14 W. G. Langworthy Taylor 



variation in price. The doctrine of relativity leads one to infer 

 that there is an absolute value-uniformity or standard of value 

 for each epoch, and it positively asserts that the uniformities 

 of different epochs are comparable. 



The conditions necessary to meet these requirements are 

 readily offered by the marginal theory of value. The general 

 framework of an absolute standard is presented by this theory, 

 while within this framework the adjustment may instantly be 

 made to adapt it to different epochs. 



It is beyond the scope of the present paper to explain in 

 detail the mechanism by which this adjustment is constantly 

 being made by society. 



' See the present writer's paper, " Values, Positive and Kelative," Annals oJ the 

 American Academy of Political and Social Science, January, 1S97. 



176 



