ABSTRACT
In the third number of this journal for 1899, my fellow-countryman and friend Dr G. Cassel published an essay ostensibly intended as a synthetic presentation of the theory of prices according to Walras, but actually comprising in the main a critique of modern theories of value. 1 This critique boils down to the judgement that ‘absolutely nothing is left of the formulas presented by the theorists of marginal utility that is capable of standing up to rigorous criticism’. However, Cassel's essay includes a substantial number of arguments whose correctness must be challenged. Moreover, since I (along with many other writers) am directly attacked by Cassel, I take the liberty of making a brief response.
