ABSTRACT
In our general introductory survey we defined social wealth (§21) as the sum total of all things, material or immaterial, that are scarce, i.e. that are both useful and limited in quantity. We proved that all scarce things and nothing else have value and are exchangeable. Here we shall proceed differently. Starting with a definition of social wealth as the sum total of all things, material or immaterial, which are valuable and exchangeable, we shall prove that all valuable and exchangeable things, to the exclusion of everything else, are useful and at the same time limited in quantity. Up to this point we reasoned from cause to effect, but now we shall reason from effect to cause. It is clear that once the close connection between scarcity and value in exchange has been demonstrated, we may reason in whichever direction we please. I think, however, that in a systematic study of any general phenomenon like value in exchange, an inquiry into its nature should precede the investigation of its origin.
