CHAPTER VII

PROFESSOR CLARK'S THEORY OF SOCIAL VALUE

All attempts to explain value in terms of the highly abstract factors of individual utility and individual cost, or any combination of them, must become similarly entangled--Austrians have shown this of English theory--Professor Clark's value theory, set forth in the Distribution of Wealth, intended to justify social value concept, really uses only these abstract individual factors, combined in arithmetical sums, and similarly falls into a circle--Differences between Professor Clark's point of view in his _Philosophy of Wealth_ and that of his later writings--The point of view of the earlier book, supplemented by later studies in social psychology, will afford the basis for an organic conception of society, and a valid doctrine of social value 49