CAIRNES
§ 1. Cost of production, as ultimate regulator of value, defined
in purely subjective terms 114
§ 2. Wages and interest, being rewards, cannot be costs 116
§ 3. Conception of the “average sacrifice” 117
§ 4. The problem of the influence of subjective cost upon
exchange value, more clearly stated than ever before 118
§ 5. The theory of “non-competing groups” 119
§ 6. Consequent limitation of law of costs 120
§ 7. And resort to a principle of “reciprocal demand,” which
fails to replace the law of costs 121
§ 8. Cairnes’ theory of non-competing groups signifies that the
existence of skilled labor is fatal to the Ricardian
labor theory 123
§ 9. Ricardo’s assumption of perfect competition does not
foreguard against the difficulty of skilled labor 124