CHAPTER XVIII. The Theory of Value and the Theory of Prices (_concluded_)

THE THEORY OF VALUE AND THE THEORY OF PRICES (concluded)

Great work of Austrians really done in field of price theory--They have, without logical right, but with excellent results, assumed and used a quantitative, objective value concept--Distribution in relation to theory of value and theory of prices--Mill's treatment primarily from standpoint of fundamental value theory; later theories, as a rule, chiefly concerned with more superficial, but also more exact, price analysis of distributive problems--Theory of value not a substitute for detailed price analysis, but, rather, a presupposition of it--Prices have meanings, which only theory of value can explain 188