lotka: objective standard of value 455 



Again, it may be objected, that in judging of the value of a given 

 thing we cannot be guided by its influence on the mere number of 

 individuals to which it contributes, but it is at least as important 

 to take into account any effect which it may have upon the quality 

 or character of such individuals. 



This is not disputed, but we have here specifically restricted 

 our attentions to the consideration of one given type or species, 

 the'character of which is supposed to be given as one of the funda- 

 mental data of our problem. In this case, the character of the 

 species being constant, the value of a given object or circumstance 

 to the species must necessarily find expression entirely in its effect 

 on the number of individuals. Value is an essentially relative 

 concept, and as such inust be defined relatively to some one par- 

 ticular type. To speak of the value of a pound of butter, or a bale 

 of hay, or a dozen worms, is meaningless: to complete the state- 

 ment we must speak of the value of a pound of butter to man, for 

 example, of a bale of hay to a horse, or of a dozen worms to a star- 

 ling. Hence in measuring the value of a given thing to a stated 

 type of organism, we must consider this type as a given and fixed 

 standard of reference, and then it follows, as indicated above, 

 that the value of a given thing finds expression entirely in its effect 

 upon the number of individuals. 



Extension of the concept of value by a generalization of the equation 

 for the distribution of labor in different pursuits. In the preceding 

 paragraphs we have dealt explicitly with the value of "material" 

 commodities, which we have supposed to be measured, as regards 

 quantity, in units of mass; and with the value of labor, which we 

 have found it most convenient to suppose measured by the 

 ''fatigue" or discomfort incurred in such labor. Implicitly we 

 have repeatedly had occasion to refer to other ''things" or circum- 

 stances which may possess the attribute of value. It is desirable 

 to give some consideration to the exact treatment of this phase of 

 our subject. 



Quite generally labor L (or its equivalent, such as certain 

 amounts of "money" or "currency") may be spent, not only in 

 the production of masses mi, m2 . . . per unit of time of various 

 material commodities ^i, Az, but also in maintaining certain param- 

 eters Xi, X2 . . . at certain values 0*1, 0:2 . . . Thus, every 



