CHAPTER VIIL

ON METHODS OF ESTIMATING VALUE.

Tue discussion respecting the measurement of
value naturally leads to the consideration of the
methods of estimating value. To measure and
to estimate value are often considered as implying
 the same operation, and are used indiscriminately.
 The explanation, however, of the
former, which I have given in a preceding
chapter, establishes a useful distinction between
them. By measuring value I mean finding the
mutual relation of two commodities by their
separate relations to a third. Estimating value
is the same thing as expressing it*, except that

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See Note G.