CHAPTER II. Formal and Logical Aspects of the Value Concept

FORMAL AND LOGICAL ASPECTS OF THE VALUE CONCEPT

Value as ideal, and value as market fact--Value as absolute, and value as relative--Value as quantity--Relation between quantity and quality--Relative conception of value involves a vicious circle, if treated as ultimate--Every "relative value" implies two absolute values--Ratios must have quantitative terms--But physical quantities cannot serve as these terms--Value and evaluation: confusion of the two responsible, in part, for doctrine of relativity--Value in current economic usage: value and wealth; money as a "measure of values" 13