。　If；　however；　we　desire　a　more　concrete　standard；　one　that　will　give　us　a　more　definite　idea；　just　how　goods　are　connected　with　well…being；　then　we　must　take　not　one　but　two　standards；　which　though　co…ordinate　in　theory　are　yet　of　very　unequal　practical　importance；　because　of　the　greater　prevalence　of　the　phenomena　in　which　one　of　them　is　operative；　one　is　the　utility　of　the　good；　and　the　other　is　the　personal　sacrifice　or　disutility　involved　in　the　acquisition　of　the　good。　The　domain　of　the　latter　is　much　more　limited　than　we　usually　think。　In　the　great　majority　of　cases；　even　in　those　in　which　the　so…called　law　of　cost　undoubtedly　plays　a　part；　the　final　determination　of　the　value　of　goods　is　dependent　upon　utility。
  NOTES：
  1。　The　name；　given　us　by　our　opponents；　includes　a　certain　group　of　theoretic　economists。　Not　all　of　those　included　are　Austrians；　nor　does　the　group　include　all　the　Austrian　economists。　I　would　also　take　occasion　to　remark　that　when　in　the　following　I　speak　in　the　name　of　the　Austrian　economists；　I　do　not　wish　that　anyone　else　shall　be　held　responsible　for　what　I　may　say　or　for　the　manner　of　saying　it。　Conversely　I　do　not　wish　to　place　myself　in　the　position　of　being　responsible　for　the　statements　of　every　member　of　that　group。　Again；　while　I　have　given　statement　to　certain　general　doctrines　of　the　Austrian　economists；　yet　I　would　expressly　state　that　the　kernel　of　the　doctrine　does　not　belong　to　me；　but　is；　to　a　large　degree；　the　outcome　of　the　investigations　of　my　able　colleagues；　especially　Menger　and　Wieser。
  2。　Wieser's　〃Ursprung　und　Haupigeselze　des　Wirtschaftlichen　Wertes。〃　Wien；　1884；　p。　104。　Then　my　〃Grundzage　der　Theorie　des　Wirthshaftlichen　Guterwertes；　in　Conrad's　Jahrbucher　fur　Nat…Oek。　N。F。B。　XIII；　1886；　p。　42。　Then　my　article；　〃Wert〃　in　Conrad…Lexischen　Handworterbuch　der　Staatswissenschaften。
  3。　Essay　on　the　〃Wertheorien　und　Wertgesetze；〃　in　Conrad's　Jahrbucher；　N。F。B。　XVI。
  4。　〃Ultimate　Standard　of　Value；〃　Yale　Review；　November；　1892。
  5。　Die　Classiche　Wettheorie　und　die　Theorie　vom　Grenznutzin；〃　Conrad's　Jahrbucher。　〃Zur　classichen　Wert　und　Preistheorie〃　N。F。；　Vol。　20；　in　the　same　Jahrbucher；　third　edition；　Bd。　1。
  6。　〃Bohm…Bawerk　on　Value　and　Wages；〃　in　the　Quarterly　Journal　of　Economics；　October；　1890；　also　〃Marginal　Utility　and　Value；〃　in　the　same　journal；　April　1893。　Near　the　completion　of　the　present　paper；a　third　paper　by　Professor　Macvane　came　to　hand；　〃The　Austrian　Theory　of　Value；〃　Annals　of　the　American　Academy；　November；　1893。
  7。　〃Principles　of　Economics〃；　London；　1890　（second　edition；　1891）　and　〃Elements　of　Economics　of　Industry〃；　London；　1892。　passim。
  8。　A　very　able　criticism　of　my　〃Positive　Theory　of　Capital〃；　in　the　Economic　Journal；　June　1892；　page　328。　Also　in　the　same　number　a　criticism　of　Smart's　〃Introduction　to　the　Theory　of　Value；〃　by　the　same　author。
  9。　Among　other　noteworthy　contributions　to　the　discussin　of　this　theme　I　would　mention　Patten's　〃Theory　of　Dynamic　Economics〃　1892；　also　a　paper　by　the　same　writer　in　a　recent　number　of　the　Annals　of　the　American　Academy　on　〃Cost　and　Expense。〃　Patten　takes　a　position　which　in　the　main　is　not　far　from　that　of　the　Austrian　economists。　His　point　of　view　is；　however；　peculiar；　in　that　he　throws　special　emphasis　upon　the　influence　of　consumption　upon　the　value　of　goods。　This　is　a　special　theme　which　lies　outside　of　the　province　of　this　paper。　It　still　remains　to　notice　the　work　of　Irving　Fisher　（〃Mathematical　Investigations　in　the　Theory　of　Value　and　Prices〃）；　Connecticut　Academy；　1892；　also　a　very　able　work　of　Benini　（〃Il　vaaore　e　la　sua　attribuzione　ai　beni　strumentali〃）；　Bari；　1893。　The　views　of　the　Austrian　economists　ahve　found　very　able　and　because　of　many　original　features　very　interesting　statement；　at　the　hands　of　W。　Smart　（〃Introduction　to　the　Theory　of　Value〃；　London；　1891）》
  10。　〃Elements〃　vol。　i；　p。　214。　Compare　especially　the　enumeration　of　the　elements　of　cost　on　p。　217。
  11。　In　his　paper；　〃Bohm…Bawerk　on　Value　and　Wages；〃　pages　27　and　28；　and　more　recently　in　his　paper　on　〃The　Austrian　Theory　of　Value；〃　page　14。　In　order　to　avoid　any　possible　misunderstanding　that　might　result　from　a　difference　in　the　use　of　the　term　〃historical　cost〃　by　Professor　Macvane　（〃Marginal　Utility〃；　page　261）；　I　would　expressly　state；　that　I　apply　the　term　〃historical〃　as　antiethical　in　〃synchronous〃。　I　therefore　include　under　this　term　not　only　that　cost　of　production；　which　has　actually　been　expended　in　the　past；but　also　the　cost　of　reproduction；　in　so　far　as　this　〃historical〃　may　be　resolved　into　the　cost　of　reproduction；　in　so　far　as　this　〃historical〃　may　be　resolved　into　the　single　stae　of　primary　productive　power；　which　most　in　successive　periods　of　time　be　applied　or　expended。
  12。　〃Elements〃　page　214。　〃The　exertions　of　al　the　different　kinds　of　labor　that　are　directlyor　indirectly　involved　inmaing　it；together　with　the　abstinences　or　rather　the　writings　required　for　saving　the　capital　used　to　making　it：　all　these　efforts　and　sacrifices　together　will　be　called　its　real　cost　of　production。〃
  13。　〃Positive　Theory　of　Capital〃；　page　95　of　English　edition。
  14。　Ibid。；　page　229　of　English　edition。
  15。　For　instance；　〃Elements〃；　page　222；　〃the　normal　level　about　which　the　market　price　fluctuates　will　be　this　definite　and　fixed　（money）　cost　of　production。〃　Compare　also　the　explanation　of　〃equilibrium〃；　on　page　219。
  16。　The　very　nature　of　my　problem　specially　compels　me　to　seek　some　settlement　or　agreement　with　the　representatives　of　English　and　American　science。　Partly　because　their　rival　opinions　touch　most　nearly　the　salient　points　of　the　controversy；　partly　because　they　already；　in　consequence　of　the　great　weight　of　scientific　authority　which　they　have　upon　their　side；　and　of　the　the　exceptionally　able　representatives　which　they　have　found；　are　in　advance　of　all　others。　Besides；　I　have　elsewhere　taken　occasion　to　refer　tosome　of　the　others　whose　opinions　bear　upon　this　point。　I　referred　to　Scharling's　theory　in　my　〃Theory　of　Capital〃；　p。　160；　English　edition；　to　Dietzel　in　two　papers；　〃Zwischenwort　sur　Werttheorie〃　and　〃Wert；　Kosten　und　Grenznutzen〃；　in　Conrad's　Jarhbucher；　N。F。；　vol　xxi；　and　third　edition；　vol。　iii。
  17。　I　would　not　maintain　that　low　wages　must　always　result　in　a　sinking　of　the　point　of　equilibrium。　It　may　very　readily　happen；　that　with　very　low　wages　the　necessities　of　the　laborer　and　so　the　marginal　utility　of　the　unit　of　money；　which　he　receives；　is　so　great　that　he　is　compelled；　even　to　satisfy　the　most　pressing　wants；　to　endure　long　hours　of　labor。　This　occurs　with　us　in　the　case　of　the　miserably　paid　sewing　women；　who　not　unfrequently　work　from　fourteen　to　fifteen　hours　a　day。　But；　as　a　rule；　and　especially　where　the　payment　of　wages　is　so　arranged　that　the　overtime　is　paid　for　a　separate　item　from　the　regular　time；　the　advance　in　wages　will　result　in　an　increase　in　the　supply　of　labor。　This　is　always　under　the　assumption　that　the　laborer　is　free　to　determine　how　long　he　will　work。
  18。　Professor　J。B。　Clark；　in　his　paper　on　the　〃Ultimate　Standard　of　Value；〃　has　set　forth　with　great　clearness　and　elegance；　nearly　the　same　thought　which　I　have　employed　in　the　text。　He　certainly　draws　from　it　a　conclusion　which　I　am　no　more　prepared　to　accept　than　his　brilliant　statement　of　a　part　of　their　premises。
  19。　〃Elements〃；　page　275。
  20。　We　might　compare　the　cost　that　cost　three　days　of　common　labor　at　eighty　cents　and　one　day　of　skilled　labor　at　one　dollar　and　sixty　cents　with　another　cost　that　cost　four　days　of　common　labor　at　eighty　cents。　If　the　law　of　cost　is　interpreted　as　meaning　the　sum　of　the　pain　or　disutility　endured；　then　these　costs　should　have　about　the　same　value。　It　is　manifest；　however；　that　the　fulfilling　of　the　law　of　cost　actually　demands　the　opposite　of　this：　that　the　costs　should　exchange　in　the　ratio　of　ten　to　eight。　The　empirical　law　of　cost　is　by　no　means　the　same　thing　as　the　regulation　of　price　through　the　disutility　of　labor；　and　cannot　be　so。　Or　as　Professor　Green　says　in　a　paper　on　〃Pain　Cost　and　Opportunity　Cost〃；　〃We　shall　certainly　find　that　the　rule　of　equal　values　for　equal　pains　is　not　the　law　which　actually　determines　exchange　ratios。〃　　Quarterly　Journal　of　Economics；　January；　1894。
  21。　It　would　be　easy　to　find　many　other　and　possibly　better　examples　than　that　of　the　artist。　In　his　case　the　artistic　impulse　is　always　strongly　opposed　to　the　action　of　the　purely　economic　motives。　Possibly　the　best　example　would　be　an　inventor。　He　is　in　a　position　to　produce　a　useful　object；　without　any　help　from　others；　and　is　entirely　free　to　determine　the　length　of　his　working　day。
  22。　〃Der　Naturliche　Wert；〃　Wien；　1889；　Preface；　p。　iii。
  23。　〃Wealth　of　Nations〃；　Bk　i；　ch。　v。　and　vii。
  24。　〃Marginal　Utility　and　Value〃；　pp。　262；　269。
  25。　Economic　Journal；　June　1892；　p。　334。
  26。　Ibid。；　p。　335。
  27。　Ibid。；　p。　337。
  28。　Ibid。；　passim；　especially　p。　334。
  29。　〃Principles〃；　note　on　Ricardo's　Theory　of　Cost　in　Relation　to　Value；　Bk。　vi。；　Ch。　vi。
  30。　〃Elements〃；　Bk。　vi。；　Ch。　ii；　sect。　2；　and　corresponding　place　in　〃Principles。〃
  31。　〃Elements〃；　Bk。　vi。；　Ch。　v；　sect。　4；　and　corresponding　place　in　〃Principles〃。
  32。　See　above；　p。　24。
  33。