_, Book I, Chapter X.

[171] _Principles of Political Economy and Taxation_, Chapter I, Sec. 1,
Sec. 4.

[172] See "The Final Futility of Final Utility," in H. M. Hyndman's
_Economics of Socialism_, for a remarkable criticism of the "final
utility" theory, showing its identity with the doctrine of supply and
demand as the basis of value.

I refer to the theory of final or marginal utility as the "so-called
Austrian theory" for the purpose, mainly, or calling attention to the
fact that, as Professor Seligman has ably and clearly demonstrated, it
was conceived and excellently stated by W. F. Lloyd, Professor of
Political Economy at Oxford, in 1833. (See the paper, _On Some Neglected
British Economists_, in the _Economic Journal_, V, xiii, pages 357-363.)
This was two decades before Gossen and a generation earlier than Menger
and Jevons. In view of this fact, the criticism of Marx for his lack of
originality by members of the "Austrian" school is rather amusing.

[173] _Principles of Economics_, by Edwin R. A. Seligman (1905), page
198.

[174] Cf., for instance, my little volume, in the _Standard Socialist
Series_ (Kerr), entitled _Capitalist and Laborer_; Part II, _Modern
Socialism_, page 112.

[175] _Principles of Political Economy and Taxation_, Chapter V, Sec. 35.

[176] _Value, Price, and Profit_, by Karl Marx, Chapter XIV.

[177] It is worthy of note that the taxation of land values, commonly
associated with the name of Henry George, was advocated as a palliative
in the _Communist Manifesto_ of Marx and Engels.

[178] _Capital_, by Karl Marx, Vol. I, Chapter XIII, of Part IV.

[179] _The Worker_ (New York), February 5, 1905.

CHAPTER IX

OUTLINES OF THE SOCIALIST STATE

I

Many persons who have thought of Socialism as a scheme, the plan of a
new social edifice, have been disappointed not to find in all the
voluminous writings of Marx any detailed description of such a plan, any
forecast of the future. But when they have grasped the fundamental
principles of the Marxian system of thought, they realize that it would
be absurd to attempt to give detailed specifications of the Socialist
state. As the Socialist movement has outgrown the influence of the early
Utopians, its adherents have abandoned the habit of speculating upon the
practical application of Socialist principles in future society. The
formulation of schemes, more or less detailed, has given place to firm
insistence that Socialism mu