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- Title
A REJOINDER.
- Authors
Clark, J. M.
- Abstract
The article author presents a response to the commentary of economist B.M. Anderson Jr. on an article about the concept of value. The author agrees with Anderson in the view that economists must deal with quantities and qualities of which actual market prices are not the only measure. The author also agrees with the view that measures of value which may be less exact than those of the market are also much more fundamental, apart from agreeing that the most fundamental concepts should be independent of institutions of competitive exchange; they should be such as would hold even in a socialistic state. This is necessary if one is to have any standard of judgment on economic reforms which are continually overruling the valuations of the market. The competitive product of capital does not mean the same thing in two societies with different institutions of inheritance and bequest, and different laws and customs in the matter of unfair competition. The world is full of unpaid costs and unappropriated services. The age of material power is the age when these higher and more elusive utilities come increasingly into the focus of social attention.
- Subjects
VALUE (Economics); SOCIOECONOMICS; ANDERSON, B. M.; ECONOMISTS; PRICES; COST
- Publication
Quarterly Journal of Economics, 1915, Vol 29, Issue 4, p709
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1883305