lotka: objective standard of value 413 



■Vi + -T- P^ ^ ^ — Vi + ^irV-i =....= (4) 



The unit of labor per upit of time has so far been left undefined. 

 Condition (4) assumes a particularly simple form, if we agree to 

 measure labor (per unit of time) by the degree of discomfort which 

 it causes.^ In that case 



Pi = ^ • -^^ = - 1 (5) 



for all subscripts i, so that condition (4) here resolves itself into 

 a set of equations 



512 512 



z~ Pi = :^P2 = . . . . 

 o?ni orrii 



512 , 512 , , 



\ (G) 



5/i 5/. " J 



The ophelimities I2i, 122 • • • are not capable of direct measure- 

 ment. However, in the case of open competition (entire absence 

 of monopolies), which is the only case to which Jevons' treat- 

 ment and that here given applies, the ophelimities can be measured 

 indirectly, since they are here proportional to the "values in 

 exchange " ?;i, ^^2 .... of commodities A i, A 2 .... , i.e., 



512 512 



brrii 5m2 

 or 



Vi:v2 : . . . (7) 



v, = k~ V2 = k^ etc. (8) 



5mi 5m2 



Introducing (8) into (6), we have 



Vi pi ^ V2 P2 = . . . (9) 



8 In Jevons' treatment this assumption is implied in the words: (the) "amount 

 of feeling dLi, the increment of labor . . . . " loc. cit., 185. 



