Note 22 — Chapter II

"The Concept of an Economic Quantity," Q. J. E., May, 1907. Professor Carver insists on the quantitative nature of value, taking as his point of departure the point made infra, p. 27, with reference to money as a measure of values. But it is not clear that he has entirely freed himself from the conception of relativity, for he continues to speak of value as "purchasing power" (pp. 438-39), and this term has usually the relative, rather than the absolute, significance. Cf. his use of the term "purchasing power" in his Distribution of Wealth, 1904, pp. 51-52, where the relativity of value is insisted on as a basis for a criticism of Professor Clark's amendment of the Austrian theory.