Ethical and Economic Elements in Public Service Valuation

Abstract

A distinction between ethical value and economic value, 27. — Four theories of valuation for purposes of public regulation, 30. — I. Original Cost Theory. Its practicability, 31. — The problem how to deal with appreciation of land, 32. — II. Continuous Property, or “ Antigo,” Theory, 34. — Ethical and practical difficulties, 36. — III. Theory of Cost of Reproduction New, 37. — Cases illustrating its possible injustice, 38. — Practical difficulties, 39. — IV. Theory of Cost of Duplicating the Service, 41. — Cases illustrating its difficulties, 42. — No one of these theories fully satisfactory, 43. — Original Cost nearest approaches justice, 47. —; but is to be interpreted in terms of Efficient Sacrifice, 48.