Note 85 — Chapter V

That this is wholly alien to Böhm-Bawerk's thought is sufficiently indicated by Böhm-Bawerk's vigorous criticism of Professor J. B. Clark, in "The Ultimate Standard of Value," Annals of the American Academy, vol. v, pp. 149-209. It may be noticed that Schumpeter makes use of Menger's and Böhm-Bawerk's general doctrine of imputation of the value of goods of the first order to goods of higher orders, without seeing that his equilibrium picture gives no basis for such a procedure.