CHAPTER XVII. The Theory of Value and the Theory of Prices

THE THEORY OF VALUE AND THE THEORY OF PRICES

Price and Preis--Price broadened to include all relations between values, whether money be involved or not--History of price-concept in English economics--Distinction between prices and values--Generalization of notion of price--Measurement of beliefs, etc., in terms of money--"Qualitative analysis" and "quantitative analysis"--Great bulk of economic theory, and virtually all that is valid and valuable in economic theory, has so far been in theory of prices, and not in theory of value--Methods of price analysis--Abstract units of value--Price theory and practical problems 175