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CHAPTER XI RECAPITULATION—THE SOCIAL VALUES—FUNCTIONS OF THE VALUE CONCEPT IN ECONOMICS

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Conclusions reached both in economic analysis and in sociological analysis point to values which correspond to no individual values, great social forces of motivation—To individual, economic, legal, and moral values appear as external forces, over which his control is limited, and to which he must adapt his individual behavior—Economic theory, often unconsciously, has assumed objectively valid, quantitative value, and economic theory valid only on the basis of such a concept: value the homogeneous element among the diversities of physical forms of goods, by virtue of which ratios, sums, and percentages may be obtained among them, and comparisons made—Process of "imputation" assumes such a value concept—Value used by economists to explain motivation of economic activity—Such a value concept essential for the theory of money—Implied in the term, "purchasing power"—Such a concept has never been justified, but economists, more concerned about practical results than logical consistency, have found it essential, and used it—Impossible to develop a social quantity by synthesis of abstract individual elements—Correct procedure the reverse of this 115

Social Value: A Study in Economic Theory, Critical and Constructive

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