Materiality.—When the service consists in transferring a material thing, nothing hinders us from saying, by metonymy, that it is the thing which has value. But we must not forget that this is a figure of speech, by which we attribute to things themselves the value of the services which produced them.
Conservability.—Without reference to the consideration of materiality, value endures until the satisfaction is obtained, and no longer. Whether the satisfaction follows the effort more or less nearly—whether the service is personal or real, makes no change in the nature of value.
Capability of Accumulation.—In a social point of view, what is accumulated by saving is not matter, but value or services.[35]
Utility.—I admit, with M. Say, that Utility is the foundation of Value, provided it is granted me that we have no concern with the utility which resides in commodities, but with the relative utility of services.
Labour.—I admit, with Ricardo, that Labour is the foundation of Value, provided, first of all, the word labour is taken in the most general sense, and that you do not afterwards assert a proportionality which is contrary to fact; in other words, provided you substitute for the word labour the word service.
Rarity.—I admit, with Senior, that rarity influences value. But why? Because it renders the service so much more precious.
Judgment.—I admit, with Storch, that value results from a judgment formed, provided it is granted me that the judgment so formed is not upon the utility of things, but on the utility of services.
Thus I hope to satisfy Economists of all shades of opinion. I [p170] admit them all to be right, because all have had a glimpse of the truth in one of its aspects. Error is no doubt on the reverse of the medal; and it is for the reader to decide whether my definition includes all that is true, and rejects all that is false.
I cannot conclude without saying a word on that quadrature of Political Economy—the measure of value; and here I shall repeat, and with still more force, the observation with which I terminated the preceding chapters.
I said that our wants, our desires, our tastes, have neither limit nor exact measure.