V.

To summarize: First of all, it is here claimed that the term "methodological individualism" describes a mode of scientific procedure which naturally leads to no misconception of economic phenomena. (18) It is further chimed that in a non-communistic state no reality corresponds to the concept of social values and social wants properly so called. It has been shown, on the other hand, that this concept has its great merits. By its help the great fact has been pointed out that society forms individuals and directly influences their economic value, so as to give them a remote approach to similarity. Further, it has been shown that the concept of social value is indispensable in the study of a communistic society. But its importance does not stop here. For some purposes it is most useful to introduce it, by way of a scientific fiction, in the study of non-communistic society. In this case, however, the theory of social value cannot be accepted as a fully satisfactory statement of facts. It is never true, moreover, that in this case social industry yields the same results as if society itself were directing it. No conclusions as to the justification of the competitive régime can be drawn from this theory, and, on the other hand, it does not enable us fully to explain distribution without the theory of prices. The present way of testing economic phenomena emerges justified out of our discussion. It is — in the respect investigated here — a fair picture of facts, and does not, so far, need reform. Whatever may be said against it, there seems to be far more in its favor.