The Austrian analysis was essentially faulty, then, not so much in its hedonistic psychology--for it can be freed from that[142]--as in its abstraction of the economic from other aspects of the individual's value system. Equilibria among economic values will not explain even the individual's economic behavior--do not by any means constitute a self-complete system. This abstraction has been noted before.[143] The other abstraction of the Austrians, the abstraction of the individual from his vital, organic connection with the social whole, we shall treat more fully later.
So far, we have kept pretty strictly within the field of "individual psychology" and "individual values." But we shall find, when we come to the field of the social values, that essentially the same laws hold. On the _functional_ side, the analogy between the individual mind and the social mind is a very close one, and the correspondences on the _structural_ side are numerous also. While we shall not try to find analogies in the social field for all these laws of individual value, it is not because of any difficulty that the problem presents, but rather, because it is unnecessary for the vindication of our thesis to do so.
[119] See the discussion of Simmel's contention, _supra_, p. 19, n.
[120] Ehrenfels, C., _System der Werttheorie_, Leipzig, 1897; Kreibig, J. C., _Psychologische Grundlegung eines Systems der Werttheorie_, Vienna, 1902; Kallen, H. M., "Dr. Montague and the Pragmatic Notion of Value," _Jour. of Philosophy_, etc., Sept., 1909; Montague, W. P., "The True, the Good and the Beautiful, from a Pragmatic Standpoint," _Ibid._, April 29, 1909; Meinong, A., _Psychologisch-ethische Untersuchungen zur Werttheorie_, Graz, 1894; Paulsen, Friedrich, _Introduction to Philosophy_, and _System of Ethics_; Stuart, H. W., "The Hedonistic Interpretation of Subjective Value," _Jour. of Pol. Econ._, vol. IV, "Valuation as a Logical Process," in Dewey's _Studies in Logical Theory_, Chicago, 1903; Shaw, C. C., "The Theory of Value, and its Place in the History of Ethics," _International Jour. of Ethics_, vol. XI; Slater, T., "Value in Moral Theology and Political Economy," _Irish Eccles. Rec._, ser. 4, vol. X, Dublin, 1901; Tufts, J. H., "Ethical Value," _Jour. of Philosophy_, etc., vol. XIX; Baldwin's _Dictionary of Philosophy_, etc., _s. v._ "Worth" (article by W. M. Urban); Simmel, G., _Philosophie des Geldes_, Leipzig, 1900, "A Chapter in the Philosophy of Value," _Amer. Jour. of Sociology_, vol. V; Urban, W. M., _Valuation_, London, 1909. These titles are representative of an extensive literature on the subject.