,*APT] #b1 ,SECTION #b4#a 
,OPPOSITION ( VALUE 9 ,U,S,E & VALUE 9 ,E,X,*,A,N,G,E 

#ahdfahdf 

,PEOPLE 3 

,AU?OR 3 ,PI]RE-,JOSEPH ,PR\DHON 

,TEXT 3 

,PR\DHON1 ,PI]RE ,JOSEPH4 ,SY/EM ( ,ECONOMICAL ,CONTRADICTIONS3 OR1 ! ,PHILOSOPHY (  
,MIS]Y 

,ELECTRONIC ,TEXT ,C5T]1 ,UNIV]SITY ( ,VIRG9IA ,LIBR>Y 

,*APT] #b 

,*,A,P,T,] ,I,I4 ,( ,V,A,L,U,E4  

  

#a4 -- ,OPPOSITION ( VALUE 9 ,U,S,E & VALUE 9 ,E,X,*,A,N,G,E4 

  

,VALUE IS ! CORN]-/ONE ( ! ECONOMIC $IFICE4 ,! DIV9E >TI/ :O HAS 5TRU/$ US ) ! CONT9UATION ( HIS WORK HAS EXPLA9$ HIMSELF ON ?IS PO9T TO NO ONE2 BUT ! FEW 9DICATIONS GIV5 MAY S]VE AS A BASIS ( CONJECTURE4 ,VALUE1 9 FACT1 PRES5TS TWO FACES3 ONE1 :I* ! ECONOMI/S CALL VALUE 9 USE1 OR 9TR9SIC VALUE2 ANO!R1 VALUE 9 EX*ANGE1 OR ( OP9ION4 ,! EFFECTS :I* >E PRODUC$ BY VALUE UND] ?IS D\BLE ASPECT1 & :I* >E V]Y IRREGUL> SO LONG AS IT IS NOT E/ABLI%$1 -- OR1 TO USE A MORE PHILOSOPHICAL EXPRESSION1 SO LONG AS IT IS NOT CON/ITUT$1 -- >E *ANG$ TOTALLY BY ?IS CON/ITUTION4 

,N[1 9 :AT CONSI/S ! CORRELATION BETWE5 USEFUL VALUE & VALUE 9 EX*ANGE8 ,:AT IS MEANT BY CON/ITUT$ VALUE1 & BY :AT SUDD5 *ANGE IS ?IS CON/ITUTION EFFECT$8 ,TO ANSW] !SE QUE/IONS IS ! OBJECT & 5D ( POLITICAL ECONOMY4 ,I BEG ! READ] TO GIVE HIS :OLE ATT5TION TO :AT IS TO FOLL[1 ?IS *APT] BE+ ! ONLY ONE 9 ! WORK :I* WILL TAX HIS PATI5CE4 ,= MY P>T1 ,I WILL 5DEAVOR TO BE MORE & MORE SIMPLE & CLE>4 

,EV]Y?+ :I* CAN BE ( ANY S]VICE TO ME IS ( VALUE TO ME1 & ! MORE ABUNDANT ! USEFUL ?+ IS ! RI*] ,I AM3 SO F> !RE IS NO DIFFICULTY4 ,MILK & FLE%1 FRUITS & GRA9S1 WOOL1 SUG>1 COTTON1 W9E1 METALS1 M>BLE2 9 FACT1 L&1 WAT]1 AIR1 FIRE1 & SUNLI<T1 -- >E1 RELATIVELY TO ME1 VALUES ( USE1 VALUES BY NATURE & FUNCTION4 ,IF ALL ! ?+S :I* S]VE TO SU/A9 MY LIFE W]E AS ABUNDANT AS C]TA9 ( !M >E1 LI<T = 9/ANCE1 -- 9 O!R WORDS1 IF ! QUANTITY ( EV]Y VALUABLE ?+ WAS 9EXHAU/IBLE1 -- MY WELF>E W\LD BE =EV] ASSUR$3 ,I %\LD NOT HAVE TO LABOR2 ,I %\LD NOT EV5 ?9K4 ,9 SU* A /ATE1 ?+S W\LD ALWAYS BE USEFUL1 BUT IT W\LD BE NO LONG] TRUE TO SAY ?AT !Y ,>,E ,V,A,L,U,A,B,L,E2 = VALUE1 AS WE %ALL SOON SEE1 9DICATES AN ESS5TIALLY SOCIAL RELATION2 & IT IS SOLELY ?R\< EX*ANGE1 REV]T+ AS IT W]E FROM SOCIETY TO ,NATURE1 ?AT WE HAVE ACQUIR$ ! IDEA ( UTILITY4 ,! :OLE DEVELOPM5T ( CIVILIZATION ORIG9ATES1 !N1 9 ! NECESSITY :I* ! HUMAN RACE IS UND] ( CONT9UALLY CAUS+ ! CREATION ( NEW VALUES2 JU/ AS ! EVILS ( SOCIETY >E PRIM>ILY CAUS$ BY ! P]PETUAL /RUGGLE :I* WE MA9TA9 AGA9/ \R [N 9]TIA4 ,TAKE AWAY FROM MAN ?AT DESIRE :I* LEADS HIM TO ?9K & FITS HIM = A LIFE ( CONTEMPLATION1 & ! LORD ( CREATION /&S ON A LEVEL ) ! HI<E/ ( ! BEA/S4 

,BUT H[ DOES VALUE 9 USE BECOME VALUE 9 EX*ANGE8 ,= IT %\LD BE NOTIC$ ?AT ! TWO K9DS ( VALUE1 AL?\< COEXI/+ 9 ?\<T 7S9CE ! =M] BECOMES APP>5T ONLY 9 ! PRES5CE ( ! LATT]71 NEV]!LESS MA9TA9 A RELATION ( SUCCESSION3 EX*ANGEABLE VALUE IS A SORT ( REFLEX ( USEFUL VALUE2 JU/ AS ! !OLOGIANS TEA* ?AT 9 ! ,TR9ITY ! ,FA!R1 CONTEMPLAT+ HIMSELF ?R\< ALL ET]NITY1 BEGETS ! ,SON4 ,?IS G5]ATION ( ! IDEA ( VALUE HAS NOT BE5 NOT$ BY ! ECONOMI/S ) SUFFICI5T C>E3 IT IS IMPORTANT ?AT WE %\LD T>RY OV] IT4 

,S9CE1 !N1 ( ! OBJECTS :I* ,I NE$1 A V]Y L>GE NUMB] EXI/ 9 ,NATURE ONLY 9 MOD]ATE QUANTITIES1 OR EV5 NOT AT ALL1 ,I AM =C$ TO ASSI/ 9 ! PRODUCTION ( ?AT :I* ,I LACK2 &1 AS ,I CANNOT TURN MY H& TO SO MANY ?+S1 ,I PROPOSE TO O!R M51 MY COLLABORATORS 9 V>I\S FUNCTIONS1 TO YIELD ME A PORTION ( !IR PRODUCTS 9 EX*ANGE = M9E4 ,I %ALL !N ALWAYS HAVE 9 MY POSSESSION MORE ( MY [N SPECIAL PRODUCT ?AN ,I CONSUME2 JU/ AS MY FELL[S WILL ALWAYS HAVE 9 !IR POSSESSION MORE ( !IR RESPECTIVE PRODUCTS ?AN !Y USE4 ,?IS TACIT AGREEM5T IS FULFILL$ BY COMM]CE4 ,H]E WE MAY OBS]VE ?AT ! LOGICAL SUCCESSION ( ! TWO K9DS ( VALUE IS EV5 MORE APP>5T 9 HI/ORY ?AN 9 !ORY1 M5 HAV+ SP5T ?\S&S ( YE>S 9 DISPUT+ OV] NATURAL WEAL? 7?IS BE+ :AT IS CALL$ PRIMITIVE COMMUNISM7 BE=E !IR 9DU/RY AF=D$ OPPORTUNITY = EX*ANGE4 

,N[1 ! CAPACITY POSSESS$ BY ALL PRODUCTS1 :E!R NATURAL OR ! RESULT ( LABOR1 ( S]V+ TO MA9TA9 MAN1 IS CALL$ DI/9CTIVELY VALUE 9 USE2 !IR CAPACITY ( PUR*AS+ EA* O!R1 VALUE 9 EX*ANGE4 ,AT BOTTOM ?IS IS ! SAME ?+1 S9CE ! SECOND CASE ONLY ADDS TO ! FIR/ ! IDEA ( SUB/ITUTION1 :I* MAY SEEM AN IDLE SUBTLETY2 PRACTICALLY1 ! CONSEQU5CES >E SURPRIS+1 & B5EFICIAL OR FATAL BY TURNS4 

,CONSEQU5TLY1 ! DI/9CTION E/ABLI%$ 9 VALUE IS BAS$ ON FACTS1 & IS NOT AT ALL >BITR>Y3 IT IS = MAN1 9 SUBMITT+ TO ?IS LAW1 TO USE IT TO 9CREASE HIS WELF>E & LIB]TY4 ,LABOR1 AS AN AU?OR 7,M4 ,WALRAS7 HAS BEAUTIFULLY EXPRESS$ IT1 IS A W> DECL>$ AGA9/ ! P>SIMONY ( ,NATURE2 BY IT WEAL? & SOCIETY >E SIMULTANE\SLY CREAT$4 ,NOT ONLY DOES LABOR PRODUCE 9COMP>ABLY MORE WEAL? ?AN ,NATURE GIVES US1 -- = 9/ANCE1 IT HAS BE5 REM>K$ ?AT ! %OEMAK]S ALONE 9 ,FRANCE PRODUCE T5 TIMES MORE ?AN ! M9ES ( ,P]U1 ,BRAZIL1 & ,MEXICO COMB9$1 -- BUT1 LABOR 9F9ITELY EXT5D+ & MULTIPLY+ ITS RI<TS BY ! *ANGES :I* IT MAKES 9 NATURAL VALUES1 IT GRADUALLY COMES AB\T ?AT ALL WEAL?1 9 RUNN+ ! GANTLET ( LABOR1 FALLS :OLLY 9TO ! H&S ( HIM :O CREATES IT1 & ?AT NO?+1 OR ALMO/ NO?+1 IS LEFT = ! POSSESSOR ( ! ORIG9AL MAT]IAL4 

,SU*1 !N1 IS ! PA? ( ECONOMIC PROGRESS3 AT FIR/1 APPROPRIATION ( ! L& & NATURAL VALUES2 !N1 ASSOCIATION & DI/RIBUTION ?R\< LABOR UNTIL COMPLETE EQUALITY IS ATTA9$4 ,*ASMS >E SCATT]$ ALONG \R ROAD1 ! SWORD IS SUSP5D$ OV] \R HEADS2 BUT1 TO AV]T ALL DANG]S1 WE HAVE REASON1 & REASON IS OMNIPOT5CE4 

,IT RESULTS FROM ! RELATION ( USEFUL VALUE TO EX*ANGEABLE VALUE ?AT IF1 BY ACCID5T OR FROM MALICE1 EX*ANGE %\LD BE =BIDD5 TO A S+LE PRODUC]1 OR IF ! UTILITY ( HIS PRODUCT %\LD SUDD5LY CEASE1 ?\< HIS /OREH\SES W]E FULL1 HE W\LD POSSESS NO?+4 ,! MORE SACRIFICES HE HAD MADE & ! MORE C\RAGE HE HAD DISPLAY$ 9 PRODUC+1 ! GREAT] W\LD BE HIS MIS]Y4 ,IF ! UTILITY ( ! PRODUCT1 9/EAD ( :OLLY DISAPPE>+1 %\LD ONLY DIM9I%1 -- A ?+ :I* MAY HAPP5 9 A HUNDR$ WAYS1 -- ! LABOR]1 9/EAD ( BE+ /RUCK D[N & RU9$ BY A SUDD5 CATA/ROPHE1 W\LD BE IMPOV]I%$ ONLY2 OBLIG$ TO GIVE A L>GE QUANTITY ( HIS [N VALUE = A SMALL QUANTITY ( ! VALUES ( O!RS1 HIS MEANS ( SUBSI/5CE W\LD BE R$UC$ BY AN AM\NT EQUAL TO ! DEFICIT 9 HIS SALE3 :I* W\LD LEAD BY DEGREES FROM COMPET5CY TO WANT4 ,IF1 F9ALLY1 ! UTILITY ( ! PRODUCT %\LD 9CREASE1 OR ELSE IF ITS PRODUCTION %\LD BECOME LESS CO/LY1 ! BALANCE ( EX*ANGE W\LD TURN TO ! ADVANTAGE ( ! PRODUC]1 :OSE CONDITION W\LD ?US BE RAIS$ FROM FATIGU+ M$IOCRITY TO IDLE OPUL5CE4 ,?IS PH5OM5ON ( DEPRECIATION & 5RI*M5T IS MANIFE/$ UND] A ?\S& =MS & BY A ?\S& COMB9ATIONS2 IT IS ! ESS5CE ( ! PASSIONAL & 9TRIGU+ GAME ( COMM]CE & 9DU/RY4 ,& ?IS IS ! LOTT]Y1 FULL ( TRAPS1 :I* ! ECONOMI/S ?9K \<T TO LA/ =EV]1 & :OSE SUPPRESSION ! ,ACADEMY ( ,MORAL & ,POLITICAL ,SCI5CES UNWITT+LY DEM&S1 :51 UND] ! NAMES ( PR(IT & WAGES1 IT ASKS US TO RECONCILE VALUE 9 USE & VALUE 9 EX*ANGE2 ?AT IS1 TO F9D ! ME?OD ( R5D]+ ALL USEFUL VALUES EQUALLY EX*ANGEABLE1 &1 VISE V]SA1 ALL EX*ANGEABLE VALUES EQUALLY USEFUL4 

,! ECONOMI/S HAVE V]Y CLE>LY %[N ! D\BLE *>ACT] ( VALUE1 BUT :AT !Y HAVE NOT MADE EQUALLY PLA9 IS ITS CONTRADICTORY NATURE4 ,H]E BEG9S \R CRITICISM4 

,UTILITY IS ! NECESS>Y CONDITION ( EX*ANGE2 BUT TAKE AWAY EX*ANGE1 & UTILITY VANI%ES3 !SE TWO ?+S >E 9DISSOLUBLY CONNECT$4 ,:]E1 !N1 IS ! CONTRADICTION8 

,S9CE ALL ( US LIVE ONLY BY LABOR & EX*ANGE1 & GR[ RI*] AS PRODUCTION & EX*ANGE 9CREASE1 EA* ( US PRODUCES AS MU* USEFUL VALUE AS POSSIBLE1 9 ORD] TO 9CREASE BY ?AT AM\NT HIS EX*ANGES1 & CONSEQU5TLY HIS 5JOYM5TS4 ,WELL1 ! FIR/ EFFECT1 ! 9EVITABLE EFFECT1 ( ! MULTIPLICATION ( VALUES IS TO ,L,[,] !M3 ! MORE ABUNDANT IS AN >TICLE ( M]*&ISE1 ! MORE IT LOSES 9 EX*ANGE & DEPRECIATES COMM]CIALLY4 ,IS IT NOT TRUE ?AT !RE IS A CONTRADICTION BETWE5 ! NECESSITY ( LABOR & ITS RESULTS8 

,I ADJURE ! READ]1 BE=E RU%+ AHEAD = ! EXPLANATION1 TO >RE/ HIS ATT5TION UPON ! FACT4 

,A PEASANT :O HAS H>VE/$ TW5TY SACKS ( :EAT1 :I* HE ) HIS FAMILY PROPOSES TO CONSUME1 DEEMS HIMSELF TWICE AS RI* AS IF HE HAD H>VE/$ ONLY T52 LIKEWISE A H\SEWIFE :O HAS SPUN FIFTY Y>DS ( L95 BELIEVES ?AT %E IS TWICE AS RI* AS IF %E HAD SPUN BUT TW5TY-FIVE4 ,RELATIVELY TO ! H\SEHOLD1 BO? >E RI<T2 LOOK$ AT 9 !IR EXT]NAL RELATIONS1 !Y MAY BE UTT]LY MI/AK54 ,IF ! CROP ( :EAT IS D\BLE ?R\<\T ! :OLE C\NTRY1 TW5TY SACKS WILL SELL = LESS ?AN T5 W\LD HAVE SOLD = IF IT HAD BE5 BUT HALF AS GREAT2 SO1 UND] SIMIL> CIRCUM/ANCES1 FIFTY Y>DS ( L95 WILL BE WOR? LESS ?AN TW5TY-FIVE3 SO ?AT VALUE DECREASES AS ! PRODUCTION ( UTILITY 9CREASES1 & A PRODUC] MAY >RIVE AT POV]TY BY CONT9UALLY 5RI*+ HIMSELF4 ,& ?IS SEEMS UNALT]ABLE1 9ASMU* AS !RE IS NO WAY ( ESCAPE EXCEPT ALL ! PRODUCTS ( 9DU/RY BECOME 9F9ITE 9 QUANTITY1 LIKE AIR & LI<T1 :I* IS ABSURD4 ,GOD ( MY REASON6 ,JEAN ,JACQUES W\LD HAVE SAID3 IT IS NOT ! ECONOMI/S :O >E IRRATIONAL2 IT IS POLITICAL ECONOMY ITSELF :I* IS FALSE TO ITS DEF9ITIONS4 ,M5TITA E/ 9IQUITAS SIBI4 

,9 ! PREC$+ EXAMPLES ! USEFUL VALUE EXCE$S ! EX*ANGEABLE VALUE3 9 O!R CASES IT IS LESS4 ,!N ! SAME PH5OM5ON IS PRODUC$1 BUT 9 ! OPPOSITE DIRECTION3 ! BALANCE IS 9 FAVOR ( ! PRODUC]1 :ILE ! CONSUM] SUFF]S4 ,?IS IS NOTABLY ! CASE 9 SEASONS ( SC>CITY1 :5 ! HI< PRICE ( PROVISIONS IS ALWAYS MORE OR LESS FACTITI\S4 ,!RE >E ALSO PR(ESSIONS :OSE :OLE >T CONSI/S 9 GIV+ TO AN >TICLE ( M9OR USEFULNESS1 :I* C\LD EASILY BE DISP5S$ )1 AN EXAGG]AT$ VALUE ( OP9ION3 SU*1 9 G5]AL1 >E ! >TS ( LUXURY4 ,MAN1 ?R\< HIS ES!TIC PASSION1 IS EAG] = ! TRIFLES ! POSSESSION ( :I* W\LD HI<LY SATISFY HIS VANITY1 HIS 9NATE DESIRE = LUXURY1 & HIS MORE NOBLE & MORE RESPECTABLE LOVE ( ! BEAUTIFUL3 UPON ?IS ! DEAL]S 9 ?IS CLASS ( >TICLES SPECULATE4 ,TO TAX FANCY & ELEGANCE IS NO LESS ODI\S OR ABSURD ?AN TO TAX CIRCULATION3 BUT SU* A TAX IS COLLECT$ BY A FEW FA%IONABLE M]*ANTS1 :OM G5]AL 9FATUATION PROTECTS1 & :OSE :OLE M]IT G5]ALLY CONSI/S 9 W>P+ TA/E & G5]AT+ FICKL5ESS4 ,H5CE NO ONE COMPLA9S2 & ALL ! MAL$ICTIONS ( OP9ION >E RES]V$ = ! MONOPOLI/S :O1 ?R\< G5IUS1 SUCCE$ 9 RAIS+ BY A FEW C5TS ! PRICE ( L95 & BREAD4 

,IT IS LITTLE TO HAVE PO9T$ \T ?IS A/ONI%+ CONTRA/ BETWE5 USEFUL VALUE & EX*ANGEABLE VALUE1 :I* ! ECONOMI/S HAVE BE5 9 ! HABIT ( REG>D+ AS V]Y SIMPLE3 IT MU/ BE %[N ?AT ?IS PRET5D$ SIMPLICITY CONCEALS A PR(\ND MY/]Y1 :I* IT IS \R DUTY TO FA?OM4 

,I SUMMON1 !RE=E1 EV]Y S]I\S ECONOMI/ TO TELL ME1 O!RWISE ?AN BY TRANS=M+ OR REPEAT+ ! QUE/ION1 = :AT REASON VALUE DECREASES 9 PROPORTION AS PRODUCTION AUGM5TS1 & RECIPROCALLY :AT CAUSES ?IS SAME VALUE TO 9CREASE 9 PROPORTION AS PRODUCTION DIM9I%ES4 ,9 TE*NICAL T]MS1 USEFUL VALUE & EX*ANGEABLE VALUE1 NECESS>Y TO EA* O!R1 >E 9V]SELY PROPORTIONAL TO EA* O!R2 ,I ASK1 !N1 :Y SC>CITY1 9/EAD ( UTILITY1 IS SYNONYM\S ) DE>NESS4 ,= -- M>K IT WELL -- ! PRICE ( M]*&ISE IS 9DEP5D5T ( ! AM\NT ( LABOR EXP5D$ 9 PRODUCTION2 & ITS GREAT] OR LESS CO/ DOES NOT S]VE AT ALL TO EXPLA9 ! V>IATIONS 9 ITS PRICE4 ,VALUE IS CAPRICI\S1 LIKE LIB]TY3 IT CONSID]S NEI!R UTILITY NOR LABOR2 ON ! CONTR>Y1 IT SEEMS ?AT1 9 ! ORD9>Y C\RSE ( AFFAIRS1 & EXCEPTIONAL D]ANGEM5TS ASIDE1 ! MO/ USEFUL OBJECTS >E ?OSE :I* >E SOLD AT ! L[E/ PRICE2 9 O!R WORDS1 ?AT IT IS JU/ ?AT ! M5 :O P]=M ! MO/ ATTRACTIVE LABOR %\LD BE ! BE/ REW>D$1 :ILE ?OSE :OSE TASKS DEM& ! MO/ EX]TION >E PAID ! LEA/4 ,SO ?AT1 9 FOLL[+ ! PR9CIPLE TO ITS ULTIMATE CONSEQU5CES1 WE REA* ! MO/ LOGICAL ( CONCLUSIONS3 ?AT ?+S :OSE USE IS NECESS>Y & QUANTITY 9F9ITE MU/ BE GRATUIT\S1 :ILE ?OSE :I* >E )\T UTILITY & EXTREMELY SC>CE MU/ BE> AN 9E/IMABLE PRICE4 ,BUT1 TO COMPLETE ! EMB>RASSM5T1 !SE EXTREMES DO NOT OCCUR 9 PRACTICE3 ON ! ONE H&1 NO HUMAN PRODUCT CAN EV] BECOME 9F9ITE 9 QUANTITY2 ON ! O!R1 ! R>E/ ?+S MU/ BE 9 SOME DEGREE USEFUL1 ELSE !Y W\LD NOT BE SUSCEPTIBLE ( VALUE4 ,USEFUL VALUE & EX*ANGEABLE VALUE REMA91 !N1 9 9EVITABLE ATTA*M5T1 AL?\< IT IS !IR NATURE CONT9UALLY TO T5D T[>DS MUTUAL EXCLUSION4 

,I %ALL NOT FATIGUE ! READ] ) A REFUTATION ( ! LOGOMA*IES :I* MI<T BE (F]$ 9 EXPLANATION ( ?IS SUBJECT3 ( ! CONTRADICTION 9H]5T 9 ! IDEA ( VALUE !RE IS NO ASSIGNABLE CAUSE1 NO POSSIBLE EXPLANATION4 ,! FACT ( :I* ,I SPEAK IS ONE ( ?OSE CALL$ PRIMITIVE1 -- ?AT IS1 ONE ( ?OSE :I* MAY S]VE TO EXPLA9 O!RS1 BUT :I* 9 !MSELVES1 LIKE ! BODIES CALL$ SIMPLE1 >E 9EXPLICABLE4 ,SU* IS ! DUALISM ( SPIRIT & MATT]4 ,SPIRIT & MATT] >E TWO T]MS EA* ( :I*1 TAK5 SEP>ATELY1 9DICATES A SPECIAL ASPECT ( SPIRIT1 BUT CORRESPONDS TO NO REALITY4 ,SO1 GIV5 MAN'S NE$S ( A GREAT V>IETY ( PRODUCTS TOGE!R ) ! OBLIGATION ( PROCUR+ !M BY HIS LABOR1 ! OPPOSITION ( USEFUL VALUE TO EX*ANGEABLE VALUE NECESS>ILY RESULTS2 & FROM ?IS OPPOSITION A CONTRADICTION ON ! V]Y ?RE%OLD ( POLITICAL ECONOMY4 ,NO 9TELLIG5CE1 NO WILL1 DIV9E OR HUMAN1 CAN PREV5T IT4 

,!RE=E1 9/EAD ( SE>*+ = A *IM]ICAL EXPLANATION1 LET US CONT5T \RSELVES ) E/ABLI%+ ! NECESSITY ( ! CONTRADICTION4 ,:ATEV] ! ABUNDANCE ( CREAT$ VALUES & ! PROPORTION 9 :I* !Y EX*ANGE = EA* O!R1 9 ORD] ?AT WE MAY EX*ANGE \R PRODUCTS1 M9E MU/ SUIT Y\ :5 Y\ >E ! BUY]1 & ,I MU/ BE SATISFI$ ) Y\RS :5 Y\ >E ! SELL]4 ,= NO ONE HAS A RI<T TO IMPOSE HIS [N M]*&ISE UPON ANO!R3 ! SOLE JUDGE ( UTILITY1 OR 9 O!R WORDS ! WANT1 IS ! BUY]4 ,!RE=E1 9 ! FIR/ CASE1 Y\ HAVE ! DECID+ P[]2 9 ! SECOND1 ,I HAVE IT4 ,TAKE AWAY RECIPROCAL LIB]TY1 & EX*ANGE IS NO LONG] ! EXPRESSION ( 9DU/RIAL SOLID>ITY3 IT IS ROBB]Y4 ,COMMUNISM1 BY ! WAY1 WILL NEV] SURM\NT ?IS DIFFICULTY4 

,BUT1 :]E !RE IS LIB]TY1 PRODUCTION IS NECESS>ILY UNDET]M9$1 EI!R 9 QUANTITY OR 9 QUALITY2 SO ?AT FROM ! PO9T ( VIEW ( ECONOMIC PROGRESS1 AS FROM ?AT ( ! RELATION ( CONSUM]S1 VALUATION ALWAYS IS AN >BITR>Y MATT]1 & ! PRICE ( M]*&ISE WILL EV] FLUCTUATE4 ,SUPPOSE = A MOM5T ?AT ALL PRODUC]S %\LD SELL AT A FIX$ PRICE3 !RE W\LD BE SOME :O1 PRODUC+ AT LESS CO/ & 9 BETT] QUALITY1 W\LD GET MU*1 :ILE O!RS W\LD GET NO?+4 ,9 EV]Y WAY EQUILIBRIUM W\LD BE DE/ROY$4 ,DO Y\ WI%1 9 ORD] TO PREV5T BUS9ESS /AGNATION1 TO LIMIT PRODUCTION /RICTLY TO ! NECESS>Y AM\NT8 ,?AT W\LD BE A VIOLATION ( LIB]TY3 =1 9 DEPRIV+ ME ( ! P[] ( *OICE1 Y\ CONDEMN ME TO PAY ! HI<E/ PRICE2 Y\ DE/ROY COMPETITION1 ! SOLE GU>ANTEE ( *EAPNESS1 & 5C\RAGE SMUGGL+4 ,9 ?IS WAY1 TO AVOID COMM]CIAL ABSOLUTISM1 Y\ W\LD RU% 9TO ADM9I/RATIVE ABSOLUTISM2 TO CREATE EQUALITY1 Y\ W\LD DE/ROY LIB]TY1 :I* IS TO D5Y EQUALITY ITSELF4 ,W\LD Y\ GR\P PRODUC]S 9 A S+LE WORK%OP 7SUPPOS+ Y\ TO POSSESS ?IS SECRET78 ,?AT AGA9 DOES NOT SUFFICE3 IT W\LD BE NECESS>Y ALSO TO GR\P CONSUM]S 9 A COMMON H\SEHOLD1 :]EBY Y\ W\LD AB&ON ! PO9T4 ,WE >E NOT TO ABOLI% ! IDEA ( VALUE1 :I* IS AS IMPOSSIBLE AS TO ABOLI% LABOR1 BUT TO DET]M9E IT2 WE >E NOT TO KILL 9DIVIDUAL LIB]TY1 BUT TO SOCIALIZE IT4 ,N[1 IT IS PROV$ ?AT IT IS ! FREE WILL ( MAN ?AT GIVES RISE TO ! OPPOSITION BETWE5 VALUE 9 USE & VALUE 9 EX*ANGE3 H[ RECONCILE ?IS OPPOSITION :ILE FREE WILL EXI/S8 ,& H[ SACRIFICE ! LATT] )\T SACRIFIC+ MAN8 

,!N1 FROM ! V]Y FACT ?AT ,I1 AS A FREE PUR*AS]1 AM JUDGE ( MY [N WANTS1 JUDGE ( ! FITNESS ( ! OBJECT1 JUDGE ( ! PRICE ,I WI% TO PAY1 & ?AT Y\ ON ! O!R H&1 AS A FREE PRODUC]1 CONTROL ! MEANS ( PRODUCTION1 & CONSEQU5TLY HAVE ! P[] TO R$UCE Y\R EXP5SES1 ABSOLUTISM =CES ITSELF =W>D AS AN ELEM5T ( VALUE1 & CAUSES IT TO OSCILLATE BETWE5 UTILITY & OP9ION4 

,BUT ?IS OSCILLATION1 CLE>LY PO9T$ \T BY ! ECONOMI/S1 IS BUT ! EFFECT ( A CONTRADICTION :I*1 REPEAT+ ITSELF ON A VA/ SCALE1 5G5D]S ! MO/ UNEXPECT$ PH5OM5A4 ,?REE YE>S ( F]TILITY1 9 C]TA9 PROV9CES ( ,RUSSIA1 >E A PUBLIC CALAMITY1 JU/ AS1 9 \R V9EY>DS1 ?REE YE>S ( ABUNDANCE >E A CALAMITY TO ! W9E-GR[] ,I KN[ WELL ?AT ! ECONOMI/S ATTRIBUTE ?IS DI/RESS TO A LACK ( M>KETS2 :]E=E ?IS QUE/ION ( M>KETS IS AN IMPORTANT ONE ) !M4 ,UN=TUNATELY ! !ORY ( M>KETS1 LIKE ?AT ( EMIGRATION ) :I* !Y ATTEMPT$ TO MEET ,MAL?US1 IS A BEGG+ ( ! QUE/ION4 ,! ,/ATES HAV+ ! L>GE/ M>KET >E AS SUBJECT TO OV]-PRODUCTION AS ! MO/ ISOLAT$ C\NTRIES3 :]E >E HI< & L[ PRICES BETT] KN[N ?AN 9 ! /OCK-EX*ANGES ( ,P>IS & ,LONDON8 

,FROM ! OSCILLATION ( VALUE & ! IRREGUL> EFFECTS RESULT+ !REFROM ! SOCIALI/S & ECONOMI/S1 EA* 9 !IR [N WAY1 HAVE REASON$ TO OPPOSITE1 BUT EQUALLY FALSE1 CONCLUSIONS3 ! =M] HAVE MADE IT A TEXT = ! SL&] ( POLITICAL ECONOMY & ITS EXCLUSION FROM SOCIAL SCI5CE2 ! LATT]1 = ! D5IAL ( ALL POSSIBILITY ( RECONCILIATION1 & ! AFFIRMATION ( ! 9COMM5SURABILITY ( VALUES1 & CONSEQU5TLY ! 9EQUALITY ( =TUNES1 AS AN ABSOLUTE LAW ( COMM]CE4 

,I SAY ?AT BO? P>TIES >E EQUALLY 9 ]ROR4 

#a4 ,! CONTRADICTORY IDEA ( VALUE1 SO CLE>LY EXHIBIT$ BY ! 9EVITABLE DI/9CTION BETWE5 USEFUL VALUE & VALUE 9 EX*ANGE DOES NOT >ISE FROM A FALSE M5TAL P]CEPTION1 OR FROM A VICI\S T]M9OLOGY1 OR FROM ANY PRACTICAL ]ROR2 IT LIES DEEP 9 ! NATURE ( ?+S1 & =CES ITSELF UPON ! M9D AS A G5]AL =M ( ?\<T1 -- ?AT IS1 AS A CATEGORY4 ,N[1 AS ! IDEA ( VALUE IS ! PO9T ( DEP>TURE ( POLITICAL ECONOMY1 IT FOLL[S ?AT ALL ! ELEM5TS ( ! SCI5CE -- ,I USE ! WORD SCI5CE 9 ANTICIPATION -- >E CONTRADICTORY 9 !MSELVES & OPPOS$ TO EA* O!R3 SO TRULY IS ?IS ! CASE ?AT ON EV]Y QUE/ION ! ECONOMI/ F9DS HIMSELF CONT9UALLY PLAC$ BETWE5 AN AFFIRMATION & A NEGATION ALIKE IRREFUTABLE4 ,A,N,T,9,O,M,Y1 9 F9E1 TO USE A WORD SANCTION$ BY MOD]N PHILOSOPHY1 IS ! ESS5TIAL *>ACT]I/IC ( POLITICAL ECONOMY2 ?AT IS TO SAY1 IT IS AT ONCE ITS DEA?-S5T5CE & ITS JU/IFICATION4 

,ANT9OMY1 LIT]ALLY C\NT]-LAW1 MEANS OPPOSITION 9 PR9CIPLE OR ANTAGONISM 9 RELATION1 JU/ AS CONTRADICTION OR ANTILOGY 9DICATES OPPOSITION OR DISCREPANCY 9 SPEE*4 ,ANT9OMY1 -- ,I ASK P>DON = 5T]+ 9TO !SE S*OLA/IC DETAILS1 COMP>ATIVELY UNFAMILI> AS YET TO MO/ ECONOMI/S1 -- ANT9OMY IS ! CONCEPTION ( A LAW ) TWO FACES1 ! ONE POSITIVE1 ! O!R NEGATIVE4 ,SU*1 = 9/ANCE1 IS ! LAW CALL$ ATTRACTION1 BY :I* ! PLANETS REVOLVE >\ND ! SUN1 & :I* MA!MATICIANS HAVE ANALYZ$ 9TO C5TRIPETAL =CE & C5TRIFUGAL =CE4 ,SU* ALSO IS ! PROBLEM ( ! 9F9ITE DIVISIBILITY ( MATT]1 :I*1 AS ,KANT HAS %[N1 CAN BE D5I$ & AFFIRM$ SUCCESSIVELY BY >GUM5TS EQUALLY PLAUSIBLE & IRREFUTABLE4 

,ANT9OMY SIMPLY EXPRESSES A FACT1 & =CES ITSELF IMP]ATIVELY ON ! M9D2 CONTRADICTION1 PROP]LY SPEAK+1 IS AN ABSURDITY4 ,?IS DI/9CTION BETWE5 ANT9OMY 7CONTRA-LEX7 & CONTRADICTION 7CONTRA-DICTIO7 %[S 9 :AT S5SE IT CAN BE SAID ?AT1 9 A C]TA9 CLASS ( IDEAS & FACTS1 ! >GUM5T ( CONTRADICTION HAS NOT ! SAME VALUE AS 9 MA!MATICS4 

,9 MA!MATICS IT IS A RULE ?AT1 A PROPOSITION BE+ PROV$ FALSE1 ITS OPPOSITE IS TRUE1 & VISE V]SA4 ,9 FACT1 ?IS IS ! PR9CIPAL ME?OD ( MA!MATICAL DEMON/RATION4 ,9 SOCIAL ECONOMY1 IT IS NOT ! SAME3 ?US WE SEE1 = EXAMPLE1 ?AT PROP]TY BE+ PROV$ BY ITS RESULTS TO BE FALSE1 ! OPPOSITE =MULA1 COMMUNISM1 IS NONE ! TRU] ON ?IS ACC\NT1 BUT IS D5IABLE AT ! SAME TIME & BY ! SAME TITLE AS PROP]TY4 ,DOES IT FOLL[1 AS HAS BE5 SAID ) SU* RIDICUL\S EMPHASIS1 ?AT EV]Y TRU?1 EV]Y IDEA1 RESULTS FROM A CONTRADICTION1 -- ?AT IS1 FROM A SOME?+ :I* IS AFFIRM$ & D5I$ AT ! SAME MOM5T & FROM ! SAME PO9T ( VIEW1 -- & ?AT IT MAY BE NECESS>Y TO AB&ON :OLLY ! OLD-FA%ION$ LOGIC1 :I* REG>DS CONTRADICTION AS ! 9FALLIBLE SIGN ( ]ROR8 ,?IS BABBLE IS WOR?Y ( SOPHI/S :O1 DE/ITUTE ( FAI? & HONE/Y1 5DEAVOR TO P]PETUATE SKEPTICISM 9 ORD] TO MA9TA9 !IR IMP]T95T USELESSNESS4 ,BECAUSE ANT9OMY1 IMM$IATELY IT IS MISUND]/OOD1 LEADS 9EVITABLY TO CONTRADICTION1 !SE HAVE BE5 MI/AK5 = EA* O!R1 ESPECIALLY AMONG ! ,FR5*1 :O LIKE TO JUDGE EV]Y?+ BY ITS EFFECTS4 ,BUT NEI!R CONTRADICTION NOR ANT9OMY1 :I* ANALYSIS DISCOV]S AT ! BOTTOM ( EV]Y SIMPLE IDEA1 IS ! PR9CIPLE ( TRU?4 ,CONTRADICTION IS ALWAYS SYNONYM\S ) NULLITY2 AS = ANT9OMY1 SOMETIMES CALL$ BY ! SAME NAME1 IT IS 9DE$ ! =]UNN] ( TRU?1 ! MAT]IAL ( :I*1 SO TO SPEAK1 IT SUPPLIES2 BUT IT IS NOT TRU?1 &1 CONSID]$ 9 ITSELF1 IT IS ! EFFICI5T CAUSE ( DISORD]1 ! *>ACT]I/IC =M ( DELUSION & EVIL4 

,AN ANT9OMY IS MADE UP ( TWO T]MS1 NECESS>Y TO EA* O!R1 BUT ALWAYS OPPOS$1 & T5D+ TO MUTUAL DE/RUCTION4 ,I H>DLY D>E TO ADD1 AS ,I MU/1 ?AT ! FIR/ ( !SE T]MS HAS RECEIV$ ! NAME !SIS1 POSITION1 & ! SECOND ! NAME ANTI-!SIS1 C\NT]-POSITION4 ,?IS ME?OD ( ?\<T IS N[ SO WELL-KN[N ?AT IT WILL SOON FIGURE1 ,I HOPE1 9 ! TEXT-BOOKS ( ! PRIM>Y S*OOLS4 ,WE %ALL SEE DIRECTLY H[ FROM ! COMB9ATION ( !SE TWO Z]OS UNITY SPR+S =?1 OR ! IDEA :I* DISPELS ! ANT9OMY4 

,?US1 9 VALUE1 !RE IS NO?+ USEFUL ?AT CANNOT BE EX*ANG$1 NO?+ EX*ANGEABLE IF IT BE NOT USEFUL3 VALUE 9 USE & VALUE 9 EX*ANGE >E 9SEP>ABLE4 ,BUT :ILE1 BY 9DU/RIAL PROGRESS1 DEM& V>IES & MULTIPLIES TO AN 9F9ITE EXT5T1 & :ILE MANUFACTURES T5D 9 CONSEQU5CE TO 9CREASE ! NATURAL UTILITY ( ?+S1 & F9ALLY TO CONV]T ALL USEFUL VALUE 9TO EX*ANGEABLE VALUE1 PRODUCTION1 ON ! O!R H&1 CONT9UALLY 9CREAS+ ! P[] ( ITS 9/RUM5TS & ALWAYS R$UC+ ITS EXP5SES1 T5DS TO RE/ORE ! V5AL VALUE ( ?+S TO !IR PRIMITIVE UTILITY3 SO ?AT VALUE 9 USE & VALUE 9 EX*ANGE >E 9 P]PETUAL /RUGGLE4 

,! EFFECTS ( ?IS /RUGGLE >E WELL-KN[N3 ! W>S ( COMM]CE & ( ! M>KET2 OB/RUCTIONS TO BUS9ESS2 /AGNATION2 PROHIBITION2 ! MASSACRES ( COMPETITION2 MONOPOLY2 R$UCTIONS ( WAGES2 LAWS FIX+ MAXIMUM PRICES2 ! CRU%+ 9EQUALITY ( =TUNES2 MIS]Y1 -- ALL !SE RESULT FROM ! ANT9OMY ( VALUE4 ,! PRO( ( ?IS ,I MAY BE EXCUS$ FROM GIV+ H]E1 AS IT WILL APPE> NATURALLY 9 ! *APT]S TO FOLL[4 

,! SOCIALI/S1 :ILE JU/LY DEM&+ ?AT ?IS ANTAGONISM BE BR\<T TO AN 5D1 HAVE ]R$ 9 MI/AK+ ITS S\RCE1 & 9 SEE+ 9 IT ONLY A M5TAL OV]SI<T1 CAPABLE ( RECTIFICATION BY A LEGAL DECREE4 ,H5CE ?IS LAM5TABLE \TBREAK ( S5TIM5TALISM1 :I* HAS R5D]$ SOCIALISM SO 9SIPID TO POSITIVE M9DS1 & :I*1 SPREAD+ ! ABSURDE/ DELUSIONS1 MAKES SO MANY FRE% DUPES EV]Y DAY4 ,MY COMPLA9T ( SOCIALISM IS NOT ?AT IT HAS APPE>$ AMONG US )\T CAUSE1 BUT ?AT IT HAS CLUNG SO LONG & SO OB/9ATELY TO ITS SILL9ESS4 

#b4 ,BUT ! ECONOMI/S HAVE ]R$ NO LESS GRAVELY 9 REJECT+ A PRIORI1 & JU/ BECAUSE ( ! CONTRADICTORY1 OR RA!R ANT9OMICAL1 NATURE ( VALUE1 EV]Y IDEA & HOPE ( RE=M1 NEV] DESIR+ TO UND]/& ?AT1 = ! V]Y REASON ?AT SOCIETY HAS >RIV$ AT ITS HI<E/ PO9T ( ANTAGONISM1 RECONCILIATION & H>MONY >E AT H&4 ,?IS1 NEV]!LESS1 IS :AT A CLOSE /UDY ( POLITICAL ECONOMY W\LD HAVE %[N TO ITS ADEPTS1 HAD !Y PAID MORE ATT5TION TO ! LI<TS ( MOD]N METAPHYSICS4 ,IT IS 9DE$ DEMON/RAT$1 BY ! MO/ POSITIVE EVID5CE KN[N TO ! HUMAN M9D1 ?AT :]EV] AN ANT9OMY APPE>S !RE IS A PROMISE ( A RESOLUTION ( ITS T]MS1 & CONSEQU5TLY AN ANN\NCEM5T ( A COM+ *ANGE4 ,N[1 ! IDEA ( VALUE1 AS DEVELOP$ BY ,J4 ,B4 ,SAY AMONG O!RS1 SATISFIES EXACTLY !SE CONDITIONS4 ,BUT ! ECONOMI/S1 :O HAVE REMA9$ = ! MO/ P>T BY AN 9CONCEIVABLE FATALITY IGNORANT ( ! MOVEM5T ( PHILOSOPHY1 HAVE GU>D$ AGA9/ ! SUPPOSITION ?AT ! ESS5TIALLY CONTRADICTORY1 OR1 AS !Y SAY1 V>IABLE1 *>ACT] ( VALUE MI<T BE AT ! SAME TIME ! AU!NTIC SIGN ( ITS CON/ITUTIONALITY1 -- ?AT IS1 ( ITS EM95TLY H>MONI\S & DET]M9ABLE NATURE4 ,H[EV] DI%ONORABLE IT MAY BE TO ! ECONOMI/S ( ! V>I\S S*OOLS1 IT IS C]TA9 ?AT !IR OPPOSITION TO SOCIALISM RESULTS SOLELY FROM ?IS FALSE CONCEPTION ( !IR [N PR9CIPLES2 ONE PRO(1 TAK5 FROM A ?\S&1 WILL SUFFICE4 

,! ,ACADEMY ( ,SCI5CES 7NOT ?AT ( ,MORAL ,SCI5CES1 BUT ! O!R71 GO+ \TSIDE ( ITS PROV9CE ONE DAY1 LI/5$ TO A PAP] 9 :I* IT WAS PROPOS$ TO CALCULATE TABLES ( VALUE = ALL K9DS ( M]*&ISE UPON ! BASIS ( ! AV]AGE PRODUCT P] MAN & P] DAY'S LABOR 9 EA* BRAN* ( 9DU/RY4 0,LE ,J\RNAL DES ,ECONOMI/ES0 7,AUGU/1 #a#h#d#e7 IMM$IATELY MADE ?IS COMMUNICATION1 9TRUSIVE 9 ITS EYES1 ! TEXT ( A PROTE/ AGA9/ ! PLAN ( T>IFF :I* WAS ITS OBJECT1 & ! OCCASION ( A REE/ABLI%M5T ( :AT IT CALL$ TRUE PR9CIPLES3 -- 

0,!RE IS NO MEASURE ( VALUE1 NO /&>D ( VALUE10 IT SAID 9 ITS CONCLUSIONS2 0ECONOMIC SCI5CE TELLS US ?IS1 JU/ AS MA!MATICAL SCI5CE TELLS US ?AT !RE IS NO P]PETUAL MOTION OR QUADRATURE ( ! CIRCLE1 & ?AT !SE NEV] WILL BE F\ND4 ,N[1 IF !RE IS NO /&>D ( VALUE1 IF ! MEASURE ( VALUE IS NOT EV5 A METAPHYSICAL ILLUSION1 :AT !N IS ! LAW :I* GOV]NS EX*ANGES8 4 4 4 4 4 ,AS WE HAVE SAID BE=E1 IT IS1 9 A G5]AL WAY1 SUPPLY & DEM&3 ?AT IS ! LA/ WORD ( SCI5CE40 

,N[1 H[ DID 0,LE ,J\RNAL DES ,ECONOMI/ES0 PROVE ?AT !RE IS NO MEASURE ( VALUE8 ,I USE ! CONSECRAT$ EXPRESSION3 ?\< ,I %ALL %[ DIRECTLY ?AT ?IS PHRASE1 MEASURE ( VALUE1 IS SOME:AT AMBIGU\S1 & DOES NOT CONVEY ! EXACT MEAN+ :I* IT IS 9T5D$1 & :I* IT \<T1 TO EXPRESS4 

,?IS J\RNAL REPEAT$1 ) ACCOMPANY+ EXAMPLES1 ! EXPOSITION ?AT WE HAVE JU/ GIV5 ( ! V>IABILITY ( VALUE1 BUT )\T >RIV+1 AS WE DID1 AT ! CONTRADICTION4 ,N[1 IF ! E/IMABLE $ITOR1 ONE ( ! MO/ DI/+UI%$ ECONOMI/S ( ! S*OOL ( ,SAY1 HAD HAD /RICT] LOGICAL HABITS2 IF HE HAD BE5 LONG US$1 NOT ONLY TO OBS]V+ FACTS1 BUT TO SEEK+ !IR EXPLANATION 9 ! IDEAS :I* PRODUCE !M1 -- ,I DO NOT D\BT ?AT HE W\LD HAVE EXPRESS$ HIMSELF MORE CAUTI\SLY1 & ?AT1 9/EAD ( SEE+ 9 ! V>IABILITY ( VALUE ! LA/ WORD ( SCI5CE1 HE W\LD HAVE RECOGNIZ$ UNAID$ ?AT IT IS ! FIR/4 ,SEE+ ?AT ! V>IABILITY ( VALUE PROCE$S NOT FROM ?+S1 BUT FROM ! M9D1 HE W\LD HAVE SAID ?AT1 AS HUMAN LIB]TY HAS ITS LAW1 SO VALUE MU/ HAVE ITS LAW2 CONSEQU5TLY1 ?AT ! HYPO!SIS ( A MEASURE ( VALUE1 ?IS BE+ ! COMMON EXPRESSION1 IS NOT AT ALL IRRATIONAL2 QUITE ! CONTR>Y1 ?AT IT IS ! D5IAL ( ?IS MEASURE ?AT IS ILLOGICAL1 UNT5ABLE4 

,& 9DE$1 :AT IS !RE 9 ! IDEA ( MEASUR+1 & CONSEQU5TLY ( FIX+1 VALUE1 ?AT IS UNSCI5TIFIC8 ,ALL M5 BELIEVE 9 IT2 ALL WI% IT1 SE>* = IT1 SUPPOSE IT3 EV]Y PROPOSITION ( SALE OR PUR*ASE IS AT BOTTOM ONLY A COMP>ISON BETWE5 TWO VALUES1 -- ?AT IS1 A DET]M9ATION1 MORE OR LESS ACCURATE IF Y\ WILL1 BUT NEV]!LESS EFFECTIVE4 ,! OP9ION ( ! HUMAN RACE ON ! EXI/+ DIFF]5CE BETWE5 REAL VALUE & M>KET PRICE MAY BE SAID TO BE UNANIM\S4 ,IT IS = ?IS REASON ?AT SO MANY K9DS ( M]*&ISE >E SOLD AT A FIX$ PRICE2 !RE >E SOME1 9DE$1 :I*1 EV5 9 !IR V>IATIONS1 >E ALWAYS FIX$1 -- BREAD1 = 9/ANCE4 ,IT WILL NOT BE D5I$ ?AT1 IF TWO MANUFACTUR]S CAN SUPPLY ONE ANO!R BY AN ACC\NT CURR5T1 & AT A SETTL$ PRICE1 ) QUANTITIES ( !IR RESPECTIVE PRODUCTS1 T51 A HUNDR$1 A ?\S& MANUFACTUR]S CAN DO ! SAME4 ,N[1 ?AT W\LD BE A SOLUTION ( ! PROBLEM ( ! MEASURE ( VALUE4 ,! PRICE ( EV]Y?+ W\LD BE DEBAT$ UPON1 ,I ALL[1 BECAUSE DEBATE IS /ILL \R ONLY ME?OD ( FIX+ PRICES2 BUT YET1 AS ALL LI<T IS ! RESULT ( CONFLICT1 DEBATE1 ?\< IT MAY BE A PRO( ( UNC]TA9TY1 HAS = ITS OBJECT1 SETT+ ASIDE ! GREAT] OR LESS AM\NT ( GOOD FAI? ?AT 5T]S 9TO IT1 ! DISCOV]Y ( ! RELATION ( VALUES TO EA* O!R1 -- ?AT IS1 !IR MEASUREM5T1 !IR LAW4 

,RIC>DO1 9 HIS !ORY ( R5T1 HAS GIV5 A MAGNIFIC5T EXAMPLE ( ! COMM5SURABILITY ( VALUES4 ,HE HAS %[N ?AT >ABLE L&S >E TO EA* O!R AS ! CROPS :I* !Y YIELD ) ! SAME \TLAY2 & H]E UNIV]SAL PRACTICE IS 9 H>MONY ) !ORY4 ,N[ :O WILL SAY ?AT ?IS POSITIVE & SURE ME?OD ( E/IMAT+ ! VALUE ( L&1 & 9 G5]AL ( ALL 5GAG$ CAPITAL1 CANNOT BE APPLI$ TO PRODUCTS ALSO8 4 4 4 4 4 

,!Y SAY3 ,POLITICAL ECONOMY IS NOT AFFECT$ BY A PRIORI >GUM5TS2 IT PRON\NCES ONLY UPON FACTS4 ,N[1 FACTS & EXP]I5CE TEA* US ?AT !RE IS NO MEASURE ( VALUE & CAN BE NONE1 & PROVE ?AT1 ?\< ! CONCEPTION ( SU* AN IDEA WAS NECESS>Y 9 ! NATURE ( ?+S1 ITS REALIZATION IS :OLLY *IM]ICAL4 ,SUPPLY & DEM& IS ! SOLE LAW ( EX*ANGE4 

,I WILL NOT REPEAT ?AT EXP]I5CE PROVES PRECISELY ! CONTR>Y2 ?AT EV]Y?+1 9 ! ECONOMIC PROGRESS ( SOCIETY1 D5OTES A T5D5CY T[>D ! CON/ITUTION & E/ABLI%M5T ( VALUE2 ?AT ?AT IS ! CULM9AT+ PO9T ( POLITICAL ECONOMY -- :I* BY ?IS CON/ITUTION BECOMES TRANS=M$ -- & ! SUPREME 9DICATION ( ORD] 9 SOCIETY3 ?IS G5]AL \TL9E1 REIT]AT$ )\T PRO(1 W\LD BECOME TIRESOME4 ,I CONF9E MYSELF = ! MOM5T )9 ! LIMITS ( ! DISCUSSION1 & SAY ?AT SUPPLY & DEM&1 HELD UP AS ! SOLE REGULATORS ( VALUE1 >E NO?+ MORE ?AN TWO C]EMONIAL =MS S]V+ TO BR+ USEFUL VALUE & EX*ANGEABLE VALUE FACE TO FACE1 & TO PROVOKE !IR RECONCILIATION4 ,!Y >E ! TWO ELECTRIC POLES1 :OSE CONNECTION MU/ PRODUCE ! ECONOMICAL PH5OM5ON ( AFF9ITY CALL$ ,E,X,*,A,N,G,E4 ,LIKE ! POLES ( A BATT]Y1 SUPPLY & DEM& >E DIAMETRICALLY OPPOS$ TO EA* O!R1 & T5D CONT9UALLY TO MUTUAL ANNIHILATION2 IT IS BY !IR ANTAGONISM ?AT ! PRICE ( ?+S IS EI!R 9CREAS$1 OR R$UC$ TO NO?+3 WE WI% TO KN[1 !N1 IF IT IS NOT POSSIBLE1 ON EV]Y OCCASION1 SO TO BALANCE OR H>MONIZE !SE TWO =CES ?AT ! PRICE ( ?+S ALWAYS MAY BE ! EXPRESSION ( !IR TRUE VALUE1 ! EXPRESSION ( JU/ICE4 ,TO SAY AFT] ?AT ?AT SUPPLY & DEM& IS ! LAW ( EX*ANGE IS TO SAY ?AT SUPPLY & DEM& IS ! LAW ( SUPPLY & DEM&2 IT IS NOT AN EXPLANATION ( ! G5]AL PRACTICE1 BUT A DECL>ATION ( ITS ABSURDITY2 & ,I D5Y ?AT ! G5]AL PRACTICE IS ABSURD4 

,I HAVE JU/ QUOT$ ,RIC>DO AS HAV+ GIV51 9 A SPECIAL 9/ANCE1 A POSITIVE RULE = ! COMP>ISON ( VALUES3 ! ECONOMI/S DO BETT] /ILL4 ,EV]Y YE> !Y GA!R FROM TABLES ( /ATI/ICS ! AV]AGE PRICES ( ! V>I\S GRA9S4 ,N[1 :AT IS ! MEAN+ ( AN AV]AGE8 ,EV]Y ONE CAN SEE ?AT 9 A S+LE OP]ATION1 TAK5 AT R&OM FROM A MILLION1 !RE IS NO MEANS ( KN[+ :I* PREVAIL$1 SUPPLY -- ?AT IS1 USEFUL VALUE -- OR EX*ANGEABLE VALUE1 -- ?AT IS1 DEM&4 ,BUT AS EV]Y 9CREASE 9 ! PRICE ( M]*&ISE IS FOLL[$ SOON] OR LAT] BY A PROPORTIONAL R$UCTION2 AS1 9 O!R WORDS1 9 SOCIETY ! PR(ITS ( SPECULATION >E EQUAL TO ! LOSSES1 -- WE MAY REG>D ) GOOD REASON ! AV]AGE ( PRICES DUR+ A COMPLETE P]IOD AS 9DICATIVE ( ! REAL & LEGITIMATE VALUE ( PRODUCTS4 ,?IS AV]AGE1 IT IS TRUE1 IS ASC]TA9$ TOO LATE3 BUT :O KN[S ?AT WE C\LD NOT DISCOV] IT 9 ADVANCE8 ,IS !RE AN ECONOMI/ :O D>ES TO D5Y IT8 

,NOL5S VOL5S1 !N1 ! MEASURE ( VALUE MU/ BE S\<T =3 LOGIC COMM&S IT1 & H] CONCLUSIONS >E ADV]SE TO ECONOMI/S & SOCIALI/S ALIKE4 ,! OP9ION :I* D5IES ! EXI/5CE ( ?IS MEASURE IS IRRATIONAL1 UNREASONABLE4 ,SAY AS (T5 AS Y\ PLEASE1 ON ! ONE H&1 ?AT POLITICAL ECONOMY IS A SCI5CE ( FACTS1 & ?AT ! FACTS >E CONTR>Y TO ! HYPO!SIS ( A DET]M9ATION ( VALUE1 OR1 ON ! O!R1 ?AT ?IS TR\BLESOME QUE/ION W\LD NOT PRES5T ITSELF 9 A SY/EM ( UNIV]SAL ASSOCIATION1 :I* W\LD ABSORB ALL ANTAGONISM1 -- ,I WILL REPLY /ILL1 TO ! RI<T & TO ! LEFT3 -- 

#a4 ,?AT AS NO FACT IS PRODUC$ :I* HAS NOT ITS CAUSE1 SO NONE EXI/S :I* HAS NOT ITS LAW2 & ?AT1 IF ! LAW ( EX*ANGE IS NOT DISCOV]$1 ! FAULT IS1 NOT ) ! FACTS1 BUT ) ! SAVANTS4 

#b4 ,?AT1 AS LONG AS MAN %ALL LABOR 9 ORD] TO LIVE1 & %ALL LABOR FREELY1 JU/ICE WILL BE ! CONDITION ( FRAT]NITY & ! BASIS ( ASSOCIATION2 N[1 )\T A DET]M9ATION ( VALUE1 JU/ICE IS IMP]FECT1 IMPOSSIBLE4 

,FROM 3 ,UNIV]SITY ( ,VIRG9IA ,LIBR>Y4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahde 3 ,*APT] #b1 ,SECTION #b4#a -- ,PUBLICATION4 
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