which makes the value of a good a quantity, socially valid, regardless of the particular holder of the coin or commodity in question, and regardless of the particular exchange ratio into which the value quantity enters as a term, "is absolutely essential to the working out of economic problems." Johnson, A. S., "Davenport's Economics and the Present Problems of Theory," Quarterly Journal of Economics, May, 1914, and American Econ. Rev., June, 1912, p. 320.
[16] Cf. also Wieser's Natural Value, p. 53, n. Senior's "intrinsic causes of value" comes to the same thing.
[17] Cf. Quarterly Journal of Economics, Aug. 1915, pp. 681-82, esp. 681, n.