the ultimate standard of value-第4部分

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sary　to　show；　that　the　value　of　the　labor　corresponds　with　reasonable　accuracy　to　the　amount　of　pain　that　the　laborer　endure。　　　　　　Such　a　correspondence　actually　occurs　under　a　certain　definite　assumption。　This　assumption　depends　upon　the　facts；　first；　that　the　pain　of　labor　increases　with　its　duration；　and　second；　that　the　labor　is　continued　until　the　pain　of　the　last　increment　of　labor　（Arbeitstheilchen）；　say　the　last　quarter　of　an　hour；　is　in　exact　equilibrium　with　the　marginal　utility　of　the　product　of　that　final　increment　of　labor。　In　this　event　we　have　here　a　common　rendezvous　for　our　several　items　　the　utility　of　the　product；　the　pain　endured　by　the　laborer；　the　value　of　the　labor；　and　finally　the　value　of　the　product。　　　　　　Let　us　illustrate　this　by　an　example。　We　will　take　a　man　engaged　in　one　of　the　ordinary　trades；　say　a　cabinetmaker　or　a　locksmith。　A　certain　amount　of　money；　say　five　cents；　which　he　obtains　for　a　quarter　of　an　hour's　labor；　has　for　him　a　definite　value。　This　is　determined　by　its　marginal　utility；　or　by　the　importance　of　the　last　need　which　he　is　in　a　position　to　satisfy　through　the　outlay　of　five　cents。　Now；　according　to　well…known　principle；　about　which　my　English　and　American　colleague　and　myself　are　in　entire　agreement；（16*）　this　marginal　utility　will　be　smaller；　as　the　daily　pay　of　the　laborer　increases。　It　will；　for　instance；　be　smaller　when　the　laborer　receive　two　dollars　and　forty　cents　for　twelve　hours　of　work；　than　when　he　receives　one　dollar　and　sixty　cents　for　eight　hours　of　work。　Again；　according　to　equally　well…known　principles；　about　which　there　is　a　no　less　complete　agreement　among　all　parties　to　the　controversy；　the　fatigue　and　strain　of　the　laborer　grows　with　the　increase　in　the　duration　of　labor。　Other　thing　being　equal；　the　tenth　hour　of　labor　is　unquestionably　more　fatiguing　than　the　third　or　sixth；　and　a　fourteenth　or　an　eighteenth　would　certainly　be　still　more　fatiguing。　Now；　since　the　marginal　utility　of　every　five　cents　added　to　the　pay　of　the　laborer　is；　less　than　the　utility　of　the　last　preceding　five　cents；　and　since　with　each　additional　quarter　of　an　hour　of　labor　the　pain　increases；　there　must　come　a　point　where　the　two　will　meet　or　be　in　equilibrium　with　each　other；　it　is　also　undoubtedly　true　that　when　the　laborer　is　entirely　free　to　determine　the　length　of　his　labor　day；　he　will　continue　his　labor　until　this　point　of　equilibrium　is　reached。　He　will　work　nine　and　one…half　hours　when　and　because　to　his　mind　five　cents　is　just　sufficient　indemnification　for　the　disutility　of　the　thirty…eighth　quarter…hour　of　labor；　but　not　sufficient　for　the　somewhat　greater　disutility　of　the　thirty…ninth　quarter　hour。　　　　　　This　point　of　equilibrium　will；　of　course；　vary　for　different　laborers。　A　laborer；　for　instance；　who　must　provide　for　a　large　family；　and　to　whom　the　addition　of　five　cents　means　the　satisfaction　of　a　quite　important　want；　will　be　inclined　to　work　longer；　as　will　also　a　strong；　vigorous　laborer；　who　feels　less　fatigue　from　this　labor。　On　the　other　hand；　the　sickly　or　lazy　laborer；　or　the　one　who　has　fewer；　or　less　pressing　wants；　will　stop　at　an　earlier　point。　He　will　prefer　a　longer　period　of　leisure　to　the　increased　amount　of　wages；　which　he　would　have　obtained　had　he　continued　to　work。　　　　　　It　is　just　as　manifest　that；　other　things　being　equal；　the　point　of　equilibrium　will　vary　for　one　and　the　same　laborer；　according　to　the　amount　of　the　wages　which　he　will　receive　for　the　additional　quarter　hour。　A　laborer　who　would　work　thirty…eight　quarter　hours；　for　five　cents　per　quarter　hour；　would　perhaps　work　forty…two　quarter　hours；　if　he　could　obtain　seven　and　a　half　cents　per　quarter　hour；　while　if　he　received　only　two　and　a　half　cents；　he　might　only　work　thirty　quarter　hours。（17*）　Or　the　number　of　hours　of　labor　and　the　degree　of　fatigue；　which　the　laborer　will　endure；　will　vary　with　the　rate　of　wages。　　　　　　Upon　what　then；　under　the　above　assumption；　will　the　rate　of　wages　（in　other　words　the　value　of　the　labor）　and　the　value　of　the　created　products　depend？　For　the　simple　conditions　of　a　Robinson　Crusoe　this　question　is　already　answered。　The　value　of　the　goods　produced；　which　for　a　Crusoe　have　no　price；　but　merely　a　objective　value；　will　equal　their　marginal　utilities　to　him。　Since　the　product　constitute　his　wages　or　the　recompense　for　his　labor；　the　rate　of　wages　or　the　value　of　his　labor　is　identical　with　the　value　of　the　product。　　　　　　Finally；　Crusoe；　as　a　reasonable　being；　will　continue　his　labor　to　that　quarter　of　an　hour；　the　disutility　of　which　will　be　exactly　counterbalanced　by　the　utility　of　the　goods　produced　in　this　quarter　of　an　hour。　All　four　of　the　items　which　we　have　been　considering　would　then　be　equal。　Value　of　product…value　of　labor…marginal　utility…pain　of　labor。　If　it　is　asked：　What；　in　this　case；　are　the　factors　that　determine　the　value　of　the　product？　We　must　reply　that　〃utility〃　and　〃disutility〃　are　here　of　equal　importance。　The　utility　of　the　goods　produced　and　the　pain　of　the　labor　undergone。　This　point　of　equilibrium　by　which　the　marginal　utility；　and　therefore　the　value；　is　determined；　is　in　reality　the　marginal　point　for　both　utility　and　disutility。　We　might　therefore；　in　this　case；　say　with　Professor　Marshall；　that；　in　the　determination　of　value；　utility　and　disutility；　or　pleasure　and　pain；　work　together　like　the　two　blade　of　a　pair　of　shears。　　　　　　Though　essentially　the　same　thing；　the　matter　take　a　somewhat　more　complicated　form；　when　we　turn　to　the　consideration　of　a　laborer　in　our　actual　economic　world；　still　assuming　of　course　that　the　laborer　is　free　to　continue；　or　to　terminate　his　labor　when　he　please。　Here　also；　the　value　of　the　product　will　equal　the　value　or　wages　of　labor。　This　will　be　true；　even　though　the　laborer　does　not　receive　his　reward　directly　in　the　form　of　the　created　product；　but　receives　a　certain　money　consideration；　in　lieu　of　his　share　of　the　product。　When　competition　has　done　its　work；　and　forced　the　value　of　the　product　down；　until　it　equals　its　cost；　then　the　wages　which　the　entrepreneur　has　paid　out　either　directly　or　indirectly；　must　equal　the　value　of　the　product；　（we　here　ignore　all　payments　for　abstinence）。　How　high　will　the　value　of　both　product　and　labor　go？　We　would　again　answer；　to　the　point　at　which　marginal　utility　and　marginal　disutility　coincide。　Here；　however；　a　new　element　enters　into　the　problem。　We　have　to　consider；　not　only　the　marginal　utility　which　the　wages　have　for　the　laborer；　but　also　the　marginal　utility　which　the　product　of　labor　has　for　the　general　public　or　for　the　consumer。　　　　　　Every　consumer　continue　to　buy　so　long　as　the　marginal　utility　of　the　ware　exceeds　the　price　sacrifice。　Since　the　marginal　utility　decreases　as　the　supply　increase；　an　increase　in　the　amount　produced　cannot　find　a　market　except　at　a　lower　price。　When；　for　instance；　thirty　million　piece　of　a　product；　each　of　which　cost　one…quarter　hour's　labor；　will　find　purchasers　at　a　price　of　seven　and　one…half　cents；　thirty…five　million　pieces　will　perhaps　bring　only　six　cents　each；　thirty…eight　million　only　five　cents；　forty…two　million　only　four　cents；　while　fifty　million　might　only　find　buyers　at　two　or　at　one　and　one…half　cents。　On　the　other　hand；　the　amount　that　will　be　produced　will　depend；　ceteris　paribus；　upon　the　length　of　the　working　day。　But　this　again；　as　we　have　seen；　depends　in　part　upon　the　rate　of　wages；　or　upon　the　amount　which　the　laborer　will　receive　for　an　additional　quarter　hour　of　work。　With　a　wages　of　two　and　one…half　cents　per　quarter　hour；　every　worker；　according　to　the　figures　of　a　previous　example；　would　be　willing　to　work　thirty　quarter　hours　per　day：　with　a　wages　of　five　cents　per　quarter　hour；　they　would　work　thirty…eight　quarter　hours；　with　a　wages　of　seven　and　one…half　cents　per　quarter　hour；　they　would　work　forty…two　quarter　hours。　If　the　number　of　workers　be　taken　as　a　million；　then　with　a　wages　of　two　and　one…half　cents　per　quarter　hour；　they　will　produce　thirty　million　piece；　with　a　wages　of　five　cents；　thirty…eight　million；　and　with　a　wages　of　seven　and　one…half　cents；　they　will　produce　forty…two　million　pieces　of　a　product　of　which　each　piece　costs　one…quarter　hour　of　labor。　It　is　manifest　that　under　these　conditions　supply　and　demand　will　be　in　equilibrium　when　we　have　a　product　of　thirty…eight　million　pieces　with　a　value　of　product；　and　a　wages　of　labor　equal　to　five　cents。　This　would　be　the　price　of　the　commodity　and　the　level　of　wages　at　which　demand　and　supply　would　come　into　equilibrium。　All　those　who　desire　to　purchase　at　that　price　would　be　satisfied；　and；　at　the　same　time；　the　price　would　afford　sufficient　indemnification　for　the　pain　endured　by　just　the　right　number　of　workmen。　It　must　not；　however；　be　forgotten　that　in　the　fixing　of　this　level　the　utility　of　the　ware　is　just　as　important　a　factor　as　the　disutility　of　the　labor；　or　that　in　the　determination　of　this　level　they　work　together　like　the　two　blade　of　a　pair　of　shears。　　　　　　Here；　however；　my　English　and　American　colleagues　and　myself　must　part　company。　They　seem　to　regard　this　rule　as　capable　of　quite　general　application。（18*）　They　even　seem　disposed　to　hold　that　it　is　the　great　law　itself。　I　hold；　on　the　other　hand；　that　this　rule　has　no　wider　application　than　is　justified　by　the　assumption　upon　which　it　is　based；　namely；　that　the　laborer　is　entirely　free　to　determine　how　long　he　will　continue　his　daily　labor。　When；　however；　we　turn　to　the　actual　facts　of　our　present　industrial　life；　we　find　first　that　this　assumption　does　not　obtain；　save　as　an　exception；　and　that　it　does　not　correspond　at　all　with　the　other　assumptions　upon　which　our　empirical　law　of　cost　is　based。　

IV。　The　Relation　of　the　〃Law　of　Cost〃　to　Disutility　Continued

　　　　To　demonstrate　the　first　of　the　two　propositions　with　which　I　　closed　the　preceding　chapter；　I　need　only　advert　to　well…known　facts。　It　is；　for　instance；　a　fact　of　common　experience；　that　in　most　branches　of　production　the　laborer　is　not　free　to　determine　the　length　of　his　working　day。　The　hours　of　labor　are　fixed　more　or　less　by　custom　or　law。　This　is　true　in　factory　and　workshop；　as　well　as　in　agriculture。　In　some　countries　it　is　the　eleven…hour　day；　in　others　the　ten…hour　day；　that　prevails。