Journal Article Machlup on the Basing-Point System Get access J. M. Clark J. M. Clark Columbia University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 63, Issue 3, August 1949, Pages 315–321, https://doi.org/10.2307/1882257 Published: 01 August 1949
Need of enlarged concepts, 663. — The "ratio" argument non-essential, 664. — The word "rate" might avoid unnecessary verbal implications, 668. — Relation and quality two phases of one fact, 672.
I. Points of agreement, 709. — Need of economic standards independent of price, 710. — The place of inappropriables, 711. — Weighting of individuals in social value, 712. — Conflicts of values, 713. — Values of institutions should be imputed to institutions, not to single commodities, 715. — Marginal method reversed, 715. — Some of the requirements of a social theory of value, 716. — II. Dual nature of Professor Anderson's concept, 716. — Term "rate" avoids a confusion, 717. — III. Doctrine v. definition, 718. — Doctrine criticized by Professor Anderson not implied in the mere definition of value, 719. — Examples, 720. — IV. Use of the relative concept, 720. — "Assuming a fixed value of money, " and other criticisms, 721. — V. Economic v. non-economic, 722. — Values of institutions not to be taken for granted as something supreme and apart from single exchanges, 723. — Conclusion, 723.
Early interpretation of this clause, 323. — I. Cases in which relief is granted; the general policy, 325. — Roundabout lines, 327. — Crosslines, 328. — Market competition, 330. — The parallel of a protective tariff, 332. — II. Extent of relief granted, 333. — Recent trans-continental rate cases, 334. — The zone method criticised, 335. — Conclusion: the margin of tolerance and the Commission's ideal, 336.
The method of stating the laws of competitive price, 747. — Economics as a theory of limits, 750. — The factor of time, 751. — Fixed capital and joint cost, 754. — Price is indeterminate, 755. — Capital with limited mobility, 760. — Factors affecting extent of price cutting, 762. — Agreements and potential competition, 767. — Conclusion, 770.