The herald., 1895-06-29

the supply, and by limiting the supply
may enhance the value, but the value is
fixed and regulated by the law Of supply
and demand.
But what say the authorities?
Condilac, a celebrated French econo-
founded on the want of it, or the demand
for it. Therefore, if the want is more
strongly felt, it gives the thing greater
value; If the want is less felt, it gives i t a
less value. The value OF thing in
creases with its scarcity and decreases
count OF abundance. decrease to nothing.
A superfuity, for example, will be of no
value If we can make no use of it,.
Glide, another Frencu economist. says:
VALUE, which is the dominating idea Of
all political economy, denotes nothing
more than fact which IS in itself very
simple-the fact that thing is more or
less desired. We're the word French. we
would only have to say, Value is desir-
ability Since, then, value arises from
desire, it proceeds from us rather than
from things-as we say nowadays, it is
subjective far more than objective. 1t is
not attached to objects as quality whcih
can be perceived; it is born at the
moment when desire awakens and van
ishes when it dies out. Like butterfly,
desire tutters from thing to thing, and
value bides only where desire rests"
~
would exchange tor nothing, would have
no value"
Value and utility are only accidents of
thing arising from the fact that some
one wants it. and the degree of the utility
| and the amount OF the resulting value
| will depend upon the extent to which the
desire for it has been previously gratitied.
Not only is the value or utility of a
thing different at different times, but it
continually varies as our desire for it in
creases or diimnishes. A cup of water
| will have very great utility to man per-
ishing with rst.it will save human life.
| A second cup would be thankfully re-
ceved. and although not possessing the
| same degree of utility as the first, might
| be of great benefit; a third cup would
possess still less utility, and fourth cup
| although of the same kind Of water,
might be positive injury to the recipi-
| ent.
Aristotle denfies value as follows:
value is not quality of an object,
| but an affection of the mind. The sole
origin, source or cause of value is human
desire. When there is demand foi
things they have value; when the de-
mand increases (the supply reamining
the same) the value increases; when the
demand decreases the value decreases,
and when the demand altogether ceases
the value is altogeth er gone."
Professor Perry, in his work on politi-
| cal economy, page AZ, says:
1T follows from all that has been said
that value is not an attribute of matter,
or of any form of matter. When commo-
dities are offered for sale it is, indeed.
some material thing that is proposed to
| be rendered; and as the commerce of the
world is largely in commodities. men
came naturally to think that value some
how inheres in matter, that value resides
in material forms as material. This is a
great mistake. Value has Its
birthplace in the desires of men,"
Senator Jones, than whom there IS no
better informed man on economic ques-
tions, says:
"Qualities may be said to be inherent
or intrinsic in Objects but value. being a
conception of thee: :mind, cannot be intrin-
sic or inherent" -
Professor Macleod, an eminent English
economist. says: "Value. like distance
or any equation, requires two objects.
We cannot speak Of absolute or intrinsic
distance or equity. A single object can
not be distant or equal. If we sre told
that an object is distant or equal. we i'm
mediately ask, distant from what? Equal
to what? So it is equally clear that a
single object cannot have value. We must
always ask value in what? And it is
clear that as it is absurd to speak OF a
single object having absolute or intrinsic
distance, or absolute or intrinsic equality,
so it is equally absurd to speak of an OBJ
ject having absolute or intrinsic value.
"Value is only the price Of things; that