For the system of economic science the main importance of this theory lies in the fact that, if distribution can be described by means of the social marginal utilities of the factors of production, it is not necessary, for that purpose, to enter into a theory of prices. The theory of distribution follows, in this case, directly from the law of social value. This theory, indeed, seems to be the starting-point of the concept of social value and the main theoretical reason for its introduction; and it helps to set forth all economic phenomena, and especially those of wages and interest, in a very simple manner,--one that is much more lucid and attractive than that derived from an intricate and cumbersome theory of prices.
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