lotka: objective standard of value 415 



ties, i.e., it will depend on the co and co'. There is evidently some 

 particular set of co, J which will give the best reslilt, or the opti- 

 mum adaptation, and any departure therefrom represents an 

 ''error in the judgment of values" on the part of the individual 

 characterized by the ''faulty" set of w, co'. Thus, for example, 

 the drunkard sets an exaggerated value coa upon alcohol, and 

 allows too great a proportion of his labor (earnings) to be spent 

 upon this item. The lazy man has an exaggerated sense of the 

 (negative) value of fatigue co' in various pursuits, and does not 

 accomplish as much as would be most advantageous for his wel- 

 fare. On the other hand, there are over-energetic persons, who 

 attach too small a (negative) value to fatigue, and who, disregard- 

 ing the warnings of nature, continue to work when the benefits 

 reaped are eclipsed by the physical injury incurred. And yet 

 again there are ill-balanced enthusiasts, for whom the mere 

 activity in certain pursuits has such attraction (co' being in this 

 case positive even for considerable values of/), that they have not 

 the requisite time and energy left to provide adequately for the 

 necessities of life. Our sense of fatigue is given us in order that 

 we may strike the proper balance in these things, and evidently 

 there is some set of co, co', which would give the best results, steer- 

 ing a median course between indolence on the one hand, and ex- 

 cessive, injurious application on the other. 



To recapitulate, we note that the "fitness" of a species, i.e., 

 its adaptation to existing conditions^ depends, other things being 

 equal, upon the manner in which it distributes its labor, its 

 efforts, among its different activities. There is evidently, in 

 general, some particular distribution which results in an optimum 

 benefit, which represents an optimum adaptation. That opti- 

 mum will be reached only when the "sense of value" of the indi- 

 viduals is perfect, or, as we may express it, when they value things 

 (and actions) at their "^rwe" or "objective" value. Conversely, 

 we may turn the argument around, and draw from it the definition 

 of the "true" or "objective" value of a commodity: We thus 

 arrive at the following, which is a slightly modified statement of 

 the definition provisionally laid down on p. 411: 



