Note 27 — Chapter II
Reading edition
Laughlin, J. L., Elements of Political Economy, rev. ed., copyright 1902, p. 18: "Value ... is a ratio between two objective articles." See also Professor Laughlin's rejoinder to Clow's "The Quantity Theory and its Critics," Journal of P. E., 1902, where Professor Laughlin insists that exchange value is "something physical." Professor Davenport, Value and Distribution, Chicago, 1908, p. 569, defines value similarly.