Excerpt from Four Lectures on the Organization of Industry: Being Part of a Course Delivered in the University of Cambridge in Easter Term 1844
The chief desire of the author of the following Lectures was to call attention to the opinions recently promulgated by some continental Economists. This subject has grown upon him as he proceeded, and he has perhaps deduced more from the positions of those authors when combined, than they ventured to attach to them while they remained isolated. M. de Rossi's assertion, that value is essentially subjective, or conferred by the estimating party rather than an inherent quality in the object valued, causes a total revolution in economical science. It makes the wants, the tastes and the feelings of men the standard of value, whose exponent is then to be sought in the extent to which an object is consumed. This view demands of producers at least as much attention to the physical and mental improvement of their consuming fellow-citizens as to the mechanical operations by which production is promoted.
The second novel proposition to the English reader contained in these lectures, is M. Hermann's adoption of the relations that grow up between man and man, as a portion of the wealth and capital both of individuals and of nations. This is indeed a natural sequence of the former proposition, which it illustrates and completes.
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