Note 9 — Chapter I

In his discussion of social value in the Principles, Professor Seligman modifies a statement made in his article, "Social Elements in the Theory of Value" (Quarterly Journal of Economics, vol. xv). The two discussions are parallel in part, the former being based upon the latter. The passage quoted is from the Q. J. E. article, pp. 323-24. The same passage is essentially reproduced in the Principles (first edition, p. 180), with the exception of the passages in italics: "I not only measure the relative satisfaction that I can get from apples or nuts, but the quantity of apples I can get for the nuts depends upon the relative estimate put upon them by the rest of society. Some individuals may prize a commodity a little more, some a little less; but its real value is the average estimate, the estimate of what society thinks it is worth. If an apple is worth twice as much as a nut, it is only because the community, after comparing and averaging individual preferences," etc. The conception of social value as an average of individual values is withdrawn in the second treatment, and no substitute is offered for it.