CHAPTER IV

JEVONS, PARETO AND BÖHM-BAWERK

When individualistic methods and assumptions are pushed to the extreme, the problem of a quantitative value becomes still more hopeless--Jevons' psychological and epistemological assumptions--No objective value quantity for Jevons--The same true of Pareto--Böhm-Bawerk, trying to find law of value in law of price, reaches results no more satisfactory--Austrian analysis, even with Professor Clark's correction, is simply an explanation of the modus operandi of determining particular ratios between values in the market--It tells us nothing of value itself, and assumes a whole system of values predetermined 34