CHAPTER VIII

SENIOR

§ 1. Opening of his discussion very unfavorable to old labor cost philosophy 93

§ 2. Originates a consistent conception of subjective cost of production,—labor and abstinence 95

§ 3. Approaches a theory of final equivalence of utility and disutility 96

§ 4. Values produced would be in proportion to subjective cost of production were there no rents 98

§ 5. Remarkable extension of the rent concept 99

§ 6. The universal prevalence of rent in real life nullifies the law of subjective costs 101

§ 7. Net result of Senior’s reasonings very destructive of labor-cost theory 102