THE THEORY OF VALUE RH
In conclusion, let me say a word on Béhm-Bawerk’s general
formula for the value of means of production. As we have
seen, “the value of the unit means of production . . . is de-
termined by the marginal utility and value of that product
which, among all those that might have been economically
used for the production of the unit means of production in
question, has the lowest marginal value”. (Bohm-Bawerk:
Grundziige, etc., p. 69.) Considering, for a moment, the
capitalist production, we at once observe that the word
“economically”, already presupposes the category of price
as given.”® This is again an error “immanent” in the en-
tire Austrian School; it arises, as we have shown, from a
misunderstanding of the function of the social relations in the
formation of the individual psychology of the modern “eco-
nomic man”.
6. Conclusions.
We may conclude our investigation of the subjective theory
of value by examining also the price theory of the Austrian
School, for Bohm-Bawerk considers price, after a fashion, as
a resultant of subjective evaluations colliding in the exchange
prices on the market. In deriving this resultant, Bohm-
Bawerk is obliged to enumerate a number of factors par-
ticipating in its production, and concerned chiefly with the
content, i.c., the quantitative definiteness of the subjective
evaluations made by purchasers and sellers contending in the
market. In our proof of the contradictions and uselessness
of Bohm-Bawerk’s assertions concerning these “factors”, we
shall also recapitulate briefly our previous detailed objections.
Let us first dwell for a moment on Bshm-Bawerk’s picture
of the mechanism of the exchange process. Bohm-Bawerk
considers the exchange process on the basis of its constantly
increasing complexity. He recognises four types of the
process (1) isolated exchange; (2) one-sided competition be-
tween purchasers themselves; (3) one-sided competition be-
tween sellers themselves; (4) “mutual competition”, i.e., the
case in which both buyers and sellers contend together.
In the first case (isolated exchange), the formula is very
simple: “In the isolated exchange taking place between two
MI)
