An Exposition in Outline of the Relation of Certain Economic Principles to Social Readjustment

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VALUE IN GENERAL.
Professor Gide has well said that " the notion of value is the basis of all political economy," and in view of that fact it would perhaps have been more logical to treat of it at the outset instead of postpon- ing its discussion until now. My reason for the course adopted is the belief that a discussion of distribution, leading to a consideration of the problem of interest, would best prepare us to appreciate the importance of a right apprehension of the nature of value, and w
...ould 24 ECONOMIC PRINCIPLES AND SOCIAL READJUSTMENT enable us to apply our knowledge of the subject to the explanation of (true, or net) interest with the least repetition and waste of words.
Value is a relation. Hence it is liable to change with every change of relation. As nothing in the universe is permanent, as the relation of one part thereof to some, if not to all, other parts is constantly changing, it follows inevitably that the value of one part as com- pared with certain other parts, if not with all other parts, must con- stantly change.


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