Thus, in value, there is nothing useful that cannot be exchanged, nothing exchangeable if it be not useful: value in use and value in exchange are inseparable.But while, by industrial progress, demand varies and multiplies to an infinite extent, and while manufactures tend in consequence to increase the natural utility of things, and finally to convert all useful value into exchangeable value, production, on the other hand, continually increasing the power of its instruments and always reducing its expenses, tends to restore the venal value of things to their primitive utility: so that value in use and value in exchange are in perpetual struggle.

The effects of this struggle are well-known: the wars of commerce and of the market; obstructions to business; stagnation; prohibition; the massacres of competition; monopoly; reductions of wages; laws fixing maximum prices;

the crushing inequality of fortunes; misery, -- all these result from the antinomy of value.The proof of this I may be excused from giving here, as it will appear naturally in the chapters to follow.

The socialists, while justly demanding that this antagonism be brought to an end, have erred in mistaking its source, and in seeing in it only a mental oversight, capable of rectification by a legal decree.Hence this lamentable outbreak of sentimentalism, which has rendered socialism so insipid to positive minds, and which, spreading the absurdest delusions, makes so many fresh dupes every day.My complaint of socialism is not that it has appeared among us without cause, but that it has clung so long and so obstinately to its silliness.

2.But the economists have erred no less gravely in rejecting a priori, and just because of the contradictory, or rather antinomical, nature of value, every idea and hope of reform, never desiring to understand that, for the very reason that society has arrived at its highest point of antagonism, reconciliation and harmony are at hand.This, nevertheless, is what a close study of political economy would have shown to its adepts, had they paid more attention to the lights of modern metaphysics.It is indeed demonstrated, by the most positive evidence known to the human mind, that wherever an antinomy appears there is a promise of a resolution of its terms, and consequently an announcement of a coming change.Now, the idea of value, as developed by J.B.Say among others, satisfies exactly these conditions.But the economists, who have remained for the most part by an inconceivable fatality ignorant of the movement of philosophy, have guarded against the supposition that the essentially contradictory, or, as they say, variable, character of value might be at the same time the authentic sign of its constitutionality, - that is, of its eminently harmonious and determinable nature.However dishonorable it may be to the economists of the various schools, it is certain that their opposition to socialism results solely from this false conception of their own principles; one proof, taken from a thousand, will suffice.

The Academy of Sciences (not that of Moral Sciences, but the other), going outside of its province one day, listened to a paper in which it was proposed to calculate tables of value for all kinds of merchandise upon the basis of the average product per man and per day's labor in each branch of industry."Le Journal des Economistes" (August, 1845) immediately made this communication, intrusive in its eyes, the text of a protest against the plan of tariff which was its object, and the occasion of a reestablishment of what it called true principles: --

"There is no measure of value, no standard of value," it said in its conclusions; "economic science tells us this, just as mathematical science tells us that there is no perpetual motion or quadrature of the circle, and that these never will be found.Now, if there is no standard of value, if the measure of value is not even a metaphysical illusion, what then is the law which governs exchanges?.....As we have said before, it is, in a general way, supply and demand: that is the last word of science."

Now, how did "Le Journal des Economistes" prove that there is no measure of value? I use the consecrated expression: though I shall show directly that this phrase, measure of value, is somewhat ambiguous, and does not convey the exact meaning which it is intended, and which it ought, to express.

This journal repeated, with accompanying examples, the exposition that we have just given of the variability of value, but without arriving, as we did, at the contradiction.Now, if the estimable editor, one of the most distinguished economists of the school of Say, had had stricter logical habits; if he had been long used, not only to observing facts, but to seeking their explanation in the ideas which produce them, -- I do not doubt that he would have expressed himself more cautiously, and that, instead of seeing in the variability of value the last word of science, he would have recognized unaided that it is the first.Seeing that the variability of value proceeds not from things, but from the mind, he would have said that, as human liberty has its law, so value must have its law; consequently, that the hypothesis of a measure of value, this being the common expression, is not at all irrational; quite the contrary, that it is the denial of this measure that is illogical, untenable.