Note 243 — Chapter XI · THE ULTIMATE RELATION OF COST TO VALUE

Whenever, of course, the man acting for himself, places himself in the relation with the good which permits its power to become effective. Compare the discussion in section ii of this chapter. No apology is offered for the present “discussion of mere words” as it might be termed by the hostile. These discussions contribute to clearness of thought upon questions of theory, and clearness of thought in theory is certain from time to time to be of benefit to discussions of many proximate and practical issues. For instance, we find recently a well known writer explaining that “scientifically” the distribution of money among nations is so governed that money reaches the level of equal “marginal utility” in the different countries. See a paper entitled “The Distribution of Money,” Journal of Political Economy, vol. ix, p. 49. This proposition has no meaning, and is authorized by nothing in the Austrian theory, though the writer quotes the Austrians freely. A little “word discussion” by “practical” writers might enable them to see when they are covering up the absence of an explanation by mere conjuring with formulæ whose real meaning has not been ascertained.