images ( public doma9 mat]ial f !       
,google ,pr9t project47            ,,!  
,,place ,,( ,,sci5ce   ,,9 ,,mod]n      
,,civilisation       ,,books ,,by       
,,?or/e9 ,,vebl5      ,,! ,,!ory ,,( ,,!
 ,,leisure ,,class     ,,! ,,!ory ,,(   
,,bus9ess ,,ent]prise     ,,! ,,in/9ct  
,,( ,,workman%ip     ,,imp]ial ,,g]many 
,,& ,,! ,,indu/rial ,,revolution     ,,!
 ,,nature ,,( ,,peace ,,& ,,! ,,t]ms ,,(
 ,,its ,,p]petuation     ,,! ,,high]    
,,le>n+ ,,9 ,,am]ica     ,,! ,,ve/$     
,,int]e/s ,,& ,,! ,,/ate ,,( ,,!        
,,indu/rial ,,arts     ,,! ,,place ,,(  
,,sci5ce ,,9 ,,mod]n ,,civilisation     
,,! ,,place ,,( ,,sci5ce   ,,9   ,,mod]n
 ,,civilisation    ,,& ,,o!r ,,essays   
by    ,,?or/e9 ,,vebl5     ,new ,york   
,b4 ,w4 ,,huebs*   ,mcmxix              
,,copyright1  #aiai   ,,by ,b4 ,w4      
,,huebs*    ,,pr9t$ ,,9 ,,! ,,unit$     
,,/ates ,,( ,,am]ica     ,,publi%]',s   
,,note   ,^! essays are "h repr9t$ f    
v>i\s p]iodicals1 runn+ ov] a p]iod (   
ab\t tw5ty ye>s4 ,! selection is due to 

,messrs4 ,leon ,ardzrooni1 ,wesley ,c4  
,mit*ell & ,walt] ,w4 ,/ew>t4  ,x is    
unlikely t m ?an a few public libr>ies  
possess files s complete z to give      
access to all ( ^! essays1 & ev5 if !   
magaz9es 7 readily obta9able at libr>ies
 !y w\ld almo/ c]ta9ly h to be read 9 ^?
 in/itutions4 ,! nature ( ! mat]ial1 its
 timel9ess 7,mr4 ,vebl5 deals ) ideas 9 
su* a mann] z to give ! date (          
composition a second>y importance71 & ! 
fact t x w\ld o!rwise be lo/ to all save
 dilig5t excavators1 expla9 its         
pres]vation 9 ?is =m4  ,! c\rtesy ( !   
p]iodicals 9 :i* ! pap]s fir/ appe>$1 9 
p]mitt+ _! reproduction1 is gratefully  
ackn[l$g$4     ,,cont5ts                
,,page   ,,! ,,place ,,( ,,sci5ce ,,9   
,,mod]n ,,civilisation              #a  
,,! ,,evolution ,,( ,,! ,,sci5tific     
,,po9t ,,( ,,view           #cb   ,,:y  
,,is ,,economics ,,n ,,an ,,evolution>y 
,,sci5ce8           #ef   ,,!           
,,preconceptions ,,( ,,economic         
,,sci5ce4 ,i4              #hb          

,,ii4            #aad                   
,,iii4           #adh   ,,pr(essor      
,,cl>k',s ,,economics                   
#ahj   ,,! ,,limitations ,,( ,,m>g9al   
,,utility                    #bca       
,,gu/av ,,s*moll]',s ,,economics        
#beb   ,,indu/rial ,,& ,,pecuni>y       
,,employm5ts                   #bgi     
,,on ,,! ,,nature ,,( ,,capital4 ,i4    
#cbd                        ,,ii4       
#ceb   ,,"s ,,neglect$ ,,po9ts ,,9 ,,!  
,,!ory ,,( ,,socialism       #chg   ,,! 
,,sociali/ ,,economics ,,( ,,k>l ,,m>x4 
,i4               #dji                  
,,ii4              #dca   ,,! ,,mutation
 ,,!ory ,,& ,,! ,,blond ,,race          
#deg   ,,! ,,blond ,,race ,,& ,,!       
,,aryan ,,culture                   #dgg
   ,,an ,,e>ly ,,exp]im5t ,,9 ,,tru/s   
#dig     ,,! ,,place ,,( ,,sci5ce ,,9   
,,mod]n ,,civilisation#a   ,x is        
commonly held t mod]n ,*ri/5dom is      
sup]ior to any & all o!r sy/ems (       
civilis$ life4 ,o!r ages & o!r cultural 
regions are by contra/ spok5 ( z l[]1 or

 m ar*aic1 or less mature4 ,! claim is t
 ! mod]n culture is sup]ior on ! :ole1 n
 t x is ! be/ or highe/ 9 all respects &
 at e po9t4 ,x has1 9 fact1 n an        
all-ar\nd sup]iority1 b a sup]iority )9 
a closely limit$ range ( intellectual   
activities1 :ile outside ?is range _m   
o!r civilisations surpass t ( ! mod]n   
occid5tal peoples4 ,b ! peculi>         
excell5ce ( ! mod]n culture is ( su* a  
nature z to give x a decisive practical 
advantage ov] all o!r cultural s*emes t 
h gone be=e or t h come into competition
 ) x4 ,x has prov$ itself fit to survive
 9 a /ruggle = exi/5ce z aga9/ ^?       
civilisations :i* diff] f x 9 respect ( 
its di/9ctive traits4  ,mod]n           
civilisation is peculi>ly matt]-(-fact4 
,x conta9s _m elem5ts t are n ( ?is "*1 
b ^! o!r elem5ts d n belong exclusively 
or *>act]i/ically to x4 ,! mod]n        
civilis$ peoples are 9 a peculi> degree 
capable ( an imp]sonal1 dispassionate   
insight into ! mat]ial facts ) :i*      
mank9d has to deal4 ,! apex ( cultural  

gr[? is at ?is po9t4 ,comp>$ ) ?is trait
 ! re/ ( :at is compris$ 9 ! cultural   
s*eme is adv5titi\s1 or at ! be/ x is a 
by-product ( ?is h>d-head$ appreh5sion (
 facts4 ,?is quality may be a matt] (   
habit or ( racial end[m5t1 or x may be  
an outcome ( bo?2 b :atev] be !         
explanation ( its preval5ce1 ! imm$iate 
consequ5ce is mu* ! same = ! gr[? (     
civilisation4 ,a civilisation :i* is    
dom9at$ by ?is matt]-(-fact insight mu/ 
prevail aga9/ any cultural s*eme t lacks
 ?is elem5t4 ,?is *>act]i/ic ( we/]n    
civilisation comes to a head 9 mod]n    
sci5ce1 & x f9ds its highe/ mat]ial     
expression 9 ! te*nology ( ! ma*9e      
indu/ry4 ,9 ^! ?+s mod]n culture is     
creative & self-suffici5t2 & ^! be+     
giv51 ! re/ ( :at may seem *>act]i/ic 9 
we/]n civilisation foll[s by easy       
consequ5ce4 ,! cultural /ructure clu/]s 
ab\t ?is body ( matt]-(-fact k z its    
sub/antial core4 ,:atev] is n consonant 
) ^! opaque creations ( sci5ce is an    
intrusive feature 9 ! mod]n s*eme1      

borr[$ or /&+ ov] f ! b>b>ian pa/4  ,o!r
 ages & o!r peoples excel 9 o!r ?+s &   
are kn[n by o!r virtues4 ,9 creative    
art1 z well z 9 critical ta/e1 ! falt]+ 
tal5t ( ,*ri/5dom c at ! be/ foll[ !    
lead ( ! anci5t ,greeks & ! ,*9ese4 ,9  
deft workman%ip ! h&icraftsm5 ( ! middle
 ,ori5t1 z well z ( ! ,f> ,ea/1 /& on a 
level securely above ! highe/ ,european 
a*ievem5t1 old or new4 ,9 my?-mak+1     
folklore1 & occult symbolism _m ( ! l[] 
b>b>ians h a*iev$ ?+s beyond :at !      
latt]-day prie/s & poets "k h[ to       
propose4 ,9 metaphysical insight &      
dialectical v]satility _m ori5tals1 z   
well z ! ,s*oolm5 ( ! ,middle ,ages1    
easily surpass ! highe/ rea*es ( ! ,new 
,?\ght & ! ,high] ,criticism4 ,9 a %rewd
 s5se ( ! religi\s v]ities1 z well z 9  
an unsp>+ fai? 9 dev\t obs]vances1 ! p (
 ,india or ,?ibet1 or ev5 ! m$iaeval    
,*ri/ians1 are pa/-ma/]s 9 comp>ison ev5
 ) ! select ( ! fai? ( mod]n times4 ,9  
political f9esse1 z well z 9 unreason+1 
brute loyalty1 m ?an "o ( ! anci5t      

peoples give evid5ce ( a capacity to :i*
 no mod]n civilis$ nation may aspire4 ,9
 w>like malevol5ce & ab&on1 ! ho/s (    
,islam1 ! ,si\x ,indian1 & ! hea!n ( !  
nor!rn sea h set ! m>k above ! rea* ( ! 
mo/ /r5u\s civilis$ w>lord4  ,to mod]n  
civilis$ m51 especially 9 _! int]vals ( 
sob] reflection1 all ^! ?+s t di/+ui% ! 
b>b>ian civilisations seem ( dubi\s     
value & are requir$ to %[ cause :y !y   
%\ld n be slight$4 ,x is n s ) ! k (    
facts4 ,! mak+ ( /ates & dyna/ies1 !    
f\nd+ ( families1 ! prosecution ( feuds1
 ! propagation ( cre$s & ! creation (   
sects1 ! accumulation ( =tunes1 !       
consumption ( sup]fluities--^! h all 9  
_! "t be5 felt to ju/ify !mselves z an  
end ( endeavor2 b 9 ! eyes ( mod]n      
civilis$ m5 all ^! ?+s seem futile 9    
comp>ison ) ! a*ievem5ts ( sci5ce4 ,!y  
dw9dle 9 m5's e/eem z "t passes1 :ile ! 
a*ievem5ts ( sci5ce are held high] z "t 
passes4 ,?is is ! "o secure hold+-gr\nd 
( latt]-day conviction1 t ! increase &  
diffusion ( k among m5 is indefeasibly  

"r & good4 ,:5 se5 9 su* p]spective z w 
cle> x ( ! trivial p]plexities ( workday
 life1 ?is proposition is n que/ion$ )9 
! horizon ( ! we/]n culture1 & no o!r   
cultural ideal holds a simil> unque/ion$
 place 9 ! convictions ( civilis$       
mank9d4  ,on any l>ge "q :i* is to be   
dispos$ ( = good & all ! f9al appeal is 
by common cons5t tak5 to ! sci5ti/4 ,!  
solution (f]$ 9 ! "n ( sci5ce is        
decisive s long z x is n set aside by a 
/ill m se>*+ sci5tific inquiry4 ,?is    
/ate ( ?+s may n be altoge!r =tunate1 b 
su* is ! fact4 ,!re are o!r1 old] gr\nds
 ( f9ality t may conceivably be bett]1  
nobl]1 wor?i]1 m pr(\nd1 m beautiful4 ,x
 might conceivably be pref]able1 z a    
matt] ( cultural ideals1 to leave ! la/ 
^w ) ! lawy]1 ! dueli/1 ! prie/1 !      
morali/1 or ! college ( h]aldry4 ,9 pa/ 
times p h be5 cont5t to leave _!        
weightie/ que/ions to ! decision ( "s "o
 or o!r ( ^! tribunals1 &1 x _c be d5i$1
 ) v happy results 9 ^? respects t 7 !n 
look$ to ) ! greate/ solicitude4 ,b     

:atev] ! common-s5se ( e>li] g5]ations  
may h held 9 ?is respect1 mod]n         
common-s5se holds t ! sci5ti/'s answ] is
 ! only ultimately true "o4 ,9 ! la/    
resort enlight5$ common-s5se /icks by ! 
opaque tru? & refuses to g beh9d !      
returns giv5 by ! tangible facts4       
,quasi lignum vitae 9 p>adiso ,dei1 et  
quasi luc]na fulgoris 9 domo ,dom9i1 su*
 is ! place ( sci5ce 9 mod]n            
civilisation4 ,?is latt]day fai? 9      
matt]-(-fact k may be well gr\nd$ or x  
may n4 ,x has come ab\t t m5 assign x   
?is high place1 p]haps idolatr\sly1     
p]haps to ! detrim5t ( ! be/ & mo/      
intimate int]e/s ( ! race4 ,!re is room 
= mu* m ?an a vague d\bt t ?is cult (   
sci5ce is n altoge!r a :olesome gr[?--t 
! unmitigat$ que/ ( k1 ( ?is            
matt]-(-fact k9d1 makes =               
race-det]ioration & discom=t on ! :ole1 
bo? 9 its imm$iate effects ^u !         
spiritual life ( mank9d1 & 9 ! mat]ial  
consequ5ces t foll[ f a great advance 9 
matt]-(-fact k4  ,b we are n "h conc]n$ 

) ! m]its ( ! case4 ,! "q "h is3 ,h[ has
 ?is cult ( sci5ce aris58 ,:at are its  
cultural antec$5ts8 ,h[ f> is x 9       
consonance ) h]$it>y human nature8 &1   
,:at is ! nature ( its hold on !        
convictions ( civilis$ m58         99   
99       99       99       99  ,9 deal+ 
) p$agogical problems & ! !ory (        
education1 curr5t psy*ology is ne>ly at 
"o 9 say+ t all le>n+ is ( a pragmatic  
"*2 t k is in*oate action in*oately     
direct$ to an end2 t all k is           
functional2 t x is ( ! nature ( use4    
,?is1 ( c\rse1 is only a coroll>y "u !  
ma9 po/ulate ( ! latt]-day psy*ologi/s1 
^: cat*word is t ,! ,idea is ess5tially 
active4 ,!re is no ne$ ( qu>rel+ ) ?is  
pragmatic s*ool ( psy*ologi/s4 ,_!      
aphorism may n conta9 ! :ole tru?1      
p]haps1 b at lea/ x goes ne>] to ! he>t 
( ! epi/emological problem ?an any e>li]
 =mulation4 ,x may confid5tly be said to
 d s because1 = "o ?+1 its argum5t meets
 ! requirem5ts ( mod]n sci5ce4 ,x is su*
 a concept z matt]-(-fact sci5ce c make 

effective use (2 x is drawn 9 t]ms :i*  
are1 9 ! la/ analysis1 ( an imp]sonal1 n
 to say tropismatic1 "*2 su* z is dem&$ 
by sci5ce1 ) its insi/5ce on opaque     
cause & effect4 ,:ile k is con/ru$ 9    
teleological t]ms1 9 t]ms ( p]sonal     
int]e/ & att5tion1 ?is teleological     
aptitude is itself r$ucible to a product
 ( unteleological natural selection4 ,! 
teleological b5t ( intellig5ce is an    
h]$it>y trait settl$ ^u ! race by !     
selective action ( =ces t look to no    
end4 ,! f\ndations ( pragmatic          
intellig5ce are n pragmatic1 nor ev5    
p]sonal or s5sible4  ,?is imp]sonal "* (
 intellig5ce is1 ( c\rse1 mo/ evid5t on 
! l[] levels ( life4 ,if we foll[ ,mr4  
,loeb1 e4g41 9 8 inquiries into !       
psy*ology ( t life t lies bel[ ! ?re%old
 ( intellig5ce1 :at we meet ) is an     
aimless b unwav]+ motor response to     
/imulus4#b ,! response is ( ! nature (  
motor impulse1 & 9 s f> x is pragmatic1 
if t t]m may fairly be appli$ to s      
rudim5t>y a phase ( s5sibility4 ,!      

respond+ organism may be call$ an ag5t 9
 s f>4 ,x is only by a figure ( spee* t 
^! t]ms are made to apply to tropismatic
 reactions4 ,high] 9 ! scale (          
s5sibility & n]v\s complication in/9cts 
"w to a some:at simil> outcome4 ,on !   
human plane1 intellig5ce 7! selective   
effect ( inhibitive complication7 may   
?r[ ! response into ! =m ( a reason$ l9e
 ( conduct look+ to an outcome t %all be
 exp$i5t = ! ag5t4 ,?is is naive        
pragmatism ( ! develop$ k9d4 ,!re is no 
long] a "q b t ! respond+ organism is an
 ag5t & t 8 intellig5t response to      
/imulus is ( a teleological "*4 ,b t is 
n all4 ,! inhibitive n]v\s complication 
may also deta* ano!r *a9 ( response to !
 giv5 /imulus1 :i* does n sp5d itself 9 
a l9e ( motor conduct & does n fall into
 a sy/em ( uses4 ,pragmatically speak+1 
?is outly+ *a9 ( response is un9t5d$ &  
irrelevant4 ,except 9 urg5t cases1 su*  
an idle response seems commonly to be   
pres5t z a subsidi>y ph5om5on4 ,if      
cr$5ce is giv5 to ! view t intellig5ce  

is1 9 its elem5ts1 ( ! nature ( an      
inhibitive selection1 x seems necess>y  
to assume "s su* *a9 ( idle & irrelevant
 response to acc\nt = ! fur!r c\rse ( ! 
elem5ts elim9at$ 9 giv+ ! motor response
 ! "* ( a reason$ l9e ( conduct4 ,s t   
associat$ ) ! pragmatic att5tion !re is 
f\nd m or less ( an irrelevant att5tion1
 or idle curiosity4 ,?is is m p>ticul>ly
 ! case :]e a high] range ( intellig5ce 
is pres5t4 ,?is idle curiosity is1      
p]haps1 closely relat$ to ! aptitude =  
play1 obs]v$ bo? 9 man & 9 ! l[]        
animals4#c ,! aptitude = play1 z well z 
! function+ ( idle curiosity1 seems     
peculi>ly lively 9 ! "y1 ^: aptitude =  
su/a9$ pragmatism is at ! same "t       
relatively vague & unreliable4  ,?is    
idle curiosity =mulates its response to 
/imulus1 n 9 t]ms ( an exp$i5t l9e (    
conduct1 nor ev5 necess>ily 9 a *a9 (   
motor activity1 b 9 t]ms ( ! sequ5ce (  
activities go+ on 9 ! obs]v$ ph5om5a4 ,!
 int]pretation ( ! facts "u ! guidance (
 ?is idle curiosity may take ! =m (     

an?ropomorphic or animi/ic explanations 
( ! conduct ( ! objects obs]v$4 ,!      
int]pretation ( ! facts takes a dramatic
 =m4 ,! facts are conceiv$ 9 an animi/ic
 way1 & a pragmatic animus is imput$ to 
!m4 ,_! behavior is con/ru$ z a reason$ 
proc$ure on _! "p look+ to ! advantage (
 ^! animi/ically conceiv$ objects1 or   
look+ to ! a*ievem5t ( "s end :i* ^!    
objects are conceiv$ to h at he>t =     
reasons ( _! own4  ,among ! savage & l[]
 b>b>ian peoples !re is commonly curr5t 
a l>ge body ( k organis$ 9 ?is way into 
my?s & leg5ds1 :i* ne$ h no pragmatic   
value = ! le>n] ( !m & no int5d$ be>+ on
 8 conduct ( practical affairs4 ,!y may 
come to h a practical value imput$ to !m
 z a gr\nd ( sup]/iti\s obs]vances1 b !y
 may also n4#d ,all /ud5ts ( ! l[]      
cultures are aw>e ( ! dramatic "* ( !   
my?s curr5t among ^! peoples1 & !y are  
also aw>e t1 p>ticul>ly among !         
peaceable communities1 ! great body (   
my?ical lore is ( an idle k9d1 z hav+ v 
little int5d$ be>+ on ! practical       

conduct ( ^? :o believe 9 ^! my?-dramas4
 ,! my?s on ! "o h&1 & ! workday k (    
uses1 mat]ials1 appliances1 & exp$i5ts  
on ! o!r h&1 may be ne>ly indep5d5t ( "o
 ano!r4 ,su* is ! case 9 an especial    
degree among ^? peoples :o are          
prevail+ly ( a peaceable habit ( life1  
among :om ! my?s h n 9 any great measure
 be5 canonis$ into prec$5ts ( div9e     
malevol5ce4  ,! l[] b>b>ian's k ( !     
ph5om5a ( nature1 9 s f> z !y are made !
 subject ( delib]ate speculation & are  
organis$ into a consi/5t body1 is ( !   
nature ( life-hi/ories4 ,?is body ( k is
 9 ! ma9 organis$ "u ! guidance ( an    
idle curiosity4 ,9 s f> z x is          
sy/ematis$ "u ! canons ( curiosity r ?an
 ( exp$i5cy1 ! te/ ( tru? appli$ ?r\gh\t
 ?is body ( b>b>ian k is ! te/ (        
dramatic consi/5cy4 ,9 addition to _!   
dramatic cosmology & folk leg5ds1 x is  
ne$less to say1 ^! peoples h also a     
consid]able body ( worldly wisdom 9 a m 
or less sy/ematic =m4 ,9 ?is ! te/ (    
validity is usefulness4#e  ,! pragmatic 

k ( ! e>ly days diff]s sc>cely at all 9 
"* f t ( ! mature/ phases ( culture4    
,its highe/ a*ievem5ts 9 ! direction (  
sy/ematic =mulation consi/ ( didactic   
exhortations to ?rift1 prud5ce1         
equanimity1 & %rewd managem5t--a body ( 
maxims ( exp$i5t conduct4 ,9 ?is field  
!re is sc>cely a degree ( advance f     
,confucius to ,samuel ,smiles4 ,"u !    
guidance ( ! idle curiosity1 on ! o!r   
h&1 !re has be5 a cont9u$ advance t[>d a
 m & m compreh5sive sy/em ( k4 ,) !     
advance 9 intellig5ce & exp]i5ce !re    
come clos] obs]vation & m detail$       
analysis ( facts4#f ,! dramatisation ( !
 sequ5ce ( ph5om5a may !n fall into     
some:at less p]sonal1 less              
an?ropomorphic =mulations ( ! processes 
obs]v$2 b at no /age ( its gr[?--at lea/
 at no /age hi!rto rea*$--does ! output 
( ?is "w ( ! idle curiosity lose its    
dramatic "*4 ,compreh5sive g5]alisations
 are made & cosmologies are built up1 b 
always 9 dramatic =m4 ,g5]al pr9ciples (
 explanation are settl$ on1 :i* 9 !     

e>li] days ( !oretical speculation seem 
inv>iably to run back to ! broad vital  
pr9ciple ( g5]ation4 ,procreation1 bir?1
 gr[?1 & decay con/itute ! cycle (      
po/ulates )9 :i* ! dramatis$ processes (
 natural ph5om5a run _! c\rse4 ,creation
 is procreation 9 ^! ar*aic !oretical   
sy/ems1 & causation is ge/ation & bir?4 
,! ar*aic cosmological s*emes ( ,greece1
 ,india1 ,japan1 ,*9a1 ,polynesia1 &    
,am]ica1 all run to ! same g5]al effect 
on ?is head4#g ,! l seems true = !      
,elohi/ic elem5ts 9 ! ,hebrew           
scriptures4  ,?r\gh\t ?is biological    
speculation !re is pres5t1 obscurely 9 !
 backgr\nd1 ! tacit recognition ( a     
mat]ial causation1 su* z conditions !   
vulg> op]ations ( workday life f h\r to 
h\r4 ,b ?is causal relation betwe5 vulg>
 "w & product is vaguely tak5 = grant$ &
 n made a pr9ciple = compreh5sive       
g5]alisations4 ,x is ov]look$ z a       
trivial matt] ( c\rse4 ,! high]         
g5]alisations take _! color f ! broad]  
features ( ! curr5t s*eme ( life4 ,!    

habits ( ?\ght t rule 9 ! work+-out ( a 
sy/em ( k are su* z are fo/]$ by ! m    
impressive affairs ( life1 by !         
in/itutional /ructure "u :i* ! community
 lives4 ,s long z ! rul+ in/itutions are
 ^? ( blood-relation%ip1 desc5t1 &      
clanni% discrim9ation1 s long ! canons (
 k are ( ! same complexion4  ,:5        
pres5tly a trans=mation is made 9 !     
s*eme ( culture f peaceable life )      
sporadic pr$ation to a settl$ s*eme (   
pr$ace\s life1 involv+ ma/]y & s]vitude1
 gradations ( privilege & honor1 co]cion
 & p]sonal dep5d5ce1 !n ! s*eme ( k     
und]goes an analog\s *ange4 ,! pr$ace\s1
 or high] b>b>ian1 culture is1 = !      
pres5t purpose1 peculi> 9 t x is rul$ by
 an acc5tuat$ pragmatism4 ,! in/itutions
 ( ?is cultural phase are conv5tionalis$
 relations ( =ce & fraud4 ,! que/ions ( 
life are que/ions ( exp$i5t conduct z   
c>ri$ on "u ! curr5t relations ( ma/]y &
 subs]vi5ce4 ,! habitual di/9ctions are 
di/9ctions ( p]sonal =ce1 advantage1    
prec$5ce1 & au?ority4 ,a %rewd          

adaptation to ?is sy/em ( grad$ dignity 
& s]vitude becomes a matt] ( life &     
dea?1 & m5 le>n to ?9k 9 ^! t]ms z      
ultimate & def9itive4 ,! sy/em ( k1 ev5 
9 s f> z its motives are ( a            
dispassionate or idle k9d1 falls into ! 
l t]ms1 because su* are ! habits ( ?\ght
 & ! /&>ds ( discrim9ation en=c$ by     
daily life4#h  ,! !oretical "w ( su* a  
cultural era1 z1 = in/ance1 ! ,middle   
,ages1 /ill takes ! g5]al %ape (        
dramatisation1 b ! po/ulates ( !        
dramaturgic !ories & ! te/s ( !oretic   
validity are no long] ! same z be=e !   
s*eme ( grad$ s]vitude came to occupy ! 
field4 ,! canons :i* guide ! "w ( ! idle
 curiosity are no long] ^? ( g5]ation1  
blood-relation%ip1 & homely life1 b r ^?
 ( grad$ dignity1 au!nticity1 &         
dep5d5ce4 ,! high] g5]alisations take on
 a new complexion1 x may be )\t =mally  
disc>d+ ! old] articles ( belief4 ,!    
cosmologies ( ^! high] b>b>ians are ca/ 
9 t]ms ( a feudali/ic hi]>*y ( ag5ts &  
elem5ts1 & ! causal nexus betwe5 ph5om5a

 is conceiv$ animi/ically aft] ! mann] (
 sympa!tic magic4 ,! laws t are s\ght to
 be discov]$ 9 ! natural univ]se are    
s\ght 9 t]ms ( au?oritative enactm5t4 ,!
 relation 9 :i* ! deity1 or deities1 are
 conceiv$ to /& to facts is no long] !  
relation ( prog5itor1 s mu* z t (       
suz]a9ty4 ,natural laws are coroll>ies  
"u ! arbitr>y rules ( /atus impos$ on ! 
natural univ]se by an all-p[]ful        
,provid5ce ) a view to ! ma9t5ance ( 8  
own pre/ige4 ,! sci5ce t gr[s 9 su* a   
spiritual environm5t is ( ! class       
repres5t$ by al*emy & a/rology1 9 :i* ! 
imput$ degree ( nobility & prepot5cy ( !
 objects & ! symbolic =ce ( _! names are
 look$ to = an explanation ( :at takes  
place4  ,! !oretical output ( ! ,s*oolm5
 has necess>ily an acc5tuat$ pragmatic  
complexion1 s9ce ! :ole cultural s*eme  
"u :i* !y liv$ & work$ 0 ( a /r5u\sly   
pragmatic "*4 ,! curr5t concepts ( ?+s 7
 !n drawn 9 t]ms ( exp$i5cy1 p]sonal    
=ce1 exploit1 prescriptive au?ority1 & !
 l1 & ?is range ( concepts 0 by =ce (   

habit employ$ 9 ! correlation ( facts = 
purposes ( k ev5 :]e no imm$iate        
practical use ( ! k s ga9$ 0 _h 9 view4 
,at ! same "t a v l>ge proportion ( !   
s*ola/ic rese>*es & speculations aim$   
directly at rules ( exp$i5t conduct1    
:e!r x took ! =m ( a philosophy ( life  
"u temporal law & cu/om1 or ( a s*eme ( 
salvation "u ! decrees ( an autocratic  
,provid5ce4 ,a naive appreh5sion ( !    
dictum t all k is pragmatic w\ld f9d m  
satisfactory corroboration 9 !          
intellectual output ( s*ola/icism ?an 9 
any sy/em ( k ( an old] or a lat] date4 
,) ! adv5t ( mod]n times a *ange comes  
ov] ! nature ( ! inquiries & =mulations 
work$ out "u ! guidance ( ! idle        
curiosity--:i* f ?is epo* is (t5 spok5 (
 z ! sci5tific _s4 ,! *ange 9 "q is     
closely correlat$ ) an analog\s *ange 9 
in/itutions & habits ( life1 p>ticul>ly 
) ! *anges :i* ! mod]n era br+s 9       
indu/ry & 9 ! economic organisation (   
society4 ,x is d\btful :e!r ! *>act]i/ic
 intellectual int]e/s & tea*+s ( ! new  

era c prop]ly be spok5 ( z less         
pragmatic1 z t t]m is sometimes         
und]/ood1 ?an ^? ( ! s*ola/ic times2 b  
!y are ( ano!r k9d1 be+ condition$ by a 
diff]5t cultural & indu/rial            
situation4#i ,9 ! life ( ! new era      
conceptions ( au!ntic rank & diff]5tial 
dignity h gr[n weak] 9 practical        
affairs1 & notions ( pref]5tial reality 
& au!ntic tradition simil>ly c\nt = less
 9 ! new sci5ce4 ,! =ces at "w 9 !      
ext]nal _w are conceiv$ 9 a less        
animi/ic mann]1 al?\gh an?ropomorphism  
/ill prevails1 at lea/ to ! degree      
requir$ 9 ord] to give a dramatic       
int]pretation ( ! sequ5ce ( ph5om5a4  ,!
 *anges 9 ! cultural situation :i* seem 
to h _h ! mo/ s]i\s consequ5ces = !     
me?ods & animus ( sci5tific inquiry are 
^? *anges t took place 9 ! field (      
indu/ry4 ,indu/ry 9 e>ly mod]n times is 
a fact ( relatively great] prepond]ance1
 m ( a tone-giv+ factor1 ?an x 0 "u !   
regime ( feudal /atus4 ,x is !          
*>act]i/ic trait ( ! mod]n culture1 v   

mu* z exploit & fealty 7 ! *>act]i/ic   
cultural traits ( ! e>li] "t4 ,?is      
e>ly-mod]n indu/ry is1 9 an obvi\s &    
conv9c+ degree1 a matt] ( workman%ip4 ,!
 same has n be5 true 9 ! same degree    
ei!r be=e or s9ce4 ,! workman1 m or less
 skill$ & ) m or less specialis$        
effici5cy1 0 ! c5tral figure 9 !        
cultural situation ( ! "t2 & s !        
concepts ( ! sci5ti/s came to be drawn 9
 ! image ( ! workman4 ,! dramatisations 
( ! sequ5ce ( ext]nal ph5om5a work$ out 
"u ! impulse ( ! idle curiosity 7 !n    
conceiv$ 9 t]ms ( workman%ip4           
,workman%ip gradually supplant$         
diff]5tial dignity z ! au?oritative     
canon ( sci5tific tru?1 ev5 on ! high]  
levels ( speculation & rese>*4 ,?is1 (  
c\rse1 am\nts to say+ 9 o!r words t !   
law ( cause & effect 0 giv5 ! fir/      
place1 z contra/$ ) dialectical         
consi/5cy & au!ntic tradition4 ,b ?is   
e>ly-mod]n law ( cause & effect--! law (
 effici5t causes--is ( an an?ropomorphic
 k9d4 ,l causes produce l effects1 9 mu*

 ! same s5se z ! skill$ workman's       
product is l ! workman2 no?+ is f\nd 9 !
 effect t 0 n conta9$ 9 ! cause1 9 mu* !
 same mann]4  ,^! dicta are1 ( c\rse1   
old] ?an mod]n sci5ce1 b x is only 9 !  
e>ly days ( mod]n sci5ce t !y come to   
rule ! field ) an unque/ion$ sway & to  
pu% ! high] gr\nds ( dialectical        
validity to "o side4 ,!y invade ev5 !   
highe/ & mo/ recondite fields (         
speculation1 s t at ! approa* to !      
transition f ! e>ly-mod]n to !          
late-mod]n p]iod1 9 ! eighte5? c5tury1  
!y det]m9e ! outcome ev5 9 ! c\nsels ( !
 !ologians4 ,! deity1 f hav+ be5 9      
m$iaeval times prim>ily a suz]a9 conc]n$
 ) ! ma9t5ance ( 8 own pre/ige1 becomes 
prim>ily a creator engag$ 9 !           
workmanlike occupation ( mak+ ?+s useful
 = man4 ,8 relation to man & ! natural  
univ]se is no long] prim>ily t ( a      
prog5itor1 z x is 9 ! l[] b>b>ian       
culture1 b r t ( a tal5t$ me*anic4 ,!   
natural laws :i* ! sci5ti/s ( t era make
 s mu* ( are no long] decrees ( a       

pret]natural legislative au?ority1 b r  
details ( ! work%op specifications h&$  
d[n by ! ma/]-craftsman = ! guidance (  
h&icraftsm5 work+ out 8 designs4 ,9 !   
eighte5?-c5tury sci5ce ^! natural laws  
are laws specify+ ! sequ5ce ( cause &   
effect1 & w be> *>act]isation z a       
dramatic int]pretation ( ! activity ( ! 
causes at "w1 & ^! causes are conceiv$ 9
 a quasi-p]sonal mann]4 ,9 lat] mod]n   
times ! =mulations ( causal sequ5ce gr[ 
m imp]sonal & m objective1 m            
matt]-(-fact2 b ! imputation ( activity 
to ! obs]v$ objects nev] ceases1 & ev5 9
 ! late/ & mature/ =mulations (         
sci5tific rese>* ! dramatic tone is n   
:olly lo/4 ,! causes at "w are conceiv$ 
9 a highly imp]sonal way1 b hi!rto no   
sci5ce 7except o/5sibly ma!matics7 has  
be5 cont5t to d its !oretical "w 9 t]ms 
( in]t magnitude alone4 ,activity       
cont9ues to be imput$ to ! ph5om5a ) :i*
 sci5ce deals2 & activity is1 ( c\rse1 n
 a fact ( obs]vation1 b is imput$ to !  
ph5om5a by ! obs]v]4#aj ,?is is1 also ( 

c\rse1 d5i$ by ^? :o insi/ on a purely  
ma!matical =mulation ( sci5tific !ories1
 b ! d5ial is ma9ta9$ only at ! co/ (   
consi/5cy4 ,^? em95t au?orities :o speak
 = a colorless ma!matical =mulation     
inv>iably & necess>ily fall back on !   
7ess5tially metaphysical7 preconception 
( causation z soon z !y g into ! actual 
"w ( sci5tific inquiry4#aa  ,s9ce !     
ma*9e te*nology has made great advances1
 dur+ ! n9ete5? c5tury1 & has become a  
cultural =ce ( wide-rea*+ consequ5ce1 ! 
=mulations ( sci5ce h made ano!r move 9 
! direction ( imp]sonal matt]-(-fact4 ,!
 ma*9e process has displac$ ! workman z 
! ar*etype 9 ^: image causation is      
conceiv$ by ! sci5tific inve/igators4 ,!
 dramatic int]pretation ( natural       
ph5om5a has !reby become less           
an?ropomorphic2 x no long] con/ructs !  
life-hi/ory ( a cause work+ to produce a
 giv5 effect--aft] ! mann] ( a skill$   
workman produc+ a piece ( wr\ght        
goods--b x con/ructs ! life-hi/ory ( a  
process 9 :i* ! di/9ction betwe5 cause &

 effect ne$ sc>cely be obs]v$ 9 an      
itemis$ & specific way1 b 9 :i* ! run ( 
causation unfolds itself 9 an unbrok5   
sequ5ce ( cumulative *ange4 ,by contra/ 
) ! pragmatic =mulations ( worldly      
wisdom ^! latt]-day !ories ( ! sci5ti/s 
appe> highly opaque1 imp]sonal1 &       
matt]-(-fact2 b tak5 by !mselves !y mu/ 
be admitt$ /ill to %[ ! con/ra9t ( !    
dramatic prepossessions t once guid$ !  
savage my?-mak]s4  ,9 s f> z t\*es !    
aims & ! animus ( sci5tific inquiry1 z  
se5 f ! po9t ( view ( ! sci5ti/1 x is a 
:olly =tuit\s & insub/antial co9cid5ce t
 mu* ( ! k ga9$ "u ma*9e-made canons (  
rese>* c be turn$ to practical acc\nt4  
,mu* ( ?is k is useful1 or may be made  
s1 by apply+ x to ! control ( !         
processes 9 :i* natural =ces are engag$4
 ,?is employm5t ( sci5tific k = useful  
ends is te*nology1 9 ! broad s5se 9 :i* 
! t]m includes1 besides ! ma*9e indu/ry 
prop]1 su* bran*es ( practice z eng9e]+1
 agriculture1 m$ic9e1 sanitation1 &     
economic re=ms4 ,! reason :y sci5tific  

!ories c be turn$ to acc\nt = ^!        
practical ends is n t ^! ends are       
includ$ 9 ! scope ( sci5tific inquiry4  
,^! useful purposes lie outside !       
sci5ti/'s int]e/4 ,x is n t he aims1 or 
c aim1 at te*nological improvem5ts4 ,8  
inquiry is z idle z t ( ! ,pueblo       
my?-mak]4 ,b ! canons ( validity "u ^:  
guidance he works are ^? impos$ by !    
mod]n te*nology1 ?r\gh habituation to   
its requirem5ts2 & !re=e 8 results are  
available = ! te*nological purpose4 ,8  
canons ( validity are made = him by !   
cultural situation2 !y are habits (     
?\ght impos$ on him by ! s*eme ( life   
curr5t 9 ! community 9 :i* he lives2 &  
"u mod]n conditions ?is s*eme ( life is 
l>gely ma*9e-made4 ,9 ! mod]n culture1  
indu/ry1 indu/rial processes1 &         
indu/rial products h progressively ga9$ 
^u humanity1 until ^! creations ( man's 
+5uity h latt]ly come to take ! dom9ant 
place 9 ! cultural s*eme2 & x is n too  
mu* to say t !y h become ! *ief =ce 9   
%ap+ m5's daily life1 & !re=e ! *ief    

factor 9 %ap+ m5's habits ( ?\ght4 ,h5ce
 m5 h le>n$ to ?9k 9 ! t]ms 9 :i* !     
te*nological processes act4 ,?is is     
p>ticul>ly true ( ^? m5 :o by virtue ( a
 peculi>ly /rong susceptibility 9 ?is   
direction become addict$ to t habit (   
matt]-(-fact inquiry t con/itutes       
sci5tific rese>*4  ,mod]n te*nology     
makes use ( ! same range ( concepts1    
?9ks 9 ! same t]ms1 & applies ! same    
te/s ( validity z mod]n sci5ce4 ,9 bo?1 
! t]ms ( /&>disation1 validity1 &       
f9ality are always t]ms ( imp]sonal     
sequ5ce1 n t]ms ( human nature or (     
pret]natural ag5cies4 ,h5ce ! easy      
cop>tn]%ip betwe5 ! two4 ,sci5ce &      
te*nology play into "o ano!r's h&s4 ,!  
processes ( nature ) :i* sci5ce deals & 
:i* te*nology turns to acc\nt1 ! sequ5ce
 ( *anges 9 ! ext]nal _w1 animate &     
inanimate1 run 9 t]ms ( brute causation1
 z d ! !ories ( sci5ce4 ,^! processes   
take no ?\ght ( human exp$i5cy or       
inexp$i5cy4 ,to make use ( !m !y mu/ be 
tak5 z !y are1 opaque & unsympa!tic4    

,te*nology1 !re=e1 has come to proce$ on
 an int]pretation ( ^! ph5om5a 9        
me*anical t]ms1 n 9 t]ms ( imput$       
p]sonality nor ev5 ( workman%ip4 ,mod]n 
sci5ce1 d]iv+ its concepts f ! same     
s\rce1 c>ries on its inquiries & /ates  
its conclusions 9 t]ms ( ! same         
objective "* z ^? employ$ by ! me*anical
 eng9e]4  ,s x has come ab\t1 ?r\gh !   
progressive *ange ( ! rul+ habits (     
?\ght 9 ! community1 t ! !ories ( sci5ce
 h progressively div]g$ f ! =mulations (
 pragmatism1 ev] s9ce ! mod]n era set 94
 ,f an organisation ( k on ! basis (    
imput$ p]sonal or animi/ic prop5sity !  
!ory has *ang$ its base to an imputation
 ( brute activity only1 & ?is latt] is  
conceiv$ 9 an increas+ly matt]-(-fact   
mann]2 until1 latt]ly1 ! pragmatic range
 ( k & ! sci5tific are m widely out (   
t\* ?an ev]1 diff]+ n only 9 aim1 b 9   
matt] z well4 ,9 bo? doma9s k runs 9    
t]ms ( activity1 b x is on ! "o h& k (  
:at _h be/ be done1 & on ! o!r h& k (   
:at takes place2 on ! "o h& k ( ways &  

means1 on ! o!r h& k )\t any ult]ior    
purpose4 ,! latt] range ( k may s]ve !  
ends ( ! =m]1 b ! conv]se does n hold   
true4  ,^! two div]g5t ranges ( inquiry 
are to be f\nd toge!r 9 all phases (    
human culture4 ,:at di/+ui%es ! pres5t  
phase is t ! discrepancy betwe5 ! two is
 n[ wid] ?an ev] be=e4 ,! pres5t is     
n[ise di/+ui%$ above o!r cultural eras  
by any exceptional urg5cy or acum5 9 !  
se>* = pragmatic exp$i5ts4 ,nei!r is x  
safe to ass]t t ! pres5t excels all o!r 
civilisations 9 ! volume or ! workman%ip
 ( t body ( k t is to be cr$it$ to !    
idle curiosity4 ,:at di/+ui%es ! pres5t 
9 ^! premises is 7#a7 t ! primacy 9 !   
cultural s*eme has pass$ f pragmatism to
 a dis9t]e/$ inquiry ^: motive is idle  
curiosity1 & 7#b7 t 9 ! doma9 ( ! latt] 
! mak+ ( my?s & leg5ds 9 t]ms ( imput$  
p]sonality1 z well z ! con/ruction (    
dialectical sy/ems 9 t]ms ( diff]5tial  
reality1 has yield$ ! fir/ place to !   
mak+ ( !ories 9 t]ms ( matt]-(-fact     
sequ5ce4#ab  ,pragmatism creates no?+ b 

maxims ( exp$i5t conduct4 ,sci5ce       
creates no?+ b !ories4#ac ,x kn[s no?+ (
 policy or utility1 ( bett] or worse4   
,none ( all t is compris$ 9 :at is      
to-day acc\nt$ sci5tific k4 ,wisdom &   
pr(ici5cy ( ! pragmatic sort does n     
contribute to ! advance ( a k ( fact4 ,x
 has only an incid5tal be>+ on sci5tific
 rese>*1 & its be>+ is *iefly t (       
inhibition & misdirection4 ,:]ev] canons
 ( exp$i5cy are intrud$ into or are     
attempt$ to be incorporat$ 9 ! inquiry1 
! consequ5ce is an unhappy "o = sci5ce1 
h[ev] happy x may be = "s o!r purpose   
extrane\s to sci5ce4 ,! m5tal attitude (
 worldly wisdom is at cross-purposes ) !
 dis9t]e/$ sci5tific _s1 & ! pursuit ( x
 induces an intellectual bias t is      
incompatible ) sci5tific insight4 ,its  
intellectual output is a body ( %rewd   
rules ( conduct1 9 great "p design$ to  
take advantage ( human infirmity4 ,its  
habitual t]ms ( /&>disation & validity  
are t]ms ( human nature1 ( human        
pref]5ce1 prejudice1 aspiration1        

endeavor1 & disability1 & ! habit ( m9d 
t goes ) x is su* z is consonant ) ^!   
t]ms4 ,no d\bt1 ! all-p]vad+ pragmatic  
animus ( ! old] & non-,european         
civilisations has _h m ?an any?+ else to
 d ) _! relatively slight & sl[ advance 
9 sci5tific k4 ,9 ! mod]n s*eme ( k x   
holds true1 9 a simil> mann] & )        
analog\s effect1 t tra9+ 9 div9ity1 9   
law1 & 9 ! relat$ bran*es ( diplomacy1  
bus9ess tactics1 milit>y affairs1 &     
political !ory1 is ali5 to ! skeptical  
sci5tific _s & subv]sive ( x4  ,! mod]n 
s*eme ( culture comprises a l>ge body ( 
worldly wisdom1 z well z ( sci5ce4 ,?is 
pragmatic lore /&s ov] aga9/ sci5ce )   
some?+ ( a jeal\s res]ve4 ,! pragmati/s 
value !mselves some:at on be+ useful z  
well z be+ effici5t = good & evil4 ,!y  
feel ! inh]5t antagonism betwe5 !mselves
 & ! sci5ti/s1 & look ) "s d\bt on !    
latt] z be+ m]ely decorative trifl]s1   
al?\gh !y sometimes borr[ ! pre/ige ( ! 
"n ( sci5ce--z is only good & well1 s9ce
 x is ( ! ess5ce ( worldly wisdom to    

borr[ any?+ t c be turn$ to acc\nt4 ,!  
reason+ 9 ^! fields turns ab\t que/ions 
( p]sonal advantage ( "o k9d or ano!r1 &
 ! m]its ( ! claims canvass$ 9 ^!       
discussions are decid$ on gr\nds (      
au!nticity4 ,p]sonal claims make up !   
subject ( ! inquiry1 & ^! claims are    
con/ru$ & decid$ 9 t]ms ( prec$5t &     
*oice1 use & wont1 prescriptive         
au?ority1 & ! l4 ,! high] rea*es (      
g5]alisation 9 ^! pragmatic inquiries   
are ( ! nature ( d$uctions f au!ntic    
tradition1 & ! tra9+ 9 ?is class (      
reason+ gives discrim9ation 9 respect ( 
au!nticity & exp$i5cy4 ,! result+ habit 
( m9d is a bias = sub/itut+ dialectical 
di/9ctions & decisions de jure 9 ! place
 ( explanations de facto4 ,! s-call$    
sci5ces associat$ ) ^! pragmatic        
discipl9es1 su* z jurisprud5ce1         
political sci5ce1 & ! l1 are a taxonomy 
( cr$5da4 ,( ?is "* 0 ! great] "p ( !   
sci5ce cultivat$ by ! ,s*oolm51 & l>ge  
remnants ( ! same k9d ( au!ntic         
convictions are1 ( c\rse1 /ill f\nd     

among ! t5ets ( ! sci5ti/s1 p>ticul>ly 9
 ! social sci5ces1 & no small solicitude
 is /ill giv5 to _! cultivation4        
,sub/antially ! same value z t ( !      
temporal pragmatic inquiries belongs    
also1 ( c\rse1 to ! sci5ce ( div9ity4   
,"h ! que/ions to :i* an answ] is s\ght1
 z well z ! aim & me?od ( inquiry1 are (
 ! same pragmatic "*1 al?\gh ! argum5t  
runs on a high] plane ( p]sonality1 &   
seeks a solution 9 t]ms ( a remot] & m  
metaphysical exp$i5cy4         99       
99       99       99       99  ,9 !     
light ( :at has be5 said above1 !       
que/ions recur3 ,h[ f> is ! sci5tific   
que/ ( matt]-(-fact k consonant ) !     
inh]it$ intellectual aptitudes &        
prop5sities ( ! normal man8 &1 ,:at     
foo?old has sci5ce 9 ! mod]n culture8 ,!
 =m] is a "q ( ! temp]am5tal h]itage (  
civilis$ mank9d1 & !re=e x is 9 l>ge "p 
a "q ( ! circum/ances :i* h 9 ! pa/     
selectively %ap$ ! human nature (       
civilis$ mank9d4 ,"u ! b>b>ian culture1 
z well z on ! l[] levels ( :at is       

curr5tly call$ civilis$ life1 ! dom9ant 
note has be5 t ( competitive exp$i5cy = 
! individual or ! gr\p1 great or small1 
9 an av[$ /ruggle = ! means ( life4 ,su*
 is /ill ! ideal ( ! politician &       
bus9ess man1 z well z ( o!r classes ^:  
habits ( life lead !m to cl+ to !       
inh]it$ b>b>ian traditions4 ,!          
upp]-b>b>ian & l[]-civilis$ culture1 z  
has already be5 indicat$1 is pragmatic1 
) a ?or\ghness t ne>ly b>s out any      
non-pragmatic ideal ( life or ( k4 ,:]e 
?is tradition is /rong !re is b a       
prec>i\s *ance = any consi/5t ef=t to   
=mulate k 9 o!r t]ms ?an ^? drawn f !   
preval5t relations ( p]sonal ma/]y &    
subs]vi5ce & ! ideals ( p]sonal ga94    
,dur+ ! ,d>k & ,middle ,ages1 = in/ance1
 x is true 9 ! ma9 t any movem5t ( ?\ght
 n controll$ by consid]ations ( exp$i5cy
 & conv5tions ( /atus are to be f\nd    
only 9 ! obscure dep?s ( vulg> life1    
among ^? neglect$ elem5ts ( ! population
 t liv$ bel[ ! rea* ( ! active class    
/ruggle4 ,:at !re is surviv+ ( ?is      

vulg>1 non-pragmatic intellectual output
 takes ! =m ( leg5ds & folk-tales1 (t5  
embroid]$ on ! au!ntic docum5ts ( !     
,fai?4 ,^! are less ali5 to ! late/ &   
highe/ culture ( ,*ri/5dom ?an are !    
dogmatic1 dialectical1 & *ivalric       
productions t occupi$ ! att5tion ( !    
upp] classes 9 m$iaeval times4 ,x may   
seem a curi\s p>adox t ! late/ & mo/    
p]fect fl[] ( ! we/]n civilisation is m 
ne>ly ak9 to ! spiritual life ( ! s]fs &
 ville9s ?an x is to t ( ! grange or !  
abbey4 ,! c\rtly life & ! *ivalric      
habits ( ?\ght ( t pa/ phase ( culture h
 left z ne>ly no trace 9 ! cultural     
s*eme ( lat] mod]n times z c\ld well be4
 ,ev5 ! romanc]s :o o/5sibly rehe>se !  
ph5om5a ( *ivalry1 unavoidably make _!  
knights & ladies speak ! language & !   
s5tim5ts ( ! slums ( t "t1 temp]$ )     
c]ta9 s*ematis$ mod]n reflections &     
speculations4 ,! gallantries1 ! g5teel  
inanities & dev\t imbecilities (        
m$iaeval high-life w\ld be insuff]able  
ev5 to ! meane/ & mo/ romantic mod]n    

intellig5ce4 ,s t 9 a lat]1 less b>b>ian
 age ! prec>i\s remnants ( folklore t h 
come d[n ?r\gh t vulg> *annel--half     
savage & m ?an half pagan--are treasur$ 
z conta9+ ! l>ge/ spiritual ga9s :i* !  
b>b>ian ages ( ,europe h to (f]4  ,!    
sway ( b>b>ian pragmatism has1 ev]y:]e 9
 ! we/]n _w1 be5 relatively brief &     
relatively light2 ! only exceptions w\ld
 be f\nd 9 c]ta9 p>ts ( ! ,m$it]ranean  
seabo>d4 ,b :]ev] ! b>b>ian culture has 
be5 suffici5tly long-liv$ & unmitigat$  
to "w out a ?or\ghly selective effect 9 
! human mat]ial subject$ to x1 !re !    
pragmatic animus may be expect$ to h    
become supreme & to inhibit all movem5t 
9 ! direction ( sci5tific inquiry &     
elim9ate all effective aptitude = o!r   
?an worldly wisdom4 ,:at ! selective    
consequ5ces ( su* a protract$ regime (  
pragmatism w\ld be = ! temp] ( ! race   
may be se5 9 ! human flotsam left by !  
great civilisations ( antiquity1 su* z  
,egypt1 ,india1 & ,p]sia4 ,sci5ce is n  
at home among ^! leav+s ( b>b>ism4 ,9 ^!

 in/ances ( its long & unmitigat$       
dom9ion ! b>b>ian culture has           
selectively work$ out a temp]am5tal bias
 & a s*eme ( life f :i* objective1      
matt]-(-fact k is virtually exclud$ 9   
favor ( pragmatism1 secul> & religi\s4  
,b = ! great] "p ( ! race1 at lea/ = !  
great] "p ( civilis$ mank9d1 ! regime ( 
! mature b>b>ian culture has be5 (      
relatively %ort duration1 & has _h a    
correspond+ly sup]ficial & transi5t     
selective effect4 ,x has n _h =ce & "t  
to elim9ate c]ta9 elem5ts ( human nature
 h&$ d[n f an e>li] phase ( life1 :i*   
are n 9 full consonance ) ! b>b>ian     
animus or ) ! dem&s ( ! pragmatic s*eme 
( ?\ght4 ,! b>b>ian-pragmatic habit (   
m9d1 !re=e1 is n prop]ly speak+ a       
temp]am5tal trait ( ! civilis$ peoples1 
except possibly )9 c]ta9 class limits   
7z1 e4g41 ! ,g]man nobility74 ,x is r a 
tradition1 & x does n con/itute s       
t5aci\s a bias z to make head aga9/ !   
/rongly mat]iali/ic drift ( mod]n       
conditions & set aside t increas+ly     

urg5t resort to matt]-(-fact conceptions
 t makes = ! primacy ( sci5ce4 ,civilis$
 mank9d does n 9 any great measure take 
back atavi/ically to ! upp]-b>b>ian     
habit ( m9d4 ,b>b>ism cov]s too small a 
segm5t ( ! life-hi/ory ( ! race to h    
giv5 an endur+ temp]am5tal result4 ,!   
unmitigat$ discipl9e ( ! high] b>b>ism 9
 ,europe fell on a relatively small     
proportion ( ! population1 & 9 ! c\rse (
 "t ?is select elem5t ( ! population 0  
cross$ & bl5d$ ) ! blood ( ! l[] elem5ts
 ^: life always cont9u$ to run 9 ! ruts 
( savag]y r ?an 9 ^? ( ! high-/rung1    
f9i%$ b>b>ian culture t gave rise to !  
*ivalric s*eme ( life4  ,( ! sev]al     
phases ( human culture ! mo/ protract$1 
& ! "o :i* has c\nt$ = mo/ 9 %ap+ !     
abid+ traits ( ! race1 is unque/ionably 
t ( savag]y4 ,) savag]y1 = ! purpose 9  
h&1 is to be class$ t l[]1 relatively   
peaceable b>b>ism t is n *>act]is$ by   
wide & %>p class discrepancies or by an 
unremitt+ endeavor ( "o individual or   
gr\p to get ! bett] ( ano!r4 ,ev5 "u !  

full-gr[n b>b>ian culture--z1 = in/ance1
 dur+ ! ,middle ,ages--! habits ( life &
 ! spiritual int]e/s ( ! great body ( ! 
population cont9ue 9 l>ge measure to be>
 ! "* ( savag]y4 ,! savage phase (      
culture acc\nts = by f> ! great] portion
 ( ! life-hi/ory ( mank9d1 p>ticul>ly if
 ! l[] b>b>ism & ! vulg> life ( lat]    
b>b>ism be c\nt$ 9 ) savag]y1 z 9 a     
measure !y prop]ly %\ld4 ,?is is        
p>ticul>ly true ( ^? racial elem5ts t h 
ent]$ into ! composition ( ! lead+      
peoples ( ,*ri/5dom4  ,! savage culture 
is *>act]is$ by ! relative abs5ce (     
pragmatism f ! high] g5]alisations ( its
 k & beliefs4 ,z has be5 not$ above1 its
 !oretical creations are *iefly ( !     
nature ( my?ology %ad+ (f into folklore4
 ,?is g5ial sp9n+ ( apocryphal y>ns is1 
at its be/1 an amiably ineffici5t       
=mulation ( exp]i5ces & obs]vations 9   
t]ms ( some?+ l a life-hi/ory ( !       
ph5om5a obs]v$4 ,x has1 on ! "o h&1     
little value1 & little purpose1 9 ! way 
( pragmatic exp$i5cy1 & s x is n closely

 ak9 to ! pragmatic-b>b>ian s*eme (     
life2 :ile1 on ! o!r h&1 x is also      
ineffectual z a sy/ematic k (           
matt]-(-fact4 ,x is a que/ ( k1 p]haps (
 sy/ematic k1 & x is c>ri$ on "u !      
inc5tive ( ! idle curiosity4 ,9 ?is     
respect x falls 9 ! same class ) !      
civilis$ man's sci5ce2 b x seeks k n 9  
t]ms ( opaque matt]-(-fact1 b 9 t]ms (  
"s sort ( spiritual life imput$ to !    
facts4 ,x is romantic & ,hegelian r ?an 
reali/ic & ,d>w9ian4 ,! logical         
necessities ( its s*eme ( ?\ght are     
necessities ( spiritual consi/5cy r ?an 
( quantitative equival5ce4 ,x is l      
sci5ce 9 t x has no ult]ior motive      
beyond ! idle crav+ = a sy/ematic       
correlation ( data2 b x is unlike sci5ce
 9 t its /&>disation & correlation (    
data run 9 t]ms ( ! free play ( imput$  
p]sonal initiative r ?an 9 t]ms ( !     
con/ra9t ( objective cause & effect4    
,by =ce ( ! protract$ selective         
discipl9e ( ?is pa/ phase ( culture1 !  
human nature ( civilis$ mank9d is /ill  

sub/antially ! human nature ( savage    
man4 ,! anci5t equipm5t ( cong5ital     
aptitudes & prop5sities /&s ov]         
sub/antially un*ang$1 ?\gh ov]laid )    
b>b>ian traditions & conv5tionalities & 
readju/$ by habituation to ! exig5cies (
 civilis$ life4 ,9 a measure1 !re=e1 b  
by no means altoge!r1 sci5tific inquiry 
is native to civilis$ man ) 8 savage    
h]itage1 s9ce sci5tific inquiry proce$s 
on ! same g5]al motive ( idle curiosity 
z guid$ ! savage my?-mak]s1 ?\gh x makes
 use ( concepts & /&>ds 9 great measure 
ali5 to ! my?-mak]s' habit ( m9d4 ,!    
anci5t human pr$ilection = discov]+ a   
dramatic play ( passion & intrigue 9 !  
ph5om5a ( nature /ill ass]ts itself4 ,9 
! mo/ advanc$ communities1 & ev5 among !
 adepts ( mod]n sci5ce1 !re comes up    
p]si/5tly ! revulsion ( ! native savage 
aga9/ ! inhumanly dispassionate sweep ( 
! sci5tific que/1 z well z aga9/ !      
inhumanly ru?less fabric ( te*nological 
processes t h come out ( ?is se>* =     
matt]-(-fact k4 ,v (t5 ! savage ne$ ( a 

spiritual int]pretation 7dramatisation7 
( ph5om5a breaks ?r\gh ! cru/ ( acquir$ 
mat]iali/ic habits ( ?\ght1 to f9d su*  
refuge z may be _h 9 articles ( fai?    
seiz$ on & held by %e] =ce ( in/9ctive  
conviction4 ,sci5ce & its creations are 
m or less uncanny1 m or less ali51 to t 
fa%ion ( crav+ = k t by anci5t          
inh]itance animates mank9d4 ,furtively  
or by an ov]t brea* ( consi/5cy1 m5 /ill
 seek com=t 9 m>vel\s articles (        
savage-born lore1 :i* contradict ! tru?s
 ( t mod]n sci5ce ^: dom9ion !y d>e n   
"q1 b ^: f9d+s at ! same "t g beyond !  
break+ po9t ( _! jungle-f$ spiritual    
s5sibilities4  ,! anci5t ruts ( savage  
?\ght & conviction are smoo? & easy2 b  
h[ev] sweet & indisp5sable ! ar*aic ways
 ( ?9k+ may be to ! civilis$ man's peace
 ( m9d1 yet su* is ! b9d+ =ce (         
matt]-(-fact analysis & inf]5ce "u mod]n
 conditions t ! f9d+s ( sci5ce are n    
que/ion$ on ! :ole4 ,! "n ( sci5ce is   
aft] all a ^w to conjure )4 ,s mu* s t !
 "n & ! mann]isms1 at lea/1 if no?+ m ( 

sci5ce1 h invad$ all fields ( le>n+ & h 
ev5 ov]run t]ritory t belongs to !      
enemy4 ,s !re are sci5ces ( !ology1 law1
 & m$ic9e1 z has already be5 not$ above4
 ,& !re are su* ?+s z ,*ri/ian ,sci5ce1 
& sci5tific a/rology1 palmi/ry1 & ! l4  
,b )9 ! field ( le>n+ prop] !re is a    
simil> pr$ilection = an air ( sci5tific 
acum5 & precision :]e sci5ce does n     
belong4 ,s t ev5 t l>ge range ( k t has 
to d ) g5]al in=mation r ?an ) !ory--:at
 is loosely t]m$ s*ol>%ip--t5ds /rongly 
to take on ! "n & =ms ( !oretical       
/atem5t4 ,h[ev] decid$ ! contra/ betwe5 
^! bran*es ( k on ! "o h&1 & sci5ce     
prop]ly s call$ on ! o!r h&1 yet ev5 !  
classical le>n+1 & ! humanities g5]ally1
 fall 9 ) ?is pr$ilection m & m ) ea*   
succe$+ g5]ation ( /ud5ts4 ,! /ud5ts (  
lit]ature1 = in/ance1 are m & m prone to
 sub/itute critical analysis & l+ui/ic  
speculation1 z ! end ( _! endeavors1 9 !
 place ( t discipl9e ( ta/e & t         
cultivat$ s5se ( lit]>y =m & lit]>y     
feel+ t mu/ always rema9 ! *ief end (   

lit]>y tra9+1 z di/9ct f philology & !  
social sci5ces4 ,!re is1 ( c\rse1 no    
int5tion to "q ! legitimacy ( a sci5ce (
 philology or ( ! analytical /udy (     
lit]ature z a fact 9 cultural hi/ory1 b 
^! ?+s d n con/itute tra9+ 9 lit]>y     
ta/e1 nor c !y take ! place ( x4 ,!     
effect ( ?is /ra9+ aft] sci5tific       
=mulations 9 a field ali5 to ! sci5tific
 _s is z curi\s z x is wa/eful4         
,sci5tifically speak+1 ^!               
quasi-sci5tific inquiries necess>ily    
beg9 n[h]e & end 9 ! same place2 :ile 9 
po9t ( cultural ga9 !y commonly come to 
no?+ bett] ?an spiritual abnegation4 ,b 
^! bl9dfold endeavors to con=m to !     
canons ( sci5ce s]ve to %[ h[ wide &    
unmitigat$ ! sway ( sci5ce is 9 ! mod]n 
community4  ,s*ol>%ip--t is to say an   
intimate & sy/ematic famili>ity ) pa/   
cultural a*ievem5ts--/ill holds its     
place 9 ! s*eme ( le>n+1 9 spite ( !    
unadvis$ ef=ts ( ! %ort-sight$ to bl5d x
 ) ! "w ( sci5ce1 = x af=ds play = !    
anci5t g5ial prop5sities t rul$ m5's    

que/ ( k be=e ! com+ ( sci5ce or ( !    
outspok5 pragmatic b>b>ism4 ,its place  
may n be s l>ge 9 proportion to ! entire
 field ( le>n+ z x 0 be=e ! sci5tific   
era got fully "u way4 ,b !re is no      
intr9sic antagonism betwe5 sci5ce &     
s*ol>%ip1 z !re is betwe5 pragmatic     
tra9+ & sci5tific inquiry4 ,mod]n       
s*ol>%ip %>es ) mod]n sci5ce ! quality (
 n be+ pragmatic 9 its aim4 ,l sci5ce x 
has no ult]ior end4 ,x may be difficult 
"h & !re to draw ! l9e betwe5 sci5ce &  
s*ol>%ip1 & x may ev5 m be unnecess>y to
 draw su* a l9e2 yet :ile ! two ranges (
 discipl9e belong toge!r 9 _m ways1 &   
:ile !re are _m po9ts ( contact &       
sympa?y betwe5 ! two2 :ile ! two toge!r 
make up ! mod]n s*eme ( le>n+2 yet !re  
is no ne$ ( conf\nd+ ! "o ) ! o!r1 nor c
 ! "o d ! "w ( ! o!r4 ,! s*eme ( le>n+  
has *ang$ 9 su* mann] z to give sci5ce !
 m comm&+ place1 b ! s*ol>'s doma9 has n
 !reby be5 invad$1 nor has x suff]$     
contraction at ! h&s ( sci5ce1 :atev]   
may be said ( ! weak-kne$ abnegation (  

"s ^: place1 if !y h "o1 is 9 ! field ( 
s*ol>%ip r ?an ( sci5ce4         99     
99       99       99       99  ,all t   
has be5 said above has ( c\rse no?+ to  
say z to ! intr9sic m]its ( ?is que/ (  
matt]-(-fact k4 ,9 po9t ( fact1 sci5ce  
gives its tone to mod]n culture4 ,"o may
 approve or "o may deprecate ! fact t   
?is opaque1 mat]iali/ic int]pretation ( 
?+s p]vades mod]n ?9k+4 ,t is a "q (    
ta/e1 ab\t :i* !re is no disput+4 ,!    
preval5ce ( ?is matt]-(-fact inquiry is 
a feature ( mod]n culture1 & ! attitude 
:i* critics take t[>d ?is ph5om5on is   
*iefly significant z indicat+ h[ f> _!  
own habit ( m9d co9cides ) ! enlight5$  
common-s5se ( civilis$ mank9d4 ,x %[s 9 
:at degree !y are abrea/ ( ! advance (  
culture4 ,^? 9 :om ! savage pr$ilection 
or ! b>b>ian tradition is /rong] ?an _! 
habituation to civilis$ life w f9d t ?is
 dom9ant factor ( mod]n life is p]v]se1 
if n calamit\s2 ^? ^: habits ( ?\ght h  
be5 fully %ap$ by ! ma*9e process &     
sci5tific inquiry are likely to f9d x   

good4 ,! mod]n we/]n culture1 ) its core
 ( matt]-(-fact k1 may be bett] or worse
 ?an "s o!r cultural s*eme1 su* z !     
classic ,greek1 ! m$iaeval ,*ri/ian1 !  
,h9du1 or ! ,pueblo ,indian4 ,se5 9     
c]ta9 lights1 te/$ by c]ta9 /&>ds1 x is 
d\btless bett]2 by o!r /&>ds1 worse4 ,b 
! fact rema9s t ! curr5t cultural s*eme1
 9 its mature/ gr[?1 is ( t complexion2 
its *>act]i/ic =ce lies 9 ?is           
matt]-(-fact insight2 its highe/        
discipl9e & its mature/ aspirations are 
^!4  ,9 po9t ( fact1 ! sob] common-s5se 
( civilis$ mank9d accepts no o!r end (  
endeavor z self-suffici5t & ultimate4 ,t
 su* is ! case seems to be due *iefly to
 ! ubiquit\s pres5ce ( ! ma*9e te*nology
 & its creations 9 ! life ( mod]n       
communities4 ,& s long z ! ma*9e process
 cont9ues to hold its dom9ant place z a 
discipl9>y factor 9 mod]n culture1 s    
long mu/ ! spiritual & intellectual life
 ( ?is cultural era ma9ta9 ! "* :i* !   
ma*9e process gives x4  ,b :ile !       
sci5ti/'s _s & 8 a*ievem5ts /ir an      

unqualifi$ admiration 9 mod]n m51 & :ile
 8 discov]ies c>ry conviction z no?+    
else does1 x does n foll[ t ! mann] (   
man :i* ?is que/ ( k produces or        
requires comes ne> answ]+ to ! curr5t   
ideal ( manhood1 or t 8 conclusions are 
felt to be z good & beautiful z !y are  
true4 ,! ideal man1 & ! ideal ( human   
life1 ev5 9 ! appreh5sion ( ^? :o mo/   
rejoice 9 ! advances ( sci5ce1 is nei!r 
! f9ik9 skeptic 9 ! laboratory nor !    
animat$ slide-rule4 ,! que/ ( sci5ce is 
relatively new4 ,x is a cultural factor 
n compris$1 9 any?+ l its mod]n =ce1    
among ^? circum/ances ^: selective      
action 9 ! f> pa/ has giv5 to ! race !  
human nature :i* x n[ has4 ,! race rea*$
 ! human plane ) little ( ?is se>*+ k ( 
facts2 & ?r\gh\t ! great] "p ( its      
life-hi/ory on ! human plane x has be5  
accu/om$ to make its high] g5]alisations
 & to =mulate its l>g] pr9ciples ( life 
9 o!r t]ms ?an ^? ( passionless         
matt]-(-fact4 ,?is mann] ( k has occupi$
 an increas+ %>e ( m5's att5tion 9 !    

pa/1 s9ce x be>s 9 a decisive way ^u !  
m9or affairs ( workday life2 b x has    
nev] until n[ be5 put 9 ! fir/ place1 z 
! dom9ant note ( human culture4 ,!      
normal man1 su* z 8 inh]itance has made 
him1 has !re=e good cause to be re/ive  
"u its dom9ion4  ,,footnotes3  #a       
,repr9t$ by p]mission f ,! ,am]ican     
,j\rnal ( ,sociology1 ,vol4 ,,xi1 ,m>*1 
#aijf4  #b ,jacques ,loeb1              
,heliotropismus d] ,?i]e1 & ,comp>ative 
,psy*ology & ,physiology ( ! ,bra94  #c 
,cf4 ,gross1 ,spiele d] ,?i]e1 *ap4 #b  
7esp4 pp4 #fe-gf71 & *ap4 #e2 ,! ,play (
 ,man1 ,"p ,,iii1 sec4 #c2 ,sp5c]1      
,pr9ciples ( ,psy*ology1 secs4 #ecc-ce4 
#d ,! my?s & leg5d>y lore ( ! ,eskimo1 !
 ,pueblo ,indians1 & "s tribes ( !      
nor?we/ coa/ af=d good in/ances ( su*   
idle creations4 ,cf4 v>i\s ,reports ( ! 
,bureau ( ,am]ican ,e?nology2 also1     
e4g41 ,tylor1 ,primitive ,culture1 esp4 
! *apt]s on ,my?ology & ,animism4  #e   
,pragmatic is "h us$ 9 a m re/rict$ s5se
 ?an ! di/9ctively pragmatic s*ool (    

mod]n psy*ologi/s w\ld commonly assign !
 t]m4 ,pragmatic1 teleological1 & ! l   
t]ms h be5 ext5d$ to cov] imputation (  
purpose z well z conv]sion to use4 ,x is
 n int5d$ to criticise ?is ambigu\s use 
( t]ms1 nor to correct x2 b ! t]ms are  
"h us$ only 9 ! latt] s5se1 :i* alone   
belongs to !m by =ce ( e>ly usage &     
etymology4 ,pragmatic k1 !re=e1 is su* z
 is design$ to s]ve an exp$i5t end = !  
kn[]1 & is "h contra/$ ) ! imputation ( 
exp$i5t conduct to ! facts obs]v$4 ,!   
reason = pres]v+ ?is di/9ction is simply
 ! pres5t ne$ ( a simple t]m by :i* to  
m>k ! di/9ction betwe5 worldly wisdom & 
idle le>n+4  #f ,cf4 ,w>d1 ,pure        
,sociology1 esp4 pp4 #dcg-dh4  #g ,cf41 
e4g41 ,tylor1 ,primitive ,culture1 *ap4 
#h4  #h ,cf4 ,james1 ,psy*ology1 *ap4   
#i1 esp4 sec4 #e4  #i ,z curr5tly       
employ$1 ! t]m pragmatic is made to cov]
 bo? conduct look+ to ! ag5t's          
pref]5tial advantage1 exp$i5t conduct1 &
 workman%ip direct$ to ! production (   
?+s t may or may n be ( advantage to !  

ag5t4 ,if ! t]m be tak5 9 ! latt] mean+1
 ! culture ( mod]n times is no less     
pragmatic ?an t ( ! ,middle ,ages4 ,x is
 "h int5d$ to be us$ 9 ! =m] s5se4  #aj 
,epi/emologically speak+1 activity is   
imput$ to ph5om5a = ! purpose ( organis+
 !m into a dramatically consi/5t sy/em4 
#aa ,cf41 e4g41 ,k>l ,pe>son1 ,gramm> ( 
,sci5ce1 & comp>e 8 ideal ( in]t        
magnitudes z set =? 9 8 exposition ) 8  
actual "w z %[n 9 *aps4 #i1 #aj1 & #ab1 
& m p>ticul>ly 9 8 discussions ( ,"m ,"r
 & relat$ topics 9 ,! ,*ances ( ,dea?4  
#ab ,cf4 ,james1 ,psy*ology1 ,vol4 ,,ii1
 *ap4 #bh1 pp4 #fcc-ga1 esp4 p4 #fdj    
note4  #ac ,cf4 ,w>d1 ,pr9ciples (      
,psy*ology1 pp4 #dci-dc4     ,,!        
,,evolution ,,( ,,! ,,sci5tific ,,po9t  
,,( ,,view#a   ,a discussion ( !        
sci5tific po9t ( view :i* av[$ly proce$s
 f ?is po9t ( view itself has necess>ily
 ! appe>ance ( an argum5t 9 a circle2 & 
su* 9 great "p is ! "* ( :at "h foll[s4 
,x is 9 l>ge "p an attempt to expla9 !  
sci5tific po9t ( view 9 t]ms ( itself1 b

 n altoge!r4 ,?is inquiry does n presume
 to deal ) ! orig9 or ! legitimation ( !
 po/ulates ( sci5ce1 b only ) ! gr[? ( !
 habitual use ( ^! po/ulates1 & ! mann] 
( us+ !m4 ,! po9t ( inquiry is ! *anges 
:i* h tak5 place 9 ! second>y po/ulates 
involv$ 9 ! sci5tific po9t ( view--9    
great "p a "q ( ! progressive           
r$i/ribution ( emphasis among !         
preconceptions "u ^: guidance successive
 g5]ations ( sci5ti/s h gone to _! "w4  
99       99       99       99       99  
,! sci5ces :i* are 9 any peculi> s5se   
mod]n take z an 7unav[$7 po/ulate ! fact
 ( consecutive *ange4 ,_! inquiry always
 c5t]s ^u "s mann] ( process4 ,?is      
notion ( process ab\t :i* ! rese>*es (  
mod]n sci5ce clu/]1 is a notion ( a     
sequ5ce1 or complex1 ( consecutive *ange
 9 :i* ! nexus ( ! sequ5ce1 t by virtue 
( :i* ! *ange inquir$ into is           
consecutive1 is ! relation ( cause &    
effect4 ,! consecution1 moreov]1 runs 9 
t]ms ( p]si/5ce ( quantity or ( =ce4 ,9 
s f> z ! sci5ce is ( a mod]n complexion1

 9 s f> z x is n ( ! nature ( taxonomy  
simply1 ! inquiry conv]ges ^u a matt] ( 
process2 & x comes to re/1              
provisionally1 :5 x has dispos$ ( its   
facts 9 t]ms ( process4 ,b mod]n        
sci5tific inquiry 9 any case comes to   
re/ only provisionally2 because its     
prime po/ulate is t ( consecutive *ange1
 & consecutive *ange c1 ( c\rse1 n come 
to re/ except provisionally4 ,by its own
 nature ! inquiry _c rea* a f9al t]m 9  
any direction4 ,s x is some?+ ( a       
homiletical commonplace to say t !      
outcome ( any s]i\s rese>* c only be to 
make two que/ions gr[ :]e "o "q grew    
be=e4 ,su* is necess>ily ! case because 
! po/ulate ( ! sci5ti/ is t ?+s *ange   
consecutively4 ,x is an unprov5 &       
unprovable po/ulate--t is to say1 x is a
 metaphysical preconception--b x gives !
 outcome t e goal ( rese>* is necess>ily
 a po9t ( dep>ture2 e t]m is            
transitional4#b  ,a hundr$ ye>s ago1 or 
ev5 fifty ye>s ago1 sci5tific m5 7 n 9 !
 habit ( look+ at ! matt] 9 ?is way4 ,at

 lea/ x did n !n seem a matt] ( c\rse1  
ly+ 9 ! nature ( ?+s1 t sci5tific       
inquiry c\ld n rea* a f9al t]m 9 any    
direction4 ,to-day x is a matt] ( c\rse1
 & w be s av[$ )\t argum5t4 ,/at$ 9 !   
broade/ t]ms1 ?is is ! sub/antial       
outcome ( t n9ete5?-c5tury movem5t 9    
sci5ce ) :i* ! "n ( ,d>w9 is associat$ z
 a cat*-^w4  ,?is use ( ,d>w9's "n does 
n imply t ?is epo* ( sci5ce is ma9ly    
,d>w9's "w4 ,:at m]it may belong to     
,d>w91 specifically1 9 ^! premises1 is a
 "q :i* ne$ n deta9 ! argum5t4 ,he may1 
by way ( creative initiative1 h _h m or 
less to d ) %ap+ ! c\rse ( ?+s          
sci5tific4 ,or1 if y *oose1 8 voice may 
ev5 be tak5 z only "o ( ! noises :i* !  
:eels ( civilisation make :5 !y g r\nd4 
,b by sci5tifically colloquial usage we 
h come to speak ( pre-,d>w9ian &        
po/-,d>w9ian sci5ce1 & to appreciate t  
!re is a significant diff]5ce 9 ! po9t (
 view betwe5 ! sci5tific era :i* prec$$ 
& t :i* foll[$ ! epo* to :i* 8 "n       
belongs4  ,be=e t epo* ! animus ( a     

sci5ce 01 on ! :ole1 ! animus (         
taxonomy2 ! consi/5t end ( sci5tific    
inquiry 0 def9ition & classification1--z
 x /ill cont9ues to be 9 su* fields (   
sci5ce z h n be5 affect$ by ! mod]n     
notion ( consecutive *ange4 ,! sci5ti/s 
( t era look$ to a f9al t]m1 a          
consummation ( ! *anges :i* provok$ _!  
inquiry1 z well z to a fir/ beg9n+ ( !  
matt]s ) :i* _! rese>*es 7 conc]n$4 ,!  
que/ions ( sci5ce 7 direct$ to !        
problem1 ess5tially classificatory1 ( h[
 ?+s _h be5 9 ! presum$ primordial /able
 equilibrium out ( :i* !y1 putatively1  
_h come1 & h[ !y %\ld be 9 ! def9itive  
/ate ( settlem5t into :i* ?+s 7 to fall 
z ! outcome ( ! play ( =ces :i* int]v5$ 
betwe5 ?is primordial & ! def9itive     
/able equilibrium4 ,to ! pre-,d>w9ian   
taxonomi/s ! c5t] ( int]e/ & att5tion1  
to :i* all sci5tific inquiry mu/        
legitimately conv]ge1 0 ! body ( natural
 laws gov]n+ ph5om5a "u ! rule (        
causation4 ,^! natural laws 7 ( ! nature
 ( rules ( ! game ( causation4 ,!y      

=mulat$ ! immutable relations 9 :i* ?+s 
naturally /ood to "o ano!r be=e causal  
di/urbance took place betwe5 !m1 !      
ord]ly unfold+ ( ! complem5t ( causes   
involv$ 9 ! transition ov] ?is int]val (
 transi5t activity1 & ! settl$ relations
 t w\ld sup]v5e :5 ! di/urbance _h pass$
 & ! transition f cause to effect _h be5
 consummat$1--! emphasis fall+ on !     
consummation4  ,! *>act]i/ic feature by 
:i* po/-,d>w9ian sci5ce is contra/$ )   
:at w5t be=e is a new di/ribution (     
emphasis1 :]eby ! process ( causation1 !
 int]val ( in/ability & transition      
betwe5 initial cause & def9itive effect1
 has come to take ! fir/ place 9 !      
inquiry2 in/ead ( t consummation 9 :i*  
causal effect 0 once presum$ to come to 
re/4 ,?is *ange ( ! po9t ( view 01 (    
c\rse1 n abrupt or cata/rophic4 ,b x has
 latt]ly gone s f> t mod]n sci5ce is    
becom+ sub/antially a !ory ( ! process (
 consecutive *ange1 :i* is tak5 z a     
sequ5ce ( cumulative *ange1 realiz$ to  
be self-cont9u+ or self-propagat+ & to h

 no f9al t]m4 ,que/ions ( a primordial  
beg9n+ & a def9itive outcome h fall5    
into abeyance )9 ! mod]n sci5ces1 & su* 
que/ions are 9 a fair way to lose all   
claim to consid]ation at ! h&s ( !      
sci5ti/s4 ,mod]n sci5ce is ceas+ to     
occupy itself ) ! natural laws--!       
codifi$ rules ( ! game ( causation--& is
 conc]n+ itself :olly ) :at has tak5    
place & :at is tak+ place4         99   
99       99       99       99  ,rightly 
se5 f ?is ultra-mod]n po9t ( view1 ?is  
mod]n sci5ce & ?is po9t ( view :i* x    
affects are1 ( c\rse1 a feature ( !     
curr5t cultural situation1--( ! process 
( life z x runs along "u our eyes4 ,s   
also1 :5 se5 f ?is sci5tific po9t (     
view1 x is a matt] ( c\rse t any m>k$   
cultural era w h its own *>act]i/ic     
attitude & animus t[>d matt]s ( k1 w br+
 "u inquiry su* que/ions ( k z lie )9   
its peculi> range ( int]e/1 & w seek    
answ]s to ^! que/ions only 9 t]ms t are 
consonant ) ! habits ( ?\ght curr5t at !
 "t4 ,t is to say1 sci5ce & ! sci5tific 

po9t ( view w v>y *>act]i/ically 9      
response to ^? v>iations 9 ! preval5t   
habits ( ?\ght :i* con/itute ! sequ5ce (
 cultural developm5t2 ! curr5t sci5ce & 
! curr5t sci5tific po9t ( view1 ! k     
s\ght & ! mann] ( seek+ x1 are a product
 ( ! cultural gr[?4 ,p]haps x w\ld all  
be bett] *>act]is$ z a by-product ( !   
cultur$ gr[?4         99       99       
99       99       99  ,?is "q ( a       
sci5tific po9t ( view1 ( a p>ticul>     
attitude & animus 9 matt]s ( k1 is a "q 
( ! =mation ( habits ( ?\ght2 & habits (
 ?\ght are an outcome ( habits ( life4  
,a sci5tific po9t ( view is a cons5sus (
 habits ( ?\ght curr5t 9 ! community1 & 
! sci5ti/ is con/ra9$ to believe t ?is  
cons5sus is =m$ 9 response to a m or    
less consi/5t discipl9e ( habituation to
 :i* ! community is subject$1 & t !     
cons5sus c ext5d only s f> & ma9ta9 its 
=ce only s long z ! discipl9e (         
habituation ex]cis$ by ! circum/ances ( 
life en=ces x & backs x up4 ,! s*eme (  
life1 )9 :i* lies ! s*eme ( k1 is a     

cons5sus ( habits 9 ! individuals :i*   
make up ! community4 ,! individual      
subject$ to habituation is ea* a s+le   
individual ag5t1 & :atev] affects him 9 
any "o l9e ( activity1 !re=e1 necess>ily
 affects him 9 "s degree 9 all 8 v>i\s  
activities4 ,! cultural s*eme ( any     
community is a complex ( ! habits ( life
 & ( ?\ght preval5t among ! memb]s ( !  
community4 ,x makes up a m or less      
congru\s & balanc$ :ole1 & c>ries )9 x a
 m or less consi/5t habitual attitude   
t[>d matt]s ( k--m or less consi/5t     
accord+ z ! community's cultural s*eme  
is m or less congru\s ?r\gh\t ! body ( !
 population2 & ?is 9 its turn is 9 ! ma9
 a "q ( h[ ne>ly uni=m or consonant are 
! circum/ances ( exp]i5ce & tradition to
 :i* ! sev]al classes & memb]s ( !      
community are subject4  ,s1 !n1 ! *ange 
:i* has come ov] ! sci5tific po9t ( view
 betwe5 pre-,d>w9ian & po/-,d>w9ian     
times is to be expla9$1 at lea/ 9 great 
"p1 by ! *ang+ circum/ances ( life1 &   
!re=e ( habituation1 among ! p (        

,*ri/5dom dur+ ! life-hi/ory ( mod]n    
sci5ce4 ,b ! gr[? ( a sci5tific po9t (  
view beg9s f>!r back ?an mod]n          
,*ri/5dom1 & a record ( its gr[? w\ld be
 a record ( ! gr[? ( human culture4     
,mod]n sci5ce dem&s a g5etic acc\nt ( ! 
ph5om5a ) :i* x deals1 & a g5etic       
inquiry into ! sci5tific po9t ( view    
necess>ily w h to make up its acc\nt ) !
 e>li] phases ( cultural gr[?4 ,a       
life-hi/ory ( human culture is a l>ge   
topic1 n to be attempt$ "h ev5 9 !      
sket*ie/ outl9e4 ,! mo/ t c be attempt$ 
is a ha/y review ( c]ta9 scatt]$        
que/ions & sali5t po9ts 9 ?is           
life-hi/ory4         99       99        
99       99       99  ,9 :at mann] & )  
:at effect ! idle curiosity ( mank9d    
fir/ began to tame ! facts ?r[n 9 its   
way1 f> back 9 ! night ( "t1 & to break 
!m 9 "u a s*eme ( habitual              
int]pretation2 :at may h be5 ! e>lie/   
norms ( sy/ematic k1 su* z w\ld s]ve !  
curiosity ( ! e>lie/ g5]ations ( m5 9 a 
way analog\s to ! s]vice r5d]$ !        

curiosity ( lat] g5]ations by sci5tific 
inquiry--all t is1 ( c\rse1 a matt] (   
long-range conjecture1 m or less wild1  
:i* _c be gone into "h4 ,b among su*    
peoples ( ! l[] cultures z h be5        
consi/5tly obs]v$1 norms ( k & s*emes = 
its sy/ematization are always f\nd4 ,^! 
norms & sy/ems ( k are naive & crude1   
p]haps1 b !re is fair gr\nd = presum+ t 
out ( ! l norms & sy/ems 9 ! remot] ages
 ( our own antec$5ts h gr[n up ! sy/ems 
( k cultivat$ by ! peoples ( hi/ory & by
 _! repres5tatives n[ liv+4  ,x is n    
unusual to say t ! primitive sy/ems ( k 
are con/ruct$ on animi/ic l9es2 t       
animi/ic sequ5ce is ! rule to :i* !     
facts are brok5 94 ,?is seems to be     
true1 if animism be con/ru$ 9 a         
suffici5tly naive & in*oate s5se4 ,b ?is
 is n ! :ole case4 ,9 _! high]          
g5]alisations1 9 :at ,p[ell calls _!    
sophiology1 x appe>s t ! primitive      
peoples are guid$ by animi/ic norms2 !y 
make up _! cosmological s*emes1 & ! l1 9
 t]ms ( p]sonal or quasi-p]sonal        

activity1 & ! :ole is ?r[n into some?+ (
 a dramatic =m4 ,?r\gh ! e>ly           
cosmological lore runs a dramatic       
consi/5cy :i* imputes some?+ 9 ! way (  
initiative & prop5sity to ! ph5om5a t   
are to be acc\nt$ =4 ,b ?is             
dramatisation ( ! facts1 ! acc\nt+ =    
ph5om5a 9 t]ms ( spiritual or           
quasi-spiritual initiative1 is by no    
means ! :ole case ( primitive m5's      
sy/ematic k ( facts4 ,_! !ories are n   
all ( ! nature ( dramatic leg5d1 my?1 or
 animi/ic life-hi/ory1 al?\gh ! broad] &
 m picturesque g5]alisations may take t 
=m4 ,!re always runs along by ! side (  
^! dramaturgic life-hi/ories1 & und]ly+ 
!m1 an obscure sy/em ( g5]alisations 9  
t]ms ( matt]-(-fact4 ,! sy/em (         
matt]-(-fact g5]alisations1 or !ories1  
is obscur] ?an ! dramatic g5]alisations 
only 9 ! s5se t x is left 9 ! backgr\nd 
z be+ less picturesque & ( less vital   
int]e/1 n 9 ! s5se ( be+ less famili>1  
less adequately appreh5d$1 or less      
secure4 ,! peoples ( ! l[] cultures "k t

 ! broad s*eme ( ?+s is to be expla9$ 9 
t]ms ( creation1 p]haps ( procreation1  
ge/ation1 bir?1 gr[?1 life & initiative2
 & ^! matt]s engross ! att5tion &       
/imulate speculation4 ,b !y "k equally  
well ! matt] ( fact t wat] w run d[n    
hill1 t two /ones are heavi] ?an "o (   
!m1 t an edge-tool w cut s(t] sub/ances1
 t two ?+s may be ti$ toge!r ) a /r+1 t 
a po9t$ /ick may be /uck 9 ! gr\nd1 & ! 
l4 ,!re is no range ( k t is held m     
securely by any p ?an su* matt]s ( fact2
 & ^! are g5]alisations f exp]i5ce2 !y  
are !oretical k1 & !y are a matt] (     
c\rse4 ,!y und]lie ! dramatical         
g5]alisations ( ! broad s*eme ( ?+s1 &  
are s employ$ 9 ! speculations ( !      
my?-mak]s & ! le>n$4  ,x may be t !     
exceptional effici5cy ( a giv5          
edge-tool1 e4g41 w be acc\nt$ = on      
animi/ic or quasi-p]sonal               
gr\nds1--gr\nds ( magical efficacy2 b x 
is ! exceptional behavior ( su* a tool t
 calls = explanation on ! high] gr\nd ( 
animi/ic pot5cy1 n its "w-day p]=mance (

 common "w4 ,s also if an edge-tool %\ld
 fail to d :at is expect$ ( x z a matt] 
( c\rse1 its failure may require an     
explanation 9 o!r t]ms ?an matt]-(-fact4
 ,b all t only s]ves to br+ into evid5ce
 ! fact t a s*eme ( g5]alisations 9 t]ms
 ( matt]-(-fact is securely held & is   
made use ( z a suffici5t & ultimate     
explanation ( ! m famili> ph5om5a (     
exp]i5ce4 ,^! commonplace matt]-(-fact  
g5]alisations are n que/ion$ & d n cla% 
) ! high] s*eme ( ?+s4  ,all ?is may    
seem l tak+ pa9s ab\t trivialities4 ,b !
 data ) :i* any sci5tific inquiry has to
 d are trivialities 9 "s o!r be>+ ?an t 
"o 9 :i* !y are ( acc\nt4  ,9 all       
succe$+ phases ( culture1 developm5tally
 subsequ5t to ! primitive phase suppos$ 
above1 !re is f\nd a simil> or analog\s 
division ( k betwe5 a high] range (     
!oretical explanations ( ph5om5a1 an    
ornate s*eme ( ?+s1 on ! "o h&1 & su* an
 obscure range ( matt]-(-fact           
g5]alisations z is "h spok5 (1 on ! o!r 
h&4 ,& ! evolution ( ! sci5tific po9t ( 

view is a matt] ( ! %ift+ =tunes :i* h 9
 ! c\rse ( cultural gr[? ov]tak5 ! "o & 
! o!r ( ^! two div]g5t me?ods (         
appreh5d+ & sy/ematis+ ! facts (        
exp]i5ce4  ,! hi/orians ( human culture 
h1 no d\bt ju/ly1 commonly dealt ) !    
mutations t h occurr$ on ! high] levels 
( intellectual ent]prise1 9 ! m         
ambiti\s1 m picturesque1 & less secure (
 ^! two contra/$ ranges ( !oretical k2  
:ile ! l[] range ( g5]alisations1 :i*   
has to d ) "w-day exp]i5ce1 has 9 great 
"p be5 pass$ ov] ) scant c]emony z ly+  
outside ! curr5t ( ideas1 & z belong+ r 
among ! ?+s :i* engage ! att5tion ?an   
among ! modes1 exp$i5ts & creations (   
?is att5tion itself4 ,!re is good reason
 = ?is relative neglect ( ! "w-day      
matt]s ( fact4 ,x is on ! high] levels (
 speculative g5]alisation t ! impressive
 mutations 9 ! developm5t ( ?\ght h tak5
 place1 & t ! %ift+ ( po9ts ( view & !  
cla%+ ( convictions h drawn m5 into     
controv]sy & analysis ( _! ideas & h    
giv5 rise to s*ools ( ?\ght4 ,!         

matt]-(-fact g5]alisations h met )      
relatively few adv5tures & h af=d$      
little scope = intellectual initiative &
 pr(\ndly picturesque speculation4 ,on !
 high] levels speculation is fre]1 !    
creative _s has "s scope1 because its   
excursions are n s imm$iately & h>%ly   
*eck$ by mat]ial facts4  ,9 ^!          
speculative ranges ( k x is possible to 
=m & to ma9ta9 habits ( ?\ght :i* %all  
be consi/5t ) !mselves & ) ! habit ( m9d
 & run ( tradition preval5t 9 !         
community at ! "t1 ?\gh n !reby consi/5t
 ) ! mat]ial actualities ( life 9 !     
community4 ,yet ?is range ( speculative 
g5]alisation1 :i* makes up ! high] le>n+
 ( ! b>b>ian culture1 is also controll$1
 *eck$1 & guid$ by ! community's habits 
( life2 x1 too1 is an integral "p ( !   
s*eme ( life & is an outcome ( !        
habituation en=c$ by exp]i5ce4 ,b x does
 n re/ imm$iately on m5's deal+s ) !    
refractory ph5om5a ( brute creation1 nor
 is x guid$1 undisguis$ & directly1 by !
 habitual mat]ial 7indu/rial7           

occupations4 ,! fabric ( in/itutions    
int]v5es betwe5 ! mat]ial exig5cies (   
life & ! speculative s*eme ( ?+s4  ,!   
high] !oretical k1 t body ( t5ets :i*   
rises to ! dignity ( a philosophical or 
sci5tific sy/em1 9 ! e>ly culture1 is a 
complex ( habits ( ?\ght :i* reflect !  
habits ( life embodi$ 9 ! in/itutional  
/ructure ( society2 :ile ! l[]1         
matt]-(-fact g5]alisations ( "w-day     
effici5cy--! trivial matt]s (           
c\rse--reflect ! workmanlike habits (   
life en=c$ by ! commonplace mat]ial     
exig5cies "u :i* m5 live4 ,! di/9ction  
is analog\s1 & inde$1 closely relat$1 to
 ! di/9ction betwe5 intangible &        
tangible assets4 ,& ! in/itutions are m 
flexible1 !y involve or admit a l>g]    
m>g9 ( error1 or ( tol]ance1 ?an !      
mat]ial exig5cies4 ,! latt] are         
sy/ematis$ into :at economi/s h call$ ! 
/ate ( ! indu/rial arts1 :i* en=ce a    
some:at rigor\s /&>disation ( :atev] k  
falls )9 _! scope2 :]eas ! in/itutional 
s*eme is a matt] ( law & cu/om1 politics

 & religion1 ta/e & morals1 on all ( :i*
 matt]s m5 h op9ions & convictions1 & on
 :i* all m5 h a "r to _! own op9ions4 ,!
 s*eme ( in/itutions is also n          
necess>ily uni=m ?r\gh\t ! sev]al       
classes ( society2 & ! same in/itution  
7z1 e4g41 slav]y1 own]%ip1 or royalty7  
does n imp+e ) ! same effect on all     
p>ties t\*$ by x4 ,! discipl9e ( any    
in/itution ( s]vitude1 e4g41 is n ! same
 = ! ma/] z = ! s]f1 etc4 ,if !re is a  
consid]able in/itutional discrepancy    
betwe5 an upp] & a l[] class 9 !        
community1 lead+ to div]g5t l9es (      
habitual int]e/ or discipl9e2 if by =ce 
( ! cultural s*eme ! in/itutions (      
society are *iefly 9 ! keep+ ( "o class1
 ^: att5tion is !n l>gely engross$ ) !  
ma9t5ance ( ! s*eme ( law & ord]2 :ile !
 workmanlike activities are *iefly 9 !  
h&s ( ano!r class1 9 ^: appreh5sion !   
ma9t5ance ( law & ord] is at ! be/ a    
we>isome tribulation1 !re is likely to  
be a simil>ly consid]able div]g5ce or   
discrepancy betwe5 ! speculative k1     

cultivat$ prim>ily by ! upp] class1 & ! 
"w-day k :i* is prim>ily 9 ! keep+ ( !  
l[] class4 ,su*1 9 p>ticul>1 w be ! case
 if ! community is organis$ on a co]cive
 plan1 ) well-m>k$ rul+ & subject       
classes4 ,! important & int]e/+         
in/itutions 9 su* a case1 ^? in/itutions
 :i* fill a l>ge angle 9 m5's vision &  
c>ry a great =ce ( au!nticity1 are !    
in/itutions ( co]cive control1          
diff]5tial au?ority & subjection1       
p]sonal dignity & consequ5ce2 & !       
speculative g5]alisations1 ! in/itutions
 ( ! realm ( k1 are creat$ 9 ! image (  
^! social in/itutions ( /atus & p]sonal 
=ce1 & fall into a s*eme drawn aft] !   
plan ( ! code ( honor4 ,! "w-day        
g5]alisations1 :i* em]ge f ! /ate ( !   
indu/rial arts1 concomitantly fall into 
a deep] obscurity1 answ]+ to ! dep? (   
indignity to :i* workmanlike effici5cy  
s9ks "u su* a cultural s*eme2 & !y c t\*
 & *eck ! curr5t speculative k only     
remotely & incid5tally4 ,"u su* a       
bifurcate s*eme ( culture1 ) its        

concomitant two-cleft sy/ematisation (  
k1 reality is likely to be widely       
dissociat$ f fact--t is to say1 !       
realities & v]ities :i* are accept$ z   
au!ntic & conv9c+ on ! plane (          
speculative g5]alisation2 :ile sci5ce   
has no %[--t is to say1 sci5ce 9 t mod]n
 s5se ( ! t]m :i* implies a close       
contact1 if n a co9cid5ce1 ( reality )  
fact4  ,:]eas1 if ! in/itutional fabric1
 ! community's s*eme ( life1 *anges 9   
su* a mann] z to ?r[ ! "w-day exp]i5ce  
into ! =egr\nd ( att5tion & to c5t] !   
habitual int]e/ ( ! p on ! imm$iate     
mat]ial relations ( m5 to ! brute       
actualities1 !n ! int]val betwe5 !      
speculative realm ( k1 on ! "o h&1 & !  
"w-day g5]alisations ( fact1 on ! o!r   
h&1 is likely to less51 & ! two ranges (
 k are likely to conv]ge m or less      
effectually ^u a common gr\nd4 ,:5 !    
gr[? ( culture falls into su* l9es1 ^!  
two me?ods & norms ( !oretical =mulation
 may pres5tly come to fur!r & =tify "o  
ano!r1 & some?+ 9 ! way ( sci5ce has at 

lea/ a *ance to arise4         99       
99       99       99       99  ,on ?is  
view !re is a degree ( int]dep5d5ce     
betwe5 ! cultural situation & ! /ate (  
!oretical inquiry4 ,to illu/rate ?is    
int]dep5d5ce1 or ! concomitance betwe5 !
 cultural s*eme & ! "* ( !oretical      
speculation1 x may be 9 place to call to
 m9d c]ta9 concomitant v>iations ( a    
g5]al "* :i* occur 9 ! l[] cultures     
betwe5 ! s*eme ( life & ! s*eme ( k4 ,9 
?is t5tative & fragm5t>y pres5tation (  
evid5ce !re is no?+ novel to be br\ght  
=w>d2 /ill less is !re any?+ to be (f]$ 
:i* c>ries ! weight ( au?ority4  ,on !  
l[] levels ( culture1 ev5 m decid$ly ?an
 on ! high]1 ! speculative              
sy/ematisation ( k is prone to take ! =m
 ( !ology 7my?ology7 & cosmology4 ,?is  
!ological & cosmological lore s]ves !   
savage & b>b>ic peoples z a !oretical   
acc\nt ( ! s*eme ( ?+s1 & its *>act]i/ic
 traits v>y 9 response to ! v>iations ( 
! in/itutional s*eme "u :i* ! community 
lives4 ,9 a prevail+ly peaceable        

agricultural community1 su*1 e4g41 z ! m
 peaceable ,pueblo ,indians or ! m      
settl$ ,indians ( ! ,middle ,we/1 !re is
 little co]cive au?ority1 few & slight  
class di/9ctions involv+ sup]iority &   
inf]iority2 prop]ty rights are few1     
slight & un/able2 relation%ip is likely 
to be c\nt$ 9 ! female l9e4 ,9 su* a    
culture ! cosmological lore is likely to
 (f] explanations ( ! s*eme ( ?+s 9 t]ms
 ( g5]ation or g]m9ation & gr[?4        
,creation by fiat is n obtrusively or   
*>act]i/ically pres5t4 ,! laws ( nature 
be> ! "* ( an habitual behavior ( ?+s1 r
 ?an t ( an au?oritative code (         
ord9ances impos$ by an ov]rul+          
provid5ce4 ,! !ology is likely to be    
poly!i/ic 9 an extreme degree & 9 an    
extremely loose s5se ( ! t]m1 embody+   
relatively little ( ! suz]a9ty ( ,god4  
,! relation ( ! deities to mank9d is    
likely to be t ( consangu9ity1 & z if to
 emphasise ! peaceable1 non-co]cive "* (
 ! div9e ord] ( ?+s1 ! deities are1 9 ! 
ma91 v apt to be females4 ,! matt]s (   

int]e/ dealt ) 9 ! cosmological !ories  
are *iefly matt]s ( ! livelihood ( ! p1 
! gr[? & c>e ( ! crops1 & ! promotion ( 
indu/rial ways & means4  ,) ^! ph5om5a (
 ! peaceable culture may be contra/$ !  
ord] ( ?+s f\nd among a pr$atory pa/oral
 p--& pa/oral peoples t5d /rongly to    
take on a pr$atory cultural s*eme4 ,su* 
a p w adopt male deities1 9 ! ma91 & w  
impute to !m a co]cive1 imp]i\s1        
arbitr>y animus & a degree ( pr9cely    
dignity4 ,!y w also t5d /rongly to a    
mono!i/ic1 patri>*al s*eme ( div9e      
gov]nm5t2 to expla9 ?+s 9 t]ms (        
creative fiat2 & to a belief 9 ! control
 ( ! natural univ]se by rules impos$ by 
div9e ord9ance4 ,! matt]s ( prime       
consequ5ce 9 ?is !ology are matt]s ( !  
s]vile relation ( man to ,god1 r ?an !  
details ( ! que/ ( a livelihood4 ,!     
emphasis falls on ! glory ( ,god r ?an  
on ! good ( man4 ,! ,hebrew scriptures1 
p>ticul>ly ! ,jahvi/ic elem5ts1 %[ su* a
 s*eme ( pa/oral cultural & pr$atory    
!oretical g5]alisations4  ,! le>n+      

cultivat$ on ! l[] levels ( culture     
might be gone into at "s l5g? if space &
 "t p]mitt$1 b ev5 :at has be5 said may 
s]ve to %[1 9 ! mo/ g5]al way1 :at are !
 *>act]i/ic m>ks ( ?is savage & b>b>ian 
lore4 ,a simil>ly summ>y *>act]isation (
 a cultural situation ne>] home w be> m 
directly on ! imm$iate topic ( inquiry4 
,! le>n+ ( m$iaeval ,*ri/5dom %[s su* a 
concomitance betwe5 ! s*eme ( k & !     
s*eme ( in/itutions1 some:at analog\s to
 ! b>b>ic ,hebrew situation4 ,! m$iaeval
 s*eme ( in/itutions 0 ( a co]cive1     
au?oritative "*1 ess5tially a s*eme (   
grad$ ma/]y & grad$ s]vitude1 9 :i* a   
code ( honor & a bill ( diff]5tial      
dignity held ! mo/ important place4 ,!  
!ology ( t "t 0 ( a l "*4 ,x 0 a        
mono!i/ic1 or r a mon>*ical sy/em1 & ( a
 despotic complexion4 ,! cosmological   
s*eme 0 drawn 9 t]ms ( fiat2 & ! natural
 philosophy 0 occupi$1 9 ! ma9 & 9 its  
mo/ solemn endeavors1 ) ! coroll>ies to 
be subsum$ "u ! div9e fiat4 ,:5 !       
philosophical speculation dealt ) facts 

x aim$ to int]pret !m into sy/ematic    
consi/5cy ) ! glory ( ,god & ! div9e    
purpose4 ,! realities ( ! s*ola/ic lore 
7 spiritual1 quasi-p]sonal1 intangible1 
& fell into a scale ( diff]5tial dignity
 & prepot5cy4 ,matt]-(-fact k & "w-day  
in=mation 7 n !n fit topics ( dignifi$  
inquiry4 ,! int]val1 or discrepancy1    
betwe5 reality & actuality 0 fairly     
wide4 ,?r\gh\t t era1 ( c\rse1 "w-day k 
also cont9ually increas$ 9 volume &     
consi/5cy2 te*nological pr(ici5cy 0     
ga9+2 ! effective control ( natural     
processes 0 gr[+ l>g] & m secure2 %[+ t 
matt]-(-fact !ories drawn f exp]i5ce 7  
be+ ext5d$ & 7 made increas+ use (4 ,b  
all ?is w5t on 9 ! field ( indu/ry2 !   
matt]-(-fact !ories 7 accept$ z         
sub/antial & ultimate only = ! purposes 
( indu/ry1 only z te*nological maxims1 &
 7 b5ea? ! dignity ( sci5ce4  ,) !      
transition to mod]n times indu/ry comes 
into ! =egr\nd 9 ! we/-,european s*eme (
 life1 & ! in/itutions ( ,european      
civilisation fall into a m intimate     

relation ) ! exig5cies ( indu/ry &      
te*nology4 ,! te*nological range (      
habituation progressively c\nts = m 9 ! 
cultural complex1 & ! discrepancy betwe5
 ! te*nological discipl9e & ! discipl9e 
( law & ord] "u ! in/itutions !n 9 =ce  
gr[s progressively less4 ,! in/itutions 
( law & ord] take on a m imp]sonal1 less
 co]cive "*4 ,diff]5tial dignity &      
invidi\s discrim9ations betwe5 classes  
gradually lose =ce4  ,! indu/ry :i* s   
comes into ! =egr\nd & s affects ! s*eme
 ( in/itutions is peculi> 9 t its mo/   
obvi\s & *>act]i/ic trait is !          
workmanlike initiative & effici5cy ( !  
individual h&icraftsman & ! individual  
ent]prise ( ! petty trad]4 ,! te*nology 
:i* embodies ! !oretical sub/ance ( ?is 
indu/ry is a te*nology ( workman%ip1 9  
:i* ! sali5t factors are p]sonal skill1 
=ce & dilig5ce4 ,su* a te*nology1 runn+ 
z x does 9 great "p on p]sonal          
initiative1 capacity1 & application1    
approa*es ne>] to ! commonplace features
 ( ! in/itutional fabric ?an _m ano!r   

te*nological sy/em might2 & its         
discipl9>y effects 9 "s consid]able     
measure bl5d ) ^? ( ! in/itutional      
discipl9e4 ,! two l9es ( habituation1 9 
! great era ( h&icraft & petty trade1   
ev5 came to coalesce & =tify "o ano!r2 z
 9 ! organisation ( ! craft gilds & ( ! 
indu/rial t[ns4 ,indu/rial life & usage 
came to intrude creatively into !       
cultural s*eme on ! "o h& & into ! s*eme
 ( au!ntic k on ! o!r h&4 ,s ! body (   
matt]-(-fact k1 9 mod]n times1 is m & m 
drawn into ! compass ( !oretical        
inquiry2 & !oretical inquiry takes on m 
& m ( ! animus & me?od ( te*nological   
g5]alisation4 ,b ! matt]-(-fact elem5ts 
s drawn 9 are con/ru$ 9 t]ms (          
workmanlike initiative & effici5cy1 z   
requir$ by ! te*nological preconceptions
 ( ! era ( h&icraft4  ,9 ?is way1 x may 
be conceiv$1 mod]n sci5ce comes into !  
field "u ! cloak ( te*nology & gradually
 encroa*es on ! doma9 ( au!ntic !ory    
previ\sly held by o!r1 high]1 nobl]1 m  
pr(\nd1 m spiritual1 m intangible       

conceptions & sy/ems ( k4 ,9 ?is e>ly   
phase ( mod]n sci5ce its c5tral norm &  
univ]sal solv5t is ! concept (          
workmanlike initiative & effici5cy4 ,?is
 is ! new organon4 ,:atev] is to be     
expla9$ mu/ be r$uc$ to ?is notation &  
expla9$ 9 ^! t]ms2 o!rwise ! inquiry    
does n come to re/4 ,b :5 ! requirem5ts 
( ?is notation 9 t]ms ( workman%ip h be5
 duly fulfill$ ! inquiry does come to   
re/4  ,by ! e>ly decades ( ! n9ete5?    
c5tury1 ) a passable degree (           
?or\ghness1 o!r gr\nds ( validity & o!r 
int]pretations ( ph5om5a1 o!r v\*]s =   
tru? & reality1 _h be5 elim9at$ f ! que/
 ( au!ntic k & f ! t]ms 9 :i* !oretical 
results 7 conceiv$ or express$4 ,! new  
organon _h made good its pret5sions4 ,9 
?is movem5t to e/abli% ! hegemony (     
workmanlike effici5cy--"u ! /yle & title
 ( ! law ( causation1 or ( effici5t     
cause--9 ! realm ( k1 ! ,engli%-speak+  
communities took ! lead aft] ! e>li]    
sci5tific onset ( ! s\?-,european       
communities _h gone up 9 ! smoke ( w>1  

politics & religion dur+ ! great era (  
/ate-mak+4 ,! gr\nd ( ?is ,briti% lead 9
 sci5ce is app>5tly ! same z t ( !      
,briti% lead 9 te*nology :i* came to a  
head 9 ! ,indu/rial ,revolution2 & ^!   
two associat$ episodes ( ,european      
civilisation are app>5tly bo? traceable 
to ! relatively peaceable run ( life1 & 
s ( habituation1 9 ! ,engli%-speak+     
communities1 z contra/$ ) ! communities 
( ! cont95t4#c  ,along ) ! habits (     
?\ght peculi> to ! te*nology ( h&icraft1
 mod]n sci5ce also took ov] & assimilat$
 mu* ( ! in/itutional preconceptions ( !
 era ( h&icraft & petty trade4 ,!       
natural laws1 ) ! =mulation ( :i* ?is   
e>ly mod]n sci5ce is occupi$1 are !     
rules gov]n+ natural uni=mities (       
sequ5ce2 & !y punctili\sly =mulate ! due
 proc$ure ( any giv5 cause creatively   
work+ out ! a*ievem5t ( a giv5 effect1 v
 mu* z ! craft rules sagaci\sly specifi$
 ! due r\t9e = turn+ out a /aple article
 ( m]*antable goods4 ,b ^! natural laws 
( sci5ce are also felt to h some?+ ( t  

integrity & prescriptive moral =ce t    
belongs to ! pr9ciples ( ! sy/em (      
natural rights :i* ! era ( h&icraft has 
contribut$ to ! in/itutional s*eme (    
lat] times4 ,! natural laws 7 n only    
held to be true to fact1 b !y 7 also    
felt to be "r & good4 ,!y 7 look$ ^u z  
intr9sically m]itori\s & b5efic5t1 & 7  
held to c>ry a sanction ( _! own4 ,?is  
habit ( uncritically imput+ m]it &      
equity to ! natural laws ( sci5ce       
cont9u$ 9 =ce ?r\gh mu* ( ! n9ete5?     
c5tury2 v mu* z ! habitual acceptance ( 
! pr9ciples ( natural rights has held on
 by =ce ( tradition long aft] !         
exig5cies ( exp]i5ce out ( :i* ^! rights
 sprang ceas$ to %ape m5's habits (     
life4#d ,?is traditional attitude (     
submissive approval t[>d ! natural laws 
( sci5ce has n yet be5 :olly lo/1 ev5   
among ! sci5ti/s ( ! pass+ g5]ation1 _m 
( :om h uncritically inve/$ ^! laws ) a 
prescriptive rectitude & excell5ce2 b s 
f>1 at lea/1 has ?is animus progress$   
t[>d disuse t x is n[ *iefly a matt] =  

expatiation 9 ! pulpit1 ! accr$it$ v5t =
 ! exudation ( effete matt] f ! cultural
 organism4  ,! traditions ( ! h&icraft  
te*nology la/$ ov] z a commonplace habit
 ( ?\ght 9 sci5ce long aft] t te*nology 
_h ceas$ to be ! decisive elem5t 9 !    
indu/rial situation2 :ile a new         
te*nology1 ) its inculcation ( new      
habits ( ?\ght1 new preconceptions1     
gradually made its way among ! remnants 
( ! old1 alt]+ !m1 bl5d+ ) !m1 & little 
by little sup]s$+ !m4 ,! new            
te*nological dep>ture1 :i* made its fir/
 great epo* 9 ! s-call$ indu/rial       
revolution1 9 ! te*nological asc5dancy (
 ! ma*9e-process1 br\ght a new &        
*>act]i/ic discipl9e into ! cultural    
situation4 ,! beg9n+s ( ! ma*9e-era lie 
f> back1 no d\bt2 b x is only ( late1   
dur+ ! pa/ c5tury at ! mo/1 t !         
ma*9e-process c be said to h come into !
 dom9ant place 9 ! te*nological s*eme2 &
 x is only lat] /ill t its discipl9e    
has1 ev5 9 great "p1 remodel$ ! curr5t  
preconceptions z to ! sub/antial nature 

( :at goes on 9 ! curr5t ( ph5om5a ^:   
*anges excite ! sci5tific curiosity4 ,x 
is only relatively v lately1 :e!r 9     
te*nological "w or 9 sci5tific inquiry1 
t m5 h fall5 into ! habit ( ?9k+ 9 t]ms 
( process r ?an 9 t]ms ( ! workmanlike  
effici5cy ( a giv5 cause work+ to a giv5
 effect4  ,^! ma*9e-made preconceptions 
( mod]n sci5ce1 be+ habits ( ?\ght      
induc$ by ! ma*9e te*nology 9 indu/ry & 
9 daily life1 h ( c\rse fir/ & mo/      
consi/5tly affect$ ! "* ( ^? sci5ces ^: 
subject matt] lies ne>e/ to !           
te*nological field ( ! ma*9e-process2 & 
9 ^! mat]ial sci5ces ! %ift+ to !       
ma*9e-made po9t ( view has be5          
relatively v consi/5t1 giv+ a highly    
imp]sonal int]pretation ( ph5om5a 9 t]ms
 ( consecutive *ange1 & leav+ little ( !
 anci5t preconceptions ( diff]5tial     
reality or creative causation4 ,9 su* a 
sci5ce z physics or *emi/ry1 e4g41 we   
are ?reat5$ ) ! disappe>ance or         
dissipation ( all /able & effici5t      
sub/ances2 _! place be+ suppli$1 or _!  

ph5om5a be+ !oretically expla9$1 by     
appeal to unremitt+ processes (         
inconceivably high-pit*$ consecutive    
*ange4  ,9 ! sci5ces :i* lie f>!r afield
 f ! te*nological doma91 & :i*1 !re=e1 9
 po9t ( habituation1 are remot] f ! c5t]
 ( di/urbance1 ! effect ( ! ma*9e       
discipl9e may ev5 yet be sc>cely        
appreciable4 ,9 su* lore z e?ics1 e4g41 
or political !ory1 or ev5 economics1 mu*
 ( ! norms ( ! regime ( h&icraft /ill   
/&s ov]2 & v mu* ( ! in/itutional       
preconceptions ( natural rights1        
associat$ ) ! regime ( h&icraft 9 po9t (
 g5esis1 gr[? & cont5t1 is n only /ill  
intact 9 ?is field ( inquiry1 b x c     
sc>cely ev5 be claim$ t !re is gr\nd =  
s]i\s appreh5sion ( its prospective     
obsolesc5ce4 ,inde$1 some?+ ev5 m anci5t
 ?an h&icraft & natural rights may be   
f\nd surviv+ 9 good vigor 9 ?is moral   
field ( inquiry1 :]e te/s ( au!nticity &
 reality are /ill s\ght & f\nd by ^? :o 
cultivate ^! l9es ( inquiry t lie beyond
 ! imm$iate sweep ( ! ma*9e's discipl9e4

 ,ev5 ! evolution>y process ( cumulative
 causation z conceiv$ by ! adepts ( ^!  
sci5ces is infus$ ) a pret]natural1     
b5efic5t tr5d2 s t evolution is conceiv$
 to mean amelioration or improvem5t4 ,! 
metaphysics ( ! ma*9e te*nology has n   
yet :olly1 p]haps n ma9ly1 sup]s$$ !    
metaphysics ( ! code ( honor 9 ^? l9es (
 inquiry t h to d ) human initiative &  
aspiration4 ,:e!r su* a %ift+ ( ! po9t (
 view 9 ^! sci5ces %all ev] be effect$  
is /ill an op5 "q4 ,"h !re /ill are     
spiritual v]ities :i* transc5d ! sweep (
 consecutive *ange4 ,t is to say1 !re   
are /ill curr5t habits ( ?\ght :i*      
def9itively pr$ispose _! be>]s to br+ _!
 inquiries to re/ on gr\nds ( diff]5tial
 reality & invidi\s m]it4  ,,footnotes3 
#a ,read be=e ! ,kosmos ,club1 at !     
,univ]sity ( ,cali=nia1 ,may #d1 #aijh4 
,repr9t$ by p]mission f ! ,univ]sity (  
,cali=nia ,*ronicle1 ,vol4 ,x1 ,no4 #d4 
#b ,x is by no means unusual = mod]n    
sci5ti/s to d5y ! tru? ( ?is            
*>act]ization1 s f> z reg>ds ?is alleg$ 

rec\rse to ! concept ( causation4 ,!y   
d5y t su* a concept--( effici5cy1       
activity1 & ! l--ent]s1 or c            
legitimately ent]1 into _! "w1 :e!r z an
 in/rum5t ( rese>* or z a means or guide
 to !oretical =mulation4 ,!y ev5 d5y !  
sub/antial cont9uity ( ! sequ5ce (      
*anges t excite _! sci5tific att5tion4  
,?is attitude seems p>ticul>ly to comm5d
 itself to ^? :o by pref]5ce att5d to ! 
ma!matical =mulations ( !ory & :o are   
*iefly occupi$ ) prov+ up & work+ out   
details ( ! sy/em ( !ory :i* h previ\sly
 be5 left unsettl$ or uncov]$4 ,!       
concept ( causation is recogniz$ to be a
 metaphysical po/ulate1 a matt] (       
imputation1 n ( obs]vation2 :]eas x is  
claim$ t sci5tific inquiry nei!r does   
nor c legitimately1 nor1 inde$1         
curr5tly1 make use ( a po/ulate m       
metaphysical ?an ! concept ( an idle    
concomitance ( v>iation1 su* z is       
adequately express$ 9 t]ms ( ma!matical 
function4  ,! cont5tion seems s\nd1 to !
 ext5t t ! mat]ials--ess5tially         

/ati/ical mat]ials--) :i* sci5tific     
inquiry is occupi$ are ( ?is            
non-committal "*1 & t ! ma!matical      
=mulations ( !ory include no fur!r      
elem5t ?an t ( idle v>iation4 ,su* is   
necess>ily ! case because causation is a
 fact ( imputation1 n ( obs]vation1 & s 
_c be includ$ among ! data2 & because   
no?+ fur!r ?an non-committal v>iation c 
be express$ 9 ma!matical t]ms4 ,a b>e   
notation ( quantity c convey no?+ fur!r4
  ,if x 7 ! int5tion to claim only t !  
conclusions ( ! sci5ti/s are1 or %\ld   
be1 z a matt] ( cons]vative caution1    
ov]tly /at$ 9 t]ms ( function alone1 !n 
! cont5tion might well be all[$4 ,causal
 sequ5ce1 effici5cy or cont9uity is1 (  
c\rse1 a matt] ( metaphysical           
imputation4 ,x is n a fact ( obs]vation1
 & _c be ass]t$ ( ! facts ( obs]vation  
except z a trait imput$ to !m4 ,x is s  
imput$1 by sci5ti/s & o!rs1 z a matt] ( 
logical necessity1 z a basis ( a        
sy/ematic k ( ! facts ( obs]vation4     
,beyond ?is1 9 _! ex]cise ( sci5tific   

initiative1 z well z 9 ! norms :i* guide
 ! sy/ematisation ( sci5tific results1 !
 cont5tion w n be made good--at lea/ n =
 ! curr5t phase ( sci5tific k4 ,! claim1
 inde$1 c>ries its own refutation4 ,9   
mak+ su* a claim1 bo? 9 reject+ !       
imputation ( metaphysical po/ulates & 9 
def5d+ _! position aga9/ _! critics1 !  
argum5ts put =w>d by ! sci5ti/s run 9   
causal t]ms4 ,= ! polemical purposes1   
:]e _! antagoni/s are to be             
sci5tifically confut$1 ! def5d]s ( !    
non-committal po/ulate ( concomitance   
f9d t po/ulate inadequate4 ,!y are n    
cont5t1 9 ?is prec>i\s conjuncture1     
simply to atte/ a relation ( idle       
quantitative concomitance 7ma!matical   
function7 betwe5 ! allegations ( _!     
critics1 on ! "o h&1 & _! own           
controv]sial exposition ( ^! matt]s on !
 o!r h&4 ,!y argue t !y d n make use (  
su* a po/ulate z effici5cy1 :]eas !y    
claim to make use ( ! concept (         
function4 ,b make use ( is n a notion ( 
functional v>iation b ( causal effici5cy

 9 a some:at gross & highly             
an?ropomorphic =m4 ,! relation betwe5 _!
 own ?9k+ & ! pr9ciples :i* !y apply or 
! exp]im5ts & calculations :i* !y       
in/itute 9 _! se>* = facts1 is n held to
 be ( ?is non-committal k9d4 ,x w n be  
claim$ t ! %rewd insight & ! bold       
initiative ( a man em95t 9 ! empirical  
sci5ces be> no m effici5t or            
consequ5tial a relation ?an t (         
ma!matical function to ! +5i\s exp]im5ts
 by :i* he te/s 8 hypo!ses & ext5ds !   
secure b\nds ( human k4 ,lea/ ( all is !
 ma/]ly exp]im5tali/ himself 9 a        
position to d5y t 8 intellig5ce c\nts = 
some?+ m effici5t ?an idle concomitance 
9 su* a case4 ,! connection betwe5 8    
premises1 hypo!ses1 & exp]im5ts1 on ! "o
 h&1 & 8 !oretical results1 on ! o!r h&1
 is n felt to be ( ! nature ( ma!matical
 function4 ,consi/5tly adh]$ to1 !      
pr9ciple ( function or concomitant      
v>iation precludes rec\rse to exp]im5t1 
hypo!ses or inquiry--inde$1 x precludes 
rec\rse to any?+ :atev]4 ,its notation  

does n comprise any?+ s an?ropomorphic4 
,! case is illu/rat$ by ! latt]-day     
hi/ory ( !oretical physics4 ,( ! sci5ces
 :i* affect a non-committal attitude 9  
respect ( ! concept ( effici5cy & :i*   
claim to get along ) ! notion (         
ma!matical function alone1 physics is ! 
mo/ outspok5 & ! "o 9 :i* ! claim has ! 
be/ prima facie validity4 ,at ! same "t1
 latt]-day physici/s1 = a hundr$ ye>s or
 m1 h be5 mu* occupi$ ) expla9+ h[      
ph5om5a :i* to all appe>ance involve    
action at a di/ance d n involve action  
at a di/ance at all4 ,! great] !oretical
 a*ievem5ts ( physics dur+ ! pa/ c5tury 
lie )9 ! sweep ( ?is 7metaphysical7     
pr9ciple t action at a di/ance does n   
take place1 t app>5t action at a di/ance
 mu/ be expla9$ by effective contact1   
?r\gh a cont9uum1 or by a mat]ial       
transf]5ce4 ,b ?is pr9ciple is no?+     
bett] ?an an unreason+ repugnance on !  
"p ( ! physici/s to admitt+ action at a 
di/ance4 ,! requirem5t ( a cont9uum     
involves a gross =m ( ! concept (       

effici5t causation4 ,! functional       
concept1 concomitant v>iation1 requires 
no contact & no cont9uum4 ,concomitance 
at a di/ance is q z simple & conv9c+ a  
notion z concomitance )9 contact or by !
 int]v5tion ( a cont9uum1 if n m s4 ,:at
 /&s 9 ! way ( its acceptance is !      
irrepressible an?ropomorphism ( !       
physici/s4 ,& yet ! great a*ievem5ts (  
physics are due to ! initiative ( m5    
animat$ ) ?is an?ropomorphic repugnance 
to ! notion ( concomitant v>iation at a 
di/ance4 ,all ! g5]alisations on        
undulatory motion & translation belong  
"h4 ,! latt]-day rese>*es 9 light1      
electrical transmission1 ! !ory ( ions1 
toge!r ) :at is kn[n ( ! obscure &      
late-f\nd radiations & emanations1 are  
to be cr$it$ to ! same metaphysical     
preconception1 :i* is nev] abs5t 9 any  
sci5tific inquiry 9 ! field ( physical  
sci5ce4 ,x is only ! occult & ,*ri/ian  
,sci5ces t c disp5se ) ?is metaphysical 
po/ulate & take rec\rse to abs5t        
treatm5t4  #c ,a broad exception may    

p]haps be tak5 at ?is po9t1 to ! effect 
t ?is sket* ( ! gr[? ( ! sci5tific      
animus ov]looks ! sci5ce ( ! ,anci5ts4  
,! sci5tific a*ievem5ts ( classical     
antiquity are a less obscure topic      
to-day ?an ev] be=e dur+ mod]n times1 & 
! m !re is kn[n ( !m ! l>g] is ! cr$it  
giv5 !m4 ,b x is to be not$ t1 7a7 !    
relatively l>ge & free gr[? ( sci5tific 
inquiry 9 classical antiquity is to be  
f\nd 9 ! relatively peaceable &         
indu/rial ,greek communities 7) an      
indu/rial culture ( unkn[n pre-,hell5ic 
antiquity71 & 7b7 t ! sci5ces be/ &     
*iefly cultivat$ 7 ^? :i* re/ on a      
ma!matical basis1 if n ma!matical       
sci5ces 9 ! simpl] s5se ( ! t]m4 ,n[1   
ma!matics occupies a s+ul> place among !
 sci5ces1 9 t x is1 9 its pure =m1 a    
logical discipl9e simply2 its subject   
matt] be+ ! logic ( quantity1 & its     
rese>*es be+ ( ! nature ( an analysis ( 
! intellect's modes ( deal+ ) matt]s (  
quantity4 ,its g5]alisations are        
g5]alisations ( logical proc$ure1 :i*   

are te/$ & v]ifi$ by imm$iate           
self-obs]vation4 ,su* a sci5ce is 9 a   
peculi> degree1 b only 9 a peculi>      
degree1 indep5d5t ( ! detail-discipl9e (
 daily life1 :e!r te*nological or       
in/itutional2 &1 giv5 ! prop5sity--!    
intellectual ent]prise1 or idle         
curiosity--to g into speculation 9 su* a
 field1 ! results c sc>cely v>y 9 a     
mann] to make ! v>iants inconsi/5t among
 !mselves2 nor ne$ ! /ate ( in/itutions 
or ! /ate ( ! indu/rial arts s]i\sly    
color or di/ort su* analytical "w 9 su* 
a field4 ,ma!matics is peculi>ly        
indep5d5t ( cultural circum/ances1 s9ce 
x deals analytically ) mank9d's native  
gifts ( logic1 n ) ! ephem]al traits    
acquir$ by habituation4  #d ,natural    
laws1 :i* are held to be n only correct 
=mulations ( ! sequ5ce ( cause & effect 
9 a giv5 situation b also m]itori\sly "r
 & equitable rules gov]n+ ! run ( ev5ts1
 necess>ily impute to ! facts & ev5ts 9 
"q a t5d5cy to a good & equitable1 if n 
b5efic5t1 consummation2 s9ce x is       

necess>ily ! consummation1 ! effect     
consid]$ z an accompli%$ outcome1 t is  
to be adjudg$ good & equitable1 if      
any?+4 ,h5ce ^! natural laws1 z         
traditionally conceiv$1 are laws gov]n+ 
! accompli%m5t ( an end--t is to say1   
laws z to h[ a sequ5ce ( cause & effect 
comes to re/ 9 a f9al t]m4     ,,:y ,,is
 ,,economics ,,n ,,an ,,evolution>y     
,,sci5ce8#a   ,m4 ,g4 ,de ,lap\ge       
rec5tly said1 ,an?ropology is de/9$ to  
revolutionise ! political & ! social    
sci5ces z radically z bact]iology has   
revolutionis$ ! sci5ce ( m$ic9e4#b ,9 s 
f> z he speaks ( economics1 ! em95t     
an?ropologi/ is n alone 9 8 conviction t
 ! sci5ce /&s 9 ne$ ( rehabilitation4 ,8
 words convey a rebuke & an admonition1 
& 9 bo? respects he speaks ! s5se ( _m  
sci5ti/s 9 8 own & relat$ l9es (        
inquiry4 ,x may be tak5 z ! cons5sus (  
^? m5 :o are do+ ! s]i\s "w ( mod]n     
an?ropology1 e?nology1 & psy*ology1 z   
well z ( ^? 9 ! biological sci5ces      
prop]1 t economics is helplessly beh9d !

 times1 & unable to h&le its            
subject-matt] 9 a way to entitle x to   
/&+ z a mod]n sci5ce4 ,! o!r political &
 social sci5ces come 9 = _! %>e ( ?is   
obloquy1 & p]haps on equally cog5t      
gr\nds4 ,nor are ! economi/s !mselves   
buoyantly indiff]5t to ! rebuke4        
,probably no economi/ to-day has ei!r ! 
h>dihood or ! incl9ation to say t !     
sci5ce has n[ rea*$ a def9itive         
=mulation1 ei!r 9 ! detail ( results or 
z reg>ds ! fundam5tal features ( !ory4  
,! ne>e/ rec5t approa* to su* a position
 on ! "p ( an economi/ ( accr$it$ /&+ is
 p]haps to be f\nd 9 ,pr(essor ,m>%all's
 ,cambridge address ( a ye> & a half    
ago4#c ,b ^! utt]ances are s f> f !     
jaunty confid5ce %[n by ! classical     
economi/s ( half a c5tury ago t :at mo/ 
=cibly /rikes ! read] ( ,pr(essor       
,m>%all's address is ! exce$+ mode/y & !
 uncall$-= humility ( ! spokesman = !   
old g5]ation4 ,) ! economi/s :o are mo/ 
att5tively look$ to = guidance1         
unc]ta9ty z to ! def9itive value ( :at  

has be5 & is be+ done1 & z to :at we    
may1 ) effect1 take to next1 is s common
 z to sugge/ t indecision is a m]itori\s
 "w4 ,ev5 ! ,hi/orical ,s*ool1 :o made  
_! innovation ) s mu* home-gr[n applause
 "s "t back1 h be5 unable to settle d[n 
cont5t$ly to ! pace :i* !y set !mselves4
  ,! m5 ( ! sci5ces t are pr\d to own   
!mselves mod]n f9d fault ) ! economi/s =
 be+ /ill cont5t to occupy !mselves )   
repair+ a /ructure & doctr9es & maxims  
re/+ on natural rights1 utilit>ianism1 &
 adm9i/rative exp$i5cy4 ,?is asp]sion is
 n altoge!r m]it$1 b is ne> en\gh to !  
m>k to c>ry a /+4 ,^! mod]n sci5ces are 
evolution>y sci5ces1 & _! adepts        
contemplate t *>act]i/ic ( _! "w ) "s   
complac5cy4 ,economics is n an          
evolution>y sci5ce--by ! confession (   
its spokesm52 & ! economi/s turn _! eyes
 ) some?+ ( envy & "s s5se ( baffl$     
emulation to ^! rivals t make broad _!  
phylact]ies ) ! leg5d1 ,up to date4     
,precisely :]e9 ! social & political    
sci5ces1 includ+ economics1 fall %ort ( 

be+ evolution>y sci5ces1 is n s pla94   
,at lea/1 x has n be5 satisfactorily    
po9t$ out by _! critics4 ,_! successful 
rivals 9 ?is matt]--! sci5ces t deal )  
human nature among ! re/--claim z _!    
sub/antial di/9ction t !y are reali/ic3 
!y deal ) facts4 ,b economics1 too1 is  
reali/ic 9 ?is s5se3 x deals ) facts1   
(t5 9 ! mo/ pa9/ak+ way1 & latt]ly ) an 
increas+ly /r5u\s insi/5ce on ! sole    
efficacy ( data4 ,b ?is realism does n  
make economics an evolution>y sci5ce4 ,!
 insi/5ce on data c\ld sc>cely be c>ri$ 
to a high] pit* ?an x 0 c>ri$ by ! fir/ 
g5]ation ( ! ,hi/orical ,s*ool2 & yet no
 economics is f>!r f be+ an evolution>y 
sci5ce ?an ! receiv$ economics ( !      
,hi/orical ,s*ool4 ,! :ole broad range (
 erudition & rese>* t engag$ ! en]gies (
 t s*ool commonly falls %ort ( be+      
sci5ce1 9 t1 :5 consi/5t1 !y h cont5t$  
!mselves ) an enum]ation ( data & a     
n>rative acc\nt ( indu/rial developm5t1 
& h n presum$ to (f] a !ory ( any?+ or  
to elaborate _! results into a consi/5t 

body ( k4  ,any evolution>y sci5ce1 on !
 o!r h&1 is a close-knit body ( !ory4 ,x
 is a !ory ( a process1 ( an unfold+    
sequ5ce4 ,b "h1 aga91 economics seems to
 meet ! te/ 9 a fair measure1 )\t       
satisfy+ its critics t its cr$5tials are
 good4 ,x mu/ be admitt$1 e4g41 t ,j4   
,s4 ,mill's doctr9es ( production1      
di/ribution1 & ex*ange1 are a !ory (    
c]ta9 economic processes1 & t he deals 9
 a consi/5t & effective fa%ion ) !      
sequ5ces ( fact t make up 8             
subject-matt]4 ,s1 also1 ,cairnes's     
discussion ( normal value1 ( ! rate (   
wages1 & ( int]national trade1 are      
excell5t in/ances ( a !oretical h&l+ (  
economic processes ( sequ5ce & ! ord]ly 
unfold+ developm5t ( fact4 ,b an attempt
 to cite ,mill & ,cairnes z expon5ts (  
an evolution>y economics w produce no   
bett] effect ?an p]plexity1 & n a great 
deal ( t4 ,v mu* ( monet>y !ory might be
 cit$ to ! same purpose & ) ! l effect4 
,some?+ simil> is true ev5 ( late writ]s
 :o h av[$ "s p5*ant = ! evolution>y    

po9t ( view2 z1 e4g41 ,pr(essor         
,hadley1--to cite a "w ( unque/ion$ m]it
 & unusual rea*4 ,measurably1 he keeps !
 ^w ( promise to ! e>2 b any "o :o may  
cite 8 ,economics z hav+ br\ght         
political economy into l9e z an         
evolution>y sci5ce w conv9ce nei!r      
himself nor 8 int]locutor4 ,some?+ to ! 
l effect may fairly be said ( ! publi%$ 
"w ( t lat] ,engli% /ra9 ( economi/s    
repres5t$ by ,pr(essors ,cunn+ham &     
,a%ley1 & ,mr4 ,cannan1 to "n b a few ( 
! m em95t figures 9 ! gr\p4  ,( !       
a*ievem5ts ( ! classical economi/s1     
rec5t & liv+1 ! sci5ce may ju/ly be     
pr\d2 b !y fall %ort ( ! evolutioni/'s  
/&>d ( adequacy1 n 9 fail+ to (f] a !ory
 ( a process or ( a developm5tal        
relation1 b ?r\gh conceiv+ _! !ory 9    
t]ms ali5 to ! evolutioni/'s habits (   
?\ght4 ,! diff]5ce betwe5 ! evolution>y 
& ! pre-evolution>y sci5ces lies n 9 !  
insi/5ce on facts4 ,!re 0 a great &     
fruitful activity 9 ! natural sci5ces 9 
collect+ & collat+ facts be=e ^! sci5ces

 took on ! "* :i* m>ks !m z evolution>y4
 ,nor does ! diff]5ce lie 9 ! abs5ce (  
ef=ts to =mulate & expla9 s*emes (      
process1 sequ5ce1 gr[?1 & developm5t 9 !
 pre-evolution>y days4 ,ef=ts ( ?is k9d 
ab\nd$1 9 numb] & div]sity2 & _m s*emes 
( developm5t1 ( great subtlety & beauty1
 ga9$ a vogue bo? z !ories ( organic &  
inorganic developm5t & z s*emes ( ! life
 hi/ory ( nations & societies4 ,x w n   
ev5 hold true t our eld]s ov]look$ !    
pres5ce ( cause & effect 9 =mulat+ _!   
!ories & r$uc+ _! data to a body ( k4 ,b
 ! t]ms :i* 7 accept$ z ! def9itive t]ms
 ( k 7 9 "s degree diff]5t 9 ! e>ly days
 f :at !y are n[4 ,! t]ms ( ?\ght 9 :i* 
! inve/igators ( "s two or ?ree         
g5]ations back def9itively =mulat$ _! k 
( facts1 9 _! la/ analyses1 7 diff]5t 9 
k9d f ! t]ms 9 :i* ! mod]n evolutioni/  
is cont5t to =mulate 8 results4 ,!      
analysis does n run back to ! same      
gr\nd1 or appeal to ! same /&>d (       
f9ality or adequacy1 9 ! "o case z 9 !  
o!r4  ,! diff]5ce is a diff]5ce (       

spiritual attitude or po9t ( view 9 !   
two contra/$ g5]ations ( sci5ti/s4 ,to  
put ! matt] 9 o!r words1 x is a diff]5ce
 9 ! basis ( valuation ( ! facts = !    
sci5tific purpose1 or 9 ! int]e/ f :i* !
 facts are appreciat$4 ,) ! e>li] z ) ! 
lat] g5]ation ! basis ( valuation ( !   
facts h&l$ is1 9 matt]s ( detail1 !     
causal relation :i* is appreh5d$ to     
subsi/ betwe5 !m4 ,?is is true to !     
greate/ ext5t = ! natural sci5ces4 ,b 9 
_! h&l+ ( ! m compreh5sive s*emes (     
sequ5ce & relation--9 _! def9itive      
=mulation ( ! results--! two g5]ations  
diff]4 ,! mod]n sci5ti/ is unwill+ to   
dep>t f ! te/ ( causal relation or      
quantitative sequ5ce4 ,:5 he asks ! "q1 
,:y8 he insi/s on an answ] 9 t]ms (     
cause & effect4 ,he wants to r$uce 8    
solution ( all problems to t]ms ( !     
cons]vation ( en]gy or ! p]si/5ce (     
quantity4 ,?is is 8 la/ rec\rse4 ,& ?is 
la/ rec\rse has 9 our "t be5 made       
available = ! h&l+ ( s*emes ( developm5t
 & !ories ( a compreh5sive process by ! 

notion ( a cumulative causation4 ,!     
great des]ts ( ! evolutioni/ lead]s--if 
!y h great des]ts z lead]s--lie1 on ! "o
 h&1 9 _! refusal to g back ( !         
colorless sequ5ce ( ph5om5a & seek high]
 gr\nd = _! ultimate syn!ses1 &1 on !   
o!r h&1 9 _! hav+ %[n h[ ?is colorless  
imp]sonal sequ5ce ( cause & effect c be 
made use ( = !ory prop]1 by virtue ( its
 cumulative "*4  ,= ! e>li] natural     
sci5ti/s1 z = ! classical economi/s1 ?is
 gr\nd ( cause & effect is n def9itive4 
,_! s5se ( tru? & sub/antiality is n    
satisfi$ ) a =mulation ( me*anical      
sequ5ce4 ,! ultimate t]m 9 _!           
sy/ematisation ( k is a natural law4    
,?is natural law is felt to ex]cise "s  
sort ( a co]cive surveillance ov] !     
sequ5ce ( ev5ts1 & to give a spiritual  
/ability & consi/5ce to ! causal        
relation at any giv5 juncture4 ,to meet 
! high classical requirem5t1 a          
sequ5ce--& a developm5tal process       
especially--mu/ be appreh5d$ 9 t]ms ( a 
consi/5t prop5sity t5d+ to "s           

spiritually legitimate end4 ,:5 facts & 
ev5ts h be5 r$uc$ to ^! t]ms (          
fundam5tal tru? & h be5 made to squ>e ) 
! requirem5ts ( def9itive normality1 !  
inve/igator re/s 8 case4 ,any causal    
sequ5ce :i* is appreh5d$ to trav]se !   
imput$ prop5sity 9 ev5ts is a di/urb+   
factor4 ,logical congruity ) ! appreh5d$
 prop5sity is1 9 ?is view1 adequate     
gr\nd ( proc$ure 9 build+ up a s*eme ( k
 or ( developm5t4 ,! objective po9t ( ! 
ef=ts ( ! sci5ti/s work+ "u ! guidance (
 ?is classical tradition1 is to =mulate 
k 9 t]ms ( absolute tru?2 & ?is absolute
 tru? is a spiritual fact4 ,x means a   
co9cid5ce ( facts ) ! deliv]ances ( an  
enlight5$ & delib]ate common s5se4  ,!  
developm5t & ! att5uation ( ?is         
preconception ( normality or ( a        
prop5sity 9 ev5ts might be trac$ 9      
detail f primitive animism d[n ?r\gh !  
elaborate discipl9e ( fai? &            
metaphysics1 ov]rul+ ,provid5ce1 ord] ( 
nature1 natural rights1 natural law1    
und]ly+ pr9ciples4 ,b all t may be      

necess>y "h is to po9t out t1 by desc5t 
& by psy*ological cont5t1 ?is con/ra9+  
normality is ( a spiritual k9d4 ,x is = 
! sci5tific purpose an imputation (     
spiritual coh]5ce to ! facts dealt )4 ,!
 "q ( int]e/ is h[ ?is preconception (  
normality has f>$ at ! h&s ( mod]n      
sci5ce1 & h[ x has come to be sup]s$$ 9 
! intellectual primacy by ! latt]-day   
preconception ( a non-spiritual sequ5ce4
 ,?is "q is ( int]e/ because its answ]  
may ?r[ light on ! "q z to :at *ance !re
 is = ! indef9ite p]si/5ce ( ?is ar*aic 
habit ( ?\ght 9 ! me?ods ( economic     
sci5ce4         99       99       99    
99       99  ,"u primitive conditions1  
m5 /& 9 imm$iate p]sonal contact ) !    
mat]ial facts ( ! environm5t2 & ! =ce & 
discretion ( ! individual 9 %ap+ ! facts
 ( ! environm5t c\nt obvi\sly1 & to all 
appe>ance solely1 9 work+ out !         
conditions ( life4 ,!re is little (     
imp]sonal or me*anical sequ5ce visible  
to primitive m5 9 _! e-day life2 & :at  
!re is ( ?is k9d 9 ! processes ( brute  

nature ab\t !m is 9 l>ge "p inexplicable
 & passes = inscrutable4 ,x is accept$ z
 malignant or b5efic5t1 & is con/ru$ 9 !
 t]ms ( p]sonality t are famili> to all 
m5 at fir/ h&1--! t]ms kn[n to all m5 by
 fir/-h& k ( _! own acts4 ,! inscrutable
 movem5ts ( ! seasons & ( ! natural =ces
 are appreh5d$ z actions guid$ by       
discretion1 w p[]1 or prop5sity look+ to
 an end1 mu* z human actions are4 ,!    
processes ( inanimate nature are ag5cies
 ^: habits ( life are to be le>n$1 & :o 
are to be co]c$1 outwitt$1 circumv5t$1 &
 turn$ to acc\nt1 mu* z ! bea/s are4 ,at
 ! same "t ! community is small1 & !    
human contact ( ! individual is n wide4 
,nei!r ! indu/rial life nor !           
non-indu/rial social life =ces ^u m5's  
att5tion ! ru?less imp]sonal sweep (    
ev5ts t no man c )/& or deflect1 su* z  
becomes visible 9 ! m complex &         
compreh5sive life process ( ! l>g]      
community ( a lat] day4 ,!re is no?+    
decisive to h9d] m5's k ( facts & ev5ts 
be+ =mulat$ 9 t]ms ( p]sonality--9 t]ms 

( habit & prop5sity & w p[]4  ,z "t goes
 on & z ! situation dep>ts f ?is ar*aic 
"*1--:]e x does dep>t f x1--!           
circum/ances :i* condition m5's         
sy/ematisation ( facts *ange 9 su* a way
 z to ?r[ ! imp]sonal "* ( ! sequ5ce (  
ev5ts m & m into ! =egr\nd4 ,! p5alties 
= failure to appreh5d facts 9           
dispassionate t]ms fall sur] & swift]4  
,! sweep ( ev5ts is =c$ home m          
consi/5tly on m5's m9ds4 ,! guid+ h& ( a
 spiritual ag5cy or a prop5sity 9 ev5ts 
becomes less readily traceable z m5's k 
( ?+s gr[s ampl] & m se>*+4 ,9 mod]n    
times1 & p>ticul>ly 9 ! indu/rial       
c\ntries1 ?is co]cive guidance ( m5's   
habits ( ?\ght 9 ! reali/ic direction   
has be5 especially pron\nc$2 & ! effect 
%[s itself 9 a some:at reluctant b      
cumulative dep>ture f ! ar*aic po9t (   
view4 ,! dep>ture is mo/ visible & has  
gone f>!/ 9 ^? homely bran*es ( k t h to
 d imm$iately ) mod]n me*anical         
processes1 su* z eng9e]+ designs &      
te*nological contrivances g5]ally4 ,( ! 

sci5ces1 ^? h w&]$ f>!/ on ?is way 7(   
integration or dis9tegration1 accord+ z 
"o may *oose to view x7 t h to d )      
me*anical sequ5ce & process2 & ^? h be/ 
& longe/ reta9$ ! ar*aic po9t ( view    
intact :i*--l ! moral1 social1 or       
spiritual sci5ces--h to d ) process &   
sequ5ce t is less tangible1 less        
traceable by ! use ( ! s5ses1 & t !re=e 
less imm$iately =ces ^u ! att5tion !    
ph5om5on ( sequ5ce z contra/$ ) t (     
prop5sity4  ,!re is no abrupt transition
 f ! pre-evolution>y to !               
po/-evolution>y /&po9t4 ,ev5 9 ^?       
natural sci5ces :i* deal ) ! processes (
 life & ! evolution>y sequ5ce ( ev5ts ! 
concept ( dispassionate cumulative      
causation has (t5 & effectively be5     
help$ out by ! notion t !re is 9 all ?is
 "s sort ( a meliorative tr5d t ex]cises
 a con/ra9+ guidance ov] ! c\rse (      
causes & effects4 ,! fai? 9 ?is         
meliorative tr5d z a concept useful to !
 sci5ce has gradually weak5$1 & x has   
repeat$ly be5 disav[$2 b x c sc>cely be 

said to h yet disappe>$ f ! field4  ,!  
process ( *ange 9 ! po9t ( view1 or 9 ! 
t]ms ( def9itive =mulation ( k1 is a    
gradual "o2 & all ! sci5ces h %>$1 ?\gh 
9 an unequal degree1 9 ! *ange t is go+ 
=w>d4 ,economics is n an exception to ! 
rule1 b x /ill %[s too _m rem9isc5ces ( 
! natural & ! normal1 ( v]ities &       
t5d5cies1 ( controll+ pr9ciples &       
di/urb+ causes to be class$ z an        
evolution>y sci5ce4 ,?is hi/ory ( !     
sci5ce %[s a long & devi\s c\rse (      
dis9tegrat+ animism1--f ! days ( !      
s*ola/ic writ]s1 :o discuss$ usury f !  
po9t ( view ( its relation to ! div9e   
suz]a9ty1 to ! ,physiocrats1 :o re/$ _! 
case on an ordre naturel & a loi        
naturelle t decides :at is sub/antially 
true &1 9 a g5]al way1 guides ! c\rse ( 
ev5ts by ! con/ra9t ( logical congru5ce4
 ,!re has be5 some?+ ( a *ange f ,adam  
,smi?1 ^: rec\rse 9 p]plexity 0 to !    
guidance ( an unse5 h&1 to ,mill &      
,cairnes1 :o =mulat$ ! laws ( natural   
wages & normal value1 & ! =m] ( :om 0 s 

well cont5t ) 8 "w z to say1 ,happily1  
!re is no?+ 9 ! laws ( ,value :i* rema9s
 = ! pres5t or any future writ] to cle> 
up3 ! !ory ( ! subject is complete4#d ,b
 ! diff]5ce betwe5 ! e>li] & ! lat] po9t
 ( view is a diff]5ce ( degree r ?an (  
k9d4  ,! /&po9t ( ! classical economi/s1
 9 _! high] or def9itive syn!ses &      
g5]alisations1 may n inaptly be call$ ! 
/&po9t ( c]emonial adequacy4 ,! ultimate
 laws & pr9ciples :i* !y =mulat$ 7 laws 
( ! normal or ! natural1 accord+ to a   
preconception reg>d+ ! ends to :i*1 9 ! 
nature ( ?+s1 all ?+s t5d4 ,9 effect1   
?is preconception imputes to ?+s a      
t5d5cy to "w out :at ! in/ruct$ common  
s5se ( ! "t accepts z ! adequate or     
wor?y end ( human ef=t4 ,x is a         
projection ( ! accept$ ideal ( conduct4 
,?is ideal ( conduct is made to s]ve z a
 canon ( tru?1 to ! ext5t t !           
inve/igator cont5ts himself ) an appeal 
to its legitimation = premises t run    
back ( ! facts ) :i* he is imm$iately   
deal+1 = ! controll+ pr9ciples t are    

conceiv$ intangibly to und]lie ! process
 discuss$1 & = ! t5d5cies t run beyond !
 situation z x lies be=e him4 ,z        
in/ances ( ! use ( ?is c]emonial canon (
 k may be cit$ ! conjectural hi/ory t   
plays s l>ge a "p 9 ! classical treatm5t
 ( economic in/itutions1 su* z !        
normaliz$ acc\nts ( ! beg9n+s ( b>t] 9 !
 transactions ( ! putative hunt]1       
fi%]man1 & boat-build]1 or ! man ) !    
plane & ! two planks1 or ! two m5 ) !   
basket ( apples & ! basket ( nuts4#e ,( 
a simil> import is ! *>act]isation (    
money z ! great :eel ( circulation#f or 
z ! m$ium ( ex*ange4 ,money is "h       
discuss$ 9 t]ms ( ! end :i*1 9 ! normal 
case1 x %\ld "w out accord+ to ! giv5   
writ]'s ideal ( economic life1 r ?an 9  
t]ms ( causal relation4  ,) lat] writ]s 
especially1 ?is t]m9ology is no d\bt to 
be commonly tak5 z a conv5i5t use (     
metaphor1 9 :i* ! concept ( normality & 
prop5sity to an end has rea*$ an extreme
 att5uation4 ,b x is precisely 9 ?is use
 ( figurative t]ms = ! =mulation ( !ory 

t ! classical normality /ill lives its  
att5uat$ life 9 mod]n economics2 & x is 
?is facile rec\rse to inscrutable       
figures ( spee* z ! ultimate t]ms ( !ory
 t has sav$ ! economi/s f be+ dragoon$  
into ! ranks ( mod]n sci5ce4 ,!         
metaphors are effective1 bo? 9 _!       
homiletical use & z a labor-sav+        
device1--m effective ?an _! us] designs 
!m to be4 ,by _! use ! !ori/ is enabl$  
s]5ely to enjo9 himself f foll[+ out an 
elusive tra9 ( causal sequ5ce4 ,he is   
also enabl$1 )\t misgiv+s1 to con/ruct a
 !ory ( su* an in/itution z money or    
wages or l&-own]%ip )\t desc5d+ to a    
consid]ation ( ! liv+ items conc]n$1    
except = conv5i5t corroboration ( 8     
normalis$ s*eme ( symptoms4 ,by ?is     
me?od ! !ory ( an in/itution or a phase 
( life may be /at$ 9 conv5tionalis$ t]ms
 ( ! app>atus :]eby life is c>ri$ on1 ! 
app>atus be+ inve/$ ) a t5d5cy to an    
equilibrium at ! normal1 & ! !ory be+ a 
=mulation ( ! conditions "u :i* ?is     
putative equilibrium sup]v5es4 ,9 ?is   

way we h come into ! usufruct ( a       
co/-(-production !ory ( value :i* is    
pung5tly rem9isc5t ( ! "t :5 ,nature    
abhorr$ a vacuum4 ,! ways & means & !   
me*anical /ructure ( indu/ry are =mulat$
 9 a conv5tionalis$ nom5clature1 & !    
obs]v$ motions ( ?is me*anical app>atus 
are !n r$uc$ to a normalis$ s*eme (     
relations4 ,! s*eme s arriv$ at is      
spiritually b9d+ on ! behavior ( !      
ph5om5a contemplat$4 ,) ?is normalis$   
s*eme z a guide1 ! p]mutations ( a giv5 
segm5t ( ! app>atus are work$ out       
accord+ to ! values assign$ ! sev]al    
items & features compris$ 9 !           
calculation2 & a c]emonially consi/5t   
=mula is con/ruct$ to cov] t mu* ( !    
indu/rial field4 ,?is is ! d$uctive     
me?od4 ,! =mula is !n te/$ by comp>ison 
) obs]v$ p]mutations1 by ! pol>iscopic  
use ( ! normal case2 & ! results arriv$ 
at are ?us au!nticat$ by induction4     
,features ( ! process t d n l5d !mselves
 to int]pretation 9 ! t]ms ( ! =mula are
 abnormal cases & are due to di/urb+    

causes4 ,9 all ?is ! ag5cies or =ces    
causally at "w 9 ! economic life process
 are neatly avoid$4 ,! outcome ( !      
me?od1 at its be/1 is a body ( logically
 consi/5t propositions conc]n+ ! normal 
relations ( ?+s--a sy/em ( economic     
taxonomy4 ,at its wor/1 x is a body (   
maxims = ! conduct ( bus9ess & a        
polemical discussion ( disput$ po9ts (  
policy4  ,9 all ?is1 economic sci5ce is 
liv+ ov] aga9 9 its turn ! exp]i5ces :i*
 ! natural sci5ces pass$ ?r\gh "s "t    
back4 ,9 ! natural sci5ces ! "w ( !     
taxonomi/ 0 & cont9ues to be ( great    
value1 b ! sci5ti/s grew re/less "u !   
regime ( symmetry & sy/em-mak+4 ,!y took
 to ask+ :y1 & s %ift$ _! inquiries f ! 
/ructure ( ! coral reefs to ! /ructure &
 habits ( life ( ! polyp t lives 9 & by 
!m4 ,9 ! sci5ce ( plants1 sy/ematic     
botany has n ceas$ to be ( s]vice2 b !  
/ress ( inve/igation & discussion among 
! botani/s to-day falls on ! biological 
value ( any giv5 feature ( /ructure1    
function1 or tissue r ?an on its        

taxonomic be>+4 ,all ! talk ab\t        
cytoplasm1 c5trosomes1 & k>yok9etic     
process1 means t ! inquiry n[ looks     
consi/5tly to ! life process1 & aims to 
expla9 x 9 t]ms ( cumulative causation4 
,:at may be done 9 economic sci5ce ( !  
taxonomic k9d is %[n at its be/ 9       
,cairnes's "w1 :]e ! me?od is well      
conceiv$ & ! results effectively =mulat$
 & appli$4 ,cairnes h&les ! !ory ( !    
normal case 9 economic life ) a ma/] h&4
 ,9 8 discussion ! metaphysics (        
prop5sity & t5d5cies no long] av[$ly    
rules ! =mulation ( !ory1 nor is !      
inscrutable meliorative tr5d ( a h>mony 
( int]e/s confid5tly appeal$ to z an    
eng9e ( def9itive use 9 giv+ legitimacy 
to ! economic situation at a giv5 "t4   
,!re is less ( an ex]cise ( fai? 9      
,cairnes's economic discussions ?an 9 ^?
 ( ! writ]s t w5t be=e him4 ,! def9itive
 t]ms ( ! =mulation are /ill ! t]ms (   
normality & natural law1 b ! metaphysics
 und]ly+ ?is appeal to normality is s f>
 remov$ f ! anci5t gr\nd ( ! b5efic5t   

ord] ( nature z to h become at lea/     
nom9ally imp]sonal & to proce$ )\t a    
con/ant reg>d to ! humanit>ian be>+ ( ! 
t5d5cies :i* x =mulates4 ,! metaphysics 
has be5 att5uat$ to some?+ approa*+ 9   
colorlessness ! naturali/'s conception (
 natural law4 ,x is a natural law :i*1 9
 ! guise ( controll+ pr9ciples1 ex]cises
 a con/ra9+ surveillance ov] ! tr5d (   
?+s2 b x is no long] conceiv$ to ex]cise
 its con/ra9t 9 ! int]e/ ( c]ta9 ult]ior
 human purposes4 ,! elem5t ( b5efic5ce  
has be5 well-nigh elim9at$1 & ! sy/em is
 =mulat$ 9 t]ms ( ! sy/em itself4       
,economics z x left ,cairnes's h&1 s f> 
z 8 !oretical "w is conc]n$1 comes ne>  
be+ taxonomy = taxonomy's sake4  ,no    
equally capable writ] has come z ne>    
mak+ economics ! ideal dismal sci5ce z  
,cairnes 9 8 discussion ( pure !ory4 ,9 
! days ( ! e>ly classical writ]s        
economics _h a vital int]e/ = ! laym5 ( 
! "t1 because x =mulat$ ! common s5se   
metaphysics ( ! "t 9 its application to 
a dep>tm5t ( human life4 ,b 9 ! h&s ( ! 

lat] classical writ]s ! sci5ce lo/ mu* (
 its *>m 9 ?is reg>d4 ,x 0 no long] a   
def9ition & au!ntication ( ! deliv]ances
 ( curr5t common s5se z to :at ought to 
come to pass2 & x1 !re=e1 9 l>ge measure
 lo/ ! support ( ! p out ( doors1 :o 7  
unable to take an int]e/ 9 :at did n    
conc]n !m2 & x 0 also out ( t\* ) t     
reali/ic or evolution>y habit ( m9d :i* 
got "u way ab\t ! middle ( ! c5tury 9 ! 
natural sci5ces4 ,x 0 nei!r vitally     
metaphysical nor matt]-(-fact1 & x f\nd 
com=t ) v few outside ( its own ranks4  
,only = ^? :o by ! =tunate accid5t (    
bir? or education h be5 able to cons]ve 
! taxonomic animus has ! sci5ce dur+ !  
la/ ?ird ( a c5tury cont9u$ to be (     
absorb+ int]e/4 ,! result has be5 t f ! 
"t :5 ! taxonomic /ructure /ood =? z a  
complet$ :ole 9 its symmetry & /ability 
! economi/s !mselves1 beg9n+ ) ,cairnes1
 h be5 gr[+ re/ive "u its discipl9e (   
/ability1 & h made _m ef=ts1 m or less  
su/a9$1 to galvanise x into movem5t4 ,at
 ! h&s ( ! writ]s ( ! classical l9e ^!  

excursions h *iefly aim$ at a m complete
 & compreh5sive taxonomic s*eme (       
p]mutations2 :ile ! hi/orical dep>ture  
?rew away ! taxonomic ideal )\t gett+   
rid ( ! preconceptions on :i* x is bas$2
 & ! lat] ,au/rian gr\p /ruck out on a  
!ory ( process1 b pres5tly came to a    
full /op because ! process ab\t :i* !y  
busi$ !mselves 0 n1 9 _! appreh5sion (  
x1 a cumulative or unfold+ sequ5ce4     
99       99       99       99       99  
,b :at does all ?is signify8 ,if we are 
gett+ re/less "u ! taxonomy ( a         
monocotyl$on\s wage doctr9e & a         
cryptogamic !ory ( int]e/1 ) involute1  
loculicidal1 tom5t\s & monili=m v>iants1
 :at is ! cytoplasm1 c5trosome1 or      
k>yok9etic process to :i* we may turn1 &
 9 :i* we may f9d surcease f !          
metaphysics ( normality & controll+     
pr9ciples8 ,:at are we go+ to d ab\t x8 
,! "q is r1 ,:at are we do+ ab\t x8 ,!re
 is ! economic life process /ill 9 great
 measure await+ !oretical =mulation4 ,! 
active mat]ial 9 :i* ! economic process 

goes on is ! human mat]ial ( ! indu/rial
 community4 ,= ! purpose ( economic     
sci5ce ! process ( cumulative *ange t is
 to be acc\nt$ = is ! sequ5ce ( *ange 9 
! me?ods ( do+ ?+s1--! me?ods ( deal+ ) 
! mat]ial means ( life4  ,:at has be5   
done 9 ! way ( inquiry into ?is economic
 life process8 ,! ways & means ( turn+  
mat]ial objects & circum/ances to acc\nt
 lie be=e ! inve/igator at any giv5 po9t
 ( "t 9 ! =m ( me*anical contrivances & 
arrangem5ts = compass+ c]ta9 me*anical  
ends4 ,x has !re=e be5 easy to accept ^!
 ways & means z items ( in]t matt] hav+ 
a giv5 me*anical /ructure & !reby s]v+ !
 mat]ial ends ( man4 ,z su*1 !y h be5   
s*$ul$ & grad$ by ! economi/s "u ! head 
( capital1 ?is capital be+ conceiv$ z a 
mass ( mat]ial objects s]viceable =     
human use4 ,?is is well en\gh = !       
purposes ( taxonomy2 b x is n an        
effective me?od ( conceiv+ ! matt] = !  
purpose ( a !ory ( ! developm5tal       
process4 ,= ! latt] purpose1 :5 tak5 z  
items 9 a process ( cumulative *ange or 

z items 9 ! s*eme ( life1 ^! productive 
goods are facts ( human k1 skill1 &     
pr$ilection2 t is to say1 !y are1       
sub/antially1 preval5t habits ( ?\ght1 &
 x is z su* t !y ent] into ! process (  
indu/rial developm5t4 ,! physical       
prop]ties ( ! mat]ials accessible to man
 are con/ants3 x is ! human ag5t t      
*anges1--8 insight & 8 appreciation (   
:at ^! ?+s c be us$ = is :at develops4  
,! accumulation ( goods already on h&   
conditions 8 h&l+ & utilisation ( !     
mat]ials (f]$1 b ev5 on ?is side--!     
limitation ( indu/ry by capital--!      
limitation impos$ is on :at m5 c d & on 
! me?ods ( do+ x4 ,! *anges t take place
 9 ! me*anical contrivances are an      
expression ( *anges 9 ! human factor4   
,*anges 9 ! mat]ial facts bre$ fur!r    
*ange only ?r\gh ! human factor4 ,x is 9
 ! human mat]ial t ! cont9uity (        
developm5t is to be look$ =2 & x is "h1 
!re=e1 t ! motor =ces ( ! process (     
economic developm5t mu/ be /udi$ if !y  
are to be /udi$ 9 action at all4        

,economic action mu/ be ! subject-matt] 
( ! sci5ce if ! sci5ce is to fall into  
l9e z an evolution>y sci5ce4  ,no?+ new 
has be5 said 9 all ?is4 ,b ! fact is all
 ! m significant = be+ a famili> fact4  
,x is a fact recognis$ by common cons5t 
?r\gh\t mu* ( ! lat] economic           
discussion1 & ?is curr5t recognition ( !
 fact is a long /ep t[>ds c5t]+         
discussion & inquiry ^u x4 ,if economics
 is to foll[ ! lead or ! analogy ( ! o!r
 sci5ces t h to d ) a life process1 !   
way is pla9 s f> z reg>ds ! g5]al       
direction 9 :i* ! move w be made4  ,!   
economi/s ( ! classical tr5d h made no  
s]i\s attempt to dep>t f ! /&po9t (     
taxonomy & make _! sci5ce a g5etic      
acc\nt ( ! economic life process4 ,z has
 j be5 said1 mu* ! same is true = !     
,hi/orical ,s*ool4 ,! latt] h attempt$  
an acc\nt ( developm5tal sequ5ce1 b !y h
 foll[$ ! l9es ( pre-,d>w9ian           
speculations on developm5t r ?an l9es   
:i* mod]n sci5ce w\ld recognise z       
evolution>y4 ,!y h giv5 a n>rative      

survey ( ph5om5a1 n a g5etic acc\nt ( an
 unfold+ process4 ,9 ?is "w !y h1 no    
d\bt1 a*iev$ results ( p]man5t value2 b 
! results a*iev$ are sc>cely to be      
class$ z economic !ory4 ,on ! o!r h&1 ! 
,au/rians & _! precursors & _!          
coadjutors 9 ! value discussion h tak5  
up a deta*$ portion ( economic !ory1 & h
 inquir$ ) great nicety into ! process  
by :i* ! ph5om5a )9 _! limit$ field are 
work$ out4 ,! entire discussion ( m>g9al
 utility & subjective value z ! outcome 
( a valuation process mu/ be tak5 z a   
g5etic /udy ( ?is range ( facts4 ,b "h1 
aga91 no?+ fur!r has come ( ! inquiry1 s
 f> z reg>ds a rehabilitation ( economic
 !ory z a :ole4 ,accept+ ,m5g] z _!     
spokesman on ?is head1 x mu/ be said t !
 ,au/rians h on ! :ole %[$ !mselves     
unable to break ) ! classical tradition 
t economics is a taxonomic sci5ce4  ,!  
reason = ! ,au/rian failure seems to lie
 9 a faulty conception ( human          
nature1--faulty = ! pres5t purpose1     
h[ev] adequate x may be = any o!r4 ,9   

all ! receiv$ =mulations ( economic     
!ory1 :e!r at ! h&s ( ,engli% economi/s 
or ^? ( ! ,cont95t1 ! human mat]ial )   
:i* ! inquiry is conc]n$ is conceiv$ 9  
h$oni/ic t]ms2 t is to say1 9 t]ms ( a  
passive & sub/antially in]t & immutably 
giv5 human nature4 ,! psy*ological &    
an?ropological preconceptions ( !       
economi/s h be5 ^? :i* 7 accept$ by !   
psy*ological & social sci5ces "s        
g5]ations ago4 ,! h$oni/ic conception ( 
man is t ( a lightn+ calculator (       
pleasures & pa9s1 :o oscillates l a     
homog5e\s globule ( desire ( happ9ess "u
 ! impulse ( /imuli t %ift him ab\t !   
area1 b leave him intact4 ,he has nei!r 
antec$5t nor consequ5t4 ,he is an       
isolat$1 def9itive human datum1 9 /able 
equilibrium except = ! buffets ( ! imp++
 =ces t displace him 9 "o direction or  
ano!r4 ,self-impos$ 9 elem5tal space1 he
 sp9s symmetrically ab\t 8 own spiritual
 axis until ! p>allelogram ( =ces be>s  
d[n ^u him1 :]eupon he foll[s ! l9e ( ! 
resultant4 ,:5 ! =ce ( ! impact is sp5t1

 he comes to re/1 a self-conta9$ globule
 ( desire z be=e4 ,spiritually1 !       
h$oni/ic man is n a prime mov]4 ,he is n
 ! seat ( a process ( liv+1 except 9 !  
s5se t he is subject to a s]ies (       
p]mutations en=c$ ^u him by circum/ances
 ext]nal & ali5 to him4  ,! lat]        
psy*ology1 re5=c$ by mod]n              
an?ropological rese>*1 gives a diff]5t  
conception ( human nature4 ,accord+ to  
?is conception1 x is ! *>act]i/ic ( man 
to d some?+1 n simply to suff] pleasures
 & pa9s ?r\gh ! impact ( suitable =ces4 
,he is n simply a bundle ( desires t are
 to be saturat$ by be+ plac$ 9 ! pa? ( !
 =ces ( ! environm5t1 b r a coh]5t      
/ructure ( prop5sities & habits :i*     
seeks realisation & expression 9 an     
unfold+ activity4 ,accord+ to ?is view1 
human activity1 & economic activity     
among ! re/1 is n appreh5d$ z some?+    
incid5tal to ! process ( saturat+ giv5  
desires4 ,! activity is itself !        
sub/antial fact ( ! process1 & ! desires
 "u ^: guidance ! action takes place are

 circum/ances ( temp]am5t :i* det]m9e ! 
specific direction 9 :i* ! activity w   
unfold itself 9 ! giv5 case4 ,^!        
circum/ances ( temp]am5t are ultimate & 
def9itive = ! individual :o acts "u !m1 
s f> z reg>ds 8 attitude z ag5t 9 !     
p>ticul> action 9 :i* he is engag$4 ,b1 
9 ! view ( ! sci5ce1 !y are elem5ts ( ! 
exi/+ frame ( m9d ( ! ag5t1 & are !     
outcome ( 8 antec$5ts & 8 life up to !  
po9t at :i* he /&s4 ,!y are ! products (
 8 h]$it>y traits & 8 pa/ exp]i5ce1     
cumulatively wr\ght out "u a giv5 body (
 traditions1 conv5tionalities1 & mat]ial
 circum/ances2 & !y af=d ! po9t (       
dep>ture = ! next /ep 9 ! process4 ,!   
economic life hi/ory ( ! individual is a
 cumulative process ( adaptation ( means
 to ends t cumulatively *ange z !       
process goes on1 bo? ! ag5t & 8         
environm5t be+ at any po9t ! outcome ( !
 la/ process4 ,8 me?ods ( life to-day   
are en=c$ ^u him by 8 habits ( life     
c>ri$ ov] f ye/]day & by ! circum/ances 
left z ! me*anical residue ( ! life (   

ye/]day4  ,:at is true ( ! individual 9 
?is respect is true ( ! gr\p 9 :i* he   
lives4 ,all economic *ange is a *ange 9 
! economic community1--a *ange 9 !      
community's me?ods ( turn+ mat]ial ?+s  
to acc\nt4 ,! *ange is always 9 ! la/   
resort a *ange 9 habits ( ?\ght4 ,?is is
 true ev5 ( *anges 9 ! me*anical        
processes ( indu/ry4 ,a giv5 contrivance
 = effect+ c]ta9 mat]ial ends becomes a 
circum/ance :i* affects ! fur!r gr[? (  
habits ( ?\ght--habitual me?ods (       
proc$ure--& s becomes a po9t ( dep>ture 
= fur!r developm5t ( ! me?ods ( compass+
 ! ends s\ght & = ! fur!r v>iation (    
ends t are s\ght to be compass$4 ,9 all 
?is flux !re is no def9itively adequate 
me?od ( life & no def9itive or          
absolutely wor?y end ( action1 s f> z   
conc]ns ! sci5ce :i* sets out to =mulate
 a !ory ( ! process ( economic life4    
,:at rema9s z a h>d & fa/ residue is !  
fact ( activity direct$ to an objective 
end4 ,economic action is teleological1 9
 ! s5se t m5 always & ev]y:]e seek to d 

some?+4 ,:at1 9 specific detail1 !y     
seek1 is n to be answ]$ except by a     
scrut9y ( ! details ( _! activity2 b1 s 
long z we h to d ) _! life z memb]s ( ! 
economic community1 !re rema9s ! g5]ic  
fact t _! life is an unfold+ activity ( 
a teleological k9d4  ,x may or may n be 
a teleological process 9 ! s5se t x t5ds
 or %\ld t5d to any end t is conceiv$ to
 be wor?y or adequate by ! inquir] or by
 ! cons5sus ( inquir]s4 ,:e!r x is or is
 n1 is a "q ) :i* ! pres5t inquiry is n 
conc]n$2 & x is also a "q ( :i* an      
evolution>y economics ne$ take no       
acc\nt4 ,! "q ( a t5d5cy 9 ev5ts c      
evid5tly n come up except on ! gr\nd (  
"s preconception or prepossession on !  
"p ( ! p]son look+ = ! t5d5cy4 ,9 ord]  
to se>* = a t5d5cy1 we mu/ be possess$ (
 "s notion ( a def9itive end to be      
s\ght1 or "s notion z to :at is !       
legitimate tr5d ( ev5ts4 ,! notion ( a  
legitimate tr5d 9 a c\rse ( ev5ts is an 
extra-evolution>y preconception1 & lies 
outside ! scope ( an inquiry into !     

causal sequ5ce 9 any process4 ,!        
evolution>y po9t ( view1 !re=e1 leaves  
no place = a =mulation ( natural laws 9 
t]ms ( def9itive normality1 :e!r 9      
economics or 9 any o!r bran* ( inquiry4 
,nei!r does x leave room = t o!r "q (   
normality1 ,:at %\ld be ! end ( !       
developm5tal process "u discussion8  ,! 
economic life hi/ory ( any community is 
its life hi/ory 9 s f> z x is %ap$ by   
m5's int]e/ 9 ! mat]ial means ( life4   
,?is economic int]e/ has c\nt$ = mu* 9  
%ap+ ! cultural gr[? ( all communities4 
,prim>ily & mo/ obvi\sly1 x has guid$ ! 
=mation1 ! cumulative gr[?1 ( t range ( 
conv5tionalities & me?ods ( life t are  
curr5tly recogniz$ z economic           
in/itutions2 b ! same int]e/ has also   
p]vad$ ! community's life & its cultural
 gr[? at po9ts :]e ! result+ /ructural  
features are n *iefly & mo/ imm$iately (
 an economic be>+4 ,! economic int]e/   
goes ) m5 ?r\gh life1 & x goes ) ! race 
?r\gh\t its process ( cultural          
developm5t4 ,x affects ! cultural       

/ructure at all po9ts1 s t all          
in/itutions may be said to be 9 "s      
measure economic in/itutions4 ,?is is   
necess>ily ! case1 s9ce ! base (        
action--! po9t ( dep>ture--at any /ep 9 
! process is ! entire organic complex ( 
habits ( ?\ght t h be5 %ap$ by ! pa/    
process4 ,! economic int]e/ does n act 9
 isolation1 = x is b "o ( sev]al vaguely
 isolable int]e/s on :i* ! complex (    
teleological activity c>ri$ out by !    
individual proce$s4 ,! individual is b a
 s+le ag5t 9 ea* case2 & he ent]s into  
ea* successive action z a :ole1 al?\gh !
 specific end s\ght 9 a giv5 action may 
be s\ght av[$ly on ! basis ( a p>ticul> 
int]e/2 z e4g41 ! economic1 ae/hetic1   
sexual1 humanit>ian1 devotional int]e/s4
 ,s9ce ea* ( ^! passably isolable       
int]e/s is a prop5sity ( ! organic ag5t 
man1 ) 8 complex ( habits ( ?\ght1 !    
expression ( ea* is affect$ by habits ( 
life =m$ "u ! guidance ( all ! re/4 ,!re
 is1 !re=e1 no neatly isolable range (  
cultural ph5om5a t c be rigor\sly set   

ap>t "u ! head ( economic in/itutions1  
al?\gh a category ( economic in/itutions
 may be ( s]vice z a conv5i5t caption1  
compris+ ^? in/itutions 9 :i* ! economic
 int]e/ mo/ imm$iately & consi/5tly f9ds
 expression1 & :i* mo/ imm$iately & ) ! 
lea/ limitation are ( an economic be>+4 
,f :at has be5 said x appe>s t an       
evolution>y economics mu/ be ! !ory ( a 
process ( cultural gr[? z det]m9$ by !  
economic int]e/1 a !ory ( a cumulative  
sequ5ce ( economic in/itutions /at$ 9   
t]ms ( ! process itself4 ,except = !    
want ( space to d "h :at %\ld be done 9 
"s detail if x is done at all1 _m ef=ts 
by ! lat] economi/s 9 ?is direction     
might be cit$ to %[ ! tr5d ( economic   
discussion 9 ?is direction4 ,!re is n a 
little evid5ce to ?is effect1 & mu* ( ! 
"w done mu/ be rat$ z effective "w = ?is
 purpose4 ,mu* ( ! "w ( ! ,hi/orical    
,s*ool1 = in/ance1 & t ( its lat]       
expon5ts especially1 is too notewor?y to
 be pass$ ov] 9 sil5ce1 ev5 ) all due   
reg>d to ! limitations ( space4  ,we are

 n[ ready to return to ! "q :y economics
 is n an evolution>y sci5ce4 ,x is      
necess>ily ! aim ( su* an economics to  
trace ! cumulative work+-out ( !        
economic int]e/ 9 ! cultural sequ5ce4 ,x
 mu/ be a !ory ( ! economic life process
 ( ! race or ! community4 ,! economi/s h
 accept$ ! h$oni/ic preconceptions      
conc]n+ human nature & human action1 & !
 conception ( ! economic int]e/ :i* a   
h$oni/ic psy*ology gives does n af=d    
mat]ial = a !ory ( ! developm5t ( human 
nature4 ,"u h$onism ! economic int]e/ is
 n conceiv$ 9 t]ms ( action4 ,x is !re=e
 n readily appreh5d$ or appreciat$ 9    
t]ms ( a cumulative gr[? ( habits (     
?\ght1 & does n provoke1 ev5 if x did   
l5d itself to1 treatm5t by ! evolution>y
 me?od4 ,at ! same "t ! an?ropological  
preconceptions curr5t 9 t common-s5se   
appreh5sion ( human nature to :i*       
economi/s h habitually turn$ has n en=c$
 ! =mulation ( human nature 9 t]ms ( a  
cumulative gr[? ( habits ( life4 ,^!    
receiv$ an?ropological preconceptions   

are su* z h made possible ! normaliz$   
conjectural acc\nts ( primitive b>t] )  
:i* all economic read]s are famili>1 & !
 no less normaliz$ conv5tional d]ivation
 ( l&$ prop]ty & its r5t1 or !          
sociologico-philosophical discussions ( 
! function ( ?is or t class 9 ! life (  
society or ( ! nation4  ,! premises & ! 
po9t ( view requir$ = an evolution>y    
economics h be5 want+4 ,! economi/s h n 
_h ! mat]ials = su* a sci5ce ready to _!
 h&1 & ! provocation to /rike out 9 su* 
a direction has be5 abs5t4 ,ev5 if x has
 be5 possible at any "t to turn to !    
evolution>y l9e ( speculation 9         
economics1 ! possibility ( a dep>ture is
 n en\gh to br+ x ab\t4 ,s long z !     
habitual view tak5 ( a giv5 range (     
facts is ( ! taxonomic k9d & ! mat]ial  
l5ds itself to treatm5t by t me?od1 !   
taxonomic me?od is ! easie/1 gives ! mo/
 gratify+ imm$iate results1 & be/ fits  
into ! accept$ body ( k ( ! range (     
facts 9 "q4 ,?is has be5 ! situation 9  
economics4 ,! o!r sci5ces ( its gr\p h  

likewise be5 a body ( taxonomic         
discipl9e1 & dep>tures f ! accr$it$     
me?od h la9 "u ! odium ( be+ m]etrici\s 
innovations4 ,! well-worn pa?s are easy 
to foll[ & lead into good company4      
,advance along !m visibly fur!rs !      
accr$it$ "w :i* ! sci5ce has 9 h&4      
,div]g5ce f ! pa?s means t5tative "w1   
:i* is necess>ily sl[ & fragm5t>y & (   
unc]ta9 value4  ,x is only :5 ! me?ods (
 ! sci5ce & ! syn!ses result+ f _! use  
come to be out ( l9e ) habits ( ?\ght t 
prevail 9 o!r matt]s t ! sci5ti/ gr[s   
re/ive "u ! guidance ( ! receiv$ me?ods 
& /&po9ts1 & seeks a way out4 ,l o!r m51
 ! economi/ is an individual ) b "o     
intellig5ce4 ,he is a creature ( habits 
& prop5sities giv5 ?r\gh ! antec$5ts1   
h]$it>y & cultural1 ( :i* he is an      
outcome2 & ! habits ( ?\ght =m$ 9 any "o
 l9e ( exp]i5ce affect 8 ?9k+ 9 any o!r4
 ,me?ods ( obs]vation & ( h&l+ facts t  
are famili> ?r\gh habitual use 9 ! g5]al
 range ( k1 gradually ass]t !mselves 9  
any giv5 special range ( k4 ,!y may be  

accept$ sl[ly & ) reluctance :]e _!     
acceptance involves innovation2 b1 if !y
 h ! cont9u$ back+ ( ! g5]al body (     
exp]i5ce1 x is only a "q ( "t :5 !y %all
 come into dom9ance 9 ! special field4  
,! intellectual attitude & ! me?od (    
correlation en=c$ ^u u 9 ! appreh5sion &
 assimilation ( facts 9 ! m elem5t>y    
ranges ( k t h to d ) brute facts ass]t 
!mselves also :5 ! att5tion is direct$  
to ^? ph5om5a ( ! life process ) :i*    
economics has to d2 & ! range ( facts   
:i* are habitually h&l$ by o!r me?ods   
?an t 9 traditional vogue 9 economics   
has n[ become s l>ge & s insi/5tly      
pres5t at e turn t we are left re/less1 
if ! new body ( facts _c be h&l$ accord+
 to ! me?od ( m5tal proc$ure :i* is 9   
?is way becom+ habitual4  ,9 ! g5]al    
body ( k 9 mod]n times ! facts are      
appreh5d$ 9 t]ms ( causal sequ5ce4 ,?is 
is especially true ( t k ( brute facts  
:i* is %ap$ by ! exig5cies ( ! mod]n    
me*anical indu/ry4 ,to m5 ?or\ghly imbu$
 ) ?is matt]-(-fact habit ( m9d ! laws &

 !orems ( economics1 & ( ! o!r sci5ces t
 treat ( ! normal c\rse ( ?+s1 h a "* ( 
unreality & futility t b>s out any s]i\s
 int]e/ 9 _! discussion4 ,! laws &      
!orems are unreal to !m because !y are n
 to be appreh5d$ 9 ! t]ms :i* ^! m5 make
 use ( 9 h&l+ ! facts ) :i* !y are p]=ce
 habitually occupi$4 ,! same            
matt]-(-fact spiritual attitude & mode (
 proc$ure h n[ made _! way well up into 
! high] levels ( sci5tific k1 ev5 9 !   
sci5ces :i* deal 9 a m elem5t>y way ) ! 
same human mat]ial t makes !            
subject-matt] ( economics1 & ! economi/s
 !mselves are beg9n+ to feel ! unreality
 ( _! !orems ab\t normal cases4 ,provid$
 ! practical exig5cies ( mod]n indu/rial
 life cont9ue ( ! same "* z !y n[ are1 &
 s cont9ue to en=ce ! imp]sonal me?od ( 
k1 x is only a "q ( "t :5 t             
7sub/antially animi/ic7 habit ( m9d :i* 
proce$s on ! notion ( a def9itive       
normality %all be displac$ 9 ! field (  
economic inquiry by t 7sub/antially     
mat]iali/ic7 habit ( m9d :i* seeks a    

compreh5sion ( facts 9 t]ms ( a         
cumulative sequ5ce4  ,! lat] me?od (    
appreh5d+ & assimilat+ facts & h&l+ !m =
 ! purposes ( k may be bett] or worse1 m
 or less wor?y or adequate1 ?an ! e>li]2
 x may be ( great] or less c]emonial or 
ae/hetic effect2 we may be mov$ to      
regret ! incursion ( und]br$ habits (   
?\ght into ! s*ol>'s doma94 ,b all t is 
beside ! pres5t po9t4 ,"u ! /ress (     
mod]n te*nological exig5cies1 m5's e-day
 habits ( ?\ght are fall+ into ! l9es t 
9 ! sci5ces con/itute ! evolution>y     
me?od2 & k :i* proce$s on a high]1 m    
ar*aic plane is becom+ ali5 & mean+less 
to !m4 ,! social & political sci5ces mu/
 foll[ ! drift1 = !y are already caught 
9 x4  ,,footnotes3  #a ,repr9t$ by      
p]mission f ,! ,qu>t]ly ,j\rnal (       
,economics1 vol4 xii1 ,july1 #ahih4  #b 
,! ,fundam5tal ,laws (                  
,an?ropo-sociology1 ,j\rnal ( ,political
 ,economy1 ,decemb]1 #ahig1 p4 #ed4 ,!  
same pap]1 9 sub/ance1 appe>s 9 !       
,rivi/a ,italiana di ,sociologia =      

,novemb]1 #ahig4  #c ,! ,old ,g5]ation (
 ,economi/s & ! ,new1 ,qu>t]ly ,j\rnal (
 ,economics1 ,janu>y1 #ahig1 p4 #acc4   
#d ,political ,economy1 ,book ,,iii1    
*ap4 i4  #e ,m>%all1 ,pr9ciples (       
,economics 7#b;d ed471 ,book ,v1 *ap4   
ii1 p4 #cie1 note4  #f ,adam ,smi?1     
,weal? ( ,nations 7,bohn ed471 ,book    
,,ii1 *ap4 ii1 p4 #bhi4     ,,!         
,,preconceptions ,,( ,,economic         
,,sci5ce#a  ,i   ,9 an e>li] pap]#b !   
view has be5 express$ t ! economics h&$ 
d[n by ! great writ]s ( a pa/ g5]ation  
is sub/antially a taxonomic sci5ce4 ,a  
view ( mu* ! same purport1 s f> z       
conc]ns ! po9t "h imm$iately 9 "q1 is   
pres5t$ 9 an admirably lucid & cog5t way
 by ,pr(essor ,cl>k 9 a rec5t numb] (   
?is j\rnal4#c ,!re is no wi% h]eby to   
burd5 ,pr(essor ,cl>k ) a putative      
sponsor%ip ( any ungraceful or          
que/ionable g5]alisations rea*$ 9 work+ 
outw>d f ?is ma9 position1 b expression 
may n be d5i$ ! com=t :i* 8 un9t5d$     
au!ntication ( ! ma9 position af=ds4 ,x 

is true1 ,pr(essor ,cl>k does n speak ( 
taxonomy1 b employs ! t]m /atics1 :i* is
 p]haps bett] suit$ to 8 imm$iate       
purpose4 ,nev]!less1 9 spite ( ! high   
au?ority giv5 ! t]m /atics1 9 ?is       
connection1 ?r\gh its use by ,pr(essor  
,cl>k & by o!r writ]s em95t 9 ! sci5ce1 
x is fairly to be que/ion$ :e!r ! t]m c 
legitimately be us$ to *>act]ize !      
receiv$ economic !ories4 ,! ^w is borr[$
 f ! j>gon ( physics1 :]e x is us$ to   
designate ! !ory ( bodies at re/ or (   
=ces 9 equilibrium4 ,b !re is mu* 9 !   
receiv$ economic !ories to :i* ! analogy
 ( bodies at re/ or ( =ces 9 equilibrium
 w n apply4 ,x is p]haps n too mu* to   
say t ^? articles ( economic !ory t d n 
l5d !mselves to ?is analogy make up !   
major portion ( ! receiv$ doctr9es4 ,s1 
= in/ance1 x seems sc>cely to ! po9t to 
speak ( ! /atics ( production1 ex*ange1 
consumption1 circulation4 ,!re are1 no  
d\bt1 appreciable elem5ts 9 ! !ory ( ^! 
sev]al processes t may fairly be        
*>act]iz$ z /atical features ( ! !ory2 b

 ! doctr9es h&$ d[n are aft] all1 9 !   
ma91 !ories ( ! process discuss$ "u ea* 
head1 & ! !ory ( a process does n belong
 9 /atics4 ,! epi!t /atical w\ld1 =     
in/ance1 h to be wr5*$ some:at ung5tly  
to make x apply to ,quesnay's classic   
,tableau ,economique or to ! great body 
( ,physiocratic speculations t take _!  
rise f x ,! l is true = ,books ,,ii4 &  
,,iii4 ( ,adam ,smi?'s ,weal? (         
,nations1 z also = consid]able portions 
( ,ric>do's "w1 or1 to come d[n to !    
pres5t g5]ation1 = mu* ( ,m>%all's      
,pr9ciples1 & = su* a mod]n discussion z
 ,sm>t's ,/udies 9 ,economics1 z well z 
= ! fruitful activity ( ! ,au/rians & ( 
! lat] repres5tatives ( ! ,hi/orical    
,s*ool4  ,b to return f ?is t]m9ological
 digression4 ,:ile economic sci5ce 9 !  
remot] pa/ ( its hi/ory has be5 ma9ly ( 
a taxonomic "*1 lat] writ]s ( all s*ools
 %[ some?+ ( a div]g5ce f ! taxonomic   
l9e & an incl9ation to make ! sci5ce a  
g5etic acc\nt ( ! economic life process1
 sometimes ev5 )\t an ult]ior view to ! 

taxonomic value ( ! results obta9$4 ,?is
 div]g5ce f ! anci5t canons ( !oretical 
=mulation is to be tak5 z an episode ( !
 movem5t t is go+ =w>d 9 latt]-day      
sci5ce g5]ally2 & ! progressive *ange   
:i* ?us affects ! ideals & ! objective  
po9t ( ! mod]n sci5ces seems 9 its turn 
to be an expression ( t matt]-(-fact    
habit ( m9d :i* ! prosy b exact+        
exig5cies ( life 9 a mod]n indu/rial    
community bre$ 9 m5 expos$ to _!        
unmitigat$ impact4  ,9 speak+ ( ?is     
matt]-(-fact "* ( ! mod]n sci5ces x has 
be5 broadly *>act]iz$ z evolution>y2 & !
 evolution>y me?od & ! evolution>y      
ideals h be5 plac$ 9 anti!sis to !      
taxonomic me?ods & ideals (             
pre-evolution>y days4 ,b ! *>act]i/ic   
attitude1 aims1 & ideals :i* are s      
designat$ "h are by no means peculi> to 
! gr\p ( sci5ces t are pr(ess$ly occupi$
 ) a process ( developm5t1 tak+ t t]m 9 
its mo/ widely accept$ mean+4 ,!        
latt]-day inorganic sci5ces are 9 ?is   
respect l ! organic4 ,!y occupy !mselves

 ) dynamic relations & sequ5ces4 ,! "q  
:i* !y ask is always1 ,:at takes place  
next1 & :y8 ,giv5 a situation wr\ght out
 by ! =ces "u inquiry1 :at foll[s z !   
consequ5ce ( ! situation s wr\ght out8  
or :at foll[s ^u ! accession ( a fur!r  
elem5t ( =ce8 ,ev5 9 s non-evolution>y a
 sci5ce z inorganic *emi/ry ! inquiry   
consi/5tly runs on a process1 an active 
sequ5ce1 & ! value ( ! result+ situation
 z a po9t ( dep>ture = ! next /ep 9 an  
int]m9able cumulative sequ5ce4 ,! la/   
/ep 9 ! *emi/'s exp]im5tal inquiry into 
any sub/ance is1 ,:at comes ( ! sub/ance
 det]m9$8 ,:at w x d8 ,:at w x lead to1 
:5 x is made ! po9t ( dep>ture 9 fur!r  
*emical action8 ,!re is no ultimate t]m1
 & no def9itive solution except 9 t]ms (
 fur!r action4 ,! !ory work$ out is     
always a !ory ( a g5etic succession (   
ph5om5a1 & ! relations det]m9$ &        
elaborat$ into a body ( doctr9e are     
always g5etic relations4 ,9 mod]n       
*emi/ry no cognisance is tak5 ( !       
honorific be>+ ( reactions or molecul>  

=mulae4 ,! mod]n *emi/1 z contra/$ ) 8  
anci5t cong5]1 kn[s no?+ ( ! wor?1      
elegance1 or cog5cy ( ! relations t may 
subsi/ betwe5 ! p>ticles ( matt] ) :i*  
he busies himself1 = any o!r ?an !      
g5etic purpose4 ,! spiritual elem5t & ! 
elem5ts ( wor? & prop5sity no long]     
c\nt4 ,al*emic symbolism & ! hi]>*ical  
glam\r & virtue t once h$g$ ab\t ! nobl]
 & m pot5t elem5ts & reag5ts are almo/  
altoge!r a dep>t$ glory ( ! sci5ce4 ,ev5
 ! mode/ imputation ( prop5sity involv$ 
9 ! con/ruction ( a s*eme ( co]cive     
normality1 = ! putative guidance (      
reactions1 f9ds little c\nt5ance ) !    
lat] adepts ( *emical sci5ce4 ,! sci5ce 
has outliv$ t phase ( its developm5t at 
:i* ! taxonomic feature 0 ! dom9ant "o4 
,9 ! mod]n sci5ces1 ( :i* *emi/ry is "o1
 !re has be5 a gradual %ift+ ( ! po9t ( 
view f :i* ! ph5om5a :i* ! sci5ce treats
 ( are appreh5d$ & pass$ ^u2 & to !     
hi/orian ( *emical sci5ce ?is %ift+ ( ! 
po9t ( view mu/ be a factor ( great     
weight 9 ! developm5t ( *emical k4      

,some?+ ( a l nature is true = economic 
sci5ce2 & x is ! aim "h to pres5t1 9    
outl9e1 "s ( ! successive phases t h    
pass$ ov] ! spiritual attitude ( !      
adepts ( ! sci5ce1 & to po9t out ! mann]
 9 :i* ! transition f "o po9t ( view to 
! next has be5 made4         99       99
       99       99       99  ,z has be5 
sugge/$ 9 ! pap] already ref]r$ to1 !   
*>act]i/ic spiritual attitude or po9t ( 
view ( a giv5 g5]ation or gr\p (        
economi/s is %[n n s mu* 9 _! detail "w 
z 9 _! high] syn!ses--! t]ms ( _!       
def9itive =mulations--! gr\nds ( _! f9al
 valuation ( ! facts h&l$ = purpose (   
!ory4 ,?is l9e ( recondite inquiry into 
! spiritual pa/ & antec$5ts ( ! sci5ce  
has n (t5 be5 pursu$ s]i\sly or )       
s+l5ess ( purpose1 p]haps because x is1 
aft] all1 ( b slight consequ5ce to !    
practical effici5cy ( ! pres5t-day      
sci5ce4 ,/ill1 n a little sub/antial "w 
has be5 done t[>ds ?is end by su* writ]s
 z ,hasba*1 ,onck51 ,bon>1 ,cannan1 &   
,m>%all4 ,& mu* t is to ! purpose is    

also due to writ]s outside ( economics1 
= ! aims ( economic speculation h nev]  
be5 insulat$ f ! "w go+ =w>d 9 o!r l9es 
( inquiry4 ,z w\ld necess>ily be ! case1
 ! po9t ( view ( economi/s has always   
be5 9 l>ge "p ! po9t ( view ( !         
enlight5$ common s5se ( _! "t4 ,!       
spiritual attitude ( a giv5 g5]ation (  
economi/s is !re=e 9 good "p a special  
outgr[? ( ! ideals & preconceptions     
curr5t 9 ! _w ab\t !m4  ,s1 = in/ance1 x
 is q ! conv5tional ?+ to say t !       
speculations ( ! ,physiocrats 7 dom9at$ 
& %ap$ by ! preconception ( ,natural    
,rights4 ,acc\nt has be5 tak5 ( ! effect
 ( natural-rights preconceptions ^u !   
,physiocratic s*emes ( policy & economic
 re=m z well z ^u ! details ( _!        
doctr9es4#d ,b little has be5 said ( !  
significance ( ^! preconceptions = ! l[]
 c\rses ( ! ,physiocrats' !oretical     
/ructure4 ,& yet t habit ( m9d to :i* ! 
natural-rights view is :olesome &       
adequate is answ]able bo? = ! po9t (    
dep>ture & = ! objective po9t ( !       

,physiocratic !ories1 bo? = ! range (   
facts to :i* !y turn$ & = ! t]ms 9 :i*  
!y 7 cont5t to =mulate _! k ( ! facts   
:i* !y h&l$4 ,! failure ( _! critics to 
place !mselves at ! ,physiocratic po9t (
 view has l$ to mu* de/ructive criticism
 ( _! "w2 :]eas1 :5 se5 ?r\gh           
,physiocratic eyes1 su* doctr9es z ^? ( 
! net product & ( ! b>r5ness ( ! artisan
 class appe> to be sub/antially true4   
,! speculations ( ! ,physiocrats are    
commonly acc\nt$ ! fir/ articulate &    
compreh5sive pres5tation ( economic !ory
 t is 9 l9e ) lat] !oretical "w4 ,!     
,physiocratic po9t ( view may1 !re=e1   
well be tak5 z ! po9t ( dep>ture 9 an   
attempt to trace t %ift+ ( aims & norms 
( proc$ure t comes into view 9 ! "w (   
lat] economi/s :5 comp>$ ) e>li] writ]s4
  ,physiocratic economics is a !ory ( ! 
work+-out ( ! ,law ( ,nature 7loi       
naturelle7 9 its economic be>+1 & ?is   
,law ( ,nature is a v simple matt]4     
,les lois naturelles sont ou physiques  
ou morales4       ,on ent5d ici1 p> loi 

physique1 le c\rs regle de t\t          
ev5em5t physique de l'ordre naturel1    
evidemm5t le plus      avantageux au    
g5re huma94       ,on ent5d ici1 p> loi 
morale1 la regle de t\te action         
huma9e de l'ordre morale1 con=me a      
l'ordre physique      evidemm5t le plus 
avantageux au g5re huma94       ,ces    
lois =m5t ensemble ce qu'on appelle la  
loi      naturelle4 ,t\s les hommes et  
t\tes les puissances huma9es      doiv5t
 etre s\mis a ces lois s\v]a9es1        
in/ituees p>      l',etre-,supreme3     
elles sont immuables et irrefragables1  
et les      meilleures lois possible4#e 
,! settl$ c\rse ( mat]ial facts t5d+    
b5efic5tly to ! highe/ welf>e ( ! human 
race1--?is is ! f9al t]m 9 !            
,physiocratic speculations4 ,?is is !   
t\*/one ( sub/antiality4 ,con=mity to ^!
 immutable & un]r+ laws ( nature is !   
te/ ( economic tru?4 ,! laws are        
immutable & un]r+1 b t does n mean t !y 
rule ! c\rse ( ev5ts ) a bl9d fatality t
 admits ( no exception & no div]g5ce f !

 direct l9e4 ,human nature may1 ?r\gh   
infirmity or p]v]sity1 willfully break  
ov] ! b5efic5t tr5d ( ! laws ( nature2 b
 to ! ,physiocrat's s5se ( ! matt] !    
laws are none ! less immutable &        
irrefragable on t acc\nt4 ,!y are n     
empirical g5]alisations on ! c\rse (    
ph5om5a1 l ! law ( fall+ bodies or ( !  
angle ( reflection2 al?\gh _m ( !       
details ( _! action are to be det]m9$   
only by obs]vation & exp]i5ce1 help$    
out1 ( c\rse1 by int]pretation ( ! facts
 ( obs]vation "u ! light ( reason4 ,s1 =
 in/ance1 ,turgot1 9 8 ,reflections1    
empirically works out a doctr9e ( !     
reasonable c\rse ( developm5t ?r\gh :i* 
weal? is accumulat$ & rea*es ! exi/+    
/ate ( unequal di/ribution2 s also 8    
doctr9es ( int]e/ & ( money4 ,!         
immutable natural laws are r ( ! nature 
( canons ( conduct gov]n+ nature ?an    
g5]alisations ( me*anical sequ5ce1      
al?\gh 9 a g5]al way ! ph5om5a (        
me*anical sequ5ce are details ( !       
conduct ( nature work+ accord+ to ^!    

canons ( conduct4 ,! great law ( ! ord] 
( nature is ( ! "* ( a prop5sity work+  
to an end1 to ! accompli%m5t ( a        
purpose4 ,! processes ( nature work+ "u 
! quasi-spiritual /ress ( ?is imman5t   
prop5sity may be *>act]is$ z nature's   
habits ( life4 ,n t nature is consci\s (
 its travail1 & kn[s & desires ! wor?y  
end ( its endeavors2 b = all t !re is a 
quasi-spiritual nexus betwe5 antec$5t & 
consequ5t 9 ! s*eme ( op]ation 9 :i*    
nature is engag$4 ,nature is n uneasy   
ab\t int]ruptions ( its c\rse or        
occasional deflections f ! direct l9e   
?r\gh an unt[>d conjunction ( me*anical 
causes1 nor does ! validity ( ! great   
ov]rul+ law suff] ?r\gh su* an episode4 
,! introduction ( a m]e me*anically     
effective causal factor _c ?w>t ! c\rse 
( ,nature f rea*+ ! goal to :i* %e      
animi/ically t5ds4 ,no?+ c ?w>t ?is     
teleological prop5sity ( nature except  
c\nt]-activity or div]g5t activity ( a  
simil>ly teleological k9d4 ,m5 c break  
ov] ! law1 & h %ort-sight$ly & willfully

 done s2 = m5 are also ag5ts :o guide _!
 actions by an end to be a*iev$4 ,human 
conduct is activity ( ! same k9d--on !  
same plane ( spiritual reality or       
compet5cy--z ! c\rse ( ,nature1 & x may 
!re=e trav]se ! latt]4 ,! rem$y = ?is   
%ort-sight$ traffic ( misguid$ human    
nature is enlight5m5t1--in/ruction      
publique et privee des lois de l'ordre  
naturel4#f  ,! nature 9 t]ms ( :i* all k
 ( ph5om5a--= ! pres5t purpose economic 
ph5om5a--is to be f9ally syn!sis$ is1   
!re=e1 sub/antially ( a quasi-spiritual 
or animi/ic "*4 ,! laws ( nature are 9 !
 la/ resort teleological3 !y are ( !    
nature ( a prop5sity4 ,! sub/antial fact
 9 all ! sequ5ces ( nature is ! end to  
:i* ! sequ5ce naturally t5ds1 n ! brute 
fact ( me*anical compulsion or causally 
effective =ces4 ,economic !ory is       
accord+ly ! !ory 7#a7 ( h[ ! effici5t   
causes ( ! ordre naturel "w 9 an ord]ly 
unfold+ sequ5ce1 guid$ by ! und]ly+     
natural laws--! prop5sity imman5t 9     
nature to e/abli% ! highe/ well-be+ (   

mank9d1 & 7#b7 ( ! conditions impos$ ^u 
human conduct by ^! natural laws 9 ord] 
to rea* ! orda9$ goal ( supreme human   
welf>e4 ,! conditions s impos$ on human 
conduct are z def9itive z ! laws & !    
ord] by =ce ( :i* !y are impos$2 & !    
!oretical conclusions rea*$1 :5 ^! laws 
& ?is ord] are kn[n1 are !re=e          
expressions ( absolute economic tru?4   
,su* conclusions are an expression (    
reality1 b n necess>ily ( fact4  ,n[1 ! 
objective end ( ?is prop5sity t det]m9es
 ! c\rse ( nature is human well-be+4 ,b 
economic speculation has to d ) ! work+s
 ( nature only s f> z reg>ds ! ordre    
physique4 ,& ! laws ( nature 9 ! ordre  
physique1 work+ ?r\gh me*anical sequ5ce1
 c only "w out ! physical well-be+ (    
man1 n necess>ily ! spiritual4 ,?is     
prop5sity to ! physical well-be+ ( man  
is !re=e ! law ( nature to :i* economic 
sci5ce mu/ br+ its g5]alisations1 & ?is 
law ( physical b5efic5ce is ! sub/antial
 gr\nd ( economic tru?4 ,want+ ?is1 all 
our speculations are va92 b hav+ its    

au!ntication !y are def9itive4 ,! great1
 typical function1 to :i* all ! o!r     
function+ ( nature is incid5tal if n    
subsidi>y1 is accord+ly t ( !           
alim5tation1 nutrition ( mank9d4 ,9 s   
f>1 & only 9 s f> z ! physical processes
 contribute to human su/5ance & fullness
 ( life1 c !y1 !re=e1 fur!r ! great "w (
 nature4 ,:atev] processes contribute to
 human su/5ance by add+ to ! mat]ial    
available = human assimilation &        
nutrition1 by increas+ ! sub/ance       
disposable = human com=t1 !re=e c\nt    
t[>ds ! sub/antial end4 ,all o!r        
processes1 h[ev] s]viceable 9 o!r ?an   
?is physiological respect1 lack !       
sub/ance ( economic reality4 ,accord+ly1
 human indu/ry is productive1           
economically speak+1 if x height5s !    
effectiv5ess ( ! natural processes out (
 :i* ! mat]ial ( human su/5ance em]ges2 
o!rwise n4 ,! te/ ( productivity1 (     
economic reality 9 mat]ial facts1 is !  
increase ( nutritive mat]ial4 ,:atev]   
employm5t ( "t or ef=t does n af=d an   

increase ( su* mat]ial is unproductive1 
h[ev] pr(itable x may be to ! p]son     
employ$1 & h[ev] useful or indisp5sable 
x may be to ! community4 ,! type ( su*  
productive indu/ry is ! husb&man's      
employm5t1 :i* yields a sub/antial      
7nutritive7 ga94 ,! artisan's "w may be 
useful to ! community & pr(itable to    
himself1 b its economic effect does n   
ext5d beyond an alt]ation ( ! =m 9 :i* !
 mat]ial af=d$ by nature already lies at
 h&4 ,x is =mally productive only1 n    
really productive4 ,x be>s no "p 9 !    
creative or g5]ative "w ( nature2 &     
!re=e x lacks ! "* ( economic           
sub/antiality4 ,x does n enhance        
nature's output ( vital =ce4 ,!         
artisan's labors1 !re=e1 yield no net   
product1 :]eas ! husb&man's labors d4   
,:atev] con/itutes a mat]ial increm5t ( 
?is output ( vital =ce is weal?1 & no?+ 
else is4 ,! !ory ( value conta9$ 9 ?is  
position has n to d ) value accord+ to  
m5's appraisem5t ( ! valuable article4  
,giv5 items ( weal? may h assign$ to !m 

c]ta9 relative values at :i* !y ex*ange1
 & ^! conv5tional values may diff] m or 
less widely f ! natural or intr9sic     
value ( ! goods 9 "q2 b all t is beside 
! sub/antial po9t4 ,! po9t 9 "q is n !  
degree ( pr$ilection %[n by c]ta9       
individuals or bodies ( m5 = c]ta9      
goods4 ,t is a matt] ( caprice &        
conv5tion1 & x does n directly t\* !    
sub/antial gr\nd ( ! economic life4 ,!  
"q ( value is a "q ( ! ext5t to :i* !   
giv5 item ( weal? =w>ds ! end ( nature's
 unfold+ process4 ,x is valuable1       
intr9sically & really1 9 s f> z x avails
 ! great "w :i* nature has 9 h&4        
,nature1 !n1 is ! f9al t]m 9 !          
,physiocratic speculations4 ,nature     
works by impulse & 9 an unfold+ process1
 "u ! /ress ( a prop5sity to !          
accompli%m5t ( a giv5 end4 ,?is         
prop5sity1 tak5 z ! f9al cause t is     
op]ative 9 any situation1 furni%es !    
basis on :i* to coo]d9ate all our k ( ^?
 effici5t causes ?r\gh :i* ,nature works
 to h] ends4 ,= ! purpose ( economic    

!ory prop]1 ?is is ! ultimate gr\nd (   
reality to :i* our que/ ( economic tru? 
mu/ p5etrate4 ,b back ( ,nature & h]    
works !re is1 9 ! ,physiocratic s*eme ( 
! univ]se1 ! ,creator1 by ^: all-wise & 
b5evol5t p[] ! ord] ( nature has be5    
e/abli%$ 9 all ! /r5g? & beauty ( its   
inviolate & immutable p]fection4 ,b !   
,physiocratic conception ( ! ,creator is
 ess5tially a dei/ic "o3 he /&s ap>t f !
 c\rse ( nature :i* he has e/abli%$1 &  
keeps 8 h&s (f4 ,9 ! la/ resort1 (      
c\rse1 ,dieu seul e/ producteur4 ,les   
hommes travaill5t1 receuill5t1          
economis5t1 cons]v5t2 mais economis]    
n'e/ pas produire4#g ,b ?is la/ resort  
does n br+ ! ,creator into economic !ory
 z a fact to be c\nt$ ) 9 =mulat+       
economic laws4 ,he s]ves a homiletical  
purpose 9 ! ,physiocratic speculations r
 ?an fills an (fice ess5tial to ! !ory4 
,he comes )9 ! purview ( ! !ory by way (
 au!ntication r ?an z a subject (       
inquiry or a t]m 9 ! =mulation (        
economic k4 ,! ,physiocratic ,god c     

sc>cely be said to be an economic fact1 
b x is o!rwise ) t ,nature ^: ways &    
means con/itute ! subject-matt] ( !     
,physiocratic inquiry4  ,:5 ?is natural 
sy/em ( ! ,physiocratic speculation is  
look$ at f ! side ( ! psy*ology ( !     
inve/igators1 or f t ( ! logical        
premises employ$1 x is imm$iately       
recognis$ z ess5tially animi/ic4 ,x runs
 consi/5tly on animi/ic gr\nd2 b x is   
animism ( a high grade1--highly         
integrat$ & enlight5$1 b1 aft] all1     
reta9+ v mu* ( t primitive =ce & naivete
 :i* *>act]ise ! animi/ic explanations (
 ph5om5a 9 vogue among ! untr\bl$       
b>b>ians4 ,x is n ! disject$ animism ( !
 vulg>1 :o see a willful prop5sity--(t5 
a willful p]v]sity--9 giv5 objects or   
situations to "w t[>ds a giv5 outcome1  
good or bad4 ,x is n ! gambl]'s haphaz>d
 s5se ( =tuit\s necessity or !          
h\sewife's belief 9 lucky days1 numb]s  
or phases ( ! moon4 ,! ,physiocrat's    
animism re/s on a broad] outlook1 & does
 n proce$ by su* an imm$iately impulsive

 imputation ( prop5sity4 ,! teleological
 elem5t--! elem5t ( prop5sity--is       
conceiv$ 9 a l>ge way1 unifi$ &         
h>monis$1 z a compreh5sive ord] ( nature
 z a :ole4 ,b x v9dicates its /&+ z a   
true animism by nev] becom+ fatali/ic & 
nev] be+ confus$ or conf\nd$ ) ! sequ5ce
 ( cause & effect4 ,x has rea*$ ! la/   
/age ( integration & def9ition1 beyond  
:i* ! way lies d[nw>d f ! high1         
quasi-spiritual gr\nd ( animism to !    
tam] levels ( normality & causal        
uni=mities4  ,!re is already disc]nible 
a tone ( dispassionate & colorless      
t5d5cy ab\t ! ,physiocratic animism1 su*
 z to sugge/ a wav]+ t[>ds ! side (     
normality4 ,?is is especially visible 9 
su* writ]s z ! half-prote/ant ,turgot4  
,9 8 discussion ( ! developm5t ( f>m+1 =
 in/ance1 ,turgot speaks almo/ entirely 
( human motives & ! mat]ial conditions  
"u :i* ! gr[? takes place4 ,!re is      
little metaphysics 9 x1 & t little does 
n express ! law ( nature 9 an adequate  
=m4 ,b1 aft] all has be5 said1 x rema9s 

true t ! ,physiocrat's s5se (           
sub/antiality is n satisfi$ until he    
rea*es ! animi/ic gr\nd2 & x rema9s true
 also t ! argum5ts ( _! oppon5ts made   
little impression on ! ,physiocrats s   
long z !y 7 direct$ to o!r ?an ?is      
animi/ic gr\nd ( _! doctr9e4 ,?is is    
true 9 great measure ev5 ( ,turgot1 z   
witness 8 controv]sy ) ,hume4 ,:atev]   
criticism is direct$ aga9/ !m on o!r    
gr\nds is met ) impati5ce1 z be+        
inconsequ5tial1 if n dis+5u\s4#h  ,to an
 hi/orian ( economic !ory ! s\rce & !   
l9e ( d]ivation :]eby ?is precise =m ( !
 ord]-(-nature preconception rea*$ !    
,physiocrats are ( fir/-rate importance2
 b x is sc>cely a "q to be tak5 up      
"h1--9 "p because x is too l>ge a "q to 
be h&l$ "h1 9 "p because x has met )    
adequate treatm5t at m compet5t h&s1#i &
 9 "p because x is some:at beside !     
imm$iate po9t "u discussion4 ,?is po9t  
is ! logical1 or p]haps bett] !         
psy*ological1 value ( ! ,physiocrats'   
preconception1 z a factor 9 %ap+ _! po9t

 ( view & ! t]ms ( _! def9itive         
=mulation ( economic k4 ,= ?is purpose x
 may be suffici5t to po9t out t !       
preconception 9 "q belongs to ! g5]ation
 9 :i* ! ,physiocrats liv$1 & t x is !  
guid+ norm ( all s]i\s ?\ght t f\nd     
ready assimilation into ! common-s5se   
views ( t "t4 ,x is ! *>act]i/ic &      
controll+ feature ( :at may be call$ !  
common-s5se metaphysics ( ! eighte5?    
c5tury1 especially s f> z conc]ns !     
enlight5$ ,fr5* community4  ,x is to be 
not$ z a po9t be>+ m imm$iately on ! "q 
9 h& t ?is imputation ( f9al causes to !
 c\rse ( ph5om5a expresses a spiritual  
attitude :i* has prevail$1 "o might     
almo/ say1 always & ev]y:]e1 b :i* rea*$
 its f9e/1 mo/ effective developm5t1 &  
f\nd its mo/ f9i%$ expression1 9 !      
eighte5?-c5tury metaphysics4 ,x is no?+ 
recondite2 = x meets u at e turn1 z a   
matt] ( c\rse1 9 ! vulg> ?9k+ (         
to-day1--9 ! pulpit & 9 ! m>ket         
place1--al?\gh x is n s +5u\s1 nor does 
x s unque/ion$ly hold ! primacy 9 ! ?9k+

 ( any class to-day z x once did4 ,x    
meets u likewise1 ) b little *ange (    
features1 at all pa/ /ages ( culture1   
late or e>ly4 ,inde$1 x is ! mo/ g5]ic  
feature ( human ?9k+1 s f> z reg>ds a   
!oretical or speculative =mulation ( k4 
,accord+ly1 x seems sc>cely necess>y to 
trace ! l9eage ( ?is *>act]i/ic         
preconception ( ! era ( enlight5m5t1    
?r\gh specific *annels1 back to ! anci5t
 philosoph]s or juri/s ( ! empire4 ,"s (
 ! specific =ms ( its expression--z1 =  
in/ance1 ! doctr9e ( ,natural           
,rights--are no d\bt traceable ?r\gh    
m$iaeval *annels to ! tea*+s ( !        
anci5ts2 b !re is no ne$ ( go+ ov] !    
brook = wat]1 & trac+ back to specific  
tea*+s ! ma9 features ( t habit ( m9d or
 spiritual attitude ( :i* ! doctr9es (  
,natural ,rights & ! ,ord] ( ,nature are
 specific elaborations only4 ,?is       
dom9ant habit ( m9d came to ! g5]ation (
 ! ,physiocrats on ! broad gr\nd ( gr\p 
inh]itance1 n by l9eal devolution f any 
"o ( ! great ?9k]s ( pa/ ages :o _h ?r[n

 its deliv]ances into a simil>ly        
compet5t =m = ! use ( 8 own g5]ation4   
99       99       99       99       99  
,9 leav+ ! ,physiocratic discipl9e & !  
imm$iate sph]e ( ,physiocratic influ5ce 
= ,briti% gr\nd1 we are met by ! figure 
( ,hume4 ,"h1 also1 x w be impracticable
 to g into details z to ! remot] l9e (  
d]ivation ( ! specific po9t ( view t we 
come ^u on mak+ ! transition1 = reasons 
simil> to ^? already giv5 z excuse =    
pass+ ov] ! simil> "q ) reg>d to !      
,physiocratic po9t ( view4 ,hume is1 (  
c\rse1 n prim>ily an economi/2 b t      
placid unbeliev] is none ! less a l>ge  
item 9 any inv5tory ( eighte5?-c5tury   
economic ?\ght4 ,hume 0 n gift$ ) a     
facile acceptance ( ! gr\p inh]itance t 
made ! habit ( m9d ( 8 g5]ation4 ,inde$1
 he 0 gift$ ) an al]t1 ?\gh some:at     
hi/rionic1 skepticism t\*+ ev]y?+ t 0   
well receiv$4 ,x is 8 (fice to prove all
 ?+s1 ?\gh n necess>ily to hold fa/ t   
:i* is good4  ,aside f ! /ra9 (         
affectation disc]nible 9 ,hume's        

skepticism1 he may be tak5 z an         
acc5tuat$ expression ( t *>act]i/ic b5t 
:i* di/+ui%es ,briti% ?9k+ 9 8 "t f !   
?9k+ ( ! ,cont95t1 & m p>ticul>ly ( !   
,fr5*4 ,!re is 9 ,hume1 & 9 ! ,briti%   
community1 an insi/5ce on ! prosy1 n to 
say ! seamy1 side ( human affairs4 ,he  
is n cont5t ) =mulat+ 8 k ( ?+s 9 t]ms (
 :at ought to be or 9 t]ms ( ! objective
 po9t ( ! c\rse ( ?+s4 ,he is n ev5     
cont5t ) add+ to ! teleological acc\nt (
 ph5om5a a *a9 ( empirical1 n>rative    
g5]alisations z to ! usual c\rse ( ?+s4 
,he insi/s1 9 season & out ( season1 on 
an exhibition ( ! effici5t causes engag$
 9 any sequ5ce ( ph5om5a2 & he is       
skeptical--irrev]5tly skeptical--z to ! 
ne$ or ! use ( any =mulation ( k t      
outruns ! rea* ( 8 own matt]-(-fact1    
/ep-by-/ep argum5t f cause to effect4   
,9 %ort1 he is too mod]n to be :olly    
intelligible to ^? ( 8 contempor>ies :o 
are mo/ neatly abrea/ ( _! "t4 ,he      
out-,briti%es ! ,briti%2 &1 9 8 footsore
 que/ = a p]fectly tame explanation (   

?+s1 he f9ds little com=t1 & inde$ scant
 c\rtesy1 at ! h&s ( 8 own g5]ation4 ,he
 is n 9 suffici5tly naive accord ) !    
range ( preconceptions !n 9 vogue4  ,b1 
:ile ,hume may be an acc5tuat$          
expression ( a national *>act]i/ic1 he  
is n !re=e an untrue expression ( ?is   
phase ( ,briti% eighte5?-c5tury ?9k+4 ,!
 peculi>ity ( po9t ( view & ( me?od =   
:i* he /&s has sometimes be5 call$ !    
critical attitude1 sometimes ! inductive
 me?od1 sometimes ! mat]iali/ic or      
me*anical1 & aga91 ?\gh less aptly1 !   
hi/orical me?od4 ,its *>act]i/ic is an  
insi/5ce on matt] ( fact4  ,?is         
matt]-(-fact animus t meets any hi/orian
 ( economic doctr9e on 8 introduction to
 ,briti% economics is a l>ge1 b n !     
l>ge/1 feature ( ! ,briti% s*eme ( e>ly 
economic ?\ght4 ,x /rikes ! att5tion    
because x /&s 9 contra/ ) ! relative    
abs5ce ( ?is feature 9 ! contempor>y    
speculations ( ! ,cont95t4 ,! mo/ pot5t1
 mo/ =mative habit ( ?\ght conc]n$ 9 !  
e>ly developm5t ( economic tea*+ on     

,briti% gr\nd is be/ se5 9 ! broad]     
g5]alisations ( ,adam ,smi?1 & ?is m    
pot5t factor 9 ,smi? is a b5t t is      
sub/antially id5tical ) t :i* gives     
consi/5cy to ! speculations ( !         
,physiocrats4 ,9 ,adam ,smi? ! two are  
happily comb9$1 n to say bl5d$2 b !     
animi/ic habit /ill holds ! primacy1 ) !
 matt]-(-fact z a subsidi>y ?\gh p[]ful 
factor4 ,he is said to h comb9$ d$uction
 ) induction4 ,! relatively great       
prom95ce giv5 ! latt] m>ks ! l9e (      
div]g5ce ( ,briti% f ,fr5* economics1 n 
! l9e ( co9cid5ce2 & on ?is acc\nt x may
 n be out ( place to look m n>r[ly into 
! circum/ances to :i* ! em]g5ce ( ?is   
relatively great] p5*ant = a            
matt]-(-fact explanation ( ?+s 9 !      
,briti% community is due4  ,to expla9 ! 
*>act]i/ic animus = :i* ,hume /&s1 on   
gr\nds t might appeal to ,hume1 we %\ld 
h to inquire into ! peculi>             
circum/ances--ultimately mat]ial        
circum/ances--t h gone to %ape !        
habitual view ( ?+s )9 ! ,briti%        

community1 & t s h act$ to diff]5tiate !
 ,briti% preconceptions f ! ,fr5*1 or f 
! g5]al range ( preconceptions preval5t 
on ! ,cont95t4 ,^! peculi> =mative      
circum/ances are no d\bt to "s ext5t    
racial peculi>ities2 b ! racial         
complexion ( ! ,briti% community is n   
widely diff]5t f ! ,fr5*1 & especially n
 widely diff]5t f c]ta9 o!r ,cont95tal  
communities :i* are = ! pres5t purpose  
r\ghly class$ ) ! ,fr5*4 ,race diff]5ce 
c !re=e n :olly1 nor inde$ = ! great]   
"p1 acc\nt = ! cultural diff]5ce ( :i*  
?is diff]5ce 9 preconceptions is an     
outcome4 ,?r\gh its cumulative effect on
 in/itutions ! race diff]5ce mu/ be held
 to h _h a consid]able effect on ! habit
 ( m9d ( ! community2 b1 if ! race      
diff]5ce is 9 ?is way tak5 z ! remot]   
gr\nd ( an in/itutional peculi>ity1 :i* 
9 its turn has %ap$ preval5t habits (   
?\ght1 !n ! att5tion may be direct$ to !
 proximate causes1 ! concrete           
circum/ances1 ?r\gh :i* ?is race        
diff]5ce has act$1 9 conjunction ) o!r  

ult]ior circum/ances1 to "w out !       
psy*ological ph5om5a obs]v$4 ,race      
diff]5ces1 x may be rem>k$1 d n s ne>ly 
co9cide ) national l9es ( dem>cation z  
diff]5ces 9 ! po9t ( view f :i* ?+s are 
habitually appreh5d$ or diff]5ces 9 !   
/&>ds accord+ to :i* facts are rat$4    
,if ! elem5t ( race diff]5ce be n all[$ 
def9itive weight 9 discuss+ national    
peculi>ities t und]lie ! deliv]ances (  
common s5se1 nei!r c ^! national        
peculi>ities be confid5tly trac$ to a   
national diff]5ce 9 ! transmitt$ le>n+ t
 ent]s into ! common-s5se view ( ?+s4 ,s
 f> z conc]ns ! concrete facts embodi$ 9
 ! le>n+ ( ! v>i\s nations )9 !         
,european culture1 ^! nations make up b 
a s+le community4 ,:at div]g5ce is      
visible does n t\* ! "* ( ! positive    
in=mation ) :i* ! le>n+ ( ! v>i\s       
nations is occupi$4 ,div]g5ce is visible
 9 ! high] syn!ses1 ! me?ods ( h&l+ !   
mat]ial ( k1 ! basis ( valuation ( !    
facts tak5 up1 r ?an 9 ! mat]ial ( k4 ,b
 ?is div]g5ce mu/ be set d[n to a       

cultural diff]5ce1 a diff]5ce ( po9t (  
view1 n to a diff]5ce 9 inh]it$         
in=mation4 ,:5 a giv5 body ( in=mation  
passes ! national fronti]s x acquires a 
new complexion1 a new national1 cultural
 physiognomy4 ,x is ?is cultural        
physiognomy ( le>n+ t is "h "u inquiry1 
& a comp>ison ( e>ly ,fr5* economics 7! 
,physiocrats7 ) e>ly ,briti% economics  
7,adam ,smi?7 is "h ent]$ ^u m]ely ) a  
view to mak+ out :at significance ?is   
cultural physiognomy ( ! sci5ce has = ! 
pa/ progress ( economic speculation4  ,!
 broad features ( economic speculation1 
z x /ood at ! p]iod "u consid]ation1 may
 be briefly summ$ up1 disreg>d+ ! elem5t
 ( policy1 or exp$i5cy1 :i* is common to
 bo? gr\ps ( economi/s1 & att5d+ to _!  
!oretical "w alone4 ,) ! ,physiocrats1 z
 ) ,adam ,smi?1 !re are two ma9 po9ts ( 
view f :i* economic ph5om5a are treat$3 
7a7 ! matt]-(-fact po9t ( view or       
preconception1 :i* yields a discussion (
 causal sequ5ces & correlations2 & 7b7  
:at1 = want ( a m expressive ^w1 is "h  

call$ ! animi/ic po9t ( view or         
preconception1 :i* yields a discussion (
 teleological sequ5ces &                
correlations1--a discussion ( ! function
 ( ?is & t organ1 ( ! legitimacy ( ?is  
or ! o!r range ( facts4 ,! =m]          
preconception is all[$ a l>g] scope 9 ! 
,briti% ?an 9 ! ,fr5* economics3 !re is 
m ( induction 9 ! ,briti%4 ,! latt]     
preconception is pres5t 9 bo?1 & is !   
def9itive elem5t 9 bo?2 b ! animi/ic    
elem5t is m colorless 9 ! ,briti%1 x is 
less con/antly 9 evid5ce1 & less able to
 /& alone )\t ! support ( argum5ts f    
cause to effect4 ,/ill1 ! animi/ic      
elem5t is ! controll+ factor 9 ! high]  
syn!ses ( bo?2 & = bo? alike x af=ds !  
def9itive gr\nd on :i* ! argum5t f9ally 
comes to re/4 ,9 nei!r gr\p ( ?9k]s is !
 s5se ( sub/antiality appeas$ until ?is 
quasi-spiritual gr\nd1 giv5 by ! natural
 prop5sity ( ! c\rse ( ev5ts1 is rea*$4 
,b ! prop5sity 9 ev5ts1 ! natural or    
normal c\rse ( ?+s1 z appeal$ to by !   
,briti% speculators1 sugge/s less ( an  

imputation ( w-p[]1 or p]sonal =ce1 to !
 prop5sity 9 "q4 ,x may be add$1 z has  
already be5 said 9 ano!r place1 t !     
tacit imputation ( w-p[] or spiritual   
consi/5cy to ! natural or normal c\rse (
 ev5ts has progressively weak5$ 9 ! lat]
 c\rse ( economic speculation1 s t 9 ?is
 respect1 ! ,briti% economi/s ( !       
eighte5? c5tury may be said to repres5t 
a lat] phase ( economic inquiry ?an !   
,physiocrats4         99       99       
99       99       99  ,un=tunately1 b   
unavoidably1 if ?is "q z to ! cultural  
%ift+ ( ! po9t ( view 9 economic sci5ce 
is tak5 up f ! side ( ! causes to :i* ! 
%ift+ is traceable1 x w take !          
discussion back to gr\nd on :i* an      
economi/ mu/ at be/ feel himself to be b
 a raw layman1 ) all a layman's         
limitations & ineptitude1 & ) ! c]ta9ty 
( do+ badly :at might be done well by m 
compet5t h&s4 ,b1 ) a reliance on *>ity 
:]e *>ity is mo/ ne$$1 x is necess>y to 
recite summ>ily :at seems to be !       
psy*ological be>+ ( c]ta9 cultural      

facts4  ,a cursory acqua9tance ) any ( !
 m ar*aic phases ( human culture en=ces 
! recognition ( ?is fact1--t ! habit (  
con/ru+ ! ph5om5a ( ! inanimate _w 9    
animi/ic t]ms prevails pretty mu*       
univ]sally on ^! l[] levels4 ,inanimate 
ph5om5a are appreh5d$ to "w out a       
prop5sity to an end2 ! movem5ts ( !     
elem5ts are con/ru$ 9 t]ms (            
quasi-p]sonal =ce4 ,s mu* is well       
au!nticat$ by ! obs]vations on :i*      
an?ropologi/s & e?nologi/s draw = _!    
mat]ials4 ,?is animi/ic habit1 x may be 
said1 seems to be m effectual & f>-rea*+
 among ^? primitive communities t lead a
 pr$atory life4  ,b along ) ?is feature 
( ar*aic me?ods ( ?\ght or ( k1 !       
picturesqu5ess ( :i* has drawn !        
att5tion ( all obs]v]s1 !re goes a      
second feature1 no less important = !   
purpose 9 h&1 ?\gh less obtrusive4 ,!   
latt] is ( less int]e/ to ! m5 :o h to d
 ) ! !ory ( cultural developm5t1 because
 x is a matt] ( c\rse4 ,?is second      
feature ( ar*aic ?\ght is ! habit ( also

 appreh5d+ facts 9 non-animi/ic1 or     
imp]sonal1 t]ms4 ,! imputation (        
prop5sity 9 no case ext5ds to all !     
me*anical facts 9 ! case4 ,!re is always
 a sub/ratum ( matt] ( fact1 :i* is !   
outcome ( an habitual imputation (      
causal sequ5ce1 or1 p]haps bett]1 an    
imputation ( me*anical cont9uity1 if a  
new t]m be p]mitt$4 ,! ag5t1 ?+1 fact1  
ev5t1 or ph5om5on1 to :i* prop5sity1    
w-p[]1 or purpose1 is imput$1 is always 
appreh5d$ to act 9 an environm5t :i* is 
accept$ z spiritually in]t4 ,!re are    
always opaque facts z well z            
self-direct+ ag5ts4 ,any ag5t acts ?r\gh
 means :i* l5d !mselves to 8 use on o!r 
gr\nds ?an t ( spiritual compulsion1    
al?\gh spiritual compulsion may be a    
l>ge feature 9 any giv5 case4  ,! same  
features ( human ?9k+1 ! same two       
complem5t>y me?ods ( correlat+ facts &  
h&l+ !m = ! purposes ( k1 are simil>ly 9
 con/ant evid5ce 9 ! daily life ( m5 9  
our own community4 ,! "q is1 9 great "p1
 :i* ( ! two be>s ! great] "p 9 %ap+    

human k at any giv5 "t & )9 any giv5    
range ( k or ( facts4  ,o!r features ( !
 gr[? ( k1 :i* are remot] f ! po9t "u   
inquiry1 may be ( no less consequ5ce to 
a compreh5sive !ory ( ! developm5t (    
culture & ( ?\ght2 b x is ( c\rse out ( 
! "q "h to g f>!r afield4 ,! pres5t     
inquiry w h en\gh to d ) ^! two4 ,no o!r
 features are correlative ) ^!1 & ^!    
m]it discussion on acc\nt ( _! intimate 
be>+ on ! po9t ( view ( economics4 ,!   
po9t ( int]e/ ) respect to ^! two       
correlative & complem5t>y habits ( ?\ght
 is ! "q ( h[ !y h f>$ "u ! *ang+       
exig5cies ( human culture2 9 :at mann]  
!y come1 "u giv5 cultural circum/ances1 
to %>e ! field ( k betwe5 !m2 :at is !  
relative "p ( ea* 9 ! composite po9t (  
view 9 :i* ! two habits ( ?\ght express 
!mselves at any giv5 cultural /age4  ,! 
animi/ic preconception en=ces !         
appreh5sion ( ph5om5a 9 t]ms g5]ically  
id5tical ) ! t]ms ( p]sonality or       
individuality4 ,z a c]ta9 mod]n gr\p (  
psy*ologi/s w\ld say1 x imputes to      

objects & sequ5ces an elem5t ( habit &  
att5tion simil> 9 k9d1 ?\gh n necess>ily
 9 degree1 to ! l spiritual attitude    
pres5t 9 ! activities ( a p]sonal ag5t4 
,! matt]-(-fact preconception1 on ! o!r 
h&1 en=ces a h&l+ ( facts )\t imputation
 ( p]sonal =ce or att5tion1 b ) an      
imputation ( me*anical cont9uity1       
sub/antially ! preconception :i* has    
rea*$ a =mulation at ! h&s ( sci5ti/s "u
 ! "n ( cons]vation ( en]gy or p]si/5ce 
( quantity4 ,"s appreciable resort to ! 
latt] me?od ( k is unavoidable at any   
cultural /age1 = x is indisp5sable to   
all indu/rial effici5cy4 ,all           
te*nological processes & all me*anical  
contrivances re/1 psy*ologically speak+1
 on ?is gr\nd4 ,?is habit ( ?\ght is a  
selectively necess>y consequ5ce (       
indu/rial life1 &1 inde$1 ( all human   
exp]i5ce 9 mak+ use ( ! mat]ial means ( 
life4 ,x %\ld !re=e foll[ t1 9 a g5]al  
way1 ! high] ! culture1 ! great] ! %>e (
 ! me*anical preconception 9 %ap+ human 
?\ght & k1 s9ce1 9 a g5]al way1 ! /age (

 culture atta9$ dep5ds on ! effici5cy ( 
indu/ry4 ,! rule1 :ile x does n hold )  
any?+ l extreme g5]ality1 mu/ be admitt$
 to hold to a good ext5t2 & to t ext5t x
 %\ld hold also t1 by a selective       
adaptation ( m5's habits ( ?\ght to !   
exig5cies ( ^? cultural phases t h      
actually sup]v5$1 ! me*anical me?od ( k 
%\ld h ga9$ 9 scope & range4 ,some?+ ( !
 sort is borne out by obs]vation4  ,a   
fur!r consid]ation en=ces ! l view4 ,z !
 community increases 9 size1 ! range (  
obs]vation ( ! individuals 9 ! community
 also increases2 & cont9ually wid] & m  
f>-rea*+ sequ5ces ( a me*anical k9d h to
 be tak5 acc\nt (4 ,m5 h to adapt _! own
 motives to indu/rial processes t are n 
safely to be con/ru$ 9 t]ms ( prop5sity1
 pr$ilection1 or passion4 ,life 9 an    
advanc$ indu/rial community does n      
tol]ate a neglect ( me*anical fact2 = ! 
me*anical sequ5ces ?r\gh :i* m51 at an  
appreciable degree ( culture1 "w out _! 
livelihood1 are no respect]s ( p]sons or
 ( w-p[]4 ,/ill1 on all b ! high]       

indu/rial /ages1 ! co]cive discipl9e (  
indu/rial life1 & ( ! s*eme ( life t    
inculcates reg>d = ! me*anical facts (  
indu/ry1 is greatly mitigat$ by ! l>gely
 haphaz>d "* ( indu/ry1 & by ! great    
ext5t to :i* man cont9ues to be ! prime 
mov] 9 indu/ry4 ,s long z indu/rial     
effici5cy is *iefly a matt] ( !         
h&icraftsman's skill1 dext]ity1 &       
dilig5ce1 ! att5tion ( m5 9 look+ to !  
indu/rial process is met by ! figure ( !
 workman1 z ! *ief & *>act]i/ic factor2 
& !reby x comes to run on ! p]sonal     
elem5t 9 indu/ry4  ,b1 ) or )\t         
mitigation1 ! s*eme ( life :i* m5 p]=ce 
adopt "u exig5cies ( an advanc$         
indu/rial situation %apes _! habits (   
?\ght on ! side ( _! behavior1 & !reby  
%apes _! habits ( ?\ght to "s ext5t =   
all purposes4 ,ea* individual is b a    
s+le complex ( habits ( ?\ght1 & ! same 
psy*ical me*anism t expresses itself 9  
"o direction z conduct expresses itself 
9 ano!r direction z k4 ,! habits ( ?\ght
 =m$ 9 ! "o connection1 9 response to   

/imuli t call = a response 9 t]ms (     
conduct1 mu/1 !re=e1 h _! effect :5 !   
same individual comes to respond to     
/imuli t call = a response 9 t]ms ( k4  
,! s*eme ( ?\ght or ( k is 9 good "p a  
rev]b]ation ( ! s*eme ( life4 ,s t1 aft]
 all has be5 said1 x rema9s true t ) !  
gr[? ( indu/rial organization &         
effici5cy !re mu/1 by selection & by    
adaptation1 sup]v5e a great] resort to !
 me*anical or dispassionate me?od (     
appreh5d+ facts4  ,b ! indu/rial side ( 
life is n ! :ole ( x1 nor does ! s*eme (
 life 9 vogue 9 any community or at any 
cultural /age comprise indu/rial conduct
 alone4 ,! social1 civic1 milit>y1 &    
religi\s int]e/s come 9 = _! %>e (      
att5tion1 & betwe5 !m !y commonly take  
up by f> ! l>g] %>e ( x4 ,especially is 
?is true s f> z conc]ns ^? classes among
 :om we commonly look = a cultivation ( 
k = k's sake4 ,! discipl9e :i* ^! sev]al
 int]e/s ex]t does n commonly co9cide ) 
! tra9+ giv5 by indu/ry4 ,s ! religi\s  
int]e/1 ) its canons ( tru? & ( "r liv+1

 runs exclusively on p]sonal relations &
 ! adaptation ( conduct to !            
pr$ilections ( a sup]ior p]sonal ag5t4  
,! weight ( its discipl9e1 !re=e1 falls 
:olly on ! animi/ic side4 ,x acts to    
height5 our appreciation ( ! spiritual  
be>+ ( ph5om5a & to disc\nt5ance a      
matt]-(-fact appreh5sion ( ?+s4 ,!      
skeptic ( ! type ( ,hume has nev] be5 9 
good repute ) ^? :o /& close/ to !      
accept$ religi\s tru?s4 ,! be>+ ( ?is   
side ( our culture ^u ! developm5t (    
economics is %[n by :at ! m$iaeval      
s*ol>s _h to say on economic topics4  ,!
 discipl9>y effects ( o!r phases ( life1
 outside ( ! indu/rial & ! religi\s1 is 
n s simple a matt]2 b ! discussion "h   
approa*es ne>] to ! po9t ( imm$iate     
inquiry1--namely1 ! cultural situation 9
 ! eighte5? c5tury1 & its relation to   
economic speculation1--& ?is gr\nd (    
int]e/ 9 ! "q may help to relieve !     
topic ( ! t$ium t ( "r belongs to x4  ,9
 ! remot] pa/ ( :i* we h records1 & ev5 
9 ! m rec5t pa/1 ,occid5tal man1 z well 

z man else:]e1 has em95tly be5 a        
respect] ( p]sons4 ,:]ev] ! w>like      
activity has be5 a l>ge feature ( !     
community's life1 mu* ( human conduct 9 
society has proce$$ on a reg>d = p]sonal
 =ce4 ,! s*eme ( life has be5 a s*eme ( 
p]sonal aggression & subs]vi5ce1 p>tly 9
 ! naive =m1 p>tly conv5tionalis$ 9 a   
sy/em ( /atus4 ,! discipl9e ( social    
life = ! pres5t purpose1 9 s f> z its   
canons ( conduct re/ on ?is elem5t (    
p]sonal =ce 9 ! unconv5tionalis$ =m1    
pla9ly t5ds to ! =mation ( a habit (    
appreh5d+ & coo]d9at+ facts f ! animi/ic
 po9t ( view4 ,s f> z we h to d ) life  
"u a sy/em ( /atus1 ! l rema9s true1 b )
 a diff]5ce4 ,! regime ( /atus          
inculcates an unremitt+ & v nice        
discrim9ation & obs]vance ( di/9ctions (
 p]sonal sup]iority & inf]iority4 ,to ! 
crit]ion ( p]sonal =ce1 or w-p[]1 tak5 9
 its imm$iate be>+ on conduct1 is add$ !
 crit]ion ( p]sonal excell5ce-9-g5]al1  
reg>dless ( ! fir/-h& pot5cy ( ! giv5   
p]son z an ag5t4 ,?is crit]ion ( conduct

 requires a con/ant & pa9/ak+ imputation
 ( p]sonal value1 reg>dless ( fact4 ,!  
discrim9ation enjo9$ by ! canons ( /atus
 proce$s on an invidi\s comp>ison (     
p]sons 9 respect ( wor?1 value1 pot5cy1 
virtue1 :i* mu/1 = ! pres5t purpose1 be 
tak5 z putative4 ,! great] or less      
p]sonal value assign$ a giv5 individual 
or a giv5 class "u ! canons ( /atus is n
 assign$ on ! gr\nd ( visible effici5cy1
 b on ! gr\nd ( a dogmatic allegation   
accept$ on ! /r5g? ( an uncontradict$   
categorical affirmation simply4 ,!      
canons ( /atus hold _! gr\nd by =ce (   
preemption4 ,:]e di/9ctions ( /atus are 
bas$ on a putative wor? transmitt$ by   
desc5t f honorable antec$5ts1 ! sequ5ce 
( transmission to :i* appeal is tak5 z !
 arbit] ( honor is ( a putative &       
animi/ic "* r ?an a visible me*anical   
cont9uity4 ,! habit ( accept+ z f9al :at
 is prescriptively "r 9 ! affairs ( life
 has z its reflex 9 ! affairs ( k !     
=mula1 ,quid ab omnibus1 quid ubique    
cr$itur cr$5dum e/4  ,ev5 ?is meag]     

acc\nt ( ! s*eme ( life t *>act]ises a  
regime ( /atus %\ld s]ve to indicate :at
 is its discipl9>y effect 9 %ap+ habits 
( ?\ght1 & !re=e 9 %ap+ ! habitual      
crit]ia ( k & ( reality4 ,a culture ^:  
in/itutions are a framework ( invidi\s  
comp>isons implies1 or r involves &     
comprises1 a s*eme ( k ^: def9itive     
/&>ds ( tru? & sub/antiality are ( an   
animi/ic "*2 &1 ! m undivid$ly ! canons 
( /atus & c]emonial honor gov]n !       
conduct ( ! community1 ! great] !       
facility ) :i* ! sequ5ce ( cause &      
effect is made to yield be=e ! high]    
claims ( a spiritual sequ5ce or guidance
 9 ! c\rse ( ev5ts4 ,m5 consi/5tly tra9$
 to an unremitt+ discrim9ation ( honor1 
wor?1 & p]sonal =ce 9 _! daily conduct1 
& to :om ^! crit]ia af=d ! def9itive    
gr\nd ( suffici5cy 9 coo]d9at+ facts = !
 purposes ( life1 w n be satisfi$ to    
fall %ort ( ! l def9itive gr\nd (       
suffici5cy :5 !y come to coo]d9ate facts
 = ! purposes ( k simply4 ,! habits =m$ 
9 unfold+ 8 activity 9 "o direction1 "u 

! impulse ( a giv5 int]e/1 ass]t        
!mselves :5 ! individual comes to unfold
 8 activity 9 any o!r direction1 "u !   
impulse ( any o!r int]e/4 ,if 8 la/     
resort & highe/ crit]ion ( tru? 9       
conduct is af=d$ by ! elem5t ( p]sonal  
=ce & invidi\s comp>ison1 8 s5se (      
sub/antiality or tru? 9 ! que/ ( k w be 
satisfi$ only :5 a l def9itive gr\nd (  
animi/ic =ce & invidi\s comp>ison is    
rea*$4 ,b :5 su* gr\nd is rea*$ he re/s 
cont5t & pu%es ! inquiry no f>!r4 ,9 8  
practical life he has acquir$ ! habit ( 
re/+ 8 case on an au!ntic deliv]ance z  
to :at is absolutely "r4 ,?is absolutely
 "r & good f9al t]m 9 conduct has ! "* (
 f9ality only :5 conduct is con/ru$ 9 a 
c]emonial s5se2 t is to say1 only :5    
life is conceiv$ z a s*eme ( con=mity to
 a purpose outside & beyond ! process ( 
liv+4 ,"u ! regime ( /atus ?is c]emonial
 f9ality is f\nd 9 ! concept ( wor? or  
honor4 ,9 ! religi\s doma9 x is !       
concept ( virtue1 sanctity1 or tabu4    
,m]it lies 9 :at "o is1 n 9 :at "o does4

 ,! habit ( appeal to c]emonial f9ality1
 =m$ 9 ! s*ool ( /atus1 goes ) !        
individual 9 8 que/ ( k1 z a dep5d5ce ^u
 a simil>ly au!ntic norm ( absolute     
tru?1--a simil> seek+ ( a f9al t]m      
outside & beyond ! range ( k4  ,!       
discipl9e ( social & civic life "u a    
regime ( /atus1 !n1 re5=ces ! discipl9e 
( ! religi\s life2 & ! outcome ( !      
result+ habituation is t ! canons ( k   
are ca/ 9 ! animi/ic mold & conv]ge to a
 gr\nd ( absolute tru?1 & ?is absolute  
tru? is ( a c]emonial nature4 ,its      
subject-matt] is a reality reg>dless (  
fact4  ,! outcome1 = sci5ce1 ( !        
religi\s & social life ( ! civilisation 
( /atus1 9 ,occid5tal culture1 0 a      
/ructure ( quasi-spiritual appreciations
 & explanations1 ( :i* a/rology1 al*emy1
 & m$iaeval !ology & metaphysics are    
compet5t1 ?\gh some:at "o-sid$1         
expon5ts4 ,?r\gh\t ! range ( ?is e>ly   
le>n+ ! gr\nd ( correlation ( ph5om5a is
 9 "p ! suppos$ relative pot5cy ( !     
facts correlat$2 b x is also 9 "p a     

s*eme ( /atus1 9 :i* facts are s*$ul$   
accord+ to a hi]>*ical gradation ( wor? 
or m]it1 hav+ only a c]emonial relation 
to ! obs]v$ ph5om5a4 ,"s elem5ts 7"s    
metals1 = in/ance7 are noble1 o!rs base2
 "s planets1 on gr\nds ( c]emonial      
efficacy1 h a s9i/] influ5ce1 o!rs a    
b5efic5t "o2 & x is a matt] ( s]i\s     
consequ5ce :e!r !y are 9 ! asc5dant1 & s
 on4  ,! body ( le>n+ ?r\gh :i* !       
discipl9e ( animism & invidi\s comp>ison
 transmitt$ its effects to ! sci5ce (   
economics 0 :at is kn[n z natural       
!ology1 natural rights1 moral           
philosophy1 & natural law4 ,^! sev]al   
discipl9es or bodies ( k _h w&]$ f> f ! 
naive animi/ic /&po9t at ! "t :5        
economic sci5ce em]g$1 & mu* ! same is  
true z reg>ds ! "t ( ! em]g5ce ( o!r    
mod]n sci5ces4 ,b ! discipl9e :i* makes 
= an animi/ic =mulation ( k cont9u$ to  
hold ! primacy 9 mod]n culture1 al?\gh  
its dom9ion 0 nev] altoge!r undivid$ or 
unmitigat$4 ,occid5tal culture has long 
be5 l>gely an indu/rial culture2 &1 z   

already po9t$ out1 ! discipl9e (        
indu/ry1 & ( life 9 an indu/rial        
community1 does n favor ! animi/ic      
preconception4 ,?is is especially true z
 reg>ds indu/ry :i* makes l>ge use (    
me*anical contrivances4 ,! diff]5ce 9 ^!
 respects betwe5 ,occid5tal indu/ry &   
sci5ce1 on ! "o h&1 & ! indu/ry & sci5ce
 ( o!r cultural regions1 on ! o!r h&1 is
 wor? not+ 9 ?is connection4 ,! result  
has be5 t ! sci5ces1 z t ^w is und]/ood 
9 lat] usage1 h come =w>d gradually1 & 9
 a c]ta9 r\gh p>allelism ) ! developm5t 
( indu/rial processes & indu/rial       
organisation4 ,x is possible to hold t  
bo? mod]n indu/ry 7( ! me*anical sort7 &
 mod]n sci5ce c5t] ab\t ! region ( !    
,nor? ,sea4 ,x is /ill m palpably true t
 )9 ?is g5]al area ! sci5ces1 9 ! rec5t 
pa/1 %[ a family lik5ess to ! civil &   
social in/itutions ( ! communities 9 :i*
 !y h be5 cultivat$1 ?is be+ true to !  
greate/ ext5t ( ! high] or speculative  
sci5ces2 t is1 9 t range ( k 9 :i* !    
animi/ic preconception c *iefly & mo/   

effectively f9d application4 ,!re is1 = 
in/ance1 9 ! eighte5? c5tury a          
p]ceptible p>allelism betwe5 ! div]g5t  
"* ( ,briti% & ,cont95tal culture &     
in/itutions1 on ! "o h&1 & ! dissimil>  
aims ( ,briti% & ,cont95tal speculation1
 on ! o!r h&4  ,some?+ has already be5  
said ( ! diff]5ce 9 preconceptions      
betwe5 ! ,fr5* & ! ,briti% economi/s ( !
 eighte5? c5tury4 ,x rema9s to po9t out 
! correlative cultural diff]5ce betwe5 !
 two communities1 to :i* x is conceiv$ t
 ! diff]5ce 9 sci5tific animus is 9     
great measure due4 ,x is1 ( c\rse1 only 
! g5]al features1 ! g5]al attitude ( !  
speculators1 t c be cr$it$ to ! diff]5ce
 9 culture4 ,diff]5ces ( detail 9 !     
specific doctr9es held c\ld be expla9$  
only on a mu* m detail$ analysis ?an c  
be ent]$ on "h1 & aft] tak+ acc\nt (    
facts :i* _c "h be ev5 all[$ = 9 detail4
  ,aside f ! great] resort to me*anical 
contrivances & ! l>g] scale (           
organisation 9 ,briti% indu/ry1 ! fur!r 
cultural peculi>ities ( ! ,briti%       

community run 9 ! same g5]al direction4 
,briti% religi\s life & beliefs _h less 
( ! elem5t ( fealty--p]sonal or         
discretion>y ma/]y & subs]vi5ce--& m ( a
 tone ( fatalism4 ,! civil in/itutions (
 ! ,briti% _h n ! same ri* p]sonal      
cont5t z ^? ( ! ,fr5*4 ,! ,briti%       
subject own$ allegiance to an imp]sonal 
law r ?an to ! p]son ( a sup]ior4       
,relatively1 x may be said t ! s5se (   
/atus1 z a co]cive factor1 0 9 abeyance 
9 ! ,briti% community4 ,ev5 9 ! w>like  
ent]prise ( ! ,briti% community a simil>
 *>act]i/ic is traceable4 ,w>f>e is1 (  
c\rse1 a matt] ( p]sonal ass]tion4      
,w>like communities & classes are       
necess>ily giv5 to con/ru+ facts 9 t]ms 
( p]sonal =ce & p]sonal ends4 ,!y are   
always sup]/iti\s4 ,!y are great /ickl]s
 = rank & prec$5t1 & zeal\sly cultivate 
^? di/9ctions & c]emonial obs]vances 9  
:i* a sy/em ( /atus expresses itself4   
,b1 :ile w>like ent]prise has by no     
means be5 abs5t f ! ,briti% s*eme (     
life1 ! geographical & /rategic         

isolation ( ! ,briti% community has giv5
 a *>act]i/ic turn to _! milit>y        
relations4 ,9 rec5t times ,briti% w>like
 op]ations h be5 conduct$ abroad4 ,!    
milit>y class has consequ5tly 9 great   
measure be5 segregat$ out f ! body ( !  
community1 & ! ideals & prejudices ( !  
class h n be5 transfus$ ?r\gh ! g5]al   
body ) ! same facility & effect t !y    
might o!rwise h _h4 ,! ,briti% community
 at home has se5 ! campaign 9 great "p f
 ! /&po9t ( ! s9ews ( w>4  ,! outcome ( 
all ^! national peculi>ities (          
circum/ance & culture has be5 t a       
diff]5t s*eme ( life has be5 curr5t 9 ! 
,briti% community f :at has prevail$ on 
! ,cont95t4 ,!re has result$ ! =mation (
 a diff]5t body ( habits ( ?\ght & a    
diff]5t animus 9 _! h&l+ ( facts4 ,!    
preconception ( causal sequ5ce has be5  
all[$ l>g] scope 9 ! correlation ( facts
 = purposes ( k2 &1 :]e ! animi/ic      
preconception has be5 resort$ to1 z x   
always has 9 ! pr(\nd] rea*es ( le>n+1 x
 has commonly be5 an animism ( a tam]   

k9d4  ,tak+ ,adam ,smi? z an expon5t (  
?is ,briti% attitude 9 !oretical k1 x is
 to be not$ t1 :ile he =mulates 8 k 9   
t]ms ( a prop5sity 7natural laws7 work+ 
teleologically to an end1 ! end or      
objective po9t :i* controls ! =mulation 
has n ! same ri* cont5t ( vital human   
int]e/ or advantage z is met ) 9 !      
,physiocratic speculations4 ,!re is     
p]ceptibly less ( an imp]i\s tone 9     
,adam ,smi?'s natural laws ?an 9 ^? ( ! 
contempor>y ,fr5* economi/s4 ,x is true1
 he sums up ! in/itutions ) :i* he deals
 9 t]ms ( ! ends :i* !y %\ld subs]ve1 r 
?an 9 t]ms ( ! exig5cies & habits ( life
 out ( :i* !y h aris52 b he does n ) !  
same tone ( f9ality appeal to ! end     
subs]v$ z a f9al cause ?r\gh ^: co]cive 
guidance ! complex ( ph5om5a is kept to 
its appo9t$ task4 ,"u 8 h&s ! re/ra9+1  
compell+ ag5cy retires f>!r into !      
backgr\nd1 & appeal is tak5 to x nei!r s
 directly nor on s slight provocation4  
,b ,adam ,smi? is too l>ge a figure to  
be dispos$ ( 9 a c\ple ( conclud+       

p>agraphs4 ,at ! same "t 8 "w & ! b5t   
:i* he gave to economic speculation are 
s intimately b\nd up ) ! aims & bias t  
*>act]ise economics 9 its next /age (   
developm5t t he is be/ dealt ) z ! po9t 
( dep>ture = ! ,classical ,s*ool r ?an  
m]ely z a ,briti% c\nt]p>t (            
,physiocracy4 ,adam ,smi? w accord+ly be
 consid]$ 9 imm$iate connection ) ! bias
 ( ! classical s*ool & ! incursion (    
utilit>ianism into economics4           
,,footnotes3  #a ,repr9t$ by p]mission f
 ,! ,qu>t]ly ,j\rnal ( ,economics1 vol4 
xiii1 ,jan41 #ahii4  #b ,:y is          
,economics n an ,evolution>y ,sci5ce8   
,qu>t]ly ,j\rnal ( ,economics1 ,july1   
#ahih4  #c ,! ,future ( ,economic ,!ory1
 ibid41 ,octob]1 #ahih4  #d ,see1 =     
in/ance1 ,hasba*1 ,allgeme9e            
philosophis*e ,grundlag5 d] von         
,francois ,quesnay und ,adam ,smi?      
begru5det5 politis*5 ,oekonomie4  #e    
,quesnay1 ,droit ,naturel1 *4 v4 7,ed4  
,daire1 ,physiocrates1 pp4 #eb-ec74  #f 
,quesnay1 ,droit ,naturel1 *4 v 7,ed4   

,daire1 ,physiocrates1 p4 #ec74  #g     
,dupont de ,nem\rs1 ,correspondance avec
 ,j4-,b4 ,say 7,ed4 ,daire1             
,physiocrates1 premi]e p>tie1 p4 #cii74 
#h ,see1 = in/ance1 ! conclud+ *apt]s ( 
,la ,rivi]e's ,ordre ,naturel des       
,societes ,politiques4  #i ,e4g41       
,hasba*1 loc4 cit42 ,bon>1 ,philosophy &
 ,political ,economy1 ,book ,,ii2       
,rit*ie1 ,natural ,rights4     ,,!      
,,preconceptions ,,( ,,economic         
,,sci5ce#a  ,,ii   ,adam ,smi?'s        
animi/ic b5t ass]ts itself m pla9ly & m 
effectually 9 ! g5]al tr5d & aim ( 8    
discussion ?an 9 ! details ( !ory4 ,adam
 ,smi?'s ,weal? ( ,nations is1 9 fact1 s
 f> z x has "o s+le purpose1 a          
v9dication ( ! unconsci\s law pres5t 9 !
 sep>ate actions ( m5 :5 ^! actions are 
direct$ by a c]ta9 /rong p]sonal        
motive4#b ,bo? 9 ! ,!ory ( ! ,moral     
,s5tim5ts & 9 ! ,weal? ( ,nations !re   
are _m passages t te/ify to 8 abid+     
conviction t !re is a :olesome tr5d 9 ! 
natural c\rse ( ?+s1 & ! *>act]i/ically 

optimi/ic tone 9 :i* he speaks = natural
 lib]ty is b an expression ( ?is        
conviction4 ,an extreme resort to ?is   
animi/ic gr\nd occurs 9 8 plea = fre$om 
( inve/m5t4#c  ,9 ! proposition t m5 are
 l$ by an invisible h&1 ,smi? does n    
fall back on a m$dl+ ,provid5ce :o is to
 set human affairs /raight :5 !y are 9  
dang] ( go+ askew4 ,he conceives !      
,creator to be v cont95t 9 ! matt] (    
int]f]5ce ) ! natural c\rse ( ?+s4 ,!   
,creator has e/abli%$ ! natural ord] to 
s]ve ! ends ( human welf>e2 & he has v  
nicely adju/$ ! effici5t causes compris$
 9 ! natural ord]1 includ+ human aims & 
motives1 to ?is "w t !y are to          
accompli%4 ,! guidance ( ! invisible h& 
takes place n by way ( int]position1 b  
?r\gh a compreh5sive s*eme (            
contrivances e/abli%$ f ! beg9n+4 ,= !  
purpose ( economic !ory1 man is conceiv$
 to be consi/5tly self-seek+2 b ?is     
economic man is a "p ( ! me*anism (     
nature1 & 8 self-seek+ traffic is b a   
means :]eby1 9 ! natural c\rse ( ?+s1 ! 

g5]al welf>e is work$ out4 ,! s*eme z a 
:ole is guid$ by ! end to be rea*$1 b ! 
sequ5ce ( ev5ts ?r\gh :i* ! end is rea*$
 is a causal sequ5ce :i* is n brok5 into
 episodically4 ,! b5evol5t "w ( guidance
 0 p]=m$ 9 fir/ e/abli%+ an +5i\s       
me*anism ( =ces & motives capable (     
accompli%+ an orda9$ result1 & no?+     
beyond ! endur+ con/ra9t ( an e/abli%$  
tr5d rema9s to en=ce ! div9e purpose 9 !
 result+ natural c\rse ( ?+s4  ,!       
sequ5ce ( ev5ts1 includ+ human motives &
 human conduct1 is a causal sequ5ce2 b x
 is also some?+ m1 or1 r1 !re is also   
ano!r elem5t ( cont9uity besides t (    
brute cause & effect1 pres5t ev5 9 !    
/ep-by-/ep process :]eby ! natural c\rse
 ( ?+s rea*es its f9al t]m4 ,! pres5ce (
 su* a quasi-spiritual or non-causal    
elem5t is evid5t f two 7alleg$7 facts4  
7#a7 ,! c\rse ( ?+s may be deflect$ f ! 
direct l9e ( approa* to t consummate    
human welf>e :i* is its legitimate end4 
,! natural tr5d ( ?+s may be ov]borne by
 an unt[>d conjuncture ( causes4 ,!re is

 a di/9ction1 (t5 di/ress+ly actual &   
p]si/5t1 betwe5 ! legitimate & ! obs]v$ 
c\rse ( ?+s4 ,if natural1 9 ,adam       
,smi?'s use1 meant necess>y1 9 ! s5se ( 
causally det]m9$1 no div]g5ce ( ev5ts f 
! natural or legitimate c\rse ( ?+s w\ld
 be possible4 ,if ! me*anism ( nature1  
includ+ man1 7 a me*anically compet5t   
contrivance = a*iev+ ! great artific]'s 
design1 !re c\ld be no su* episodes (   
blund]+ & p]v]se dep>ture f ! direct pa?
 z ,adam ,smi? f9ds 9 ne>ly all exi/+   
arrangem5ts4 ,in/itutional facts w\ld !n
 be natural4#d 7#b7 ,:5 ?+s h gone      
wrong1 !y w "r !mselves if int]f]5ce ) !
 natural c\rse ceases2 :]eas1 9 ! case (
 a causal sequ5ce simply1 ! m]e         
cessation ( int]f]5ce w n leave !       
outcome ! same z if no int]f]5ce _h tak5
 place4 ,?is recup]ative p[] ( nature is
 ( an extra-me*anical "*4 ,! cont9uity (
 sequ5ce by =ce ( :i* ! natural c\rse ( 
?+s prevails is1 !re=e1 n ( ! nature (  
cause & effect1 s9ce x bridges int]vals 
& int]ruptions 9 ! causal sequ5ce4#e    

,adam ,smi?'s use ( ! t]m real 9        
/atem5ts ( !ory--z1 = example1 real     
value1 real price#f--;is evid5ce to ?is 
effect4 ,natural commonly has ! same    
mean+ z real 9 ?is connection4#g ,bo?   
natural & real are plac$ 9 contra/ ) !  
actual2 &1 9 ,adam ,smi?'s appreh5sion1 
bo? h a sub/antiality diff]5t f &       
sup]ior to facts4 ,! view involves a    
di/9ction betwe5 reality & fact1 :i*    
survives 9 a weak5$ =m 9 ! !ories (     
normal prices1 wages1 pr(its1 co/s1 9   
,adam ,smi?'s successors4  ,?is animi/ic
 prepossession seems to p]vade ! e>li] (
 8 two monum5tal works 9 a great] degree
 ?an ! lat]4 ,9 ! ,moral ,s5tim5ts      
rec\rse is _h to ! teleological gr\nd ( 
! natural ord] m freely & ) p]ceptibly  
great] insi/5ce4 ,!re seems to be reason
 = hold+ t ! animi/ic preconception     
weak5$ or1 at any rate1 fell m into !   
backgr\nd z 8 lat] "w ( speculation &   
inve/igation proce$$4 ,! *ange %[s      
itself also 9 "s details ( 8 economic   
!ory1 z fir/ set =? 9 ! ,lectures1 &    

aft]w>ds m fully develop$ 9 ! ,weal? (  
,nations4 ,s1 = in/ance1 9 ! e>li]      
pres5tation ( ! matt]1 ! division (     
labor is ! imm$iate cause ( opul5ce2 &  
?is division ( labor1 :i* is ! *ief     
condition ( economic well-be+1 fl[s f a 
direct prop5sity 9 human nature = "o man
 to b>t] ) ano!r4#h ,! prop5sity 9 "q is
 "h appeal$ to z a natural end[m5t      
imm$iately giv5 to man ) a view to !    
welf>e ( human society1 & )\t any       
attempt at fur!r explanation ( h[ man   
has come by x4 ,no causal explanation ( 
its pres5ce or "* is (f]$4 ,b !         
correspond+ passage ( ! ,weal? (        
,nations h&les ! "q m cauti\sly4#i ,o!r 
p>allel passages might be comp>$1 ) mu* 
! same effect4 ,! guid+ h& has )drawn   
f>!r f ! range ( human vision4  ,h[ev]1 
^! & o!r l filial expressions ( a dev\t 
optimism ne$1 p]haps1 n be tak5 z       
integral features ( ,adam ,smi?'s       
economic !ory1 or z s]i\sly affect+ ! "*
 ( 8 "w z an economi/4 ,!y are !        
expression ( 8 g5]al philosophical &    

!ological views1 & are significant = !  
pres5t purpose *iefly z evid5ces ( an   
animi/ic & optimi/ic b5t4 ,!y g to %[   
:at is ,adam ,smi?'s accept$ gr\nd (    
f9ality1--! gr\nd to :i* all 8          
speculations on human affairs conv]ge2 b
 !y d n 9 any great degree %[ !         
teleological bias guid+ 8 =mulation (   
economic !ory 9 detail4  ,! effective   
work+ ( ! teleological bias is be/ se5 9
 ,smi?'s m detail$ h&l+ ( economic      
ph5om5a--9 8 discussion ( :at may       
loosely be call$ economic in/itutions--&
 9 ! crit]ia & pr9ciples ( proc$ure by  
:i* he is guid$ 9 incorporat+ ^!        
features ( economic life into ! g5]al   
/ructure ( 8 !ory4 ,a fair in/ance1 ?\gh
 p]haps n ! mo/ tell+ "o1 is !          
discussion ( ! real & nom9al price1 & ( 
! natural & m>ket price ( commodities1  
already ref]r$ to above4#aj ,! real     
price ( commodities is _! value 9 t]ms (
 human life4 ,at ?is po9t ,smi? diff]s f
 ! ,physiocrats1 ) :om ! ultimate t]ms (
 value are af=d$ by human su/5ance tak5 

z a product ( ! function+ ( brute       
nature2 ! cause ( ! diff]5ce be+ t !    
,physiocrats conceiv$ ! natural ord] :i*
 works t[>ds ! mat]ial well-be+ ( man to
 comprise ! non-human environm5t only1  
:]eas ,adam ,smi? includes man 9 ?is    
concept ( ! natural ord]1 &1 inde$1     
makes him ! c5tral figure 9 ! process ( 
production4 ,) ! ,physiocrats1          
production is ! "w ( nature3 ) ,adam    
,smi?1 x is ! "w ( man & nature1 ) man 9
 ! =egr\nd4 ,9 ,adam ,smi?1 !re=e1 labor
 is ! f9al t]m 9 valuation4 ,?is real   
value ( commodities is ! value imput$ to
 !m by ! economi/ "u ! /ress ( 8        
teleological preconception4 ,x has      
little1 if any1 place 9 ! c\rse (       
economic ev5ts1 & no be>+ on human      
affairs1 ap>t f ! s5tim5tal influ5ce :i*
 su* a preconception 9 favor ( a real   
value 9 ?+s may ex]t ^u m5's notions (  
:at is ! good & equitable c\rse to      
pursue 9 _! transactions4 ,x is         
impossible to gauge ?is real value (    
goods2 x _c be measur$ or express$ 9    

concrete t]ms4 ,/ill1 if labor ex*anges 
= a v>y+ quantity ( goods1 x is _! value
 :i* v>ies1 n t ( ! labor :i* pur*ases  
!m4#aa ,! values :i* practically atta*  
to goods 9 m5's h&l+ ( !m are conceiv$  
to be det]m9$ )\t reg>d to ! real value 
:i* ,adam ,smi? imputes to ! goods2 b1 =
 all t1 ! sub/antial fact ) respect to  
^! m>ket values is _! presum$           
approximation to ! real values          
teleologically imput$ to ! goods "u !   
guidance ( inviolate natural laws4 ,!   
real1 or natural1 value ( articles has  
no causal relation to ! value at :i* !y 
ex*ange4 ,! discussion ( h[ values are  
det]m9$ 9 practice runs on ! motives ( !
 buy]s & sell]s1 & ! relative advantage 
enjoy$ by ! p>ties to ! transaction4#ab 
,x is a discussion ( a process (        
valuation1 q unrelat$ to ! real1 or     
natural1 price ( ?+s1 & q unrelat$ to ! 
gr\nds on :i* ?+s are held to come by _!
 real1 or natural1 price2 & yet1 :5 !   
complex process ( valuation has be5     
trac$ out 9 t]ms ( human motives & !    

exig5cies ( ! m>ket1 ,adam ,smi? feels t
 he has only cle>$ ! gr\nd4 ,he !n turns
 to ! s]i\s bus9ess ( acc\nt+ = value & 
price !oretically1 & mak+ ! asc]ta9$    
facts articulate ) 8 teleological !ory (
 economic life4#ac  ,! occurr5ce ( !    
words ord9>y & av]age 9 ?is connection  
ne$ n be tak5 too s]i\sly4 ,! context   
makes x pla9 t ! equality :i* commonly  
subsi/s betwe5 ! ord9>y or av]age rates1
 & ! natural rates1 is a matt] (        
co9cid5ce1 n ( id5tity4 ,n only are !re 
tempor>y deviations1 b !re may be a     
p]man5t div]g5ce betwe5 ! ord9>y & !    
natural price ( a commodity2 z 9 case ( 
a monopoly or ( produce gr[n "u peculi> 
circum/ances ( soil or climate4#ad  ,!  
natural price co9cides ) ! price fix$ by
 competition1 because competition means 
! unimp$$ play ( ^? effici5t =ces ?r\gh 
:i* ! nicely adju/$ me*anism ( nature   
works out ! design to accompli% :i* x 0 
contriv$4 ,! natural price is rea*$     
?r\gh ! free int]play ( ! factors (     
production1 & x is itself an outcome (  

production4 ,nature1 includ+ ! human    
factor1 works to turn out ! goods2 & !  
natural value ( ! goods is _!           
appraisem5t f ! /&po9t ( ?is productive 
process ( nature4 ,natural value is a   
category ( production3 :]eas1 notori\sly
 ex*ange value or m>ket price is a      
category ( di/ribution4 ,& ,adam ,smi?'s
 !oretical h&l+ ( m>ket price aims to %[
 h[ ! factors ( human pr$ilection &     
human wants at "w 9 ! higgl+ ( ! m>ket  
br+ ab\t a result 9 passable consonance 
) ! natural laws t are conceiv$ to gov]n
 production4  ,! natural price is a     
composite result ( ! bl5d+ ( ! ?ree     
compon5t p>ts ( ! price (               
commodities1--! natural wages ( labor]1 
! natural pr(its ( /ock1 & ! natural r5t
 ( l&2 & ea* ( ^! ?ree compon5ts is 9   
its turn ! measure ( ! productive effect
 ( ! factor to :i* x p]ta9s4 ,! fur!r   
discussion ( ^! %>es 9 di/ribution aims 
to acc\nt = ! facts ( di/ribution on !  
gr\nd ( ! productivity ( ! factors :i*  
are held to %>e ! product betwe5 !m4 ,t 

is to say1 ,adam ,smi?'s preconception (
 a productive natural process z ! basis 
( 8 economic !ory dom9ates 8 aims &     
proc$ure1 :5 he comes to deal ) ph5om5a 
t _c be /at$ 9 t]ms ( production4 ,!    
causal sequ5ce 9 ! process ( di/ribution
 is1 by ,adam ,smi?'s own %[+1 unrelat$ 
to ! causal sequ5ce 9 ! process (       
production2 b1 s9ce ! latt] is !        
sub/antial fact1 z view$ f ! /&po9t ( a 
teleological natural ord]1 ! =m] mu/ be 
/at$ 9 t]ms ( ! latt] be=e ,adam ,smi?'s
 s5se ( sub/antiality1 or reality1 is   
satisfi$4 ,some?+ ( ! same k9d is1 (    
c\rse1 visible 9 ! ,physiocrats & 9     
,cantillon4 ,x am\nts to an ext5sion ( !
 natural-rights preconception to        
economic !ory4 ,adam ,smi?'s discussion 
( di/ribution z a function (            
productivity might be trac$ 9 detail    
?r\gh 8 h&l+ ( ,wages1 ,pr(its1 & ,r5t2 
b1 s9ce ! aim "h is a brief             
*>act]isation only1 & n an exposition1  
no f>!r pursuit ( ?is po9t seems        
feasible4  ,x may1 h[ev]1 be wor? :ile  

to po9t out ano!r l9e ( influ5ce along  
:i* ! dom9ance ( ! teleological         
preconception %[s itself 9 ,adam ,smi?4 
,?is is ! normalisation ( data1 9 ord]  
to br+ !m into consonance ) an ord]ly   
c\rse ( approa* to ! putative natural   
end ( economic life & developm5t4 ,!    
result ( ?is normalisation ( data is1 on
 ! "o h&1 ! use ( :at ,james ,/eu>t     
calls conjectural hi/ory 9 deal+ ) pa/  
phases ( economic life1 &1 on ! o!r h&1 
a /atem5t ( pres5t-day ph5om5a 9 t]ms ( 
:at legitimately ought to be accord+ to 
! ,god-giv5 end ( life r ?an 9 t]ms (   
uncon/ru$ obs]vation4 ,acc\nt is tak5 ( 
! facts 7suppos$ or obs]v$7 o/5sibly 9  
t]ms ( causal sequ5ce1 b ! imput$ causal
 sequ5ce is con/ru$ to run on l9es (    
teleological legitimacy4  ,a famili>    
in/ance ( ?is conjectural hi/ory1 9 a   
highly & effectively normaliz$ =m1 is ! 
acc\nt ( t e>ly & rude /ate ( society   
:i* prec$es bo? ! accumulation ( /ock & 
! appropriation ( l&4#ae ,x is ne$less  
at ?is day to po9t out t ?is e>ly & rude

 /ate1 9 :i* ! :ole produce ( labor     
belongs to ! labor]1 is altoge!r a      
figm5t4 ,! :ole n>rative1 f ! putative  
orig9 d[n1 is n only supposititi\s1 b x 
is m]ely a s*ematic pres5tation ( :at   
%\ld h be5 ! c\rse ( pa/ developm5t1 9  
ord] to lead up to t ideal economic     
situation :i* w\ld satisfy ,adam ,smi?'s
 preconception4#af ,z ! n>rative comes  
ne>] ! region ( kn[n latt]-day facts1 ! 
normalisation ( ! data becomes m        
difficult & receives m detail$ att5tion2
 b ! *ange 9 me?od is a *ange ( degree r
 ?an ( k9d4 ,9 ! e>ly & rude /ate !     
co9cid5ce ( ! natural & ! actual c\rse (
 ev5ts is imm$iate & undi/urb$1 !re be+ 
no refractory data at h&2 b 9 ! lat]    
/ages & 9 ! pres5t situation1 :]e       
refractory facts ab\nd1 ! coo]d9ation is
 difficult1 & ! co9cid5ce c be %[n only 
by a free ab/raction f ph5om5a t are    
irrelevant to ! teleological tr5d & by a
 labori\s int]pretation ( ! re/4 ,!     
facts ( mod]n life are intricate1 & l5d 
!mselves to /atem5t 9 ! t]ms ( ! !ory   

only aft] !y h be5 subject$ to a high]  
criticism4  ,! *apt] ,( ! ,orig9 & ,use 
( ,money#ag is an elegantly normalis$   
acc\nt ( ! orig9 & nature ( an economic 
in/itution1 & ,adam ,smi?'s fur!r       
discussion ( money runs on ! same l9es4 
,! orig9 ( money is /at$ 9 t]ms ( !     
purpose :i* money %\ld legitimately s]ve
 9 su* a community z ,adam ,smi?        
consid]$ "r & good1 n 9 t]ms ( ! motives
 & exig5cies :i* h result$ 9 ! use (    
money & 9 ! gradual rise ( ! exi/+ me?od
 ( paym5t & acc\nts4 ,money is ! great  
:eel ( circulation1 :i* effects !       
transf] ( goods 9 process ( production &
 ! di/ribution ( ! f9i%$ goods to !     
consum]s4 ,x is an organ ( ! economic   
commonweal? r ?an an exp$i5t ( acc\nt+ &
 a conv5tional repository ( weal?4  ,x  
is p]haps sup]flu\s to rem>k t to ! pla9
 man1 :o is n conc]n$ ) ! natural c\rse 
( ?+s 9 a consummate ,geldwirts*aft1 !  
money t passes 8 h& is n a great :eel ( 
circulation4 ,to ! ,samoy$1 = in/ance1 !
 re9de] :i* s]ves him z unit ( value is 

weal? 9 ! mo/ concrete & tangible =m4   
,mu* ! same is true ( co91 or ev5 (     
bank-notes1 9 ! appreh5sion (           
unsophi/icat$ p among ourselves to-day4 
,& yet x is 9 t]ms ( ! habits &         
conditions ( life ( ^! pla9 p t !       
developm5t ( money w h to be acc\nt$ =  
if x is to be /at$ 9 t]ms ( cause &     
effect4         99       99       99    
99       99  ,! few scatt]$ passages    
already cit$ may s]ve to illu/rate h[   
,adam ,smi?'s animi/ic or teleological  
b5t %apes ! g5]al /ructure ( 8 !ory &   
gives x consi/5cy4 ,! pr9ciple (        
def9itive =mulation 9 ,adam ,smi?'s     
economic k is af=d$ by a putative       
purpose t does n at any po9t ent]       
causally into ! economic life process   
:i* he seeks to "k4 ,?is =mative or     
normative purpose or end is n freely    
conceiv$ to ent] z an effici5t ag5t 9 ! 
ev5ts discuss$1 or to be 9 any way      
consci\sly pres5t 9 ! process4 ,x c     
sc>cely be tak5 z an animi/ic ag5cy     
engag$ 9 ! process4 ,x sanctions ! c\rse

 ( ?+s1 & gives legitimacy & sub/ance to
 ! sequ5ce ( ev5ts1 s f> z ?is sequ5ce  
may be made to squ>e ) ! requirem5ts ( !
 imput$ end4 ,x has !re=e a c]emonial or
 symbolical =ce only1 & l5ds !          
discussion a c]emonial compet5cy2 al?\gh
 ) economi/s :o h be5 9 passable        
agreem5t ) ,adam ,smi? z reg>ds !       
legitimate end ( economic life ?is      
c]emonial consi/5cy1 or consi/5cy de    
jure has = _m purposes be5 accept$ z !  
=mulation ( a causal cont9uity 9 !      
ph5om5a t h be5 int]pret$ 9 its t]ms4   
,elucidations ( :at normally ought to   
happ51 z a matt] ( c]emonial necessity1 
h 9 ?is way come to pass = an acc\nt (  
matt]s ( fact4  ,b1 z has already be5   
po9t$ out1 !re is mu* m to ,adam ,smi?'s
 exposition ( !ory ?an a =mulation ( :at
 ought to be4 ,mu* ( ! advance he a*iev$
 ov] 8 pr$ecessors consi/s 9 a l>g] & m 
pa9/ak+ scrut9y ( facts1 & a m consi/5t 
trac+ out ( causal cont9uity 9 ! facts  
h&l$4 ,no d\bt1 8 sup]iority ov] !      
,physiocrats1 t *>act]i/ic ( 8 "w by    

virtue ( :i* x sup]s$$ !irs 9 ! f>!r    
gr[? ( economic sci5ce1 lies to "s ext5t
 9 8 rec\rse to a diff]5t1 m mod]n gr\nd
 ( normality1--a gr\nd m 9 consonance ) 
! body ( preconceptions t h _h ! vogue 9
 lat] g5]ations4 ,x is a %ift+ ( ! po9t 
( view f :i* ! facts are h&l$2 b x comes
 9 great "p to a sub/itution ( a new    
body ( preconceptions = ! old1 or a new 
adaptation ( ! old gr\nd ( f9ality1 r   
?an an elim9ation ( all metaphysical or 
animi/ic norms ( valuation4 ,) ,adam    
,smi?1 z ) ! ,physiocrats1 ! fundam5tal 
"q1 ! answ] to :i* af=ds ! po9t (       
dep>ture & ! norm ( proc$ure1 is a "q ( 
sub/antiality or economic reality4 ,)   
bo?1 ! answ] to ?is "q is giv5 naively1 
z a deliv]ance ( common s5se4 ,nei!r is 
di/urb$ by d\bts z to ?is deliv]ance (  
common s5se or by any ne$ ( scrut9is+ x4
 ,to ! ,physiocrats ?is sub/antial gr\nd
 ( economic reality is ! nutritive      
process ( ,nature4 ,to ,adam ,smi? x is 
,labor4 ,8 reality has ! advantage ( be+
 ! deliv]ance ( ! common s5se ( a m     

mod]n community1 & "o t has ma9ta9$     
itself 9 =ce m widely & 9 bett]         
consonance ) ! facts ( latt]-day        
indu/ry4 ,! ,physiocrats owe _!         
preconception ( ! productiv5ess ( nature
 to ! habits ( ?\ght ( a community 9 ^: 
economic life ! dom9ant ph5om5on 0 !    
own] ( agricultural l&4 ,adam ,smi? owes
 8 preconception 9 favor ( labor to a   
community 9 :i* ! obtrusive economic    
feature ( ! imm$iate pa/ 0 h&icraft &   
agriculture1 ) comm]ce z a sc>cely      
second>y ph5om5on4  ,s f> z ,adam       
,smi?'s economic !ories are a trac+ out 
( ! causal sequ5ce 9 economic ph5om5a1  
!y are work$ out 9 t]ms giv5 by ^! two  
ma9 directions ( activity1--human ef=t  
direct$ to ! %ap+ ( ! mat]ial means (   
life1 & human ef=t & discretion direct$ 
to a pecuni>y ga94 ,! =m] is ! great1   
sub/antial productive =ce3 ! latt] is n 
imm$iately1 or proximately1             
productive4#ah ,adam ,smi? /ill has too 
lively a s5se ( ! nutritive purpose ( ! 
ord] ( nature freely to ext5d ! concept 

( productiv5ess to any activity t does n
 yield a mat]ial increase ( ! creature  
com=ts4 ,8 in/9ctive appreciation ( !   
sub/antial virtue ( :atev] effectually  
fur!rs nutrition1 ev5 leads him into !  
concession t 9 agriculture nature labors
 along ) man1 al?\gh ! g5]al t5or ( 8   
argum5t is t ! productive =ce ) :i* !   
economi/ always has to c\nt is human    
labor4 ,?is recognis$ sub/antiality (   
labor z productive is1 z has already be5
 rem>k$1 acc\ntable = 8 ef=t to r$uce to
 t]ms ( productive labor su* a category 
( di/ribution z ex*ange value4  ,) b    
slight qualification1 x w hold t1 9 !   
causal sequ5ce :i* ,adam ,smi? traces   
out 9 8 economic !ories prop] 7conta9$ 9
 ! fir/ ?ree books ( ! ,weal? (         
,nations71 ! causally effici5t factor is
 conceiv$ to be human nature 9 ^! two   
relations1--( productive effici5cy &    
pecuni>y ga9 ?r\gh ex*ange4 ,pecuni>y   
ga9--ga9 9 ! mat]ial means ( life ?r\gh 
b>t]--furni%es ! motive =ce to !        
economic activity ( ! individual2 al?\gh

 productive effici5cy is ! legitimate1  
normal end ( ! community's economic     
life4 ,to su* an ext5t does ?is concept 
( man's seek+ 8 ends ?r\gh truck1 b>t]1 
& ex*ange p]vade ,adam ,smi?'s treatm5t 
( economic processes t he ev5 /ates     
production 9 its t]ms1 & says t labor 0 
! fir/ price1 ! orig9al pur*ase-money1 t
 0 paid = all ?+s4#ai ,! human nature   
engag$ 9 ?is pecuni>y traffic is        
conceiv$ 9 some:at h$oni/ic t]ms1 & !   
motives & movem5ts ( m5 are normalis$ to
 fit ! requirem5ts ( a h$oni/ically     
conceiv$ ord] ( nature4 ,m5 are v mu*   
alike 9 _! native aptitudes &           
prop5sities2#bj &1 s f> z economic !ory 
ne$ take acc\nt ( ^! aptitudes &        
prop5sities1 !y are aptitudes = !       
production ( ! necess>ies & conv5i5ces (
 life1 & prop5sities to secure z great a
 %>e ( ^! creature com=ts z may be4     
,adam ,smi?'s conception ( normal human 
nature--t is to say1 ! human factor :i* 
ent]s causally 9 ! process :i* economic 
!ory discusses--comes1 on ! :ole1 to    

?is3 ,m5 ex]t _! =ce & skill 9 a        
me*anical process ( production1 & _!    
pecuni>y sagacity 9 a competitive       
process ( di/ribution1 ) a view to      
individual ga9 9 ! mat]ial means ( life4
 ,^! mat]ial means are s\ght 9 ord] to !
 satisfaction ( m5's natural wants ?r\gh
 _! consumption4 ,x is true1 mu* else   
ent]s into m5's endeavors 9 ! /ruggle = 
weal?1 z ,adam ,smi? po9ts out2 b ?is   
consumption comprises ! legitimate range
 ( inc5tives1 & a !ory :i* conc]ns      
itself ) ! natural c\rse ( ?+s ne$ take 
b incid5tal acc\nt ( :at does n come    
legitimately 9 ! natural c\rse4 ,9 po9t 
( fact1 !re are appreciable actual1 ?\gh
 sc>cely real1 dep>tures f ?is rule4 ,!y
 are spuri\s & insub/antial dep>tures1 &
 d n prop]ly come )9 ! purview ( !      
/rict] !ory4 ,&1 s9ce human nature is   
/rik+ly uni=m1 9 ,adam ,smi?'s          
appreh5sion1 bo? ! ef=ts put =? & !     
consumptive effect accompli%$ may be put
 9 quantitative t]ms & treat$           
algebraically1 ) ! result t ! entire    

range ( ph5om5a compris$ "u ! head (    
consumption ne$ be b incid5tally        
consid]$2 & ! !ory ( production &       
di/ribution is complete :5 ! goods or ! 
values h be5 trac$ to _! disappe>ance 9 
! h&s ( _! ultimate own]s4 ,! reflex    
effect ( consumption ^u production &    
di/ribution is1 on ! :ole1 quantitative 
only4  ,adam ,smi?'s preconception ( a  
normal teleological ord] ( proc$ure 9 ! 
natural c\rse1 !re=e1 affects n only ^? 
features ( !ory :]e he is av[$ly conc]n$
 ) build+ up a normal s*eme ( ! economic
 process4 ,?r\gh 8 normalis+ ! *ief     
causal factor engag$ 9 ! process1 x     
affects also 8 argum5ts f cause to      
effect4#ba ,:at makes ?is latt] feature 
wor? p>ticul> att5tion is ! fact t 8    
successors c>ri$ ?is normalisation f>!r1
 & employ$ x ) less frequ5t ref]5ce to !
 mitigat+ exceptions :i* ,adam ,smi?    
notices by ! way4  ,! reason = t f>!r & 
m consi/5t normalisation ( human nature 
:i* gives u ! economic man at ! h&s (   
,adam ,smi?'s successors lies1 9 great  

"p1 9 ! utilit>ian philosophy t ent]$ 9 
=ce & 9 consummate =m at ab\t ! turn+ ( 
! c5tury4 ,"s cr$it 9 ! "w (            
normalisation is due also to ! f>!r     
sup]session ( h&icraft by ! capitali/ic 
indu/ry t came 9 at ! same "t & 9 pretty
 close relation ) ! utilit>ian views4   
99       99       99       99       99  
,aft] ,adam ,smi?'s day1 economics fell 
into pr(ane h&s4 ,ap>t f ,mal?us1 :o1 ( 
all ! great] economi/s1 /&s ne>e/ to    
,adam ,smi? on su* metaphysical heads z 
h an imm$iate be>+ ^u ! premises (      
economic sci5ce1 ! next g5]ation d n    
approa* _! subject f ! po9t ( view ( a  
div9ely in/itut$ ord]2 nor d !y discuss 
human int]e/s ) t g5tly optimi/ic _s (  
submission t belongs to ! economi/ :o   
goes to 8 "w ) ! fe> ( ,god be=e 8 eyes4
 ,ev5 ) ,mal?us ! rec\rse to ! div9ely  
sanction$ ord] ( nature is some:at sp>+ 
& temp]ate4 ,b x is significant = ! lat]
 c\rse ( economic !ory t1 :ile ,mal?us  
may well be acc\nt$ ! true/ cont9u] (   
,adam ,smi?1 x 0 ! undev\t utilit>ians t

 became ! spokesm5 ( ! sci5ce aft] ,adam
 ,smi?'s "t4  ,!re is no wide brea*     
betwe5 ,adam ,smi? & ! utilit>ians1 ei!r
 9 details ( doctr9e or 9 ! concrete    
conclusions arriv$ at z reg>ds que/ions 
( policy4 ,on ^! heads ,adam ,smi? might
 well be class$ z a mod]ate utilit>ian1 
p>ticul>ly s f> z reg>ds 8 economic "w4 
,mal?us has /ill m ( a utilit>ian       
air1--s mu* s1 inde$1 t he is n         
infrequ5tly spok5 ( z a utilit>ian4 ,?is
 view1 conv9c+ly set =? by ,mr4         
,bon>1#bb is no d\bt well borne out by a
 detail$ scrut9y ( ,mal?us's economic   
doctr9es4 ,8 humanit>ian bias is evid5t 
?r\gh\t1 & 8 weakness = consid]ations ( 
exp$i5cy is ! great blemi% ( 8 sci5tific
 "w4 ,b1 = all t1 9 ord] to an          
appreciation ( ! *ange t came ov]       
classical economics ) ! rise (          
,b5?amism1 x is necess>y to note t !    
agreem5t 9 ?is matt] betwe5 ,adam ,smi? 
& ! disciples ( ,b5?am1 & less decid$ly 
t betwe5 ,mal?us & ! latt]1 is a        
co9cid5ce ( conclusions r ?an an id5tity

 ( preconceptions4#bc  ,) ,adam ,smi? ! 
ultimate gr\nd ( economic reality is !  
design ( ,god1 ! teleological ord]2 & 8 
utilit>ian g5]alisations1 z well z !    
h$oni/ic "* ( 8 economic man1 are b     
me?ods ( ! work+ out ( ?is natural ord]1
 n ! sub/antial & self-legitimat+ gr\nd4
 ,%ifty z ,mal?us's metaphysics are1 mu*
 ! same is to be said = him4#bd ,( !    
utilit>ians prop] ! conv]se is true1    
al?\gh "h1 aga91 !re is by no means utt]
 consi/5cy4 ,! sub/antial economic gr\nd
 is pleasure & pa93 ! teleological ord] 
7ev5 ! design ( ,god1 :]e t is admitt$7 
is ! me?od ( its work+-out4  ,x may be  
unnecess>y "h to g into ! f>!r          
implications1 psy*ological & e?ical1 :i*
 ?is preconception ( ! utilit>ians      
involves4 ,& ev5 ?is mu* may seem a tak+
 ( excessive pa9s ) a di/9ction t m>ks  
no tangible diff]5ce4 ,b a read+ ( !    
classical doctr9es1 ) some?+ ( ?is      
metaphysics ( political economy 9 m9d1 w
 %[ h[1 & 9 great "p :y1 ! lat]         
economi/s ( ! classical l9e div]g$ f    

,adam ,smi?'s t5ets 9 ! e>ly ye>s ( !   
c5tury1 until x has be5 necess>y to     
int]pret ,adam ,smi? some:at %rewdly 9  
ord] to save him f h]esy4  ,! po/-,b5?am
 economics is sub/antially a !ory (     
value4 ,?is is altoge!r ! dom9ant       
feature ( ! body ( doctr9es2 ! re/      
foll[s f1 or is adapt$ to1 ?is c5tral   
discipl9e4 ,! doctr9e ( value is ( v    
great importance also 9 ,adam ,smi?2 b  
,adam ,smi?'s economics is a !ory ( !   
production & apportionm5t ( ! mat]ial   
means ( life4#be ,) ,adam ,smi?1 value  
is discuss$ f ! po9t ( view (           
production4 ,) ! utilit>ians1 production
 is discuss$ f ! po9t ( view ( value4 ,!
 =m] makes value an outcome ( ! process 
( production3 ! latt] make production ! 
outcome ( a valuation process4  ,! po9t 
( dep>ture ) ,adam ,smi? is ! productive
 p[] ( labor4#bf ,) ,ric>do x is a      
pecuni>y problem conc]n$ 9 ! di/ribution
 ( own]%ip2#bg b ! classical writ]s are 
foll[]s ( ,adam ,smi?1 & improve ^u &   
correct ! results arriv$ at by him1 & ! 

diff]5ce ( po9t ( view1 !re=e1 becomes  
evid5t 9 _! div]g5ce f him1 & ! diff]5t 
di/ribution ( emphasis1 r ?an 9 a new & 
antagoni/ic dep>ture4  ,! reason = ?is  
%ift+ ( ! c5t] ( gravity f production to
 valuation lies1 proximately1 9 ,b5?am's
 revision ( ! pr9ciples ( morals4       
,b5?am's philosophical position is1 (   
c\rse1 n a self-explanatory ph5om5on1   
nor does ! effect ( ,b5?amism ext5d only
 to ^? :o are av[$ foll[]s ( ,b5?am2 =  
,b5?am is ! expon5t ( a cultural *ange t
 affects ! habits ( ?\ght ( ! entire    
community4 ,! imm$iate po9t ( ,b5?am's  
"w1 z affect+ ! habits ( ?\ght ( !      
educat$ community1 is ! sub/itution (   
h$onism 7utility7 9 place ( a*ievem5t ( 
purpose1 z a gr\nd ( legitimacy & a     
guide 9 ! normalisation ( k4 ,its effect
 is mo/ pat5t 9 speculations on morals1 
:]e x inculcates det]m9ism4 ,its close  
connection ) det]m9ism 9 e?ics po9ts !  
way to :at may be expect$ ( its work+ 9 
economics4 ,9 bo? cases ! result is t   
human action is con/ru$ 9 t]ms ( !      

causal =ces ( ! environm5t1 ! human ag5t
 be+1 at ! be/1 tak5 z a me*anism (     
commutation1 ?r\gh ! work+s ( :i* !     
s5su\s effects wr\ght by ! imp++ =ces ( 
! environm5t are1 by an en=c$ process ( 
valuation1 transmut$ )\t quantitative   
discrepancy into moral or economic      
conduct1 z ! case may be4 ,9 e?ics &    
economics alike ! subject-matt] ( ! !ory
 is ?is valuation process t expresses   
itself 9 conduct1 result+1 9 ! case (   
economic conduct1 9 ! pursuit ( !       
greate/ ga9 or lea/ sacrifice4          
,metaphysically or cosmologically       
consid]$1 ! human nature into ! motions 
( :i* h$oni/ic e?ics & economics inquire
 is an int]m$iate t]m 9 a causal        
sequ5ce1 ( :i* ! initial & ! t]m9al     
memb]s are s5su\s impressions & !       
details ( conduct4 ,?is int]m$iate t]m  
conveys ! s5su\s impulse )\t loss ( =ce 
to its ev5tuation 9 conduct4 ,= !       
purpose ( ! valuation process ?r\gh :i* 
! impulse is s convey$1 human nature    
may1 !re=e1 be accept$ z uni=m2 & ! !ory

 ( ! valuation process may be =mulat$   
quantitatively1 9 t]ms ( ! mat]ial =ces 
affect+ ! human s5sory & ( _! equival5ts
 9 ! result+ activity4 ,9 ! language (  
economics1 ! !ory ( value may be /at$ 9 
t]ms ( ! consumable goods t af=d !      
inc5tive to ef=t & ! exp5diture und]gone
 9 ord] to procure !m4 ,betwe5 ^! two   
!re subsi/s a necess>y equality2 b !    
magnitudes betwe5 :i* ! equality subsi/s
 are h$oni/ic magnitudes1 n magnitudes (
 k9etic en]gy nor ( vital =ce1 = ! t]ms 
h&l$ are s5su\s t]ms4 ,x is true1 s9ce  
human nature is sub/antially uni=m1     
passive1 & unalt]able 9 respect ( m5's  
capacity = s5su\s affection1 !re may    
also be presum$ to subsi/ a sub/antial  
equality betwe5 ! psy*ological effect to
 be wr\ght by ! consumption ( goods1 on 
! "o side1 & ! result+ exp5diture (     
k9etic or vital =ce1 on ! o!r side2 b   
su* an equality is1 aft] all1 ( ! nature
 ( a co9cid5ce1 al?\gh !re %\ld be a    
/rong presumption 9 favor ( its prevail+
 on an av]age & 9 ! common run ( cases4 

,h$onism1 h[ev]1 does n po/ulate        
uni=mity betwe5 m5 except 9 ! respect ( 
s5su\s cause & effect4  ,! !ory ( value 
:i* h$onism gives is1 !re=e1 a !ory (   
co/ 9 t]ms ( discom=t4 ,by virtue ( !   
h$oni/ic equilibrium rea*$ ?r\gh !      
valuation process1 ! sacrifice or       
exp5diture ( s5su\s reality involv$ 9   
acquisition is ! equival5t ( ! s5su\s   
ga9 secur$4 ,an alt]native /atem5t might
 p]haps be made1 to ! effect t ! measure
 ( ! value ( goods is n ! sacrifice or  
discom=t und]gone1 b ! s5su\s ga9 t     
accrues f ! acquisition ( ! goods2 b ?is
 is pla9ly only an alt]native /atem5t1 &
 !re are special reasons 9 ! economic   
life ( ! "t :y ! /atem5t 9 t]ms ( co/1 r
 ?an 9 t]ms ( utility1 %\ld comm5d      
itself to ! e>li] classical economi/s4  
,on comp>+ ! utilit>ian doctr9e ( value 
) e>li] !ories1 !n1 ! case /&s some:at z
 foll[s4 ,! ,physiocrats & ,adam ,smi?  
contemplate value z a measure ( !       
productive =ce t realises itself 9 !    
valuable article4 ,) ! ,physiocrats ?is 

productive =ce is ! anabolism ( ,nature 
7to resort to a physiological t]m73 )   
,adam ,smi? x is *iefly human labor     
direct$ to height5+ ! s]viceability ( ! 
mat]ials ) :i* x is occupi$4 ,production
 causes value 9 ei!r case4 ,! po/-,b5?am
 economics contemplates value z a       
measure (1 or z measur$ by1 ! irksom5ess
 ( ! ef=t involv$ 9 procur+ ! valuable  
goods4 ,z ,mr4 ,e4 ,c4 ,k4 ,gonn] has   
admirably po9t$ out1#bh ,ric>do--& ! l  
holds true ( classical economics        
g5]ally--makes co/ ! f\ndation ( value1 
n its cause4 ,?is re/+ ( value on co/   
takes place ?r\gh a valuation4 ,any "o  
:o w read ,adam ,smi?'s !oretical       
exposition to z good purpose z ,mr4     
,gonn] has read ,ric>do w sc>cely fail  
to f9d t ! conv]se is true 9 ,adam      
,smi?'s case4 ,b ! causal relation ( co/
 to value holds only z reg>ds natural or
 real value 9 ,adam ,smi?'s doctr9e4 ,z 
reg>ds m>ket price1 ,adam ,smi?'s !ory  
does n diff] greatly f t ( ,ric>do on   
?is head4 ,he does n ov]look ! valuation

 process by :i* m>ket price is adju/$ & 
! c\rse ( inve/m5t is guid$1 & 8        
discussion ( ?is process runs 9 t]ms t  
%\ld be acceptable to any h$oni/4       
99       99       99       99       99  
,! %ift+ ( ! po9t ( view t comes into   
economics ) ! acceptance ( utilit>ian   
e?ics & its correlate1 ! associationi/  
psy*ology1 is 9 great "p a %ift+ to !   
gr\nd ( causal sequ5ce z contra/$ ) t ( 
s]viceability to a preconceiv$ end4 ,?is
 is indicat$ ev5 by ! ma9 fact already  
cit$1--t ! utilit>ian economi/s make    
ex*ange value ! c5tral feature ( _!     
!ories1 r ?an ! conduciv5ess ( indu/ry  
to ! community's mat]ial welf>e4        
,h$oni/ic ex*ange value is ! outcome ( a
 valuation process en=c$ by ! appreh5d$ 
pleasure-giv+ capacities ( ! items      
valu$4 ,& 9 ! utilit>ian !ories (       
production1 arriv$ at f ! /&po9t s giv5 
by ex*ange value1 ! conduciv5ess to     
welf>e is n ! objective po9t ( !        
argum5t4 ,?is objective po9t is r ! be>+
 ( productive ent]prise ^u ! individual 

=tunes ( ! ag5ts engag$1 or ^u ! =tunes 
( ! sev]al di/+ui%able classes (        
b5efici>ies compris$ 9 ! indu/rial      
community2 = ! great imm$iate be>+ (    
ex*ange values ^u ! life ( !            
collectivity is _! be>+ ^u ! di/ribution
 ( weal?4 ,value is a category (        
di/ribution4 ,! result is t1 z is well  
%[n by ,mr4 ,cannan's discussion1#bi !  
!ories ( production (f]$ by ! classical 
economi/s h be5 s5sibly scant1 & h be5  
c>ri$ out ) a con/ant view to ! doctr9es
 on di/ribution4 ,an incid5tal b tell+  
demon/ration ( ! same facts is giv51 by 
,pr(essor ,bue*]2#cj & 9 illu/ration may
 be cit$ ,torr5s's ,essay on !          
,production ( ,weal?1 :i* is to a good  
ext5t occupi$ ) discussions ( value &   
di/ribution4 ,! classical !ories (      
production h be5 !ories ( ! production (
 weal?2 & weal?1 9 classical usage1     
consi/s ( mat]ial ?+s hav+ ex*ange      
value4 ,dur+ ! vogue ( ! classical      
economics ! accept$ *>act]i/ic by :i*   
weal? has be5 def9$ has be5 its         

am5ability to own]%ip4 ,nei!r 9 ,adam   
,smi? nor 9 ! ,physiocrats is ?is       
am5ability to own]%ip made s mu* (1 nor 
is x 9 a simil> degree accept$ z a      
def9ite m>k ( ! subject-matt] ( !       
sci5ce4  ,z _! h$oni/ic preconception   
w\ld require1 !n1 x is to ! pecuni>y    
side ( life t ! classical economi/s give
 _! mo/ s]i\s att5tion1 & x is !        
pecuni>y be>+ ( any giv5 ph5om5on or (  
any in/itution t commonly %apes ! issue 
( ! argum5t4 ,! causal sequ5ce ab\t :i* 
! discussion c5t]s is a process (       
pecuni>y valuation4 ,x runs on          
di/ribution1 own]%ip1 acquisition1 ga91 
inve/m5t1 ex*ange4#ca ,9 ?is way !      
doctr9es on production come to take a   
pecuni>y color+2 z is se5 9 a less      
degree also 9 ,adam ,smi?1 & ev5 9 !    
,physiocrats1 al?\gh ^! e>li] economi/s 
v r>ely1 if ev]1 lose t\* ) ! concept ( 
g5]ic s]viceability z ! *>act]i/ic      
feature ( production4 ,! tradition d]iv$
 f ,adam ,smi?1 :i* made productivity & 
s]viceability ! sub/antial features (   

economic life1 0 n abruptly put aside by
 8 successors1 ?\gh ! emphasis 0        
diff]5tly di/ribut$ by !m 9 foll[+ out !
 l9e ( inve/igation to :i* ! tradition  
po9t$ ! way4 ,9 ! classical economics ! 
ideas ( production & ( acquisition are n
 commonly held ap>t1 & v mu* ( :at      
passes = a !ory ( production is occupi$ 
) ph5om5a ( inve/m5t & acquisition4     
,torr5s's ,essay is a case 9 po9t1 ?\gh 
by no means an extreme case4  ,?is is z 
x %\ld be2 = to ! consi/5t h$oni/ ! sole
 motive =ce conc]n$ 9 ! indu/rial       
process is ! self-reg>d+ motive (       
pecuni>y ga91 & indu/rial activity is b 
an int]m$iate t]m betwe5 ! exp5diture or
 discom=t und]gone & ! pecuni>y ga9     
s\ght4 ,:e!r ! end & outcome is an      
invidi\s ga9 = ! individual 79 contra/ )
 or at ! co/ ( 8 neighbors71 or an      
enhancem5t ( ! facility ( human life on 
! :ole1 is altoge!r a by-"q 9 any       
discussion ( ! range ( inc5tives by :i* 
m5 are prompt$ to _! "w or ! direction  
:i* _! ef=ts take4 ,! s]viceability ( ! 

giv5 l9e ( activity1 = ! life purposes (
 ! community or = "o's neighbors1 is n (
 ! ess5ce ( ?is contract4 ,^! features (
 s]viceability come into ! acc\nt *iefly
 z affect+ ! v5dibility ( :at ! giv5    
individual has to (f] 9 seek+ ga9 ?r\gh 
a b>ga94#cb  ,9 h$oni/ic !ory !         
sub/antial end ( economic life is       
individual ga92 & = ?is purpose         
production & acquisition may be tak5 z  
fairly co9cid5t1 if n id5tical4         
,moreov]1 society1 9 ! utilit>ian       
philosophy1 is ! algebraic sum ( !      
individuals2 & ! int]e/ ( ! society is !
 sum ( ! int]e/s ( ! individuals4 ,x    
foll[s by easy consequ5ce1 :e!r /rictly 
true or n1 t ! sum ( individual ga9s is 
! ga9 ( ! society1 & t1 9 s]v+ 8 own    
int]e/ 9 ! way ( acquisition1 !         
individual s]ves ! collective int]e/ ( !
 community4 ,productivity or            
s]viceability is1 !re=e1 to be presum$ (
 any occupation or ent]prise t looks to 
a pecuni>y ga92 & s1 by a r\ndab\t pa?1 
we get back to ! anci5t conclusion (    

,adam ,smi?1 t ! remun]ation ( classes  
or p]sons engag$ 9 indu/ry co9cides ) _!
 productive contribution to ! output (  
s]vices & consumable goods4  ,a         
felicit\s illu/ration ( ! work+ ( ?is   
h$oni/ic norm 9 classical economic      
doctr9e is af=d$ by ! !ory ( ! wages (  
sup]9t5d5ce1--an elem5t 9 di/ribution   
:i* is n mu* m ?an sugge/$ 9 ,adam      
,smi?1 b :i* receives ampl] & m pa9/ak+ 
att5tion z ! classical body ( doctr9es  
rea*es a full] developm5t4 ,! wages (   
sup]9t5d5ce are ! ga9s due to pecuni>y  
managem5t4 ,!y are ! ga9s t come to !   
director ( ! bus9ess1--n ^? t g to !    
director ( ! me*anical process or to !  
=eman ( ! %op4 ,! latt] are wages       
simply4 ,?is di/9ction is n altoge!r    
cle> 9 ! e>li] writ]s1 b x is cle>ly    
en\gh conta9$ 9 ! full] developm5t ( !  
!ory4  ,! und]tak]'s "w is ! managem5t (
 inve/m5t4 ,x is altoge!r ( a pecuni>y  
"*1 & its proximate aim is ! ma9 *ance4 
,if x leads1 indirectly1 to an          
enhancem5t ( s]viceability or a height5$

 aggregate output ( consumable goods1 t 
is a =tuit\s circum/ance incid5t to t   
height5$ v5dibility on :i* ! inve/or's  
ga9 dep5ds4 ,yet ! classical doctr9e    
says frankly t ! wages ( sup]9t5d5ce are
 ! remun]ation ( sup]ior                
productivity1#cc & ! classical !ory (   
production is 9 good "p a doctr9e (     
inve/m5t 9 :i* ! id5tity ( production & 
pecuni>y ga9 is tak5 = grant$4  ,!      
sub/itution ( inve/m5t 9 ! place (      
indu/ry z ! c5tral & sub/antial fact 9 !
 process ( production is due n to !     
acceptance ( h$onism simply1 b r to !   
conjunction ( h$onism ) an economic     
situation ( :i* ! inve/m5t ( capital &  
its managem5t = ga9 0 ! mo/ obvi\s      
feature4 ,! situation :i* %ap$ !        
common-s5se appreh5sion ( economic facts
 at ! "t 0 :at has s9ce be5 call$ a     
capitali/ic sy/em1 9 :i* pecuni>y       
ent]prise & ! ph5om5a ( ! m>ket 7 !     
dom9ant & tone-giv+ facts4 ,b ?is       
economic situation 0 also ! *ief gr\nd =
 ! vogue ( h$onism 9 economics2 s t     

h$oni/ic economics may be tak5 z an     
int]pretation ( human nature 9 t]ms ( ! 
m>ket-place4 ,! m>ket & ! bus9ess _w1 to
 :i* ! bus9ess man 9 8 pursuit ( ga9 0  
requir$ to adapt 8 motives1 _h by ?is "t
 gr[n s l>ge t ! c\rse ( bus9ess ev5ts 0
 beyond ! control ( any "o p]son2 & at !
 same "t ^? f>-rea*+ organisations (    
inve/$ weal? :i* h latt]ly come to      
prevail & to co]ce ! m>ket 7 n !n 9 !   
=egr\nd4 ,! c\rse ( m>ket ev5ts took its
 passionless way )\t traceable relation 
or def]5ce to any man's conv5i5ce & )\t 
traceable guidance t[>ds an ult]ior end4
 ,man's "p 9 ?is pecuni>y _w 0 to       
respond ) alacrity to ! situation1 & s  
adapt 8 v5dible effects to ! %ift+ dem& 
z to realise some?+ 9 ! outcome4 ,:at he
 ga9$ 9 8 traffic 0 ga9$ )\t loss to ^? 
) :om he dealt1 = !y paid no m ?an !    
goods 7 wor? to !m4 ,"o man's ga9 ne$ n 
be ano!r's loss2 &1 if x is n1 !n x is  
net ga9 to ! community4  ,among ! /rik+ 
remot] effects ( ! h$oni/ic             
preconception1 & its work+ out 9 t]ms ( 

pecuni>y ga91 is ! classical failure to 
discrim9ate betwe5 capital z inve/m5t & 
capital z indu/rial appliances4 ,?is is1
 ( c\rse1 closely relat$ to ! po9t      
already spok5 (4 ,! appliances ( indu/ry
 fur!r ! production ( goods1 !re=e      
capital 7inve/$ weal?7 is productive2 & 
! rate ( its av]age remun]ation m>ks !  
degree ( its productiv5ess4#cd ,! mo/   
obvi\s fact limit+ ! pecuni>y ga9 secur$
 by means ( inve/$ weal? is ! sum       
inve/$4 ,!re=e1 capital limits !        
productiv5ess ( indu/ry2 & ! *ief &     
indisp5sable condition to an advance 9  
mat]ial well-be+ is ! accumulation (    
inve/$ weal?4 ,9 discuss+ ! conditions (
 indu/rial improvem5t1 x is usual to    
assume t ! /ate ( ! arts rema9s un*ang$1
 :i* is1 = all purposes b t ( a doctr9e 
( pr(its p] c5t41 an exclusion ( ! ma9  
fact4 ,inve/m5ts may1 fur!r1 be         
transf]r$ f "o ent]prise to ano!r4      
,!re=e1 & 9 t degree1 ! means (         
production are mobile4         99       
99       99       99       99  ,"u ! h&s

 ( ! great utilit>ian writ]s1 !re=e1    
political economy is develop$ into a    
sci5ce ( weal?1 tak+ t t]m 9 ! pecuni>y 
s5se1 z ?+s am5able to own]%ip4 ,! c\rse
 ( ?+s 9 economic life is treat$ z a    
sequ5ce ( pecuni>y ev5ts1 & economic    
!ory becomes a !ory ( :at %\ld happ5 9 t
 consummate situation :]e ! p]mutation (
 pecuni>y magnitudes takes place )\t    
di/urbance & )\t ret>dation4 ,9 ?is     
consummate situation ! pecuni>y motive  
has its p]fect "w1 & guides all ! acts (
 economic man 9 a guileless1 colorless1 
unsw]v+ que/ ( ! greate/ ga9 at ! lea/  
sacrifice4 ,( c\rse1 ?is p]fect         
competitive sy/em1 ) its unta9t$        
economic man1 is a feat ( ! sci5tific   
imag9ation1 & is n int5d$ z a compet5t  
expression ( fact4 ,x is an exp$i5t (   
ab/ract reason+2 & its av[$ compet5cy   
ext5ds only to ! ab/ract pr9ciples1 !   
fundam5tal laws ( ! sci5ce1 :i* hold    
only s f> z ! ab/raction holds4 ,b1 z   
happ5s 9 su* cases1 hav+ once be5       
accept$ & assimilat$ z real1 ?\gh p]haps

 n z actual1 x becomes an effective     
con/itu5t 9 ! inquir]'s habits ( ?\ght1 
& goes to %ape 8 k ( facts4 ,x comes to 
s]ve z a norm ( sub/antiality or        
legitimacy2 & facts 9 "s degree fall "u 
its con/ra9t1 z is exemplifi$ by _m     
allegations reg>d+ ! t5d5cy ( ?+s4  ,to 
?is consummation1 :i* ,s5ior speaks ( z 
! natural /ate ( man1#ce human          
developm5t t5ds by =ce ( ! h$oni/ic "* (
 human nature2 & 9 t]ms ( its           
approximation to ?is natural /ate1      
!re=e1 ! immature actual situation _h   
be/ be /at$4 ,! pure !ory1 ! hypo!tical 
sci5ce ( ,cairnes1 traces ! ph5om5a ( ! 
production & di/ribution ( weal? up to  
_! causes1 9 ! pr9ciples ( human nature 
& ! laws & ev5ts--physical1 political1 &
 social--( ! ext]nal _w4#cf ,b s9ce !   
pr9ciples ( human nature t give !       
outcome 9 m5's economic conduct1 s f> z 
x t\*es ! production & di/ribution (    
weal?1 are b ! simple & con/ant sequ5ce 
( h$oni/ic cause & effect1 ! elem5t (   
human nature may fairly be elim9at$ f ! 

problem1 ) great ga9 9 simplicity &     
exp$ition4 ,human nature be+ elim9at$1 z
 be+ a con/ant int]m$iate t]m1 & all    
in/itutional features ( ! situation be+ 
also elim9at$ 7z be+ simil> con/ants "u 
t natural or consummate pecuni>y regime 
) :i* ! pure !ory is conc]n$71 ! laws ( 
! ph5om5a ( weal? may be =mulat$ 9 t]ms 
( ! rema9+ factors4 ,^! factors are !   
v5dible items t m5 h&le 9 ^! processes (
 production & di/ribution2 & economic   
laws come1 !re=e1 to be expressions ( ! 
algebraic relations subsi/+ betwe5 !    
v>i\s elem5ts ( weal? &                 
inve/m5t1--capital1 labor1 l&1 supply & 
dem& ( "o & ! o!r1 pr(its1 int]e/1      
wages4 ,ev5 su* items z cr$it &         
population become dissociat$ f ! p]sonal
 factor1 & figure 9 ! computation z     
elem5tal factors act+ & react+ ?\gh a   
p]mutation ( values ov] ! heads ( ! good
 p ^: welf>e !y are work+ out4          
99       99       99       99       99  
,to sum up3 ! classical economics1 hav+ 
prim>ily to d ) ! pecuni>y side ( life1 

is a !ory ( a process ( valuation4 ,b   
s9ce ! human nature at ^: h&s & = ^:    
beho( ! valuation takes place is simple 
& con/ant 9 its reaction to pecuni>y    
/imulus1 & s9ce no o!r feature ( human  
nature is legitimately pres5t 9 economic
 ph5om5a ?an ?is reaction to pecuni>y   
/imulus1 ! valu] conc]n$ 9 ! matt] is to
 be ov]look$ or elim9at$2 & ! !ory ( !  
valuation process !n becomes a !ory ( ! 
pecuni>y int]action ( ! facts valu$4 ,x 
is a !ory ( valuation ) ! elem5t (      
valuation left out1--a !ory ( life /at$ 
9 t]ms ( ! normal p>aph]nalia ( life4   
,9 ! preconceptions ) :i* classical     
economics set out 7 compris$ ! remnants 
( natural rights & ( ! ord] ( nature1   
infus$ ) t peculi>ly me*anical natural  
!ology t made its way into popul> vogue 
on ,briti% gr\nd dur+ ! eighte5? c5tury 
& 0 r$uc$ to a neutral tone by ! ,briti%
 p5*ant = ! commonplace--/rong] at ?is  
"t ?an at any e>li] p]iod4 ,! reason =  
?is gr[+ p5*ant = ! commonplace1 = !    
explanation ( ?+s 9 causal t]ms1 lies   

p>tly 9 ! gr[+ resort to me*anical      
processes & me*anical prime mov]s 9     
indu/ry1 p>tly 9 ! 7consequ5t7 cont9u$  
decl9e ( ! ari/ocracy & ! prie/hood1 &  
p>tly 9 ! gr[+ d5sity ( population & !  
consequ5t great] specialisation & wid]  
organisation ( trade & bus9ess4 ,!      
spread ( ! discipl9e ( ! natural        
sci5ces1 l>gely incid5t to ! me*anical  
indu/ry1 c\nts 9 ! same direction2 &    
obscur] factors 9 mod]n culture may h _h
 _! %>e4  ,! animi/ic preconception 0 n 
lo/1 b x lo/ tone2 & x p>tly fell into  
abeyance1 p>ticul>ly s f> z reg>ds its  
av[al4 ,x is visible *iefly 9 ! unav[$  
read9ess ( ! classical writ]s to accept 
z imm95t & def9itive any possible       
outcome :i* ! writ]'s habit or temp]am5t
 incl9$ him to accept z "r & good4 ,h5ce
 ! visible incl9ation ( classical       
economi/s to a doctr9e ( ! h>mony (     
int]e/s1 & _! some:at uncircumspect     
read9ess to /ate _! g5]alisations 9 t]ms
 ( :at ought to happ5 accord+ to ! ideal
 requirem5ts ( t consummate             

,geldwirts*aft to :i* m5 are impell$ by 
! provisions ( nature4#cg ,by virtue (  
_! h$oni/ic preconceptions1 _!          
habituation to ! ways ( a pecuni>y      
culture1 & _! unav[$ animi/ic fai? t    
nature is 9 ! "r1 ! classical economi/s 
knew t ! consummation to :i*1 9 ! nature
 ( ?+s1 all ?+s t5d1 is ! frictionless &
 b5efic5t competitive sy/em4 ,?is       
competitive ideal1 !re=e1 af=ds !       
normal1 & con=mity to its requirem5ts   
af=ds ! te/ ( absolute economic tru?4 ,!
 /&po9t s ga9$ selectively guides !     
att5tion ( ! classical writ]s 9 _!      
obs]vation & appreh5sion ( facts1 & !y  
come to see evid5ce ( con=mity or       
approa* to ! normal 9 ! mo/ unlikely    
places4 ,_! obs]vation is1 9 great "p1  
int]pretative1 z obs]vation commonly is4
 ,:at is peculi> to ! classical         
economi/s 9 ?is respect is _! p>ticul>  
norm ( proc$ure 9 ! "w ( int]pretation4 
,&1 by virtue ( hav+ a*iev$ a /&po9t (  
absolute economic normality1 !y became a
 d$uctive s*ool1 s call$1 9 spite ( !   

pat5t fact t !y 7 pretty consi/5tly     
employ$ ) an inquiry into ! causal      
sequ5ce ( economic ph5om5a4  ,!         
g5]alisation ( obs]v$ facts becomes a   
normalisation ( !m1 a /atem5t ( !       
ph5om5a 9 t]ms ( _! co9cid5ce )1 or     
div]g5ce f1 t normal t5d5cy t makes = ! 
actualisation ( ! absolute economic     
reality4 ,?is absolute or def9itive     
gr\nd ( economic legitimacy lies beyond 
! causal sequ5ce 9 :i* ! obs]v$ ph5om5a 
are conceiv$ to be int]l9k$4 ,x is      
relat$ to ! concrete facts nei!r z cause
 nor z effect 9 any su* way t ! causal  
relation may be trac$ 9 a concrete      
in/ance4 ,x has little causally to d    
ei!r ) ! m5tal or ) ! physical data )   
:i* ! classical economi/ is av[$ly      
employ$4 ,its relation to ! process "u  
discussion is t ( an extrane\s--t is to 
say1 a c]emonial--legitimation4 ,! body 
( k ga9$ by its help & "u its guidance  
is1 !re=e1 a taxonomic sci5ce4  ,s1 by  
way ( a conclud+ illu/ration1 x may be  
po9t$ out t money1 = in/ance1 is        

normalis$ 9 t]ms ( ! legitimate economic
 t5d5cy4 ,x becomes a measure ( value & 
a m$ium ( ex*ange4 ,x has become        
prim>ily an in/rum5t ( pecuni>y         
commutation1 in/ead ( be+1 z "u ! e>li] 
normalisation ( ,adam ,smi?1 prim>ily a 
great :eel ( circulation = ! diffusion (
 consumable goods4 ,! t]ms 9 :i* ! laws 
( money1 z ( ! o!r ph5om5a ( pecuni>y   
life1 are =mulat$1 are t]ms :i* connote 
its normal function 9 ! life hi/ory (   
objective values z !y live & move & h _!
 be+ 9 ! consummate pecuni>y situation (
 ! natural /ate4 ,to a simil> "w (      
normalisation we owe ^? creatures ( !   
my?-mak]1 ! quantity !ory & !           
wages-fund4  ,,footnotes3  #a ,repr9t$  
by p]mission f ,! ,qu>t]ly ,j\rnal (    
,economics1 ,vol4 ,,xiii1 ,july4 #ahii4 
#b ,bon>1 ,philosophy & ,political      
,economy1 pp4 #agg1 #agh4  #c ,e        
individual is cont9ually ex]t+ himself  
to f9d out ! mo/ advantage\s employm5t =
 :atev] capital he c comm&4 ,x is 8 own 
advantage1 & n t ( ! society1 :i* he has

 9 view4 ,b ! /udy ( 8 own advantage    
naturally1 or r necess>ily1 leads him to
 pref] t employm5t :i* is mo/           
advantage\s to ! society4444 ,by direct+
 t indu/ry 9 su* a mann] z its produce  
may be ( ! greate/ value1 he int5ds only
 8 own ga92 & he is 9 ?is1 z 9 _m o!r   
cases1 l$ by an invisible h& to promote 
an end :i* 0 no "p ( 8 int5tion4 ,nor is
 x always ! worse = society t x 0 no "p 
( x4 ,by pursu+ 8 own int]e/ he         
frequ5tly promotes t ( ! society m      
effectually ?an :5 he really int5ds to  
promote x4 ,weal? ( ,nations1 ,book     
,,iv1 *ap4 ii4  #d ,! discrepancy betwe5
 ! actual1 causally det]m9$ situation & 
! div9ely int5d$ consummation is !      
metaphysical gr\nd ( all t inculcation (
 morality & enlight5$ policy t makes up 
s l>ge a "p ( ,adam ,smi?'s "w4 ,! l1 ( 
c\rse1 holds true = all morali/s &      
re=m]s :o proce$ on ! assumption ( a    
provid5tial ord]4  #e ,9 ! political    
body1 h[ev]1 ! wisdom ( nature has      
=tunately made ample provision = rem$y+ 

_m ( ! bad effects ( ! folly & inju/ice 
( man2 9 ! same mann] z x has done 9 !  
natural body1 = rem$y+ ^? ( 8 slo? &    
intemp]ance4 ,weal? ( ,nations1 ,book   
,,iv1 *ap4 ix4  #f ,e4g41 ! real measure
 ( ! ex*angeable value ( all            
commodities4 ,weal? ( ,nations1 ,book   
,i1 *ap1 v1 & repeat$ly 9 ! l           
connection4  #g ,e4g41 ,book ,i1 *ap4   
vii3 ,:5 ! price ( any commodity is     
nei!r m nor less ?an :at is suffici5t to
 pay ! r5t ( ! l&1 ! wages ( ! labor1 & 
! pr(its ( ! /ock employ$ 9 rais+1      
prep>+1 & br++ x to m>ket1 accord+ to _!
 natural rates1 ! commodity is !n sold =
 :at may be call$ its natural price4 ,! 
actual price at :i* any commodity is    
commonly sold is call$ its m>ket price4 
,x may be ei!r above1 or bel[ or exactly
 ! same ) its natural price4  #h        
,lectures ( ,adam ,smi? 7,ed4 ,cannan1  
#ahif71 p4 #afi4  #i ,?is division (    
labor1 f :i* s _m advantages are d]iv$1 
is n orig9ally ! effect ( any human     
wisdom1 :i* =esees & int5ds t g5]al     

opul5ce to :i* x gives occasion4 ,x is !
 necess>y ?\gh v sl[ & gradual          
consequ5ce ( a c]ta9 prop5sity 9 human  
nature :i* has 9 view no su* ext5sive   
utility1--! prop5sity to truck1 b>t]1 & 
ex*ange "o ?+ = ano!r4 ,:e!r ?is        
prop5sity be "o ( ^? orig9al pr9ciples 9
 human nature ( :i* no fur!r acc\nt c be
 giv51 or :e!r1 z seems m probable1 x be
 ! necess>y consequ5ce ( ! faculties (  
reason & spee*1 x belongs n to our      
pres5t subject to inquire4 ,weal? (     
,nations1 ,book ,i1 *ap4 ii4  #aj ,weal?
 ( ,nations1 ,book ,i1 *aps1 v4-vii4    
#aa ,weal? ( ,nations1 ,book ,i1 *ap4 v4
  #ab ,z1 e4g41 ! entire discussion ( ! 
det]m9ation ( ,wages1 ,pr(its & ,r5t1 9 
,book ,i1 *aps1 viii4-xi4  #ac ,!re is 9
 e society or neighborhood an ord9>y or 
av]age rate bo? ( wages & pr(it 9 e     
diff]5t employm5t ( labor & /ock4 ,?is  
rate is naturally regulat$1 444 p>tly by
 ! g5]al circum/ances ( ! society4444   
,!re is1 likewise1 9 e society or       
neighborhood an ord9>y or av]age rate ( 

r5t1 :i* is regulat$1 too4444 ,^! ord9>y
 or av]age rates may be call$ ! natural 
rates ( wages1 pr(it1 & r5t1 at ! "t &  
place 9 :i* !y commonly prevail4 ,:5 !  
price ( any commodity is nei!r m nor    
less ?an :at is suffici5t to pay ! r5t (
 ! l&1 ! wages ( ! labor1 & ! pr(its ( !
 /ock employ$ 9 rais+1 prep>+1 & br++ x 
to m>ket1 accord+ to _! natural rates1 !
 commodity is !n sold = :at may be call$
 its natural price4 ,weal? ( ,nations1  
,book ,i1 *ap4 vii4  #ad ,su*           
commodities may cont9ue = :ole c5turies 
toge!r to be sold at ?is high price2 & t
 "p ( x :i* resolves itself into ! r5t (
 l& is1 9 ?is case1 ! "p :i* is g5]ally 
paid above its natural rate4 ,book ,i1  
*ap4 vii4  #ae ,weal? ( ,nations1 ,book 
,i1 *ap1 vi2 also *ap4 viii4  #af ,= an 
in/ance ( h[ ^! e>ly phases ( indu/rial 
developm5t appe>1 :5 n se5 9 ! light (  
,adam ,smi?'s preconception1 see1 among 
o!rs1 ,bue*]1 ,ent/*ung d]              
,volkswirts*aft4  #ag ,book ,i1 *ap4 iv4
  #ah ,see ,weal? ( ,nations1 ,book     

,,ii1 *ap4 v1 ,( ! ,diff]5t ,employm5t (
 ,capitals4  #ai ,weal? ( ,nations1     
,book ,i1 *ap4 v4 ,see also ! plea =    
free trade1 ,book ,,iv1 *ap4 ii3 ,b !   
annual rev5ue ( e society is always     
precisely equal to ! ex*angeable value (
 ! :ole annual produce ( its indu/ry1   
or1 r1 is precisely ! same ?+ ) t       
ex*angeable value4  #bj ,! diff]5ce (   
natural tal5ts 9 diff]5t m5 is 9 reality
 mu* less ?an we are aw>e (4 ,weal? (   
,nations1 ,book ,i1 *ap4 ii4  #ba ,mit  
dies5 philosophis*5 ,ueb]zeugung5 tritt 
nun ,adam ,smi? an die ,welt d]         
,enfahrung h]an1 und es ergiebt si* ihm 
die ,ri*tigkeit d] ,pr9cipi54 ,d] ,reiz 
d] ,smi?'s*5 ,s*rift5 b]uht zum gross5  
,teile d>auf1 dass ,smi? die ,pr9cipi5 9
 s innige ,v]b9dung mit dem ,?atsae*li*5
 gebra*t4 ,hie und da w]d5 dann au* die 
,pr9cipi51 0 dur* diese ,v]b9dung       
v]anlas/ wird1 an ihr5 ,spitz5 etwas    
abges*liff51 ihre allzus*>fe            
,auspraegung dadur* v]mi$54             
,ni*tsde/[5ig] ab] bleib5 sie /ets die  

leit5d5 ,grundg$ank54 ,ri*>d ,zeyss1    
,adam ,smi? und d] ,eig5nutz 7,tueb+51  
#ahhi71 p4 #aaj4  #bb ,see1 e4g41       
,mal?us & 8 ,"w1 especially ,book ,,iii1
 z also ! *apt] on ,mal?us 9 ,philosophy
 & ,political ,economy1 ,book ,,iii1    
,mod]n ,philosophy3 ,utilit>ian         
,economics1 *ap4 i1 ,mal?us4  #bc       
,ric>do is "h tak5 z a utilit>ian ( !   
,b5?amite color1 al?\gh he _c be class$ 
z a disciple ( ,b5?am4 ,8 h$onism is b !
 uncritically accept$ metaphysics       
compris$ 9 ! common s5se ( 8 "t1 & 8    
sub/antial co9cid5ce ) ,b5?am goes to %[
 h[ well diffus$ ! h$oni/ preconception 
0 at ! "t4  #bd ,cf4 ,bon>1 ,mal?us & 8 
,"w1 pp4 #cbc-ccf4  #be ,8 "w is an     
inquiry into ! ,nature & ,causes ( !    
,weal? ( ,nations4  #bf ,! annual labor 
( e nation is ! fund :i* orig9ally      
supplies x ) all ! necess>ies &         
conv5i5ces ( life :i* x annually        
consumes1 & :i* consi/ always ei!r 9 !  
imm$iate produce ( t labor or 9 :at is  
pur*as$ ) t produce f o!r nations4      

,weal? ( ,nations1 ,introduction &      
,plan1 op5+ p>agraph4  #bg ,! produce ( 
! e>?--all t is d]iv$ f its surface by !
 unit$ application ( labor1 ma*9]y1 &   
capital--is divid$ among ?ree classes ( 
! community4444 ,to det]m9e ! laws :i*  
regulate ?is di/ribution1 is ! pr9cipal 
problem ( political economy4 ,political 
,economy1 ,preface4  #bh ,9 !           
introductory essay to 8 edition (       
,ric>do's ,political ,economy4 ,see1    
e4g41 p>agraphs #i & #bd4  #bi ,!ories (
 ,production & ,di/ribution1 #aggf-ahdh4
  #cj ,ent/ehung d] ,volkswirts*aft     
7second edition74 ,cf4 especially *aps4 
ii1 iii1 vi1 & vii4  #ca ,ev5 if we put 
aside all que/ions :i* involve a        
consid]ation ( ! effects ( indu/rial    
in/itutions 9 modify+ ! habits & "* ( ! 
classes ( ! community1 444 t en\gh /ill 
rema9s to con/itute a sep>ate sci5ce1 ! 
m]e enum]ation ( ! *ief t]ms (          
economics--weal?1 value1 ex*ange1 cr$it1
 money1 capital1 & commodity--w suffice 
to %[4 ,%irres1 ,analysis ( ! ,ideas (  

,economics 7,london1 #ahic71 pp4 #h &   
#i4  #cb ,if a commodity 7 9 no way     
useful1 444 x w\ld be de/itute (        
ex*angeable value2 444 7b71 possess+    
utility1 commodities d]ive _!           
ex*angeable value f two s\rces1 etc4    
,ric>do1 ,political ,economy1 *ap1 i1   
sect4 ,i4  #cc ,cf41 = in/ance1 ,s5ior1 
,political ,economy 7,london1 #ahgb71   
p>ticul>ly pp4 #hh1 #hi1 & #acj-ace1 :]e
 ! wages ( sup]9t5d5ce are1 some:at     
reluctantly1 class$ "u pr(its2 & ! "w ( 
sup]9t5d5ce is !reupon conceiv$ z be+1  
imm$iately or remotely1 an ex]cise (    
ab/95ce & a productive "w4 ,!           
illu/ration ( ! bill-brok] is p>ticul>ly
 apt4 ,! l view ( ! wages ( sup]9t5d5ce 
is an article ( !ory ) m ?an "o ( ! lat]
 desc5dants ( ! classical l9e4  #cd ,cf4
 ,boehm-,baw]k1 ,capital & ,int]e/1     
,books ,,ii & ,,iv1 z well z !          
,introduction & *aps4 iv & v ( ,book ,i4
 ,boehm-,baw]k's discussion be>s less   
imm$iately on ! pres5t po9t ?an !       
simil>ity ( ! t]ms employ$ w\ld sugge/4 

#ce ,political ,economy1 p4 #hg4  #cf   
,"* & ,logical ,me?od ( ,political      
,economy 7,new ,york1 #ahge71 p4 #ga4   
,cairnes may n be altoge!r repres5tative
 ( ! high tide ( classicism1 b 8        
*>act]isation ( ! sci5ce is none ! less 
to ! po9t4  #cg ,s5ior1 ,political      
,economy1 p4 #hg4     ,,!               
,,preconceptions ,,( ,,economic         
,,sci5ce#a  ,,iii   ,9 :at has already  
be5 said1 x has appe>$ t ! *anges :i* h 
sup]v5$ 9 ! preconceptions ( ! e>li]    
economi/s con/itute a some:at ord]ly    
succession4 ,! feature ( *ief int]e/ 9  
?is developm5t has be5 a gradual *ange 9
 ! receiv$ gr\nds ( f9ality to :i* !    
successive g5]ations ( economi/s h      
br\ght _! !oretical output1 on :i* !y h 
be5 cont5t to re/ _! conclusions1 &     
beyond :i* !y h n be5 mov$ to pu% _!    
analysis ( ev5ts or _! scrut9y (        
ph5om5a4 ,!re has be5 a fairly unbrok5  
sequ5ce ( developm5t 9 :at may be call$ 
! canons ( economic reality2 or1 to put 
x 9 o!r words1 !re has be5 a precession 

( ! po9t ( view f :i* facts h be5 h&l$ &
 valu$ = ! purpose ( economic sci5ce4   
,! notion :i* has 9 its "t prevail$ s   
widely1 t !re is 9 ! sequ5ce ( ev5ts a  
consi/5t tr5d :i* x is ! (fice ( !      
sci5ce to asc]ta9 & turn to acc\nt1--?is
 notion may be well f\nd$ or n4 ,b t !re
 is some?+ ( su* a consi/5t tr5d 9 !    
sequ5ce ( ! canons ( k "u ^: guidance ! 
sci5ti/ works is n only a g5]alisation f
 ! pa/ c\rse ( ?+s1 b lies 9 ! nature ( 
! case2 = ! canons ( k are ( ! nature ( 
habits ( ?\ght1 & habit does n break ) !
 pa/1 nor d ! h]$it>y aptitudes t f9d   
expression 9 habit v>y gratuit\sly ) !  
m]e lapse ( "t4 ,:at is true 9 ?is      
respect1 = in/ance1 9 ! doma9 ( law &   
in/itutions is true1 likewise1 9 ! doma9
 ( sci5ce4 ,:at m5 h le>n$ to accept z  
good & def9itive = ! guidance ( conduct 
& ( human relations rema9s true &       
def9itive & unimpea*able until !        
exig5cies ( a lat]1 alt]$ situation     
en=ce a v>iation f ! norms & canons ( ! 
pa/1 & s give rise to a modification ( !

 habits ( ?\ght t decide :at is1 = ! "t1
 "r 9 human conduct4 ,s 9 sci5ce !      
anci5t gr\nd ( f9ality rema9s a good &  
valid te/ ( sci5tific tru? until ! alt]$
 exig5cies ( lat] life en=ce habits (   
?\ght t are n :olly 9 consonance ) !    
receiv$ notions z to :at con/itutes !   
ultimate1 self-legitimat+ t]m--!        
sub/antial reality--to :i* k 9 any giv5 
case mu/ p5etrate4  ,?is ultimate t]m or
 gr\nd ( k is always ( a metaphysical   
"*4 ,x is some?+ 9 ! way ( a            
preconception1 accept$ uncritically1 b  
appli$ 9 criticism & demon/ration ( all 
else ) :i* ! sci5ce is conc]n$4 ,s soon 
z x comes to be criticis$1 x is 9 a way 
to be sup]s$$ by a new1 m or less alt]$ 
=mulation2 = criticism ( x means t x is 
no long] fit to survive unalt]$ 9 !     
alt]$ complex ( habits ( ?\ght to :i* x 
is call$ ^u to s]ve z fundam5tal        
pr9ciple4 ,x is subject to natural      
selection & selective adaptation1 z are 
o!r conv5tions4 ,! und]ly+ metaphysics (
 sci5tific rese>* & purpose1 !re=e1     

*anges gradually &1 ( c\rse1            
incompletely1 mu* z is ! case ) !       
metaphysics und]ly+ ! common law & !    
s*$ule ( civil rights4 ,z 9 ! legal     
framework ! n[ av[$ly useless &         
mean+less preconceptions ( /atus & ca/e 
& prec$5t are ev5 yet at ! mo/          
metamorphos$ & obsolesc5t r ?an         
ov]pass$1--witness ! facts ( inh]itance1
 ve/$ int]e/s1 ! outlawry ( debts ?r\gh 
lapse ( "t1 ! compet5ce ( ! ,/ate to    
co]ce individuals into support ( a giv5 
policy1--s 9 ! sci5ce ! liv+ g5]ation   
has n se5 an abrupt & traceless         
disappe>ance ( ! metaphysics t fix$ !   
po9t ( view ( ! e>ly classical political
 economy4 ,?is is true ev5 = ^? gr\ps ( 
economi/s :o h mo/ incont95tly prote/$  
aga9/ ! absurdity ( ! classical doctr9es
 & me?ods4 ,9 ,pr(essor ,m>%all's words1
 ,!re has be5 no real brea* ( cont9uity 
9 ! developm5t ( ! sci5ce4  ,b1 :ile !re
 has be5 no brea*1 !re has none ! less  
be5 *ange1--m f>-rea*+ *ange ?an "s ( u 
are glad to recognise2 = :o w\ld n be   

glad to read 8 own mod]n views into !   
conv9c+ words ( ! great ma/]s8  ,se5    
?r\gh mod]n eyes & )\t ef=t to turn pa/ 
ga9s to mod]n acc\nt1 ! metaphysical or 
preconceptional furniture ( political   
economy z x /ood ab\t ! middle ( ?is    
c5tury may come to look q curi\s4 ,! two
 ma9 canons ( tru? on :i* ! sci5ce      
proce$$1 & ) :i* ! inquiry is "h        
conc]n$1 73 7a7 a h$oni/ic-associational
 psy*ology1 & 7b7 an uncritical         
conviction t !re is a meliorative tr5d 9
 ! c\rse ( ev5ts1 ap>t f ! consci\s ends
 ( ! individual memb]s ( ! community4   
,?is axiom ( a meliorative developm5tal 
tr5d fell into %ape z a belief 9 an     
organic or quasi-organic                
7physiological7#b life process on ! "p (
 ! economic community or ( ! nation2 &  
?is belief c>ri$ ) x some?+ ( a con/ra9+
 s5se ( self-realis+ cycles ( gr[?1     
maturity & decay 9 ! life hi/ory (      
nations or communities4  ,neglect+ :at  
may = ! imm$iate purpose be negligible 9
 ?is outl9e ( fundam5tal t5ets1 x w be> 

! foll[+ con/ruction4 7a7 ,on ! gr\nd ( 
! h$oni/ic or associational psy*ology1  
all spiritual cont9uity & any consequ5t 
teleological tr5d is tacitly d5i$ s f> z
 reg>ds individual conduct1 :]e ! lat]  
psy*ology1 & ! sci5ces :i* build on ?is 
lat] psy*ology1 insi/ ^u & f9d su* a    
teleological tr5d at e turn4 7b7 ,su* a 
spiritual or quasi-spiritual cont9uity &
 teleological tr5d is uncritically      
affirm$ z reg>ds ! non-human sequ5ce or 
! sequ5ce ( ev5ts 9 ! affairs (         
collective life1 :]e ! mod]n sci5ces    
dilig5tly ass]t t no?+ ( ! k9d is       
disc]nible1 or t1 if x is disc]nible1   
its recognition is beside ! po9t1 s f> z
 conc]ns ! purposes ( ! sci5ce4  ,?is   
position1 "h outl9$ ) z little          
qualification z may be admissible1      
embodies ! g5]al metaphysical gr\nd ( t 
classical political economy t af=ds !   
po9t ( dep>ture = ,mill & ,cairnes1 &   
also = ,jevons4 ,& :at is to be said (  
,mill & ,cairnes 9 ?is connection w     
apply to ! lat] c\rse ( ! sci5ce1 ?\gh )

 a gradually less5+ =ce4  ,by ! middle (
 ! c5tury ! psy*ological premises ( !   
sci5ce are no long] s neat & succ9ct z  
!y 7 9 ! days ( ,b5?am & ,james ,mill4  
,at ,j4 ,s4 ,mill's h&s1 = in/ance1 !   
naively quantitative h$onism ( ,b5?am is
 be+ supplant$ by a sophi/icat$ h$onism1
 :i* makes mu* ( an assum$ qualitative  
div]g5ce betwe5 ! diff]5t k9ds (        
pleasures t af=d ! motives ( conduct4   
,?is revision ( h$oni/ic dogma1 ( c\rse1
 means a dep>ture f ! /rict h$oni/ic    
gr\nd4 ,correlat$ ) ?is advance m       
closely 9 ! sub/ance ( ! *ange ?an 9 !  
assignable dates1 is a concomitant      
improvem5t--at lea/1 set =? z an        
improvem5t--^u ! receiv$ associational  
psy*ology1 :]eby simil>ity is br\ght 9  
to supplem5t contiguity z a gr\nd (     
connection betwe5 ideas4 ,?is *ange is  
well %[n 9 ! "w ( ,j4 ,s4 ,mill & ,ba94 
,9 spite ( all ! +5uity sp5t 9 ma9ta9+ !
 associational legitimacy ( ?is new     
article ( !ory1 x rema9s a pat5t        
innovation & a dep>ture f ! anci5t      

/&po9t4 ,z is true ( ! improv$ h$onism1 
s x is true ( ! new !ory ( association t
 x is no long] able to con/rue ! process
 :i* x discusses z a purely me*anical   
process1 a concat5ation ( items simply4 
,simil>ity ( impressions implies a      
comp>ison ( impressions by ! m9d 9 :i* !
 association takes place1 & !reby x     
implies "s degree ( con/ructive "w on ! 
"p ( ! p]ceiv+ subject4 ,! p]ceiv] is   
!reby con/ru$ to be an ag5t 9 ! "w (    
p]ception2 !re=e1 he mu/ be possess$ ( a
 po9t ( view & an end dom9at+ !         
p]ceptive process4 ,to p]ceive !        
simil>ity1 he mu/ be guid$ by an int]e/ 
9 ! outcome1 & mu/ att5d4 ,! l applies  
to ! introduction ( qualitative         
di/9ctions into ! h$oni/ic !ory (       
conduct4 ,app]ception 9 ! "o case &     
discretion 9 ! o!r cease to be ! m]e    
regi/ration ( a simple & p]sonally      
uncolor$ sequ5ce ( p]mutations en=c$ by 
! factors ( ! ext]nal _w4 ,!re is impli$
 a spiritual--t is to say1              
active--teleological cont9uity ( process

 on ! "p ( ! p]ceiv+ or ( ! discretion>y
 ag5t1 z ! case may be4  ,x is on !     
gr\nd ( _! dep>ture f ! /rict] h$oni/ic 
premises t ,mill &1 aft] him1 ,cairnes  
are able1 = in/ance1 to (f] _!          
improvem5t ^u ! e>li] doctr9e ( co/ (   
production z det]m9+ value4 ,s9ce x is  
conceiv$ t ! motives :i* guide m5 9 _!  
*oice ( employm5ts & ( domicile diff] f 
man to man & f class to class1 n only 9 
degree1 b 9 k9d1 & s9ce v>y+ antec$5ts1 
( h]$ity & ( habit1 v>i\sly influ5ce m5 
9 _! *oice ( a mann] ( life1 !re=e ! m]e
 quantitative pecuni>y /imulus _c be    
dep5d$ on to decide ! outcome )\t       
rec\rse4 ,!re are det]m9able v>iations 9
 ! alacrity ) :i* diff]5t classes or    
communities respond to ! pecuni>y       
/imulus2 & 9 s f> z ?is condition       
prevails1 ! classes or communities 9 "q 
are non-compet+4 ,betwe5 su* non-compet+
 gr\ps ! norm t det]m9es values is n !  
unmitigat$ norm ( co/ ( production tak5 
absolutely1 b only tak5 relatively4 ,!  
=mula ( co/ ( production is !re=e       

modifi$ into a =mula ( reciprocal dem&4 
,?is revision ( ! co/-(-production      
doctr9e is ext5d$ only sp>+ly1 & !      
emphasis is ?r[n on ! pecuni>y          
circum/ances on :i* dep5d ! =mation &   
ma9t5ance ( non-compet+ gr\ps4          
,consi/5cy ) ! e>li] tea*+ is c>efully  
ma9ta9$1 s f> z may be2 b extra-pecuni>y
 factors are1 aft] all1 ev5 if          
reluctantly1 admitt$ into ! body ( !    
!ory4 ,s also1 s9ce !re are high] & l[] 
motives1 high] & l[] pleasures1--z well 
z motives diff]+ 9 degree1--x foll[s t  
an unguid$ response ev5 to ! m]e        
quantitative pecuni>y /imuli may take   
diff]5t directions1 & s may result 9    
activities ( widely diff]+ outcome4     
,s9ce activities set up 9 ?is way ?r\gh 
appeal to high] & l[] motives are no    
long] conceiv$ to repres5t simply a     
me*anically adequate effect ( ! /imuli1 
work+ "u ! control ( natural laws t t5d 
to "o b5efic5t consummation1 !re=e !    
outcome ( activity set up ev5 by !      
normal pecuni>y /imuli may take a =m t  

may or may n be s]viceable to !         
community4 ,h5ce laissez-faire ceases to
 be a sure rem$y = ! ills ( society4    
,human int]e/s are /ill conceiv$        
normally to be at "o2 b ! detail (      
individual conduct ne$ n1 !re=e1        
necess>ily s]ve ^! g5]ic human          
int]e/s4#c ,!re=e1 o!r inducem5ts ?an ! 
unmitigat$ impact ( pecuni>y exig5cies  
may be necess>y to br+ ab\t a co9cid5ce 
( class or individual endeavor ) !      
int]e/s ( ! community4 ,x becomes       
incumb5t on ! advocate ( laissez-faire  
to prove 8 m9or premise4 ,x is no long] 
self-evid5t t3 ,int]e/s left to !mselves
 t5d to h>moni\s comb9ations1 & to !    
progressive prepond]ance ( ! g5]al      
good4#d  ,! natural-rights preconception
 beg9s to fall away z soon z ! h$oni/ic 
me*anics h be5 s]i\sly tamp]$ )4 ,fact &
 "r cease to co9cide1 because !         
individual 9 :om ! rights are conceiv$  
to inh]e has come to be some?+ m ?an !  
field ( int]section ( natural =ces t "w 
out 9 human conduct4 ,! me*anics (      

natural lib]ty--t assum$ con/itution (  
?+s by =ce ( :i* ! free h$oni/ic play ( 
! laws ( nature across ! op5 field (    
individual *oice is sure to rea* ! "r   
outcome--is ! h$oni/ic psy*ology2 & !   
pass+ ( ! doctr9e ( natural rights &    
natural lib]ty1 :e!r z a premise or z a 
dogma1 !re=e co9cides ) ! pass+ ( t     
me*anics ( conduct on ! validity ( :i* !
 !oretical acceptance ( ! dogma dep5ds4 
,x is1 !re=e1 some?+ m ?an a co9cid5ce t
 ! half-c5tury :i* has se5 !            
dis9tegration ( ! h$oni/ic fai? & ( !   
associational psy*ology has also se5 !  
dissipation1 9 sci5tific speculations1 (
 ! concomitant fai? 9 natural rights & 9
 t b5ign ord] ( nature ( :i* !          
natural-rights dogma is a coroll>y4  ,x 
is1 ( c\rse1 n h]eby int5d$ to say t !  
lat] psy*ological views & premises imply
 a less close dep5d5ce ( conduct on     
environm5t ?an d ! e>li] ones4 ,inde$1 !
 rev]se may well be held to be true4 ,! 
p]vad+ *>act]i/ic ( lat] ?9k+ is !      
con/ant rec\rse to a detail$ analysis ( 

ph5om5a 9 causal t]ms4 ,! mod]n         
cat*word1 9 ! pres5t connection1 is     
response to /imulus2 b ! mann] 9 :i* ?is
 response is conceiv$ has *ang$4 ,!     
fact1 & ultimately ! amplitude1 at lea/ 
9 great "p1 ( ! reaction to /imulus1 is 
condition$ by ! =ces 9 impact2 b !      
con/itution ( ! organism1 z well z its  
attitude at ! mom5t ( impact1 9 great "p
 decides :at w s]ve z a /imulus1 z well 
z :at ! mann] & direction ( ! response w
 be4  ,! lat] psy*ology is biological1 z
 contra/$ ) ! metaphysical psy*ology (  
h$onism4 ,x does n conceive ! organism z
 a causal hiatus4 ,! causal sequ5ce 9 ! 
reflex arc is1 no d\bt1 cont9u\s2 b !   
cont9uity is n1 z =m]ly1 conceiv$ 9 t]ms
 ( spiritual sub/ance transmitt+ a %ock3
 x is conceiv$ 9 t]ms ( ! life activity 
( ! organism4 ,human conduct1 tak5 z !  
reaction ( su* an organism "u /imulus1  
may be /at$ 9 t]ms ( tropism1 involv+1 (
 c\rse1 a v close-knit causal sequ5ce   
betwe5 ! impact & ! response1 b at !    
same "t imput+ to ! organism a habit (  

life & a self-direct+ & selective       
att5tion 9 meet+ ! complex ( =ces t make
 up its environm5t4 ,! selective play ( 
?is tropismatic complex t con/itutes !  
organism's habit ( life "u ! impact ( ! 
=ces ( ! environm5t c\nts z discretion4 
,s f>1 !re=e1 z x is to be plac$ 9      
contra/ ) ! h$oni/ic phase ( ! old]     
psy*ological doctr9es1 ! *>act]i/ic     
feature ( ! new] conception is !        
recognition ( a selectively self-direct+
 life process 9 ! ag5t4 ,:ile h$onism   
seeks ! causal det]m9ant ( conduct 9 !  
7probable7 outcome ( action1 ! lat]     
conception seeks ?is det]m9ant 9 !      
complex ( prop5sities t con/itutes man a
 function+ ag5t1 t is to say1 a         
p]sonality4 ,in/ead ( pleasure          
ultimately det]m9+ :at human conduct    
%all be1 ! tropismatic prop5sities t    
ev5tuate 9 conduct ultimately det]m9e   
:at %all be pleasurable4 ,= ! purpose 9 
h&1 ! consequ5ce ( ! transition to !    
alt]$ conception ( human nature & its   
relation to ! environm5t is t ! new]    

view =mulates conduct 9 t]ms (          
p]sonality1 :]eas ! e>li] view 0 cont5t 
to =mulate x 9 t]ms ( its provocation & 
its by-product4 ,!re=e1 = ! sake (      
brevity1 ! old] preconceptions ( !      
sci5ce are "h spok5 ( z con/ru+ human   
nature 9 in]t t]ms1 z contra/$ ) ! new]1
 :i* con/rues x 9 t]ms ( function+4  ,x 
has already appe>$ above t ! second     
great article ( ! metaphysics (         
classical political economy--! belief 9 
a meliorative tr5d or a b5ign ord] (    
nature--is closely connect$ ) ! h$oni/ic
 conception ( human nature2 b ?is       
connection is m intimate & organic ?an  
appe>s f :at has be5 said above4 ,! two 
are s relat$ z to /& or fall toge!r1 = !
 latt] is b ! obv]se ( ! =m]4 ,! doctr9e
 ( a tr5d 9 ev5ts imputes purpose to !  
sequ5ce ( ev5ts2 t is1 x inve/s ?is     
sequ5ce ) a discretion>y1 teleological  
"*1 :i* ass]ts itself 9 a con/ra9t ov]  
all ! /eps 9 ! sequ5ce by :i* ! suppos$ 
objective po9t is rea*$4 ,b discretion  
t\*+ a giv5 end mu/ be s+le1 & mu/ alone

 cov] all ! acts by :i* ! end is to be  
rea*$4 ,!re=e1 no discretion resides 9 !
 int]m$iate t]ms ?r\gh :i* ! end is     
work$ out4 ,!re=e1 man be+ su* an       
int]m$iate t]m1 discretion _c be imput$ 
to him )\t violat+ ! supposition4       
,!re=e1 giv5 an indefeasible meliorative
 tr5d 9 ev5ts1 man is b a me*anical     
int]m$i>y 9 ! sequ5ce4 ,x is z su* a    
me*anical int]m$iate t]m t ! /rict]     
h$onism con/rues human nature4#e        
,accord+ly1 :5 m ( teleological activity
 came to be imput$ to man1 less 0 !reby 
all[$ to ! complex ( ev5ts4 ,or x may be
 put 9 ! conv]se =m3 ,:5 less ( a       
teleological cont9uity came to be imput$
 to ! c\rse ( ev5ts1 m 0 !reby imput$ to
 man's life process4 ,! latt] =m (      
/atem5t probably sugge/s ! direction 9  
:i* ! causal relation runs1 m ne>ly ?an 
! =m]4 ,! *ange :]eby ! two metaphysical
 premises 9 "q h lo/ _! e>li] =ce &     
symmetry1 !re=e1 am\nts to a 7p>tial7   
%ift+ ( ! seat ( putative p]sonality f  
inanimate ph5om5a to man4  ,x may be    

m5tion$ 9 pass+1 z a detail ly+ p]haps  
afield1 yet n devoid ( significance =   
latt]-day economic speculation1 t ?is   
elim9ation ( p]sonality1 & s (          
teleological cont5t1 f ! sequ5ce (      
ev5ts1 & its increas+ imputation to !   
conduct ( ! human ag5t1 is incid5t to a 
gr[+ resort to an appreh5sion ( ph5om5a 
9 t]ms ( process r ?an 9 t]ms ( outcome1
 z 0 ! habit 9 e>li] s*emes ( k4 ,on ?is
 acc\nt ! categories employ$ are1 9 a   
gradually increas+ degree1 categories ( 
process1--dynamic categories4 ,b        
categories ( process appli$ to conduct1 
to discretion>y action1 are teleological
 categories3 :]eas categories ( process 
appli$ 9 ! case ( a sequ5ce :]e ! memb]s
 ( ! sequ5ce are n conceiv$ to be *>g$ )
 discretion1 are1 by ! =ce ( ?is        
conception itself1 non-teleological1    
quantitative categories4 ,! cont9uity   
compris$ 9 ! concept ( process z appli$ 
to conduct is consequ5tly a spiritual1  
teleological cont9uity3 :]eas ! concept 
( process "u ! second head1 !           

non-teleological sequ5ce1 comprises a   
cont9uity ( a quantitative1 causal k9d1 
sub/antially ! cons]vation ( en]gy4 ,9  
its turn ! gr[+ resort to categories (  
process 9 ! =mulation ( k is probably   
due to ! epi/emological discipl9e (     
mod]n me*anical indu/ry1 ! te*nological 
exig5cies ( :i* en=ce a con/ant rec\rse 
to ! appreh5sion ( ph5om5a 9 t]ms (     
process1 diff]+ !re9 f ! e>li] =ms (    
indu/ry1 :i* nei!r obtrud$ visible      
me*anical process s con/antly ^u !      
appreh5sion nor s imp]atively dem&$ an  
articulate recognition ( cont9uity 9 !  
processes actually involv$4 ,! contra/ 9
 ?is respect is /ill m pron\nc$ betwe5 !
 discipl9e ( mod]n life 9 an indu/rial  
community & ! discipl9e ( life "u !     
conv5tions ( /atus & exploit t =m]ly    
prevail$4  ,to return to ! b5ign ord] ( 
nature1 or ! meliorative tr5d1--its     
pass+1 z an article ( economic fai?1 0 n
 due to criticism level$ aga9/ x by !   
lat] classical economi/s on gr\nds ( its
 epi/emological incongruity4 ,x 0 tri$  

on its m]its1 z an alleg$ acc\nt (      
facts2 & ! weight ( evid5ce w5t aga9/ x4
 ,! belief 9 a self-realis+ tr5d _h no  
soon] rea*$ a compet5t & exhau/ive      
/atem5t--e4g41 at ,ba/iat's h&s1 z a    
dogma ( ! h>mony ( int]e/s specifically 
applicable to ! details ( economic      
life--?an x began to lose gr\nd4 ,) 8   
usual concision & incisiv5ess1 ,cairnes 
complet$ ! de/ruction ( ,ba/iat's       
special dogma1 & put x =ev] beyond a    
rehe>+4 ,b ,cairnes is n a de/ructive   
critic ( ! classical political economy1 
at lea/ n 9 int5tion3 he is an int]pret]
 & cont9u]--p]haps altoge!r ! cle>e/ &  
true/ cont9u]--( ! classical tea*+4     
,:ile he confut$ ,ba/iat & discr$it$    
,ba/iat's peculi> dogma1 he did n !reby 
put ! ord] ( nature bodily out ( !      
sci5ce4 ,he qualifi$ & improv$ x1 v mu* 
z ,mill qualifi$ & improv$ ! t5ets ( !  
h$oni/ic psy*ology4 ,z ,mill & ! e?ical 
speculation ( 8 g5]ation ?rew m (       
p]sonality into ! h$oni/ic psy*ology1 s 
,cairnes & ! speculators on sci5tific   

me?od 7su* z ,mill & ,jevons7 att5uat$ !
 imputation ( p]sonality or teleological
 cont5t to ! process ( mat]ial cause &  
effect4 ,! "w is ( c\rse1 by no means1  
an a*ievem5t ( ,cairnes alone2 b he is1 
p]haps1 ! be/ expon5t ( ?is advance 9   
economic !ory4 ,9 ,cairnes's r$action   
?is f\ndation ( ! sci5ce became !       
concept ( a colorless normality4  ,x 0 9
 ,cairnes's "t ! fa%ion = speculators 9 
o!r fields ?an ! physical sci5ces to    
look to ^? sci5ces = guidance 9 me?od & 
= legitimation ( ! ideals ( sci5tific   
!ory :i* !y 7 at "w to realize4 ,m ?an  
t1 ! l>ge & fruitful a*ievem5ts ( !     
physical sci5ces _h s f> tak5 m5's      
att5tion captive z to give an almo/     
in/9ctive pr$ilection = ! me?ods t _h   
approv$ !mselves 9 t field4 ,! ways (   
?9k+ :i* _h on ?is gr\nd become famili> 
to all s*ol>s occupi$ ) any sci5tific   
inquiry1 _h p]meat$ _! ?9k+ on any      
subject :atev]4 ,?is is em95tly true (  
,briti% ?9k+4  ,x _h come to be a       
commonplace ( ! physical sci5ces t      

natural laws are ( ! nature ( empirical 
g5]alisations simply1 or ev5 ( ! nature 
( ari?metical av]ages4 ,ev5 ! und]ly+   
preconception ( ! mod]n physical        
sci5ces--! law ( ! cons]vation ( en]gy1 
or p]si/5ce ( quantity--0 claim$ to be  
an empirical g5]alisation1 arriv$ at    
inductively & v]ifi$ by exp]im5t4 ,x is 
true ! alleg$ pro( ( ! law took ! :ole  
conclusion = grant$ at ! />t1 & us$ x   
con/antly z a tacit axiom at e /ep 9 !  
argum5t :i* 0 to e/abli% its tru?2 b t  
fact s]ves r to emphasise ?an to call 9 
"q ! abid+ fai? :i* ^! empirici/s _h 9 !
 sole efficacy ( empirical g5]alisation4
 ,_h !y be5 able ov]tly to admit any o!r
 ?an an associational orig9 ( k1 !y w\ld
 h se5 ! impossibility ( acc\nt+ on !   
me*anical gr\nds ( association = !      
premise on :i* all exp]i5ce ( me*anical 
fact re/s4 ,t any o!r ?an a me*anical   
orig9 %\ld be assign$ to exp]i5ce1 or t 
any o!r ?an a s-conceiv$ empirical gr\nd
 0 to be admitt$ = any g5]al pr9ciple1 0
 incompatible ) ! prejudices ( m5 tra9$ 

9 ! s*ool ( ! associational psy*ology1  
h[ev] widely !y p]=ce dep>t$ f ?is ideal
 9 practice4 ,no?+ ( ! nature ( a       
p]sonal elem5t 0 to be admitt$ into ^!  
fundam5tal empirical g5]alisations2 &   
no?+1 !re=e1 ( ! nature ( a discretion>y
 or teleological movem5t 0 to be        
compris$ 9 ! g5]alisations to be accept$
 z natural laws4 ,natural laws mu/ 9 no 
degree be imbu$ ) p]sonality1 mu/ say   
no?+ ( an ult]ior end2 b = all t !y     
rema9$ laws ( ! sequ5ces subsum$ "u !m4 
,s f> is ! r$uction to colorless t]ms   
c>ri$ by ,mill1 = in/ance1 t he =mulates
 ! natural laws z empirically asc]ta9$  
sequ5ces simply1 ev5 exclud+ or avoid+  
all imputation ( causal cont9uity1 z t  
t]m is commonly und]/ood by !           
unsophi/icat$4 ,9 ,mill's ideal no m (  
organic connection or cont9uity betwe5 !
 memb]s ( a sequ5ce is impli$ 9 subsum+ 
!m "u a law ( causal relation%ip ?an is 
giv5 by ! amp]s&4 ,he is busi$ ) dynamic
 sequ5ces1 b he p]si/5tly conf9es       
himself to /atic t]ms4  ,"u ! guidance (

 ! associational psy*ology1 !re=e1 !    
extreme ( discont9uity 9 ! deliv]ances (
 inductive rese>* is aim$ at by ^?      
economi/s--,mill & ,cairnes be+ tak5 z  
typical--^: names h be5 associat$ )     
d$uctive me?ods 9 mod]n sci5ce4 ,) a f9e
 s5se ( tru? !y saw t ! notion ( causal 
cont9uity1 z a premise ( sci5tific      
g5]alisation1 is an ess5tially          
metaphysical po/ulate2 & !y avoid$ its  
trea*]\s gr\nd by d5y+ x1 & con/ru+     
causal sequ5ce to mean a uni=mity (     
coexi/5ces & successions simply4 ,b1    
s9ce a /rict uni=mity is n[h]e to be    
obs]v$ at fir/ h& 9 ! ph5om5a ) :i* !   
inve/igator is occupi$1 x has to be f\nd
 by a labori\s int]pretation ( ! ph5om5a
 & a dilig5t ab/raction & all[ance =    
di/urb+ circum/ances1 :atev] may be !   
mean+ ( a di/urb+ circum/ance :]e causal
 cont9uity is d5i$4 ,9 ?is "w (         
int]pretation & expurgation !           
inve/igator proce$s on a conviction ( ! 
ord]l9ess ( ! natural sequ5ce4 ,natura  
non facit saltum3 a maxim :i* has no    

mean+ )9 ! /rict] limits ( !            
associational !ory ( k4  ,be=e any?+ c  
be said z to ! ord]l9ess ( ! sequ5ce1 a 
po9t ( view mu/ be *os5 by ! speculator1
 ) respect to :i* ! sequ5ce 9 "q does or
 does n fulfill ?is condition (         
ord]l9ess2 t is to say1 ) respect to :i*
 x is a sequ5ce4 ,! endeavor to avoid   
all metaphysical premises fails "h z    
ev]y:]e4 ,! associationi/s1 to :om      
economics owes its transition f ! old]  
classical phase to ! mod]n or           
quasi-classical1 *ose z _! guid+ po9t ( 
view ! metaphysical po/ulate (          
congruity1--9 sub/ance1 ! simil>ity ( ! 
associationi/ !ory ( k4 ,?is mu/ be     
call$ _! proton pseudos1 if             
associationism pure & simple is to be   
accept$4 ,! notion ( congruity works out
 9 laws ( resemblance & equival5ce1 9   
bo? ( :i* x is pla9 to ! mod]n          
psy*ologi/ t a metaphysical gr\nd (     
tru?1 antec$5t to & controll+ empirical 
data1 is assum$4 ,b ! use ( ! po/ulate (
 congru5ce z a te/ ( sci5tific tru? has 

! m]it ( avoid+ all op5 deal+ ) an      
imput$ sub/antiality ( ! data h&l$1 su* 
z w\ld be involv$ 9 ! ov]t use ( !      
concept ( causation4 ,! data are        
congru\s among !mselves1 z items ( k2 & 
!y may !re=e be h&l$ 9 a logical syn!sis
 & concat5ation on ! basis ( ?is        
congru5ce alone1 )\t committ+ ! sci5ti/ 
to an imputation ( a k9etic or motor    
relation betwe5 !m4 ,! metaphysics (    
process is !reby avoid$1 9 appe>ance4 ,!
 sequ5ces are uni=m or consi/5t ) "o    
ano!r1 tak5 z articles ( !oretical      
syn!sis simply2 & s !y become elem5ts ( 
a sy/em or discipl9e ( k 9 :i* ! te/ (  
!oretical tru? is ! congru5ce ( ! sy/em 
) its premises4  ,9 all ?is !re is a    
high-wr\ght appe>ance ( matt]-(-fact1 & 
all metaphysical subreption ( a         
non-empirical or non-me*anical /&>d (   
reality or sub/antiality is avoid$ 9    
appe>ance4 ,! g5]alisations :i* make up 
su* a sy/em ( k are1 9 ?is way1 /at$ 9  
t]ms ( ! sy/em itself2 & :5 a compet5t  
=mulation ( ! alleg$ uni=mities has be5 

s made 9 t]ms ( _! congruity or         
equival5ce ) ! prime po/ulates ( !      
sy/em1 ! "w ( !oretical inquiry is done4
  ,! concrete premises f :i* proce$s !  
sy/ematic k ( ?is g5]ation ( economi/s  
are c]ta9 v concise assumptions conc]n+ 
human nature1 & c]ta9 slightly less     
concise g5]alisations ( physical fact1#f
 presum$ to be me*anically empirical    
g5]alisations4 ,^! po/ulates af=d ! /&>d
 ( normality4 ,:atev] situation or c\rse
 ( ev5ts c be %[n to express ^!         
po/ulates )\t mitigation is normal2 &   
:]ev] a dep>ture f ?is normal c\rse (   
?+s occurs1 x is due to di/urb+         
causes1--t is to say1 to causes n       
compris$ 9 ! ma9 premises ( ! sci5ce1--&
 su* dep>tures are to be tak5 acc\nt (  
by way ( qualification4 ,su* dep>tures &
 su* qualification are con/antly pres5t 
9 ! facts to be h&l$ by ! sci5ce2 b1 be+
 n congru\s ) ! und]ly+ po/ulates1 !y h 
no place 9 ! body ( ! sci5ce4 ,! laws ( 
! sci5ce1 t :i* makes up ! economi/'s   
!oretical k1 are laws ( ! normal case4  

,! normal case does n occur 9 concrete  
fact4 ,^! laws are1 !re=e1 9 ,cairnes's 
t]m9ology1 hypo!tical tru?s2 & ! sci5ce 
is a hypo!tical sci5ce4 ,!y apply to    
concrete facts only z ! facts are       
int]pret$ & ab/ract$ f1 9 ! light ( !   
und]ly+ po/ulates4 ,! sci5ce is1 !re=e1 
a !ory ( ! normal case1 a discussion ( !
 concrete facts ( life 9 respect ( _!   
degree ( approximation to ! normal case4
 ,t is to say1 x is a taxonomic sci5ce4 
,( c\rse1 9 ! "w actually done by ^!    
economi/s ?is /&po9t ( rigor\s normality
 is n consi/5tly ma9ta9$2 nor is !      
unsophi/icat$ imputation ( causality to 
! facts "u discussion consi/5tly avoid$4
 ,! associationi/ po/ulate1 t causal    
sequ5ce means empirical uni=mity simply1
 is 9 great measure =gott5 :5 !         
subject-matt] ( ! sci5ce is h&l$ 9      
detail4 ,especially is x true t 9 ,mill 
! dry light ( normality is greatly      
reliev$ by a /rong common s5se4 ,b !    
great tru?s or laws ( ! sci5ce rema9    
hypo!tical laws2 & ! te/ ( sci5tific    

reality is congru5ce ) ! hypo!tical     
laws1 n co9cid5ce ) matt]-(-fact ev5ts4 
,! e>li]1 m ar*aic metaphysics ( !      
sci5ce1 :i* saw 9 ! ord]ly correlation &
 sequ5ce ( ev5ts a con/ra9+ guidance (  
an extra-causal1 teleological k9d1 9 ?is
 way becomes a metaphysics ( normality  
:i* ass]ts no extra-causal con/ra9t ov] 
ev5ts1 b cont5ts itself ) e/abli%+      
correlations1 equival5cies1 homologies1 
& !ories conc]n+ ! conditions ( an      
economic equilibrium4 ,! movem5t1 !     
process ( economic life1 is n ov]look$1 
& x may ev5 be said t x is n neglect$2 b
 ! pure !ory1 9 its f9al deliv]ances1   
deals n ) ! dynamics1 b ) ! /atics ( !  
case4 ,! concrete subject-matt] ( !     
sci5ce is1 ( c\rse1 ! process ( economic
 life1--t is unavoidably ! case1--& 9 s 
f> ! discussion mu/ be accept$ z "w be>+
 on ! dynamics ( ! ph5om5a discuss$2 b  
ev5 !n x rema9s true t ! aim ( ?is "w 9 
dynamics is a det]m9ation & taxis ( !   
outcome ( ! process "u discussion r ?an 
a !ory ( ! process z su*4 ,! process is 

rat$ 9 t]ms ( ! equilibrium to :i* x    
t5ds or %\ld t5d1 n conv]sely4 ,!       
outcome ( ! process1 tak5 9 its relation
 ( equival5ce )9 ! sy/em1 is ! po9t at  
:i* ! inquiry comes to re/4 ,x is n     
prim>ily ! po9t ( dep>ture = an inquiry 
into :at may foll[4 ,! sci5ce treats ( a
 balanc$ sy/em r ?an ( a prolif]ation4  
,9 ?is lies its *>act]i/ic diff]5ce f ! 
lat] evolution>y sci5ces4 ,x is ?is     
*>act]i/ic b5t ( ! sci5ce t leads its   
spokesman1 ,cairnes1 to turn s k9dly to 
*emi/ry r ?an to ! organic sci5ces1 :5  
he seeks an analogy to economics among !
 physical sci5ces4#g ,:at ,cairnes has 9
 m9d 9 8 appeal to *emi/ry is1 ( c\rse1 
! receiv$1 extremely taxonomic          
7sy/ematic7 *emi/ry ( 8 own "t1 n !     
t5tatively g5etic !ories ( a slightly   
lat] day4         99       99       99  
99       99  ,x may seem t 9 !          
*>act]isation j (f]$ ( ! /&po9t (       
normality 9 economics !re is too /rong  
an implication ( colorlessness &        
imp>tiality4 ,! objection holds z reg>ds

 mu* ( ! "w ( ! mod]n economi/s ( !     
classical l9e4 ,x w hold true ev5 z to  
mu* ( ,cairnes's "w2 b x _c be admitt$ z
 reg>ds ,cairnes's ideal ( sci5tific aim
 & me?ods4 ,! economi/s ^: !ories       
,cairnes receiv$ & develop$1 assur$ly   
did n pursue ! discussion ( ! normal    
case ) an utt]ly dispassionate animus4  
,!y _h /ill en\gh ( ! old] teleological 
metaphysics left to give color to !     
accusation br\ght aga9/ !m t !y 7       
advocates ( laissez-faire4 ,!           
preconception ( ! utilit>ians1--9       
sub/ance ! natural-rights               
preconception1--t unre/ra9$ human       
conduct w result 9 ! greate/ human      
happ9ess1 reta9s s mu* ( its =ce 9      
,cairnes's "t z is impli$ 9 ! !n curr5t 
assumption t :at is normal is also "r4  
,! economi/s1 & ,cairnes among !m1 n    
only are conc]n$ to f9d out :at is      
normal & to det]m9e :at consummation    
answ]s to ! normal1 b !y also are at    
pa9s to approve t consummation4 ,x is   
?is some:at uncritical & (t5 unav[$     

id5tification ( ! normal ) ! "r t gives 
colorable gr\nd = ! widespread vulg>    
prejudice1 to :i* ,cairnes draws        
att5tion1#h t political economy         
sanctions "o social arrangem5t &        
condemns ano!r4 ,& x is aga9/ ?is       
uncritical id5tification ( two          
ess5tially unrelat$ pr9ciples or        
categories t ,cairnes's essay on        
,political ,economy & ,laissez-faire1 & 
9 good "p also t on ,ba/iat1 are        
direct$4 ,b1 :ile ?is is "o ( ! _m po9ts
 at :i* ,cairnes has sub/antially       
advanc$ ! ideals ( ! sci5ce1 8 own      
conclud+ argum5t %[s him to h be5 b     
half-way emancipat$ f ! prejudice1 ev5  
:ile mo/ effectively combat+ x4#i ,x is 
ne$less to po9t out t ! l prejudice is  
/ill pres5t 9 good vigor 9 _m lat]      
economi/s :o h _h ! full b5efit (       
,cairnes's tea*+s on ?is head4#aj       
,consid]able z ,cairnes's a*ievem5t 9   
?is matt] und\bt$ly 01 x effect$ a      
mitigation r ?an an elim9ation ( !      
unt5able metaphysics aga9/ :i* he       

cont5d$4  ,! advance 9 ! g5]al po9t (   
view f animi/ic teleology to taxonomy is
 %[n 9 a curi\sly succ9ct mann] 9 a     
p>5!tical clause ( ,cairnes's 9 ! *apt] 
on ,normal ,value4#aa ,) 8 acceptance ( 
! lat] po9t ( view involv$ 9 ! use ( !  
new t]m1 ,cairnes becomes ! int]pret] ( 
! receiv$ !oretical results4 ,! receiv$ 
positions are n subject$ to a de/ructive
 criticism4 ,! aim is to complete !m :]e
 !y fall %ort & to cut (f :at may be    
ne$less or :at may run beyond ! safe    
gr\nd ( sci5tific g5]alisation4 ,9 8 "w 
( r$action1 ,cairnes does n             
av[--probably he is n s5sible (--any    
sub/antial %ift+ ( ! po9t ( view or any 
*ange 9 ! accept$ gr\nd ( !oretic       
reality4 ,b 8 advance to an             
unteleological taxonomy none ! less     
*anges ! scope & aim ( 8 !oretical      
discussion4 ,! discussion ( ,normal     
,value may be tak5 9 illu/ration4       
,cairnes is n cont5t to f9d 7) ,adam    
,smi?7 t value w naturally co9cide ) or 
be measur$ by co/ ( production1 or ev5  

7) ,mill7 t co/ ( production mu/1 9 !   
long run1 necess>ily det]m9e value4 ,?is
 444 is to take a mu* too limit$ view ( 
! range ( ?is ph5om5on4#ab ,he is       
conc]n$ to det]m9e n only ?is g5]al     
t5d5cy ( values to a normal1 b all ^?   
*>act]i/ic circum/ances z well :i*      
condition ?is t5d5cy & :i* det]m9e !    
normal to :i* values t5d4 ,8 inquiry    
pursues ! ph5om5a ( value 9 a normal    
economic sy/em r ?an ! mann] & rate (   
approa* ( value relations to a          
teleologically or h$oni/ically def5sible
 consummation4 ,x !re=e becomes an      
exhau/ive b v discrim9at+ analysis ( !  
circum/ances t be> ^u m>ket values1 ) a 
view to det]m9e :at circum/ances are    
normally pres5t2 t is to say1 :at       
circum/ances condition+ value are       
commonly effective & at ! same "t 9     
consonance ) ! premises ( economic !ory4
 ,^! effective conditions1 9 s f> z !y  
are n c\nt$ anomal\s &1 !re=e1 to be set
 aside 9 ! !oretical discussion1 are !  
circum/ances "u :i* a h$oni/ic valuation

 process 9 any mod]n indu/rial community
 is held p]=ce to take place1--!        
circum/ances :i* are held to en=ce a    
recognition & rat+ ( ! pleasure-be>+    
capacity ( facts4 ,!y are n1 z "u !     
e>li] co/-(-production doctr9es1 !      
circum/ances :i* det]m9e ! magnitude ( !
 =ces sp5t 9 ! production ( ! valuable  
article4 ,!re=e1 ! normal 7natural7     
value is no long] 7z ) ,adam ,smi?1 &   
ev5 to "s ext5t ) 8 classical           
successors7 ! prim>y or initial fact 9  
value !ory1 ! sub/antial fact ( :i* !   
m>ket value is an approximate expression
 & by :i* ! latt] is controll$4 ,!      
argum5t does n1 z =m]ly1 set out f t    
exp5diture ( p]sonal =ce :i* 0 once     
conceiv$ to con/itute ! sub/antial value
 ( goods1 & !n con/rue m>ket value to be
 an approximate & unc]ta9 expression (  
?is sub/antial fact4 ,! direction 9 :i* 
! argum5t runs is r ! rev]se ( ?is4 ,!  
po9t ( dep>ture is tak5 f ! range (     
m>ket values & ! process ( b>ga9+ by :i*
 ^! values are det]m9$4 ,?is latt] is   

tak5 to be a process ( discrim9ation    
betwe5 v>i\s k9ds & degrees ( discom=t1 
& ! av]age or consi/5t outcome ( su* a  
process ( b>ga9+ con/itutes normal      
value4 ,x is only by virtue ( a presum$ 
equival5ce betwe5 ! discom=t und]gone & 
! concomitant exp5diture1 :e!r ( labor  
or ( weal?1 t ! normal value s det]m9$  
is conceiv$ to be an expression ( !     
productive =ce t goes into ! creation ( 
! valuable goods4 ,co/ be+ only 9       
unc]ta9 equival5ce ) sacrifice or       
discom=t1 z betwe5 diff]5t p]sons1 !    
factor ( co/ falls into ! backgr\nd2 & !
 process ( b>ga9+1 :i* is 9 ! =egr\nd1  
be+ a process ( valuation1 a balanc+ (  
individual dem& & supply1 x foll[s t a  
law ( reciprocal dem& comes 9 to        
supplant ! law ( co/4 ,9 all ?is !      
proximate causes at "w 9 ! det]m9ation (
 values are pla9ly tak5 acc\nt ( m      
adequately ?an 9 e>li] co/-(-production 
doctr9es2 b !y are tak5 acc\nt ( ) a    
view to expla9+ ! mutual adju/m5t &     
int]relation ( elem5ts 9 a sy/em r ?an  

to expla9 ei!r a developm5tal sequ5ce or
 ! work+ out ( a =eorda9$ end4  ,?is    
revision ( ! co/-(-production doctr9e1  
:]eby x takes ! =m ( a law ( reciprocal 
dem&1 is 9 good "p effect$ by a consi/5t
 r$uction ( co/ to t]ms ( sacrifice1--a 
r$uction m consi/5tly c>ri$ ?r\gh by    
,cairnes ?an x _h be5 by e>li] h$oni/s1 
& ext5d$ by ,cairnes's successors ) ev5 
m f>-rea*+ results4 ,by ?is /ep !       
doctr9e ( co/ is n only br\ght into     
clos] accord ) ! neo-h$oni/ic premises1 
9 t x 9 a great] degree ?r[s ! /ress ^u 
! factor ( p]sonal discrim9ation1 b x   
also gives ! doctr9e a m g5]al be>+ ^u  
economic conduct & increases its        
s]viceability z a compreh5sive pr9ciple 
= ! classification ( economic ph5om5a4  
,9 ! fur!r elaboration ( ! h$oni/ic !ory
 ( value at ! h&s ( ,jevons & !         
,au/rians ! same pr9ciple ( sacrifice   
comes to s]ve z ! *ief gr\nd ( proc$ure4
         99       99       99       99  
99  ,( ! f\ndations ( lat] !ory1 9 s f> 
z ! po/ulates ( lat] economi/s diff]    

*>act]i/ically f ^? ( ,mill & ,cairnes1 
little c be said 9 ?is place4 ,no?+ b ! 
v g5]al features ( ! lat] developm5t c  
be tak5 up2 & ev5 ^! g5]al features ( ! 
exi/+ !oretic situation c n be h&l$ ) ! 
same confid5ce z ! correspond+ features 
( a pa/ phase ( speculation4 ,) respect 
to writ]s ( ! pres5t or ! m rec5t pa/ ! 
"w ( natural selection1 z betwe5 v>iants
 ( sci5tific aim & animus & betwe5 m or 
less div]g5t po9ts ( view1 has n yet    
tak5 effect2 & x w\ld be ov]-haz>d\s to 
attempt an anticipation ( ! results ( ! 
selection t lies 9 great "p yet 9 !     
future4 ,z reg>ds ! directions (        
!oretical "w sugge/$ by ! names (       
,pr(essor ,m>%all1 ,mr4 ,cannan1        
,pr(essor ,cl>k1 ,mr4 ,pi]son1 ,pr(essor
 ,loria1 ,pr(essor ,s*moll]1 ! ,au/rian 
gr\p1--no (f-h& decision is admissible z
 betwe5 ^! c&idates = ! honor1 or1      
bett]1 = ! "w1 ( cont9u+ ! ma9 curr5t ( 
economic speculation & inquiry4 ,no     
attempt w "h be made ev5 to pass a      
v]dict on ! relative claims ( !         

recognis$ two or ?ree ma9 s*ools ( !ory1
 beyond ! some:at obvi\s f9d+ t1 = !    
purpose 9 h&1 ! s-call$ ,au/rian s*ool  
is sc>cely di/+ui%able f !              
neo-classical1 unless x be 9 ! diff]5t  
di/ribution ( emphasis4 ,! div]g5ce     
betwe5 ! mod]nis$ classical views1 on ! 
"o h&1 & ! hi/orical & ,m>xi/ s*ools1 on
 ! o!r h&1 is wid]1--s mu* s1 inde$1 z  
to b> out a consid]ation ( ! po/ulates (
 ! latt] "u ! same head ( inquiry ) !   
=m]4 ,! inquiry1 !re=e1 conf9es itself  
to ! "o l9e /&+ mo/ obvi\sly 9 unbrok5  
cont9uity ) t body ( classical economics
 ^: life hi/ory has be5 trac$ 9 outl9e  
above4 ,&1 ev5 = ?is phase ( mod]nis$   
classical economics1 x seems necess>y to
 limit discussion1 = ! pres5t1 to a s+le
 /ra91 select$ z /&+ peculi>ly close to 
! classical s\rce1 at ! same "t t x %[s 
unmi/akable adaptation to ! lat] habits 
( ?\ght & me?ods ( k4  ,= ?is lat]      
developm5t 9 ! classical l9e ( political
 economy1 ,mr4 ,keynes's book may fairly
 be tak5 z ! mature/ exposition ( ! aims

 & ideals ( ! sci5ce2 :ile ,pr(essor    
,m>%all excell5tly exemplifies ! be/ "w 
t is be+ done "u ! guidance ( !         
classical antec$5ts4 ,z1 aft] a lapse ( 
a doz5 or fifte5 ye>s f ,cairnes's days 
( full conviction1 ,mr4 ,keynes         
int]prets ! aims ( mod]n economic       
sci5ce1 x has less ( ! hypo!tical "*    
assign$ x by ,cairnes2 t is to say1 x   
conf9es its inquiry less closely to !   
asc]ta9m5t ( ! normal case & !          
int]pretative subsumption ( facts "u !  
normal4 ,x takes full] acc\nt ( ! g5esis
 & developm5tal cont9uity ( all features
 ( mod]n economic life1 gives m & clos] 
att5tion to in/itutions & _! hi/ory4    
,?is is1 no d\bt1 due1 9 "p at lea/1 to 
impulse receiv$ f ,g]man economi/s2 & 9 
s f> x also reflects ! peculi>ly vague &
 bewild]$ attitude ( prote/ t *>act]ises
 ! e>li] expositions ( ! hi/orical      
s*ool4 ,to ! same ess5tially extrane\s  
s\rce is traceable ! !oretic blur       
embodi$ 9 ,mr4 ,keynes's attitude (     
tol]ance t[>ds ! conception ( economics 

z a normative sci5ce hav+ to d )        
economic ideals1 or an appli$ economics 
hav+ to d ) economic precepts4#ac ,an   
in*oate dep>ture f ! consi/5t taxonomic 
ideals %[s itself 9 ! t5tative resort to
 hi/orical & g5etic =mulations1 z well z
 9 ,mr4 ,keynes's p]vad+ incl9ation to  
def9e ! scope ( ! sci5ce1 n by exclusion
 ( :at are conceiv$ to be non-economic  
ph5om5a1 b by disclos+ a po9t ( view f  
:i* all ph5om5a are se5 to be economic  
facts4 ,! sci5ce comes to be *>act]is$ n
 by ! delimitation ( a range ( facts1 z 
9 ,cairnes1#ad b z an inquiry into !    
be>+ :i* all facts h ^u m5's economic   
activity4 ,x is no long] t c]ta9 ph5om5a
 belong )9 ! sci5ce1 b r t ! sci5ce is  
conc]n$ ) any & all ph5om5a z se5 f !   
po9t ( view ( ! economic int]e/4 ,mr4   
,keynes does n g fully to ! l5g? :i* ?is
 la/ proposition indicates4 ,he f9ds#ae 
t political economy treats ( ! ph5om5a  
aris+ out ( ! economic activities (     
mank9d 9 society2 b1 :ile ! discussion  
by :i* he leads up to ?is def9ition     

might be con/ru$ to say t all !         
activities ( mank9d 9 society h an      
economic be>+1 & %\ld !re=e come )9 !   
view ( ! sci5ce1 ,mr4 ,keynes does n    
c>ry out 8 elucidation ( ! matt] to t   
broad conclusion4 ,nei!r c x be said t  
mod]n political economy has1 9 practice1
 tak5 on ! scope & "* :i* ?is extreme   
position w\ld assign x4  ,! passage f   
:i* ! above citation is tak5 is highly  
significant also 9 ano!r & relat$ be>+1 
& x is at ! same "t highly *>act]i/ic ( 
! mo/ effective mod]nis$ classical      
economics4 ,! subject-matt] ( ! sci5ce  
has come to be ! economic activities (  
mank9d1 & ! ph5om5a 9 :i* ^! activities 
manife/ !mselves4 ,s ,pr(essor ,m>%all's
 "w1 = in/ance1 is1 9 aim1 ev5 if n     
always 9 a*ievem5t1 a !oretical h&l+ (  
human activity 9 its economic be>+1--an 
inquiry into ! multi=m phases &         
ramifications ( t process ( valuation ( 
! mat]ial means ( life by virtue ( :i*  
man is an economic ag5t4 ,& /ill x      
rema9s an inquiry direct$ to !          

det]m9ation ( ! conditions ( an         
equilibrium ( activities & a quiesc5t   
normal situation4 ,x is n 9 any em95t   
degree an inquiry into cultural or      
in/itutional developm5t z affect$ by    
economic exig5cies or by ! economic     
int]e/ ( ! m5 ^: activities are analys$ 
& portray$4 ,any sympa!tic read] (      
,pr(essor ,m>%all's great "w--& t mu/   
mean e read]--comes away ) a s5se (     
swift & smoo? movem5t & int]action (    
p>ts2 b x is ! movem5t ( a consummately 
conceiv$ & self-balanc$ me*anism1 n t ( 
a cumulatively unfold+ process or an    
in/itutional adaptation to cumulatively 
unfold+ exig5cies4 ,! taxonomic be>+ is1
 aft] all1 ! dom9ant feature4 ,x is     
significant ( ! same po9t t ev5 9 8     
discussion ( su* vitally dynamic        
features ( ! economic process z !       
diff]5tial effectiv5ess ( diff]5t       
labor]s or ( diff]5t indu/rial plants1 z
 well z ( ! diff]5tial advantages (     
consum]s1 ,pr(essor ,m>%all resorts to  
an adaptation ( s ess5tially taxonomic a

 category z ! receiv$ concept ( r5t4    
,r5t is a pecuni>y category1 a category 
( income1 :i* is ess5tially a f9al t]m1 
n a category ( ! motor t]m1 "w or       
int]e/4#af ,x is n a factor or a feature
 ( ! process ( indu/rial life1 b a      
ph5om5on ( ! pecuni>y situation :i*     
em]ges f ?is process "u giv5 conv5tional
 circum/ances4 ,h[ev] f>-rea*+ & v>i\s !
 employm5t ( ! r5t concept 9 economic   
!ory has be51 x has ?r\gh all           
p]mutations rema9$1 :at x 0 to beg9 )1 a
 rubric 9 ! classification ( incomes4 ,x
 is a pecuni>y1 n an indu/rial category4
 ,9 s f> z resort is _h to ! r5t concept
 9 ! =mulation ( a !ory ( ! indu/rial   
process1--z 9 ,pr(essor ,m>%all's "w1--x
 comes to a /atem5t ( ! process 9 t]ms (
 its residue4 ,let x n seem presumptu\s 
to say t1 great & p]man5t z is ! value (
 ,pr(essor ,m>%all's exposition (       
quasi-r5ts & ! l1 ! endeavor :i* x      
involves to pres5t 9 t]ms ( a conclud$  
sy/em :at is ( ! nature ( a flu5t       
process has made ! exposition unduly    

bulky1 unwieldy1 & inconsequ5t4  ,!re is
 a curi\s rem9isc5ce ( ! p]fect         
taxonomic day 9 ,mr4 ,keynes's          
*>act]isation ( political economy z a   
positive sci5ce1 ! sole prov9ce ( :i* is
 to e/abli% economic uni=mities2#ag &1 9
 ?is resort to ! associationi/ exp$i5t (
 def9+ a natural law z a uni=mity1 ,mr4 
,keynes is also borne out by ,pr(essor  
,m>%all4#ah ,b ?is & o!r survivals ( !  
taxonomic t]m9ology1 or ev5 ( !         
taxonomic canons ( proc$ure1 d n h9d] ! 
economi/s ( ! mod]n s*ool f do+         
effective "w ( a "* t mu/ be rat$ z     
g5etic r ?an taxonomic4 ,pr(essor       
,m>%all's "w 9 economics is n unlike t (
 ,asa ,gray 9 botany1 :o1 :ile work+ 9  
great "p )9 ! l9es ( sy/ematic botany & 
adh]+ to its t]m9ology1 & on ! :ole also
 to its po9t ( view1 v mat]ially fur!r$ 
! advance ( ! sci5ce outside ! scope (  
taxonomy4  ,pr(essor ,m>%all %[s an     
aspiration to treat economic life z a   
developm5t2 &1 at lea/ sup]ficially1 mu*
 ( 8 "w be>s ! appe>ance ( be+ a        

discussion ( ?is k9d4 ,9 ?is endeavor 8 
"w is typical ( :at is aim$ at by _m ( !
 lat] economi/s4 ,! aim %[s itself ) a  
p]si/5t recurr5ce 9 8 ,pr9ciples4 ,8    
*os5 maxim is1 ,natura non facit        
saltum1--a maxim t might well s]ve to   
designate ! prevail+ attitude ( mod]n   
economi/s t[>ds que/ions ( economic     
developm5t z well z t[>ds que/ions (    
classification or ( economic policy4 ,8 
insi/5ce on ! cont9uity ( developm5t & (
 ! economic /ructure ( communities is a 
*>act]i/ic ( ! be/ "w along ! lat] l9e (
 classical political economy4 ,all ?is  
gives an air ( evolutionism to ! "w4    
,inde$1 ! "w ( ! neo-classical economics
 might be comp>$1 probably )\t (f5d+ any
 ( its adepts1 ) t ( ! e>ly g5]ation (  
,d>w9ians1 ?\gh su* a comp>ison might   
some:at %rewdly h to avoid any b        
sup]ficial features4 ,economi/s ( !     
pres5t day are commonly evolutioni/s1 9 
a g5]al way4 ,!y commonly accept1 z o!r 
m5 d1 ! g5]al results ( ! evolution>y   
speculation 9 ^? directions 9 :i* !     

evolution>y me?od has made its way4 ,b !
 habit ( h&l+ by evolutioni/ me?ods !   
facts ) :i* _! own sci5ce is conc]n$ has
 made its way among ! economi/s to b a v
 unc]ta9 degree4  ,! prime po/ulate (   
evolution>y sci5ce1 ! preconception     
con/antly und]ly+ ! inquiry1 is ! notion
 ( a cumulative causal sequ5ce2 & writ]s
 on economics are 9 ! habit ( recognis+ 
t ! ph5om5a ) :i* !y are occupi$ are    
subject to su* a law ( developm5t4      
,expressions ( ass5t to ?is proposition 
ab\nd4 ,b ! economi/s h n work$ out or  
hit ^u a me?od by :i* ! inquiry 9       
economics may consi/5tly be conduct$ "u 
! guidance ( ?is po/ulate4 ,tak+        
,pr(essor ,m>%all z expon5t1 x appe>s t1
 :ile ! =mulations ( economic !ory are n
 conceiv$ to be arriv$ at by way ( an   
inquiry into ! developm5tal v>iation (  
economic in/itutions & ! l1 ! !orems    
arriv$ at are held1 & no d\bt           
legitimately1 to apply to ! pa/1#ai & ) 
due res]ve also to ! future1 phases ( ! 
developm5t4 ,b ^! !orems apply to !     

v>i\s phases ( ! developm5t n z acc\nt+ 
= ! developm5tal sequ5ce1 b z limit+ !  
range ( v>iation4 ,!y say little1 if    
any?+1 z to ! ord] ( succession1 z to ! 
d]ivation & ! outcome ( any giv5 phase1 
or z to ! causal relation ( "o phase (  
any giv5 economic conv5tion or s*eme (  
relations to any o!r4 ,!y indicate !    
conditions ( survival to :i* any        
innovation is subject1 suppos+ !        
innovation to h tak5 place1 n !         
conditions ( v>iational gr[?4 ,!        
economic laws1 ! /atem5ts ( uni=mity1   
are !re=e1 :5 con/ru$ 9 an evolution>y  
be>+1 !orems conc]n+ ! sup]ior or !     
inf]ior limit ( p]si/5t innovations1 z !
 case may be4#bj ,x is only 9 ?is       
negative1 selective be>+ t ! curr5t     
economic laws are held to be laws (     
developm5tal cont9uity2 & x %\ld be add$
 t !y h hi!rto f\nd b relatively scant  
application at ! h&s ( ! economi/s1 ev5 
= ?is purpose4  ,aga91 z appli$ to      
economic activities "u a giv5 situation1
 z laws gov]n+ activities 9 equilibrium1

 ! economic laws are1 9 ! ma91 laws ( ! 
limits )9 :i* economic action ( a giv5  
purpose runs4 ,!y are !orems z to !     
limits :i* ! economic 7commonly !       
pecuni>y7 int]e/ imposes ^u ! range (   
activities to :i* ! o!r life int]e/s (  
m5 incite1 r ?an !orems z to ! mann] &  
degree 9 :i* ! economic int]e/          
creatively %apes ! g5]al s*eme ( life4  
,9 great "p !y =mulate ! normal         
inhibitory effect ( economic exig5cies r
 ?an ! cumulative modification &        
div]sification ( human activities ?r\gh 
! economic int]e/1 by initiat+ & guid+  
habits ( life & ( ?\ght4 ,?is1 ( c\rse1 
does n g to say t economi/s are at all  
sl[ to cr$it ! economic exig5cies ) a   
l>ge %>e 9 ! gr[? ( culture2 b1 :ile    
claims ( ?is k9d are l>ge & recurr5t1 x 
rema9s true t ! laws :i* make up !      
framework ( economic doctr9e are1 :5    
con/ru$ z g5]alisations ( causal        
relation1 laws ( cons]vation &          
selection1 n ( g5esis & prolif]ation4 ,!
 tru? ( ?is1 :i* is b a commonplace     

g5]alisation1 might be %[n 9 detail )   
respect to su* fundam5tal !orems z !    
laws ( r5t1 ( pr(its1 ( wages1 ( !      
increas+ or dim9i%+ returns ( indu/ry1 (
 population1 ( competitive prices1 ( co/
 ( production4  ,9 consonance ) ?is     
quasi-evolution>y tone ( ! neo-classical
 political economy1 or z an expression (
 x1 comes ! fur!r cl>ifi$ s5se t n[adays
 atta*es to ! t]ms normal & economic    
laws4 ,! laws h ga9$ 9 colorlessness1   
until x c no long] be said t ! concept (
 normality implies approval ( ! ph5om5a 
to :i* x is appli$4#ba ,!y are 9 an     
increas+ degree laws ( conduct1 ?\gh !y 
/ill cont9ue to =mulate conduct 9       
h$oni/ic t]ms2 t is to say1 conduct is  
con/ru$ 9 t]ms ( its s5su\s effect1 n 9 
t]ms ( its teleological cont5t4 ,! light
 ( ! sci5ce is a dri] light ?an x 01 b x
 cont9ues to be %$ ^u ! accessories (   
human action r ?an ^u ! process itself4 
,! categories employ$ = ! purpose ( kn[+
 ?is economic conduct ) :i* ! sci5ti/s  
occupy !mselves are n ! categories "u   

:i* ! m5 at ^: h&s ! action takes place 
!mselves appreh5d _! own action at !    
in/ant ( act+4 ,!re=e1 economic conduct 
/ill cont9ues to be some:at my/]i\s to !
 economi/s2 & !y are =c$ to cont5t      
!mselves ) adumbrations :5ev] !         
discussion t\*es ?is c5tral1 sub/antial 
fact4  ,all ?is1 ( c\rse1 is int5d$ to  
convey no dispraise ( ! "w done1 nor 9  
any way to disp>age ! !ories :i* ! pass+
 g5]ation ( economi/s h elaborat$1 or ! 
really great & admirable body ( k :i* !y
 h br\ght "u ! h& ( ! sci5ce2 b only to 
indicate ! direction 9 :i* ! inquiry 9  
its lat] phases--n always ) full        
consci\sness--is %ift+ z reg>ds its     
categories & its po9t ( view4 ,!        
discipl9e ( life 9 a mod]n community1   
p>ticul>ly ! indu/rial life1 /rongly    
re5=c$ by ! mod]n sci5ces1 has dive/$   
our k ( non-human ph5om5a ( t fullness (
 self-direct+ life t 0 once imput$ to   
!m1 & has r$uc$ ?is k to t]ms ( opaque  
causal sequ5ce4 ,x has !reby n>r[$ !    
range ( discretion>y1 teleological      

action to ! human ag5t alone2 & s x is  
compell+ our k ( human conduct1 9 s f> z
 x is di/+ui%$ f ! non-human1 to fall   
into teleological t]ms4 ,foot-p\nds1    
calories1 geometrically progressive     
procreation1 & doses ( capital1 h n be5 
supplant$ by ! equally unc\? d5om9ations
 ( habits1 prop5sities1 aptitudes1 &    
conv5tions1 nor does !re seem to be any 
probability t !y w be2 b ! discussion   
:i* cont9ues to run 9 t]ms ( ! =m] class
 ( concepts is 9 an increas+ degree     
seek+ support 9 concepts ( ! latt]      
class4  ,,footnotes3  #a ,repr9t$ by    
p]mission f ,! ,qu>t]ly ,j\rnal (       
,economics4 ,vol4 ,,xiv1 ,feb41 #aijj4  
#b ,s1 e4g41 ,ros*]1 ,comte1 ! e>ly     
sociali/s1 ,j4 ,s4 ,mill1 & lat] ,sp5c]1
 ,s*aeffle1 ,wagn]4  #c ,let u n conf\nd
 ! /atem5t t human int]e/s are at "o ) !
 /atem5t t class int]e/s are at "o4 ,!  
latt] ,i believe to be z false z ! =m]  
is true4444 ,b accept+ ! major premises 
( ! syllogism1 t ! int]e/s ( human be+s 
are fundam5tally ! same1 h[ z to !      

m9or8--h[ z to ! assumption t p "k _!   
int]e/s 9 ! s5se 9 :i* !y are id5tical )
 ! int]e/s ( o!rs1 & t !y spontane\sly  
foll[ !m 9 ?is s5se8--,cairnes1 ,essays 
9 ,political ,economy 7,london1 #ahgc71 
p4 #bde4 ,?is "q _c consi/5tly be ask$  
by an adh]5t ( ! /rict] h$onism4  #d    
,ba/iat1 quot$ by ,cairnes1 ,essays1 p4 
#cai4  #e ,x may be rem>k$1 by ! way1 t 
! use ( ! diff]5tial calculus & simil>  
ma!matical exp$i5ts 9 ! discussion (    
m>g9al utility & ! l1 proce$s on ?is    
psy*ological gr\nd1 & t ! !oretical     
results s arriv$ at are valid to ! full 
ext5t only if ?is h$oni/ic psy*ology is 
accept$4  #f ,see1 e4g41 ,cairnes1 ,"* &
 ,logical ,me?od 7,new ,york71 p4 #ga4  
#g ,"* & ,logical ,me?od1 p4 #fb4  #h   
,essays 9 ,political ,economy1 pp4      
#bfj-bfd4  #i ,see especially ,essays1  
pp4 #bfc1 #bfd4  #aj ,x may be int]e/+  
to po9t out t ! l id5tification ( !     
categories ( normality & "r gives !     
dom9ant note ( ,mr4 ,sp5c]'s e?ical &   
social philosophy1 & t lat] economi/s ( 

! classical l9e are prone to be         
,sp5c]ians4  #aa ,normal value 7call$ by
 ,adam ,smi? & ,ric>do 'natural value1' 
& by ,mill 'necess>y value1' b be/      
express$1 x seems to me1 by ! t]m :i* ,i
 h us$74 ,lead+ ,pr9ciples 7,new ,york71
 p4 #de4  #ab ,lead+ ,pr9ciples1 p4 #de4
  #ac ,scope & ,me?od ( ,political      
,economy 7,london1 #ahia71 *aps4 i & ii4
  #ad ,"* & ,logical ,me?od2 e4g41      
,lecture ,,ii1 especially pp4 #ec1 #ed1 
& #ga4  #ae ,scope & ,me?od ( ,political
 ,economy1 *ap4 iii1 p>ticul>ly p4 #ig4 
#af ,int]e/ is1 ( c\rse1 "h us$ 9 ! s5se
 :i* x has 9 mod]n psy*ological         
discussion4  #ag ,scope & ,me?od (      
,political ,economy1 p4 #df4  #ah       
,pr9ciples ( ,economics1 ,vol4 ,i1 ,book
 ,i1 *ap1 vi1 sect4 #f1 especially p4   
#aje 7#c;d edition74  #ai ,see1 e4g41   
,pr(essor ,m>%all's ,reply to ,pr(essor 
,cunn+ham 9 ! ,economic ,j\rnal = #ahib1
 pp4 #ejh-aac4  #bj ,?is is well        
illu/rat$ by :at ,pr(essor ,m>%all says 
( ! ,ric>dian law ( r5t 9 8 ,reply1 cit$

 above4  #ba ,see1 e4g41 ,m>%all1       
,pr9ciples1 ,book ,i1 *ap1 vi1 sect4 #f1
 pp4 #aje-ajh4 ,! l dispassionat5ess is 
visible 9 mo/ o!r mod]n writ]s on !ory2 
z1 e4g41 ,cl>k1 ,cannan1 & ! ,au/rians4 
,,pr(essor ,,cl>k',s ,,economics#a   ,= 
"s "t pa/ economi/s h be5 look+ ) lively
 anticipation = su* a compreh5sive      
/atem5t ( ,mr4 ,cl>k's doctr9es z is n[ 
(f]$4 ,! lead+ purpose ( ! pres5t       
volume#b is to (f] a brief & provisional
 /atem5t ( ! m g5]al laws ( progress2   
al?\gh x also comprises a m abridg$     
re/atem5t ( ! laws ( ,economic ,/atics  
already set =? 9 full] =m 9 8           
,di/ribution ( ,weal?4 ,?\gh brief1 ?is 
treatise is to be tak5 z sy/ematically  
complete1 z includ+ 9 due correlation   
all ! ess5tials ( ,mr4 ,cl>k's !oretical
 sy/em4 ,z su*1 its publication is an   
ev5t ( unusual int]e/ & consequ5ce4     
,mr4 ,cl>k's position among ?is g5]ation
 ( economi/s is a notable & comm&+ "o4  
,no s]i\s /ud5t ( economic !ory w1 or c 
af=d to1 =ego a pretty full acqua9tance 

) 8 developm5t ( doctr9es4 ,nor w any   
su* /ud5t avoid be+ greatly influ5c$ by 
! position :i* ,mr4 ,cl>k takes on any  
po9t ( !ory on :i* he may speak1 & _m   
look confid5tly to him = guidance :]e x 
is mo/ ne$$4 ,v few ( ^? int]e/$ 9 mod]n
 !ory are "u no obligations to him4 ,he 
has1 at ! same "t1 9 a s+ul> degree !   
gift ( engag+ ! affections z well z !   
att5tion ( /ud5ts 9 8 field4 ,yet !     
critic is requir$ to speak imp]sonally (
 ,mr4 ,cl>k's "w z a phase ( curr5t     
economic !ory4  ,9 m ?an "o respect ,mr4
 ,cl>k's position among economi/s       
recalls ! great figures 9 ! sci5ce a    
hundr$ ye>s ago4 ,!re is ! same rigid   
grasp ( ! pr9ciples1 ! ess5tials1 out ( 
:i* ! broad !orems ( ! sy/em foll[ 9 due
 sequ5ce & correlation2 & l ! lead]s ( !
 classical era1 :ile ,mr4 ,cl>k is      
always a !oretician1 nev] to be div]t$  
into an inconsi/5t make%ift1 he is mov$ 
by an al]t & sympa!tic int]e/ 9 curr5t  
practical problems4 ,:ile 8 aim is a    
!oretical "o1 x is always ) a view to ! 

!ory ( curr5t affairs2 & 8 speculations 
are animat$ ) a l>ge sympa?y & an       
aggressive int]e/ 9 ! amelioration ( !  
lot ( man4  ,8 relation to ! anci5t     
adepts ( ! sci5ce1 h[ev]1 is some?+ m   
sub/antial ?an a resemblance only4 ,he  
is1 by spiritual consangu9ity1 a        
repres5tative ( t classical s*ool (     
?\ght t dom9at$ ! sci5ce ?r\gh ! bett]  
"p ( ! n9ete5? c5tury4 ,?is is peculi>ly
 true ( ,mr4 ,cl>k1 z contra/$ ) _m ( ^?
 contempor>ies :o h f\ght = !           
m>g9al-utility doctr9es4 ,unlike ^!     
spokesm5 ( ! ,au/rian w+1 he has _h !   
insight & c\rage to see ! cont9uity     
betwe5 ! classical position & 8 own1 ev5
 :]e he advocates dra/ic *anges 9 !     
classical body ( doctr9es4 ,& al?\gh 8  
sy/em ( !ory embodies sub/antially all t
 ! cons5sus ( !ori/s approves 9 !       
,au/rian contributions to ! sci5ce1 yet 
he has arriv$ at 8 position on ^! heads 
n "u ! guidance ( ! ,au/rian s*ool1 b1  
av[$ly1 by an unbrok5 developm5t out ( !
 position giv5 by ! old] g5]ation (     

economi/s4#c ,aga91 9 ! matt] ( !       
psy*ological po/ulates ( ! sci5ce1 he   
accepts a h$onism z simple1 unaffect$1 &
 uncritical z t ( ,jevons or ( ,james   
,mill4 ,9 ?is respect 8 "w is z true to 
! canons ( ! classical s*ool z ! be/ "w 
( ! !oreticians ( ! ,au/rian obs]vance4 
,!re is ! l unhesitat+ appeal to !      
calculus ( pleasure & pa9 z !           
indefeasible gr\nd ( action & solv5t (  
p]plexities1 & !re is ! l read9ess to   
r$uce all ph5om5a to t]ms ( a normal1 or
 natural1 s*eme ( life con/ruct$ on !   
basis ( ?is h$oni/ic calculus4 ,ev5 9 ! 
ready rec\rse to conjectural hi/ory1 to 
use ,/eu>t's phrase1 ,mr4 ,cl>k's "w is 
at "o ) bo? ! e>ly classical & ! late   
7,jevons-,au/rian7 m>g9al-utility s*ool4
 ,x has ! virtues ( bo?1 c\pl$ ) ! grav]
 %ortcom+s ( bo?4 ,b1 z 8 view exce$s   
!irs 9 bread? & g5]osity1 s 8 sy/em (   
!ory is a m compet5t expression ( curr5t
 economic sci5ce ?an :at is (f]$ by !   
spokesm5 ( ! ,jevons-,au/rian w+4 ,x is 
z su*1 z a compet5t & consi/5t sy/em (  

curr5t economic !ory1 t x is "h int5d$  
to discuss ,mr4 ,cl>k's "w1 n z a body (
 doctr9es peculi> to ,mr4 ,cl>k or      
div]g5t f ! ma9 curr5t4         99      
99       99       99       99  ,s9ce    
h$onism came to rule economic sci5ce1 ! 
sci5ce has be5 9 ! ma9 a !ory (         
di/ribution1--di/ribution ( own]%ip & ( 
income4 ,?is is true bo? ( ! classical  
s*ool & ( ^? !ori/s :o h tak5 an        
attitude ( o/5sible antagonism to !     
classical s*ool4 ,! exceptions to ! rule
 are late & comp>atively few1 & !y are n
 f\nd among ! economi/s :o accept !     
h$oni/ic po/ulate z _! po9t ( dep>ture4 
,&1 consi/5tly ) ! _s ( h$onism1 ?is    
!ory ( di/ribution has c5t]$ ab\t a     
doctr9e ( ex*ange value 7or price7 & has
 work$ out its s*eme ( 7normal7         
di/ribution 9 t]ms ( 7normal7 price4 ,! 
normal economic community1 ^u :i*       
!oretical int]e/ has conv]g$1 is a      
bus9ess community1 :i* c5t]s ab\t !     
m>ket1 & ^: s*eme ( life is a s*eme (   
pr(it & loss4 ,ev5 :5 "s consid]able    

att5tion is o/5sibly devot$ to !ories ( 
consumption & production1 9 ^! sy/ems ( 
doctr9e ! !ories are con/ruct$ 9 t]ms ( 
own]%ip1 price1 & acquisition1 & s r$uce
 !mselves 9 sub/ance to doctr9es (      
di/ributive acquisition4#d ,9 ?is       
respect ,mr4 ,cl>k's "w is true to !    
receiv$ canons4 ,! ,ess5tials (         
,economic ,!ory are ! ess5tials ( !     
h$oni/ic !ory ( di/ribution1 ) sundry   
reflections on relat$ topics4 ,! scope (
 ,mr4 ,cl>k's economics1 inde$1 is ev5 m
 closely limit$ by concepts (           
di/ribution ?an _m o!rs1 s9ce he        
p]si/5tly analyses production 9 t]ms (  
value1 & value is a concept (           
di/ribution4         99       99        
99       99       99  ,z ,mr4 ,cl>k     
ju/ly obs]ves 7p4 #d71 ,! primitive &   
g5]al facts conc]n+ indu/ry 444 ne$ to  
be kn[n be=e ! social facts c pr(itably 
be /udi$4 ,9 ^! e>ly pages ( ! treatise1
 z 9 o!r works ( its class1 !re is      
repeat$ ref]5ce to t m primitive &      
simple s*eme ( economic life out ( :i* !

 mod]n complex s*eme has develop$1 & x  
is repeat$ly indicat$ t 9 ord] to an    
und]/&+ ( ! play ( =ces 9 ! m advanc$   
/ages ( economic developm5t &           
complication1 x is necess>y to appreh5d 
^! =ces 9 _! unsophi/icat$ =m z !y "w   
out 9 ! simple s*eme preval5t on ! plane
 ( primitive life4 ,inde$1 to a read] n 
well acqua9t$ ) ,mr4 ,cl>k's scope &    
me?od ( economic !oris+1 ^! e>ly pages  
w\ld sugge/ t he is prep>+ = some?+ 9 ! 
way ( a g5etic /udy1--a /udy ( economic 
in/itutions approa*$ f ! side ( _!      
orig9s4 ,x looks z if ! int5d$ l9e (    
approa* to ! mod]n situation might be   
su* z an evolutioni/ w\ld *oose1 :o w\ld
 set out ) %[+ :at =ces are at "w 9 !   
primitive economic community1 & !n trace
 ! cumulative gr[? & complication ( ^!  
factors z !y pres5tly take =m 9 !       
in/itutions ( a lat] phase ( !          
developm5t4 ,su*1 h[ev]1 is n ,mr4      
,cl>k's int5tion4 ,! effect ( 8 rec\rse 
to primitive life is simply to ?r[ into 
! =egr\nd1 9 a highly unreal p]spective1

 ^? features :i* l5d !mselves to        
int]pretation 9 t]ms ( ! normalis$      
competitive sy/em4 ,! be/ excuse t c be 
(f]$ = ^! excursions into primitive life
 is t !y h sub/antially no?+ to d ) !   
ma9 argum5t ( ! book1 be+ ( ! nature (  
h>mless & graceful mis9=mation4  ,9 !   
primitive economic situation--t is to   
say1 9 savag]y & ! l[] b>b>ism--!re is1 
( c\rse1 no solit>y hunt]1 liv+ ei!r 9 a
 cave or o!rwise1 & !re is no man :o    
makes by 8 own labor all ! goods t he   
uses1 etc4 ,x is1 9 effect1 a highly    
m]etrici\s misrepres5tation to speak 9  
?is connection ( ! economy ( a man :o   
works only = himself1 & say t ! inh]5t  
productive p[] ( labor & capital is (   
vital conc]n to him1 because su* a      
pres5tation ( ! matt] ov]looks ! ma9    
facts 9 ! case 9 ord] to put ! emphasis 
on a feature :i* is ( negligible        
consequ5ce4 ,!re is no reasonable d\bt b
 t1 at lea/ s9ce mank9d rea*$ ! human   
plane1 ! economic unit has be5 n a      
solit>y hunt]1 b a community ( "s k9d2 9

 :i*1 by ! way1 wom5 seem 9 ! e>ly /ages
 to h be5 ! mo/ consequ5tial factor     
in/ead ( ! man :o works = himself4 ,!   
capital possess$ by su* a community--z1 
e4g41 a b& ( ,cali=nia ,digg]           
,indians--0 a negligible quantity1 m    
valuable to a collector ( curios ?an to 
any "o else1 & ! loss ( :i* to ! ,digg] 
squaws w\ld mean v little4 ,:at 0 (     
vital conc]n to !m1 inde$1 :at ! life ( 
! gr\p dep5d$ on absolutely1 0 !        
accumulat$ wisdom ( ! squaws1 !         
te*nology ( _! economic situation4#e ,! 
loss ( ! basket1 digg+-/ick1 & mort>1   
simply z physical objects1 w\ld h       
signifi$ little1 b ! conceivable loss ( 
! squaw's k ( ! soil & seasons1 ( food &
 fib] plants1 & ( me*anical exp$i5ts1   
w\ld h meant ! pres5t disp]sal &        
/>vation ( ! community4  ,?is may seem l
 tak+ ,mr4 ,cl>k to task = an           
inconsequ5tial gap 9 8 g5]al in=mation  
on ,digg] ,indians1 ,eskimos1 &         
palaeoli?ic society at l>ge4 ,b ! po9t  
rais$ is n ( negligible consequ5ce =    

economic !ory1 p>ticul>ly n = any !ory (
 economic dynamics t turns 9 great "p   
ab\t que/ions ( capital & its uses at   
diff]5t /ages ( economic developm5t4 ,9 
! primitive culture ! quantity & ! value
 ( me*anical appliances is relatively   
slight2 & :e!r ! gr\p is actually       
possess$ ( m or less ( su* appliances at
 a giv5 "t is n a "q ( fir/-rate        
importance4 ,! loss ( ^!                
objects--tangible assets--w\ld entail a 
transi5t inconv5i5ce4 ,b ! accumulat$1  
habitual k ( ! ways & means involv$ 9 ! 
production & use ( ^! appliances is !   
outcome ( long exp]i5ce & exp]im5tation2
 &1 giv5 ?is body ( commonplace         
te*nological in=mation1 ! acquisition & 
employm5t ( ! suitable app>atus is      
easily arrang$4 ,! great body (         
commonplace k made use ( 9 indu/ry is ! 
product & h]itage ( ! gr\p4 ,9 its      
ess5tials x is kn[n by common notoriety1
 & ! capital goods ne$$ = putt+ ?is     
commonplace te*nological k to use are a 
slight matt]1--practically )9 ! rea* ( e

 "o4 ,"u ^! circum/ances ! own]%ip (    
capital-goods has no great significance1
 &1 z a practical fact1 int]e/ & wages  
are unkn[n1 & ! e>n+ p[] ( capital is n 
se5 to be gov]n$ by a specific p[] (    
productivity :i* resides 9              
capital-goods4 ,b ! situation *anges1   
pres5tly1 by :at is call$ an advance 9 !
 indu/rial arts4 ,! capital requir$ to  
put ! commonplace k to effect gr[s l>g]1
 & s its acquisition becomes an         
increas+ly difficult matt]4 ,?r\gh      
difficulty ( atta9m5t 9 adequate        
quantities1 ! app>atus & its own]%ip    
become a matt] ( consequ5ce2 increas+ly 
s1 until pres5tly ! equipm5t requir$ =  
an effective pursuit ( indu/ry comes to 
be great] ?an ! common man c hope to    
acquire 9 a lifetime4 ,! commonplace k (
 ways & means1 ! accumulat$ exp]i5ce (  
mank9d1 is /ill transmitt$ 9 & by ! body
 ( ! community at l>ge2 b1 = practical  
purposes1 ! advanc$ /ate ( ! indu/rial  
arts has enabl$ ! own]s ( goods to corn]
 ! wisdom ( ! anci5ts & ! accumulat$    

exp]i5ce ( ! race4 ,h5ce capital1 z x   
/&s at t phase ( ! in/itution's gr[?    
contemplat$ by ,mr4 ,cl>k4  ,! natural  
sy/em ( free competition1 or1 z x 0 once
 call$1 ! obvi\s & simple sy/em (       
natural lib]ty1 is accord+ly a phase ( !
 developm5t ( ! in/itution ( capital2 & 
its claim to immutable dom9ion is       
evid5tly z good z ! l claim ( any o!r   
phase ( cultural gr[?4 ,! equity1 or    
natural ju/ice1 claim$ = x is evid5tly j
 & equitable only 9 s f> z ! conv5tions 
( own]%ip on :i* x re/s cont9ue to be a 
secure integral "p ( ! in/itutional     
furniture ( ! community2 t is to say1 s 
long z ^! conv5tions are "p & p>cel ( ! 
habits ( ?\ght ( ! community2 t is to   
say1 s long z ^! ?+s are curr5tly held  
to be j & equitable4 ,?is normalis$     
pres5t1 or natural1 /ate ( ,mr4 ,cl>k1  
is1 z ne> z may be1 ,s5ior's ,natural   
,/ate ( ,man1--! hypo!tically p]fect    
competitive sy/em2 & economic !ory      
consi/s 9 ! def9ition & classification (
 ! ph5om5a ( economic life 9 t]ms ( ?is 

hypo!tical competitive sy/em4  ,tak5 by 
itself1 ,mr4 ,cl>k's deal+ ) ! pa/      
developm5t might be pass$ ov] ) slight  
comm5t1 except = its negative           
significance1 s9ce x has no !oretical   
connection ) ! pres5t1 or ev5 ) !       
natural /ate 9 :i* ! ph5om5a ( economic 
life are assum$ to arrange !mselves 9 a 
/able1 normal s*eme4 ,b 8 deal+s ) !    
future1 & ) ! pres5t 9 s f> z ! pres5t  
situation is conceiv$ to comprise       
dynamic factors1 is ( sub/antially !    
same k9d4 ,) ,s5ior's natural /ate ( man
 z ! base-l9e ( normality 9 ?+s         
economic1 que/ions ( pres5t & future    
developm5t are treat$ z que/ions (      
dep>ture f ! normal1 ab]rations &       
excesses :i* ! !ory does n aim ev5 to   
acc\nt =4 ,:at is (f]$ 9 place (        
!oretical inquiry :5 ^! positive        
p]v]sions ( ! natural =ces !mselves are 
tak5 up 7e4g41 9 *apt]s xxii4-xxix47 is 
an exposition ( ! corrections t mu/ be  
made to br+ ! situation back to ! normal
 /atic /ate1 & solicit\s advice z to :at

 measures are to be tak5 ) a view to ?is
 b5efic5t end4 ,! problem pres5t$ to    
,mr4 ,cl>k by ! curr5t ph5om5a (        
economic developm5t is3 h[ c x be /opp$8
 or1 fail+ t1 h[ c x be guid$ & m9imis$8
 ,n[h]e is !re a su/a9$ inquiry into !  
dynamic "* ( ! *anges t h br\ght !      
pres5t 7deplorable7 situation to pass1  
nor into ! nature & tr5d ( ! =ces at "w 
9 ! developm5t t is go+ =w>d 9 ?is      
situation4 ,none ( ?is is cov]$ by ,mr4 
,cl>k's use ( ! ^w dynamic4 ,all t x    
cov]s 9 ! way ( !ory 7*apt]s xii4-xxi47 
is a speculative inquiry z to h[ !      
equilibrium ree/abli%$ itself :5 "o or m
 ( ! quantities involv$ increases or    
decreases4 ,o!r ?an quantitive *anges   
are n notic$1 except z provocations to  
homiletic disc\rse4 ,n ev5 ! causes & ! 
scope ( ! quantitive *anges t may take  
place 9 ! v>iables are all[$ to fall )9 
! scope ( ! !ory ( economic dynamics4   
,s mu* ( ! volume1 !n1 & ( ! sy/em (    
doctr9es ( :i* ! volume is an           
exposition1 z is compris$ 9 ! lat] eight

 *apt]s 7pp4 #cgb-eed71 is an exposition
 ( grievances & rem$ies1 ) only sporadic
 intrusions ( !oretical matt]1 & does n 
prop]ly con/itute a "p ( ! !ory1 :e!r   
/atic or dynamic4 ,!re is no int5tion "h
 to take exception to ,mr4 ,cl>k's      
outspok5 attitude ( disapproval t[>d    
c]ta9 features ( ! curr5t bus9ess       
situation or to qu>rel ) ! rem$ial      
measures :i* he ?9ks prop] & necess>y4  
,?is phase ( 8 "w is spok5 ( "h r to    
call att5tion to ! temp]ate b           
uncompromis+ tone ( ,mr4 ,cl>k's writ+s 
z a spokesman = ! competitive sy/em1    
consid]$ z an elem5t 9 ! ,ord] (        
,nature1 & to note ! fact t ?is is n    
economic !ory4#f  ,! !oretical section  
specifically s*$ul$ z ,economic         
,dynamics 7*apt]s xii4-xxi471 on ! o!r  
h&1 is prop]ly to be includ$ "u !       
caption ( ,/atics4 ,z already rem>k$    
above1 x pres5ts a !ory ( equilibrium   
betwe5 v>iables4 ,mr4 ,cl>k is1 inde$1  
b>r$ out by 8 premises f any b a /atical
 developm5t ( !ory4 ,to realise !       

sub/antially /atical "* ( 8 ,dynamics1 x
 is only necess>y to turn to 8 *apt]    
xii4 7,economic ,dynamics74 ,a highly   
dynamic condition1 !n1 is "o 9 :i* !    
economic organism *anges rapidly & yet1 
at any "t 9 ! c\rse ( its *anges1 is    
relatively ne> to a c]ta9 /atic model   
7p4 #aif74 ,! actual %ape ( society at  
any "o "t is n ! /atic model ( t "t2 b x
 t5ds to con=m to x2 & 9 a v dynamic    
society is m ne>ly l x ?an x w\ld be 9  
"o 9 :i* ! =ces ( *ange are less active 
7p4 #aig74 ,! m dynamic ! society1 !    
ne>] x is to ! /atic model2 until 9 an  
ideally dynamic society1 ) a            
frictionless competitive sy/em1 to use  
,mr4 ,cl>k's figure1 ! /atic /ate w\ld  
be atta9$1 except = an increase 9       
size1--t is to say1 ! ideally p]fect    
dynamic /ate w\ld co9cide ) ! /atic     
/ate4 ,mr4 ,cl>k's conception ( a       
dynamic /ate r$uces itself to a         
conception ( an imp]fectly /atic /ate1 b
 9 su* a s5se t ! m highly & truly      
dynamic condition is !reby ! ne>] to a  

/atic condition4 ,nei!r ! /atic nor !   
dynamic /ate1 9 ,mr4 ,cl>k's view1 x    
%\ld be rem>k$1 is a /ate ( quiesc5ce4  
,bo? are /ates ( m or less int5se       
activity1 ! ess5tial diff]5ce be+ t 9 ! 
/atic /ate ! activity goes on 9         
p]fection1 )\t lag1 leak1 or friction2 !
 movem5t ( p>ts be+ s p]fect z n to     
di/urb ! equilibrium4 ,! /atic /ate is !
 m dynamic ( ! two4 ,! dynamic condition
 is ess5tially a d]ang$ /atic condition3
 :]eas ! /atic /ate is ! absolute       
p]fect1 natural taxonomic norm (        
competitive life4 ,?is dynamic-/atic    
/ate may v>y 9 respect ( ! magnitude ( !
 sev]al factors :i* hold "o ano!r 9     
equilibrium1 b ^! are none o!r ?an      
quantitive v>iations4 ,! *anges :i* ,mr4
 ,cl>k discusses "u ! head ( dynamics   
are all ( ?is "*1--*anges 9 absolute or 
relative magnitude ( ! sev]al factors   
compris$ 9 ! equation4         99       
99       99       99       99  ,b1 n to 
qu>rel ) ,mr4 ,cl>k's use ( ! t]ms /atic
 & dynamic1 x is 9 place to inquire into

 ! m]its ( ?is class ( economic sci5ce  
ap>t f any adv5titi\s %ortcom+s4 ,= su* 
an inquiry ,mr4 ,cl>k's "w (f]s peculi> 
advantages4 ,x is lucid1 concise1 &     
unequivocal1 ) no temporis+ euphemisms &
 no politic affectations ( s5tim5t4 ,mr4
 ,cl>k's premises1 & !re) ! aim ( 8     
inquiry1 are ! /&>d ones ( ! classical  
,engli% s*ool 7includ+ !                
,jevons-,au/rian w+74 ,?is s*ool (      
economics /&s on ! pre-evolution>y gr\nd
 ( normality & natural law1 :i* ! great 
body ( !oretical sci5ce occupi$ 9 ! e>ly
 n9ete5? c5tury4 ,x is l ! o!r !oretical
 sci5ces t grew out ( ! rationali/ic &  
humanit>ian conceptions ( ! eighte5?    
c5tury 9 t its !oretical aim is         
taxonomy--def9ition & classification--) 
! purpose ( subsum+ its data "u a       
rational s*eme ( categories :i* are     
presum$ to make up ! ,ord] ( ,nature4   
,?is ,ord] ( ,nature1 or realm (        
,natural ,law1 is n ! actual run (      
mat]ial facts1 b ! facts s int]pret$ z  
to meet ! ne$s ( ! taxonomi/ 9 po9t (   

ta/e1 logical consi/5cy1 & s5se (       
ju/ice4 ,! "q ( ! tru? & adequacy ( !   
categories is a "q z to ! cons5sus (    
ta/e & pr$ilection among ! taxonomi/s2  
i4e41 !y are an expression ( tra9$ human
 nature t\*+ ! matt] ( :at ought to be4 
,! facts s int]pret$ make up ! normal1  
or natural1 s*eme ( ?+s1 ) :i* ! !ori/  
has to d4 ,8 task is to br+ facts )9 !  
framework ( ?is s*eme ( natural         
categories4 ,c\pl$ ) ?is sci5tific      
purpose ( ! taxonomic economi/ is !     
pragmatic purpose ( f9d+ & advocat+ !   
exp$i5t c\rse ( policy4 ,on ?is latt]   
head1 aga91 ,mr4 ,cl>k is true to !     
animus ( ! s*ool4  ,! classical s*ool1  
includ+ ,mr4 ,cl>k & 8 contempor>y      
associates 9 ! sci5ce1 is h$oni/ic &    
utilit>ian1--h$oni/ic 9 its !ory &      
utilit>ian 9 its pragmatic ideals &     
endeavors4 ,! h$oni/ic po/ulates on :i* 
?is l9e ( economic !ory is built up are 
( a /atical scope & "*1 & no?+ b /atical
 !ory 7taxonomy7 comes out ( _!         
developm5t4#g ,^! po/ulates1 & ! !orems 

drawn f !m1 take acc\nt ( none b        
quantitive v>iations1 & quantitive      
v>iation alone does n give rise to      
cumulative *ange1 :i* proce$s on *anges 
9 k9d4  ,economics ( ! l9e repres5t$ at 
its be/ by ,mr4 ,cl>k has nev] ent]$ ?is
 field ( cumulative *ange4 ,x does n    
approa* que/ions ( ! class :i* occupy ! 
mod]n sci5ces1--t is to say1 que/ions ( 
g5esis1 gr[?1 v>iation1 process 79 %ort1
 que/ions ( a dynamic import71--b       
conf9es its int]e/ to ! def9ition &     
classification ( a me*anically limit$   
range ( ph5om5a4 ,l o!r taxonomic       
sci5ces1 h$oni/ic economics does n1 &   
_c1 deal ) ph5om5a ( gr[? except s f> z 
gr[? is tak5 9 ! quantitative s5se ( a  
v>iation 9 magnitude1 bulk1 mass1 numb]1
 frequ5cy4 ,9 its "w ( taxonomy ?is     
economics has consi/5tly b\nd itself1 z 
,mr4 ,cl>k does1 by di/9ctions ( a      
me*anical1 /ati/ical nature1 & has drawn
 its categories ( classification on ^?  
gr\nds4 ,concretely1 x is conf9$1 9     
sub/ance1 to ! det]m9ation ( & ref9em5ts

 ^u ! concepts ( l&1 labor1 & capital1 z
 h&$ d[n by ! great economi/s ( !       
classical era1 & ! correlate concepts ( 
r5t1 wages1 int]e/ & pr(its4            
,solicit\sly1 ) a pa9fully meticul\s    
circumspection1 ! normal1 me*anical     
metes & b\nds ( ^! sev]al concepts are  
work$ out1 ! t\*/one ( ! absolute tru?  
aim$ at be+ ! h$oni/ic calculus4 ,!     
facts ( use & wont are n ( ! ess5ce (   
?is me*anical ref9em5t4 ,^! sev]al      
categories are mutually exclusive       
categories1 me*anically speak+4 ,!      
circum/ance t ! ph5om5a cov]$ by !m are 
n me*anical facts is n all[$ to di/urb !
 pursuit ( me*anical di/9ctions among   
!m4 ,!y n[h]e ov]lap1 & at ! same "t    
betwe5 !m !y cov] all ! facts ) :i* ?is 
economic taxonomy is conc]n$4 ,inde$1 !y
 are 9 logical consi/5cy1 requir$ to    
cov] !m4 ,!y are h$oni/ically natural   
categories ( su* taxonomic =ce t _!     
elem5tal l9es ( cleavage run ?r\gh !    
facts ( any giv5 economic situation1    
reg>dless ( use & wont1 ev5 :]e !       

situation does n p]mit ^! l9es (        
cleavage to be se5 by m5 & recognis$ by 
use & wont2 s t1 e4g41 a gang (         
,aleutian ,isl&]s slu%+ ab\t 9 ! wrack &
 surf ) rakes & magical incantations = !
 capture ( %ell-fi% are held1 9 po9t (  
taxonomic reality1 to be engag$ on a    
feat ( h$oni/ic equilibration 9 r5t1    
wages1 & int]e/4 ,& t is all !re is to  
x4 ,inde$1 = economic !ory ( ?is k9d1 t 
is all !re is to any economic situation4
 ,! h$oni/ic magnitudes v>y f "o        
situation to ano!r1 b1 except =         
v>iations 9 ! ari?metical details ( !   
h$oni/ic balance1 all situations are1 9 
po9t ( economic !ory1 sub/antially      
alike4#h  ,tak+ ?is unfalt]+ taxonomy on
 its own recognisances1 let u foll[ !   
trail some:at m into ! ari?metical      
details1 z x leads along ! n>r[ ridge ( 
rational calculation1 above ! tree-tops1
 on ! levels ( cle> sunlight & moon%9e4 
,= ! purpose 9 h&--to br+ out ! "* ( ?is
 curr5t economic sci5ce z a work+ !ory (
 curr5t facts1 & m p>ticul>ly z appli$  

to mod]n problems ( indu/ry & public    
policy 7title-page7--! sequ5ce to be    
obs]v$ 9 que/ion+ ! sev]al sections into
 :i* ! !oretical /ructure falls is n    
ess5tial4 ,! /ructure ( classical !ory  
is famili> to all /ud5ts1 & ,mr4 ,cl>k's
 r$action (f]s no s]i\s dep>ture f !    
conv5tional l9es4 ,su* div]g5ce f       
conv5tional l9es z may occur is a matt] 
( details1 commonly ( improvem5ts 9     
detail2 & ! revisions ( detail d n /& 9 
su* an organic relation to "o ano!r1 nor
 d !y support & /r5g!n "o ano!r 9 su* a 
mann]1 z to sugge/ any?+ l a            
revolution>y tr5d or a break+ away f !  
conv5tional l9es4  ,s z reg>ds ,mr4     
,cl>k's doctr9e ( ,capital4 ,x does n   
diff] sub/antially f ! doctr9es :i* are 
ga9+ curr5cy at ! h&s ( su* writ]s z    
,mr4 ,fi%] or ,mr4 ,fett]2 al?\gh !re   
are c]ta9 =mal di/9ctions peculi> to    
,mr4 ,cl>k's exposition ( ! ,capital    
,concept4 ,b ^! peculi>ities are        
peculi>ities ( ! me?od ( arriv+ at !    
concept r ?an peculi>ities sub/antial to

 ! concept itself4 ,! ma9 discussion ( !
 nature ( capital is conta9$ 9 *apt] ii4
 7,v>ieties ( ,economic ,goods74 ,!     
conception ( capital "h set =? is (     
fundam5tal consequ5ce to ! sy/em1 p>tly 
because ( ! important place assign$     
capital 9 ?is sy/em ( !ory1 p>tly       
because ( ! importance :i* ! conception 
( capital mu/ h 9 any !ory t is to deal 
) problems ( ! curr5t 7capitali/ic7     
situation4 ,sev]al classes (            
capital-goods are enum]at$1 b x appe>s t
 9 ,mr4 ,cl>k's appreh5sion--at v>iance 
) ,mr4 ,fi%]'s view--p]sons are n to be 
includ$ among ! items ( capital4 ,x is  
also cle> f ! run ( ! argum5t1 ?\gh n   
explicitly /at$1 t only mat]ial1        
tangible1 me*anically def9able articles 
( weal? g to make up capital4 ,9 curr5t 
usage1 9 ! bus9ess community1 capital is
 a pecuni>y concept1 ( c\rse1 & is n    
def9able 9 me*anical t]ms2 b ,mr4 ,cl>k1
 true to ! h$oni/ic taxonomy1 /icks by !
 te/ ( me*anical dem>cation & draws !   
l9es ( 8 category on physical gr\nds2   

:]eby x happ5s t any pecuni>y conception
 ( capital is out ( ! "q4 ,intangible   
assets1 or immat]ial weal?1 h no place 9
 ! !ory2 & ,mr4 ,cl>k is exceptionally  
subtle & consi/5t 9 avoid+ su* mod]n    
notions4 ,"o gets ! impression t su* a  
notion z intangible assets is conceiv$  
to be too *im]ical to m]it att5tion1 ev5
 by way ( prote/ or refutation4  ,"h1 z 
else:]e 9 ,mr4 ,cl>k's writ+s1 mu* is   
made ( ! doctr9e t ! two facts ( capital
 & capital-goods are conceptually       
di/9ct1 ?\gh sub/antially id5tical4 ,!  
two t]ms cov] virtually ! same facts z  
w\ld be cov]$ by ! t]ms pecuni>y capital
 & indu/rial equipm5t4 ,!y are = all    
ord9>y purposes co9cid5t ) ,mr4 ,fi%]'s 
t]ms1 capital value & capital1 al?\gh   
,mr4 ,cl>k might ent] a te*nical prote/ 
aga9/ id5tify+ 8 categories ) ^? employ$
 by ,mr4 ,fi%]4#i ,capital is ?is       
p]man5t fund ( productive goods1 !      
id5tity ( ^: compon5t elem5ts is =ev]   
*ang+4 ,capital-goods are ! %ift+       
compon5t p>ts ( ?is p]man5t aggregate   

7p4 #bi74 ,mr4 ,cl>k admits 7pp4 #bi-cc7
 t capital is colloquially spok5 & ?\ght
 ( 9 t]ms ( value1 b he insi/s t 9 po9t 
( sub/antial fact ! work+ concept (     
capital is 7%\ld be7 t ( a fund (       
productive goods1 consid]$ z an abid+   
entity4 ,! phrase itself1 a fund (      
productive goods1 is a curi\sly confus+ 
mixture ( pecuni>y & me*anical t]ms1    
?\gh ! pecuni>y expression1 a fund1 is  
probably to be tak5 9 ?is connection z a
 p]missible metaphor4  ,?is conception (
 capital1 z a physically abid+ entity   
con/itut$ by ! succession ( productive  
goods t make up ! indu/rial equipm5t1   
breaks d[n 9 ,mr4 ,cl>k's own use ( x :5
 he comes 7pp4 #cg-ch7 to speak ( !     
mobility ( capital2 t is to say1 s soon 
z he makes use ( x4 ,a s+le illu/ration 
( ?is w h to suffice1 ?\gh !re are      
sev]al po9ts 9 8 argum5t :]e ! frailty (
 ! conception is pat5t en\gh4 ,! transf]
 ( capital f "o indu/ry to ano!r is a   
dynamic ph5om5on :i* is lat] to be      
consid]$4 ,:at is "h important is ! fact

 t x is 9 ! ma9 accompli%$ )\t entail+  
transf]s ( capital-goods4 ,an in/rum5t  
we>s itself out 9 "o indu/ry1 & in/ead (
 be+ succe$$ by a l in/rum5t 9 ! same   
indu/ry1 x is succe$$ by "o ( a diff]5t 
k9d :i* is us$ 9 a diff]5t bran* (      
production 7p4 #ch71--;illu/rat$ on !   
prec$+ page by a %ift+ ( inve/m5t f a   
:al+-%ip to a cotton-mill4 ,9 all ?is x 
is pla9 t ! transf] ( capital           
contemplat$ is a %ift+ ( inve/m5t1 & t x
 is1 z inde$ ,mr4 ,cl>k indicates1 n a  
matt] ( ! me*anical %ift+ ( physical    
bodies f "o indu/ry to ! o!r4 ,to speak 
( a transf] ( capital :i* does n involve
 a transf] ( capital-goods is a         
contradiction ( ! ma9 position1 t       
capital is made up ( capital-goods4 ,!  
cont9uum 9 :i* ! abid+ entity ( capital 
resides is a cont9uity ( own]%ip1 n a   
physical fact4 ,! cont9uity1 9 fact1 is 
( an immat]ial nature1 a matt] ( legal  
rights1 ( contract1 ( pur*ase & sale4 ,j
 :y ?is pat5t /ate ( ! case is ov]look$1
 z x some:at elaborately is1 is n easily

 se54 ,b x is pla9 t1 if ! concept (    
capital 7 elaborat$ f obs]vation (      
curr5t bus9ess practice1 x w\ld be f\nd 
t capital is a pecuni>y fact1 n a       
me*anical "o2 t x is an outcome ( a     
valuation1 dep5d+ imm$iately on ! /ate (
 m9d ( ! valu]s2 & t ! specific m>ks (  
capital1 by :i* x is di/+ui%able f o!r  
facts1 are ( an immat]ial "*4 ,?is w\ld1
 ( c\rse1 lead1 directly1 to ! admission
 ( intangible assets2 & ?is1 9 turn1    
w\ld upset ! law ( ! natural remun]ation
 ( labor & capital to :i* ,mr4 ,cl>k's  
argum5t looks =w>d f ! />t4 ,x w\ld also
 br+ 9 ! unnatural ph5om5a ( monopoly z 
a normal outgr[? ( bus9ess ent]prise4   
,!re is a fur!r logical discrepancy     
avoid$ by resort+ to ! alleg$ facts (   
primitive indu/ry1 :5 !re 0 no capital1 
= ! elem5ts out ( :i* to con/ruct a     
capital concept1 in/ead ( go+ to !      
curr5t bus9ess situation4 ,9 a          
h$oni/ic-utilit>ian s*eme ( economic    
doctr9e1 su* z ,mr4 ,cl>k's1 only       
physically productive ag5cies c be      

admitt$ z effici5t factors 9 production 
or z legitimate claimants to a %>e 9    
di/ribution4 ,h5ce capital1 "o ( ! prime
 factors 9 production & ! c5tral        
claimant 9 ! curr5t s*eme ( di/ribution1
 mu/ be def9$ 9 physical t]ms & delimit$
 by me*anical di/9ctions4 ,?is is       
necess>y = reasons :i* appe> 9 ! succe$+
 *apt]1 on ,! ,measure ( ,consum]s'     
,weal?4  ,on ! same page 7#ch71 &       
else:]e1 x is rem>k$ t bus9ess disa/]s  
de/roy capital 9 "p4 ,! de/ruction 9 "q 
is a matt] ( values2 t is to say1 a l[]+
 ( valuation1 n 9 any appreciable degree
 a de/ruction ( mat]ial goods4 ,tak5 z a
 physical aggregate1 capital does n     
appreciably decrease ?r\gh bus9ess      
disa/]s1 b1 tak5 z a fact ( own]%ip &   
c\nt$ 9 /&>d units ( value1 x decreases2
 !re is a de/ruction ( values & a %ift+ 
( own]%ip1 a loss ( own]%ip p]haps2 b ^!
 are pecuni>y ph5om5a1 ( an immat]ial   
"*1 & s d n directly affect ! mat]ial   
aggregate ( ! indu/rial equipm5t4       
,simil>ly1 ! discussion 7pp4 #cja-cad7 (

 h[ *anges ( me?od1 z1 e4g41 labor-sav+ 
devices1 lib]ate capital1 & at times    
de/roy capital1 is intelligible only on 
! admission t capital "h is a matt] (   
values own$ by inve/ors & is n employ$ z
 a synonym = indu/rial appliances4 ,!   
appliances 9 "q are nei!r lib]at$ nor   
de/roy$ 9 ! *anges contemplat$4 ,& x w n
 d to say t ! aggregate ( productive    
goods suff]s a dim9ution by a           
sub/itution ( devices :i* increases its 
aggregate productiv5ess1 z is impli$1   
e4g41 by ! passage on page #cjg1aj if   
,mr4 ,cl>k's def9ition ( capital is     
/rictly adh]$ to4 ,?is v s+ul> passage  
7pp4 #cjf-caa1 "u ! captions1 ,h>d%ips  
entail$ on ,capitali/s by ,progress1 & !
 ,(fset = ,capital de/roy$ by ,*anges ( 
,me?od7 implies t ! aggregate (         
appliances ( production is decreas$ by a
 *ange :i* increases ! aggregate ( ^!   
articles 9 t respect 7productivity7 by  
virtue ( :i* !y are c\nt$ 9 ! aggregate4
 ,! argum5t w hold good if productive   
goods are rat$ by bulk1 weight1 numb]1  

or "s su* irrelevant te/1 in/ead ( by _!
 productivity or by _! consequ5t        
capitalis$ value4 ,on su* a %[+ x %\ld  
be prop] to say t ! poli%+ ( pl[%>es    
be=e !y are s5t out f ! factory dim9i%es
 ! am\nt ( capital embodi$ 9 pl[%>es by 
z mu* z ! weight or bulk ( ! wa/e       
mat]ial remov$ f ! %>es 9 poli%+ !m4    
,sev]al ?+s may be said ( ! facts       
discuss$ 9 ?is passage4 ,!re is1        
presumably1 a decrease1 9 bulk1 weight1 
or numb]1 ( ! appliances t make up !    
indu/rial equipm5t at ! "t :5 su* a     
te*nological *ange z is contemplat$     
takes place4 ,?is *ange1 presumably1    
increases ! productive effici5cy ( !    
equipm5t z a :ole1 & s may be said )\t  
hesitation to increase ! equipm5t z a   
factor ( production1 :ile x may decrease
 x1 consid]$ z a me*anical magnitude4 ,!
 own]s ( ! obsolete or obsolesc5t       
appliances presumably suff] a dim9ution 
( _! capital1 :e!r !y disc>d ! obsolete 
appliances or n4 ,! own]s ( ! new       
appliances1 or r ^? :o own & are able to

 capitalise ! new te*nological exp$i5ts1
 presumably ga9 a correspond+ advantage1
 :i* may take ! =m ( an increase ( !    
effective capitalisation ( _! outfit1 z 
w\ld !n be %[n by an increas$ m>ket     
value ( _! plant4 ,! l>ge/ !oretical    
outcome ( ! suppos$ *anges1 = an        
economi/ n b\nd by ,mr4 ,cl>k's         
conception ( capital1 %\ld be !         
g5]alisation t indu/rial                
capital--capital consid]$ z a productive
 ag5t--is sub/antially a capitalisation 
( te*nological exp$i5ts1 & t a giv5     
capital inve/$ 9 indu/rial equipm5t is  
measur$ by ! portion ( te*nological     
exp$i5ts ^: usufruct ! inve/m5t         
appropriates4 ,x w\ld accord+ly appe> t 
! sub/antial core ( all capital is      
immat]ial weal?1 & t ! mat]ial objects  
:i* are =mally ! subject ( ! capitali/'s
 own]%ip are1 by comp>ison1 a transi5t &
 adv5titi\s matt]4 ,b if su* a view 7   
accept$1 ev5 ) extreme res]vations1 ,mr4
 ,cl>k's s*eme ( ! natural di/ribution (
 incomes betwe5 capital & labor w\ld g  

up 9 ! air1 z ! colloquial phrase has x4
 ,x w\ld be extremely difficult to      
det]m9e :at %>e ( ! value ( ! jo9t      
product ( capital & labor %\ld1 "u a    
rule ( natural equity1 g to ! capitali/ 
z an equitable return = 8 monopolisation
 ( a giv5 portion ( ! intangible assets 
( ! community at l>ge4#aa ,! returns    
actually accru+ to him "u competitive   
conditions w\ld be a measure ( !        
diff]5tial advantage held by him by     
virtue ( 8 hav+ become legally seiz$ ( !
 mat]ial contrivances by :i* !          
te*nological a*ievem5ts ( ! community   
are put into effect4  ,yet1 if 9 ?is way
 capital 7 appreh5d$ z an hi/orical     
category1 z ,rodb]tus w\ld say1 !re is  
at lea/ ! com=t 9 x all t x %\ld leave a
 free field = ,mr4 ,cl>k's measures (   
repression z appli$ to ! discretion>y   
managem5t ( capital by ! mak]s ( tru/s4 
,& yet1 aga91 ?is com=t+ reflection is  
c\pl$ ) ! ugly accompanim5t t by ! same 
move ! field w\ld be left equally free (
 moral ob/ructions to ! extreme         

proposals ( ! sociali/s4 ,a safe & sane 
c\rse = ! quieti/ 9 ^! premises %\ld    
app>5tly be to disc>d ! equivocal       
doctr9es ( ! passage 7pp4 #cjf-caa7 f   
:i* ?is tra9 ( que/ions arises1 & hold  
fa/ to ! receiv$ dogma1 h[ev]           
unworkable1 t capital is a cong]ies (   
physical objects ) no ramifications or  
complications ( an immat]ial k9d1 & to  
avoid all rec\rse to ! concept ( value1 
or price1 9 discuss+ matt]s ( mod]n     
bus9ess4         99       99       99   
99       99  ,! c5t] ( int]e/ & (       
!oretical =ce & validity 9 ,mr4 ,cl>k's 
"w is 8 law ( natural di/ribution4 ,^u  
?is law hangs v mu* ( ! re/1 if n       
sub/antially ! :ole /ructure ( !ory4 ,to
 ?is law ( di/ribution ! e>li] portions 
( ! !oretical developm5t look =w>d1 &   
?is ! succe$+ portions ( ! treatise take
 z _! po9t ( dep>ture4 ,! law ( natural 
di/ribution says t any productive ag5t  
naturally gets :at x produces4 ,"u      
ideally free competitive conditions--su*
 z prevail 9 ! /atic /ate1 & to :i* !   

curr5t situation approximates--ea* unit 
( ea* productive factor unavoidably gets
 ! am\nt ( weal? :i* x creates1--its    
virtual product1 z x is sometimes       
express$4 ,?is law re/s1 = its !oretical
 validity1 on ! doctr9e ( f9al          
productivity1 set =? 9 full 9 !         
,di/ribution ( ,weal?1 & m concisely 9 !
 ,ess5tials#ab--"o ( ^? univ]sal        
pr9ciples :i* gov]n economic life 9 all 
its /ages ( evolution4#ac  ,9 comb9ation
 ) a giv5 am\nt ( capital1 x is held1   
ea* succe$+ unit ( add$ labor adds a    
less ?an proportionate increm5t to !    
product4 ,! total product creat$ by !   
labor s engag$ is at ! same "t !        
di/ributive %>e receiv$ by su* labor z  
wages2 & x equals ! increm5t ( product  
add$ by ! f9al unit ( labor1 multipli$  
by ! numb] ( su* units engag$4 ,! law ( 
natural int]e/ is ! same z ?is law (    
wages1 ) a *ange ( t]ms4 ,! product (   
ea* unit ( labor or capital be+ measur$ 
by ! product ( ! f9al unit1 ea* gets !  
am\nt ( its own product4  ,9 all ( ?is !

 argum5t runs 9 t]ms ( value2 b x is    
,mr4 ,cl>k's view1 back$ by an elaborate
 exposition ( ! gr\nds ( 8 cont5tion1#ad
 t ! use ( ^! t]ms ( value is m]ely a   
matt] ( conv5i5ce = ! argum5t1 & t !    
conclusions s rea*$--! equality s       
e/abli%$ betwe5 productivity &          
remun]ation--may be conv]t$ to t]ms (   
goods1 or effective utility1 )\t abat+  
_! validity4  ,)\t rec\rse to "s su*    
common d5om9ator z value ! outcome ( !  
argum5t w\ld1 z ,mr4 ,cl>k indicates1 be
 some?+ resembl+ ! ,ric>dian law (      
diff]5tial r5t in/ead ( a law drawn 9   
homog5e\s t]ms ( f9al productivity2 & ! 
law ( natural di/ribution w\ld !n1 at ! 
be/1 fall %ort ( a g5]al =mula4 ,b !    
rec\rse to t]ms ( value does n1 z ,mr4  
,cl>k recognises1 dispose ( ! "q )\t m  
ado4 ,x smoo?s ! way = ! argum5t1 b1    
unaid$1 x leaves x nugatory4 ,accord+ to
 ,hudibras1 ,! value ( a ?+ ,is j z mu* 
z x w br+1 & ! lat] ref9em5ts on ! !ory 
( value h n set aside ?is dictum ( !    
anci5t au?ority4 ,x answ]s no p]t95t "q 

( equity to say t ! wages paid = labor  
are z mu* z x w br+4 ,& ,mr4 ,cl>k's    
*apt] 7xxiv47 on ,! ,unit = ,measur+    
,indu/rial ,ag5ts & _! ,products is     
design$ to %[ h[ ?is tautological       
/atem5t 9 t]ms ( m>ket value conv]ts    
itself1 "u competitive conditions1 into 
a compet5t =mula ( di/ributive ju/ice4  
,x does n conduce to intelligibility to 
say t ! wages ( labor are j & fair      
because !y are all t is paid to labor z 
wages4 ,:at fur!r value ,mr4 ,cl>k's    
ext5d$ discussion ( ?is matt] may h w   
lie 9 8 exposition ( h[ competition     
conv]ts ! proposition t ! value ( a ?+  
is j z mu* z x w br+ into ! proposition 
t ! m>ket rate ( wages 7or int]e/7 gives
 to labor 7or capital7 ! full product ( 
labor 7or capital74  ,9 foll[+ up ! !ory
 at ?is critical po9t1 x is necess>y to 
resort to ! full] /atem5t ( !           
,di/ribution ( ,weal?1#ae ! po9t be+ n s
 adequately cov]$ 9 ! ,ess5tials4       
,consi/5tly h$oni/ic1 ,mr4 ,cl>k        
recognises t 8 law ( natural ju/ice mu/ 

be r$uc$ to elem5t>y h$oni/ic t]ms1 if x
 is to make good its claim to /& z a    
fundam5tal pr9ciple ( !ory4 ,9 h$oni/ic 
!ory1 production ( c\rse means !        
production ( utilities1 & utility is (  
c\rse utility to ! consum]4#af ,a       
product is su* by virtue ( & to ! am\nt 
( ! utility :i* x has = a consum]4 ,?is 
utility ( ! goods is measur$1 z value1  
by ! sacrifice 7disutility7 :i* !       
consum] is will+ to und]go 9 ord] to get
 ! utility :i* ! consumption ( ! goods  
yields him4 ,! unit & measure (         
productive labor is 9 ! la/ analysis    
also a unit ( disutility2 b x is        
disutility to ! productive labor]1 n to 
! consum]4 ,! balance :i* e/abli%es     
itself "u competitive conditions is a   
comp\nd balance1 be+ a balance betwe5 ! 
utility ( ! goods to ! consum] & !      
disutility 7co/7 :i* he is will+ to     
und]go = x1 on ! "o h&1 &1 on ! o!r h&1 
a balance betwe5 ! disutility ( ! unit (
 labor & ! utility = :i* ! labor] is    
will+ to und]go ?is disutility4 ,x is   

evid5t1 & admitt$1 t !re c be no        
balance1 & no comm5surability1 betwe5 ! 
labor]'s disutility 7pa97 9 produc+ !   
goods & ! consum]'s utility 7pleasure7 9
 consum+ !m1 inasmu* z ^! two h$oni/ic  
ph5om5a lie ea* )9 ! consci\sness ( a   
di/9ct p]son4 ,!re is1 9 fact1 no       
cont9uity ( n]v\s tissue ov] ! int]val  
betwe5 consum] & produc]1 & a direct    
comp>ison1 equilibrium1 equality1 or    
discrepancy 9 respect ( pleasure & pa9  
c1 ( c\rse1 n be s\ght except )9 ea*    
self-balanc$ individual complex ( n]v\s 
tissue4#ag ,! wages ( labor 7i4e41 !    
utility ( ! goods receiv$ by ! labor]7  
is n equal to ! disutility und]gone by  
him1 except 9 ! s5se t he is            
competitively will+ to accept x2 nor are
 ^! wages equal to ! utility got by !   
consum] ( ! goods1 except 9 ! s5se t he 
is competitively will+ to pay !m4 ,?is  
po9t is cov]$ by ! curr5t diagrammatic  
argum5ts ( m>g9al-utility !ory z to !   
det]m9ation ( competitive prices4  ,b1  
:ile ! wages are n equal to or directly 

comp>able ) ! disutility ( ! productive 
labor engag$1 !y are1 9 ,mr4 ,cl>k's    
view1 equal to ! productive effici5cy ( 
t labor4#ah ,effici5cy 9 a work] is1 9  
reality1 p[] to draw out labor on ! "p (
 society4 ,x is capacity to (f] t = :i* 
society w "w 9 return4 ,by ! m$iation ( 
m>ket price1 "u competitive conditions1 
x is held1 ! labor] gets1 9 8 wages1 a  
valid claim on ! labor ( o!r m5         
7society7 z l>ge z !y are competitively 
will+ to all[ him = ! s]vices = :i* he  
is paid 8 wages4 ,! equitable balance   
betwe5 "w & pay contemplat$ by ! natural
 law is a balance betwe5 wages &        
effici5cy1 z above def9$2 t is to say1  
betwe5 ! wages ( labor & ! capacity (   
labor to get wages4 ,s f>1 ! :ole matt] 
might evid5tly h be5 left z ,ba/iat left
 x4 ,x am\nts to say+ t ! labor] gets   
:at he is will+ to accept & ! consum]s  
give :at !y are will+ to pay4 ,& ?is is 
true1 ( c\rse1 :e!r competition prevails
 or n4  ,:at makes ?is arrangem5t j & "r
 "u competitive conditions1 9 ,mr4      

,cl>k's view1 lies 9 8 fur!r doctr9e t  
"u su* conditions ( unob/ruct$          
competition ! prices ( goods1 & !re=e ! 
wages ( labor1 are det]m9$1 )9 ! scope (
 ! giv5 m>ket1 by a quasi-cons5sus ( all
 ! p>ties 9 int]e/4 ,!re is ( c\rse no  
=mal cons5sus1 b :at !re is ( ! k9d is  
impli$ 9 ! fact t b>ga9s are made1 & ?is
 is tak5 z an appraisem5t by society at 
l>ge4 ,! 7quasi-7 cons5sus ( buy]s is   
held to embody ! righte\s 7quasi-7      
appraisem5t ( society 9 ! premises1 & ! 
result+ rate ( wages is !re=e a 7quasi-7
 j return to ! labor]4#ai ,ea* man      
accord+ly is paid an am\nt t equals !   
total product t he p]sonally creates4#bj
 ,if competitive conditions are 9 any   
degree di/urb$1 ! equitable balance (   
prices & wages is di/urb$ by t mu*4 ,all
 ?is holds true = ! int]e/ ( capital1 ) 
a *ange ( t]ms4  ,! equity & b9d+ =ce ( 
?is f9d+ is evid5tly b\nd up ) t        
common-s5se presumption on :i* x re/s2  
namely1 t x is "r & good t all m5 %\ld  
get :at !y c )\t =ce or fraud & )\t     

di/urb+ exi/+ prop]ty relations4 ,x     
spr+s f ?is presumption1 &1 :e!r 9 po9t 
( equity or ( exp$i5cy1 x rises no high]
 ?an its s\rce4 ,x does n t\* que/ions (
 equity beyond ?is1 nor does x t\*      
que/ions ( ! exp$i5cy or probable adv5t 
( any contemplat$ *ange 9 ! exi/+       
conv5tions z to rights ( own]%ip &      
initiative4 ,x af=ds a basis = ^? :o    
believe 9 ! old ord]--)\t :i* belief ?is
 :ole /ructure ( op9ions collapses--to  
argue que/ions ( wages & pr(its 9 a     
mann] conv9c+ to !mselves1 & to confirm 
9 ! fai? ^? :o already believe 9 ! old  
ord]4 ,b x is n easy to see t "s hundr$s
 ( pages ( app>atus %\ld be requir$ to  
f9d "o's way back to ^! "t-worn         
commonplaces ( ,man*e/]4  ,9 effect1 ?is
 law ( natural di/ribution says t :atev]
 m5 acquire )\t =ce or fraud "u         
competitive conditions is _! equitable  
due1 no m & no less1 assum+ t !         
competitive sy/em1 ) its und]ly+        
in/itution ( own]%ip1 is equitable &    
natural4 ,9 po9t ( economic !ory ! law  

appe>s on exam9ation to be ( slight     
consequ5ce1 b x m]its fur!r att5tion = !
 gravity ( its purport4 ,x is (f]$ z a  
def9itive law ( equitable di/ribution   
compris$ 9 a sy/em ( h$oni/ic economics 
:i* is 9 ! ma9 a !ory ( di/ributive     
acquisition only4 ,x is wor? :ile to    
comp>e ! law ) its sett+1 ) a view to   
see+ h[ its broad decl>ations ( economic
 ju/ice %[s up 9 contra/ ) ! elem5ts out
 ( :i* x is con/ruct$ & among :i* x     
lies4  ,among ! notable *apt]s ( !      
,ess5tials is "o 7vi47 on ,value & its  
,relation to ,diff]5t ,incomes1 :i* is n
 only a v sub/antial section ( ,mr4     
,cl>k's economic !ory1 b at ! same "t a 
type ( ! a*ievem5ts ( ! latt]-day       
h$oni/ic s*ool4 ,c]ta9 features ( ?is   
*apt] alone c be tak5 up "h4 ,! re/ may 
be equally wor?y ! /ud5t's att5tion1 b x
 is ! int5tion "h n to g into ! g5]al   
sub/ance ( ! !ory ( m>g9al utility &    
value1 to :i* ! *apt] is devot$1 b to   
conf9e att5tion to su* elem5ts ( x z be>
 some:at directly on ! "q ( equitable   

di/ribution already spok5 (4 ,among ^!  
latt] is ! doctr9e ( ! consum]'s        
surplus1--virtually ! same z :at is     
spok5 ( by o!r writ]s z consum]'s       
r5t4#ba ,consum]'s surplus is ! surplus 
( utility 7pleasure7 d]iv$ by ! consum] 
( goods above ! 7pa97 co/ ( ! goods to  
him4 ,?is is held to be a v g5]ally     
preval5t ph5om5on4 ,inde$1 x is held to 
be all b univ]sally pres5t 9 ! field (  
consumption4 ,x might1 9 fact1 be       
effectively argu$ t ev5 ,mr4 ,cl>k's    
admitt$ exception#bb is v d\btfully to  
be all[$1 on 8 own %[+4 ,correlat$ ) ?is
 elem5t ( utility on ! consum]'s side is
 a simil> volume ( disutility on !      
produc]'s side1 :i* may be call$        
produc]'s abatem5t1 or produc]'s r5t3 x 
is ! am\nt ( disutility by :i* !        
disutility-co/ ( a giv5 article to any  
giv5 produc] 7labor]7 falls %ort ( 7or  
conceivably exce$s7 ! disutility incurr$
 by ! m>g9al produc]4 ,m>g9al buy]s or  
consum]s & m>g9al sell]s or produc]s are
 relatively few3 ! great body on bo?    

sides come 9 = some?+ 9 ! way ( a       
surplus ( utility or disutility4  ,all  
?is be>s on ! law ( natural wages &     
int]e/ z foll[s1 tak+ t law ( j         
remun]ation at ,mr4 ,cl>k's rat+ ( x4 ,!
 law works out ?r\gh ! m$iation ( price4
 ,price is det]m9$1 competitively1 by   
m>g9al produc]s or sell]s & m>g9al      
consum]s or pur*as]s3 ! latt] alone on !
 "o side get ! precise price-equival5t (
 ! disutility incurr$ by !m1 & ! latt]  
alone on ! o!r side pay ! full          
price-equival5t ( ! utilities d]iv$ by  
!m f ! goods pur*as$4#bc ,h5ce !        
competitive price--cov]+ competitive    
wages & int]e/--does n reflect !        
cons5sus ( all p>ties conc]n$ z to !    
effective utility ( ! goods1 on ! "o h&1
 or z to _! effective 7disutility7 co/1 
on ! o!r h&4 ,x reflects in/ead1 if     
any?+ ( ?is k9d1 ! valuations :i* !     
m>g9al un=tunates on ea* side conc$e "u 
/ress ( competition2 & x leaves on ea*  
side ( ! b>ga9 relation an uncov]$      
surplus1 :i* m>ks ! 7v>iable7 int]val by

 :i* price fails to cov] effective      
utility4 ,! excess utility--& !         
conceivable excess co/--does n appe> 9 !
 m>ket transactions t m$iate betwe5     
consum] & produc]4#bd ,9 ! balance1     
!re=e1 :i* e/abli%es itself 9 t]ms (    
value betwe5 ! social utility ( !       
product & ! remun]ation ( ! produc]'s   
effici5cy1 ! m>g9 ( utility repres5t$ by
 ! aggregate consum]'s surplus & l      
elem5ts is n acc\nt$ =4 ,x foll[s1 :5 ! 
argum5t is 9 ?is way r$uc$ to its       
h$oni/ic elem5ts1 t no man is paid an   
am\nt t equals ! am\nt ( ! total product
 t he p]sonally creates4  ,suppos+ !    
m>g9al-utility 7f9al-utility7 !ories (  
objective value to be true1 !re is no   
cons5sus1 actual or con/ructive1 z to ! 
effective utility ( ! goods produc$3 !re
 is no social decision 9 ! case beyond  
:at may be impli$ 9 ! read9ess ( buy]s  
to pr(it z mu* z may be by ! necessities
 ( ! m>g9al buy] & sell]4 ,x appe>s t   
!re is w>rant1 )9 ^! premises1 = !      
=mula3 ,remun]ation  ?an ,product4 ,only

 by an inf9itesimal *ance w\ld x hold   
true 9 any giv5 case t1 h$oni/ically1   
,remun]ation  ,product2 &1 if x %\ld ev]
 happ5 to be true1 !re w\ld be no f9d+ x
 out4  ,! 7h$oni/ic7 discrepancy :i* s  
appe>s betwe5 remun]ation & product     
affects bo? wages & int]e/ 9 ! same     
mann]1 b !re is "s 7h$oni/ic7 gr\nd 9   
,mr4 ,cl>k's doctr9es = hold+ t !       
discrepancy does n /rike bo? 9 ! same   
degree4 ,!re is inde$ no w>rant = hold+ 
t !re is any?+ l an equable di/ribution 
( ?is discrepancy among ! sev]al        
indu/ries or ! sev]al indu/rial conc]ns2
 b !re appe>s to be "s w>rant1 on ,mr4  
,cl>k's argum5t1 = ?9k+ t ! discrepancy 
is p]haps slight] 9 ^? bran*es ( indu/ry
 :i* produce ! prime necess>ies (       
life4#be ,?is po9t ( doctr9e ?r[s also a
 fa9t 7metaphysical7 light on a1        
possibly g5]ic1 discrepancy betwe5 !    
remun]ation ( capitali/s & t ( labor]s3 
! latt] are1 relatively1 m addict$ to   
consum+ ! necess>ies ( life1 & x may be 
t !y !reby ga9 less 9 ! way ( a         

consum]'s surplus4  ,all ! analysis &   
reason+ "h set =? has an air ( undue    
t5uity2 b 9 ext5uation ( ?is fault x    
%\ld be not$ t ?is reason+ is made up ( 
su* matt] z goes to make up ! !ory "u   
review1 & ! fault1 !re=e1 is n to be    
*>g$ to ! critic4 ,! mann] ( argum5t    
requir$ to meet ?is !ory ( ! natural law
 ( f9al productivity on its own gr\nd is
 itself a suffici5tly t$i\s pro( ( !    
futility ( ! :ole matt] 9 dispute4 ,yet 
x seems necess>y to beg fur!r indulg5ce 
= m ( ! same k9d4 ,z a ne$$ excuse1 x   
may be add$ t :at imm$iately foll[s be>s
 on ,mr4 ,cl>k's application ( ! law (  
natural di/ribution to mod]n problems ( 
indu/ry & public policy1 9 ! matt] (    
curb+ monopolies4         99       99   
99       99       99  ,accept+1 aga91   
,mr4 ,cl>k's g5]al po/ulates--!         
po/ulates ( curr5t h$oni/ic economics--&
 apply+ ! fundam5tal concepts1 in/ead ( 
_! coroll>ies1 to 8 s*eme ( f9al        
productivity1 x c be %[n to fail on     
gr\nds ev5 m t5u\s & h$oni/ically m     

fundam5tal ?an ^? already pass$ 9       
review4 ,9 all f9al-utility             
7m>g9al-utility7 !ory x is ( ! ess5ce ( 
! s*eme ( ?+s t successive increm5ts ( a
 good h progressively less ?an          
proportionate utility4 ,9 fact1 !       
coeffici5t ( decrease ( utility is      
great] ?an ! coeffici5t ( increase ( !  
/ock ( goods4 ,! solit>y fir/ loaf is   
exorbitantly useful4 ,z m loaves are    
successively add$ to ! /ock1 ! utility (
 ea* gr[s small by degrees & incont95tly
 less1 until1 9 ! end1 ! /ate ( ! m>g9al
 or f9al loaf is1 9 respect ( utility1  
%ameful to relate4 ,s1 ) a *ange (      
phrase1 x f>es ) successive increm5ts ( 
a giv5 productive factor--labor or      
capital--9 ,mr4 ,cl>k's s*eme ( f9al    
productivity4 ,& s1 ( c\rse1 x also f>es
 ) ! utility ( successive increm5ts (   
product creat$ by successively add+ unit
 aft] unit to ! complem5t ( a giv5      
productive factor engag$ 9 ! case4 ,if  
we att5d to ?is matt] ( f9al            
productivity 9 consi/5tly h$oni/ic t]ms1

 a curi\s result appe>s4  ,a l>g]       
complem5t ( ! productive ag5t1 c\nt$ by 
weight & tale1 w1 x is commonly held1   
create a l>g] output ( goods1 c\nt$ by  
weight & tale2#bf b ^! are n h$oni/ic   
t]ms & %\ld n be all[$ to cl\d !        
argum5t4 ,9 ! h$oni/ic s*eme ! magnitude
 ( goods1 9 all ! dim5sions to be tak5  
acc\nt (1 is measur$ 9 t]ms ( utility1  
:i* is a diff]5t matt] f weight & tale4 
,x is by virtue ( _! utility t !y are   
goods1 n by virtue ( _! physical        
dim5sions1 numb] & ! l2 & utility is a  
matt] ( ! production ( pleasure & !     
prev5tion ( pa94 ,h$oni/ically speak+1 !
 am\nt ( ! goods1 ! magnitude ( !       
output1 is ! quantity ( utility d]ivable
 f _! consumption2 & ! utility p] unit  
decreases fa/] ?an ! numb] ( units      
increases4#bg ,x foll[s t 9 ! typical or
 undiff]5tiat$ case an increase ( !     
numb] ( units beyond a c]ta9 critical   
po9t entails a decrease ( ! total       
effective utility ( ! supply4#bh ,?is   
critical po9t seems ord9>ily to be v ne>

 ! po9t ( dep>ture ( ! curve ( decl9+   
utility1 p]haps x frequ5tly co9cides ) !
 latt]4 ,on ! curve ( decl9+ f9al       
utility1 at any po9t ^: tang5t cuts !   
axis ( ord9ates at an angle ( less ?an  
#de degrees1 an increase ( ! numb] (    
units entails a decrease ( ! total      
effective utility ( ! supply1#bi s t a  
ga9 9 physical productivity is a loss z 
c\nt$ 9 total effective utility4        
,h$oni/ically1 !re=e1 ! productivity 9  
su* a case dim9i%es1 n only relatively  
to ! 7physical7 magnitude ( ! productive
 ag5ts1 b absolutely4 ,?is critical     
po9t1 ( maximum total effective utility1
 is1 if ! practice ( %rewd bus9ess m5 is
 at all significant1 commonly some:at   
%ort ( ! po9t ( maximum physical        
productivity1 at lea/ 9 mod]n indu/ry & 
9 a mod]n community4  ,! total effective
 utility may commonly be increas$ by    
decreas+ ! output ( goods4 ,! total     
effective utility ( wages may (t5 be    
increas$ by decreas+ ! am\nt 7value7 ( !
 wages p] man1 p>ticul>ly if su* a      

decrease is accompani$ by a rise 9 !    
price ( articles to be b\ght ) ! wages4 
,h$oni/ically speak+1 x is evid5t t !   
po9t ( maximum net productivity is !    
po9t at :i* a p]fectly %rewd bus9ess    
managem5t ( a p]fect monopoly w\ld limit
 ! supply2 & ! po9t ( maximum 7h$oni/ic7
 remun]ation 7wages & int]e/7 is ! po9t 
:i* su* a managem5t w\ld fix on 9 deal+ 
) a :olly free1 p]fectly competitive    
supply ( labor & capital4  ,su* a       
monopoli/ic /ate ( ?+s1 x is true1 w\ld 
n answ] to ,mr4 ,cl>k's ideal4 ,ea* man 
w\ld n be paid an am\nt t equals ! am\nt
 ( ! total product t he p]sonally       
creates1 b he w\ld commonly be paid an  
am\nt t 7h$oni/ically1 9 po9t (         
effective utility7 exce$s :at he        
p]sonally creates1 because ( ! high f9al
 utility ( :at he receives4 ,?is is     
easily prov54 ,"u ! monopoli/ic         
conditions suppos$1 ! labor]s w\ld1 x is
 safe to assume1 n be fully employ$ all 
! "t2 t is to say1 !y w\ld be will+ to  
"w "s m 9 ord] to get "s m articles (   

consumption2 t is to say1 ! articles (  
consumption :i* _! wages (f] !m h s high
 a utility z to af=d !m a consum]'s     
surplus1--! articles are wor? m ?an !y  
co/3#cj ,q4 ,e4 ,d4  ,! initiat$ may    
fairly d\bt ! s\ndness ( ! *a9 ( argum5t
 by :i* ^! het]odox !oretical results   
are d]iv$ f ,mr4 ,cl>k's h$oni/ic       
po/ulates1 m p>ticul>ly s9ce ! adepts ( 
! s*ool1 includ+ ,mr4 ,cl>k1 are n      
accu/om$ to draw conclusions to ?is     
effect f ^! premises4 ,yet ! argum5t    
proce$s accord+ to ! rules (            
m>g9al-utility p]mutations4 ,9 view (   
?is sc>cely avoidable d\bt1 x may be    
p]mitt$1 ev5 at ! risk ( "s t$ium1 to %[
 h[ ! facts ( e-day life be> out ?is    
unexpect$ turn ( ! law ( natural        
di/ribution1 z briefly trac$ above4 ,!  
pr9ciple involv$ is well & widely       
accept$4 ,! famili> practical maxim (   
*>g+ :at ! traffic w be> re/s on a      
pr9ciple ( ?is k9d1 & af=ds "o ( !      
readie/ practical illu/rations ( ! work+
 ( ! h$oni/ic calculus4 ,! pr9ciple     

involv$ is t a l>g] aggregate return    
7value7 may be _h by rais+ ! return p]  
unit to su* a po9t z to some:at curtail 
! dem&4 ,9 practice x is recognis$1 9   
o!r words1 t !re is a critical po9t at  
:i* ! value obta9able p] unit1 multipli$
 by ! numb] ( units t w be tak5 (f at t 
price1 w give ! l>ge/ net aggregate     
result 79 value to ! sell]7 obta9able "u
 ! giv5 conditions4 ,a calculus involv+ 
! same pr9ciple is1 ( c\rse1 ! guid+    
consid]ation 9 all monopoli/ic buy+ &   
sell+2 b a mom5t's reflection w %[ t x  
is1 9 fact1 ! rul+ pr9ciple 9 all       
comm]cial transactions &1 inde$1 9 all  
bus9ess4 ,! maxim ( *>g+ :at ! traffic w
 be> is only a special =mulation ( !    
g5]ic pr9ciple ( bus9ess ent]prise4     
,bus9ess initiative1 ! function ( !     
entrepr5eur 7bus9ess man7 is compreh5d$ 
"u ?is pr9ciple tak5 9 its mo/ g5]al    
s5se4#ca ,9 bus9ess ! buy]1 x is held by
 ! !ori/s1 bids up to ! po9t ( greate/  
obta9able advantage to himself "u !     
conditions prevail+1 & ! sell] simil>ly 

bids d[n to ! po9t ( greate/ obta9able  
net aggregate ga94 ,= ! trad] 7bus9ess  
man1 entrepr5eur7 do+ bus9ess 9 ! op5   
7competitive7 m>ket or = ! bus9ess      
conc]n ) a p>tial or limit$ monopoly1 ! 
critical po9t above ref]r$ to is1 (     
c\rse1 rea*$ at a l[] po9t on ! curve ( 
price ?an w\ld be ! case "u a p]fect &  
unlimit$ monopoly1 su* z 0 suppos$      
above2 b ! pr9ciple ( *>g+ :at ! traffic
 w be> rema9s intact1 al?\gh ! traffic w
 n be> ! same 9 ! "o case z 9 ! o!r4    
,n[1 9 ! !ories bas$ on m>g9al 7or f9al7
 utility1 value is an expression or     
measure ( effective utility--or :atev]  
equival5t t]m may be pref]r$4 ,9 op]at+ 
on values1 !re=e1 "u ! rule ( *>g+ :at !
 traffic w be>1 ! sell]s ( a monopolis$ 
supply1 e4g41 mu/ op]ate ?r\gh !        
valuations ( ! buy]s2 t is to say1 !y   
mu/ influ5ce ! f9al utility ( ! goods or
 s]vices to su* effect t ! total        
effective utility ( ! limit$ supply to !
 consum]s w be great] ?an w\ld be !     
total effective utility ( a l>g] supply1

 :i* is ! po9t 9 "q4 ,! emphasis falls  
/ill m /rongly on ?is illu/ration ( !   
h$oni/ic calculus1 if x is call$ to m9d 
t 9 ! common run ( su* limitations (    
supply by a monopoli/ic bus9ess         
managem5t ! managem5t w\ld be able to   
increase ! supply at a progressively    
decl9+ co/ beyond ! critical po9t by    
virtue ( ! well-kn[n pr9ciple ( increas+
 returns f indu/ry4 ,x is also to be    
add$ t1 s9ce ! monopoli/ic bus9ess gets 
its enhanc$ return f ! m>g9 by :i* !    
total effective utility ( ! limit$      
supply exce$s t ( a supply n s limit$1 &
 s9ce !re is to be d$uct$ f ?is m>g9 !  
co/s ( monopoli/ic managem5t 9 addition 
to o!r co/s1 !re=e ! enhancem5t ( !     
total effective utility ( ! goods to !  
consum] 9 ! case mu/ be appreciably l>g]
 ?an ! result+ net ga9s to ! monopoly4  
,by a bold metaphor--a metaphor         
suffici5tly bold to take x out ( !      
region ( legitimate figures ( spee*--!  
ga9s t come to ent]pris+ bus9ess conc]ns
 by su* monopoli/ic enhancem5t ( ! total

 effective utility ( _! products are    
spok5 ( z robb]y1 extortion1 plund]2 b !
 !oretical complexion ( ! case %\ld n be
 ov]look$ by ! h$oni/ic !ori/ 9 ! heat (
 outrag$ s5tim5t4 ,! monopoli/ is only  
pu%+ ! pr9ciple ( all bus9ess ent]prise 
7free competition7 to its logical       
conclusion2 &1 9 po9t ( h$oni/ic !ory1  
su* monopoli/ic ga9s are to be acc\nt$ !
 natural remun]ation ( ! monopoli/ = 8  
productive s]vice to ! community 9      
enhanc+ _! enjoym5t p] unit ( consumable
 goods to su* po9t z to swell _! net    
aggregate enjoym5t to a maximum4  ,?is  
intricate web ( h$oni/ic calculations   
might be pursu$ fur!r1 ) ! result ( %[+ 
t1 :ile ! consum]s ( ! monopolis$ supply
 ( goods are ga9]s by virtue ( ! enhanc$
 total effective utility ( ! goods1 !   
monopoli/s :o br+ ab\t ?is result d s 9 
great "p at _! own co/1 c\nt+ co/ 9 t]ms
 ( a r$uction ( total effective utility4
 ,by injudici\sly increas+ _! own %>e ( 
goods1 !y l[] ! m>g9al & effective      
utility ( _! weal? to su* a po9t z1     

probably1 to entail a consid]able       
7h$oni/ic7 privation 9 ! %r9kage ( _!   
enjoym5t p] unit4 ,b x is n ! cu/om (   
economi/s1 nor does ,mr4 ,cl>k dep>t f  
?is cu/om1 to dwell on ! h>d%ips ( !    
monopoli/s4 ,?is mu* may be add$1 h[ev]1
 t ?is h$oni/ically consi/5t exposition 
( ! natural law ( f9al productivity %[s 
x to be "o ( ^? univ]sal pr9ciples :i*  
gov]n economic life 9 all its /ages (   
evolution1 ev5 :5 t evolution ent]s !   
phase ( monopoli/ic bus9ess             
ent]prise1--grant+ always ! suffici5cy (
 ! h$oni/ic po/ulates f :i* ! law is    
d]iv$4 ,fur!r1 ! consid]ations review$  
above g to %[ t1 on two c\nts1 ,mr4     
,cl>k's crusade aga9/ monopoly 9 ! lat] 
portion ( 8 treatise is out ( t\* ) !   
l>g] !oretical speculations ( ! e>li]   
portions3 7a7 x runs c\nt] to ! h$oni/ic
 law ( natural di/ribution2 & 7b7 !     
monopoli/ic bus9ess aga9/ :i* ,mr4 ,cl>k
 speaks is b ! high] & m p]fect         
developm5t ( t competitive bus9ess      
ent]prise :i* he wi%es to               

re9/ate1--competitive bus9ess1 s call$1 
be+ incipi5tly monopoli/ic ent]prise4   
,ap>t f ?is !oretical be>+1 ! measures  
:i* ,mr4 ,cl>k advocates = ! repression 
( monopoly1 "u ! head ( applications to 
mod]n problems ( indu/ry & public       
policy1 may be good economic policy or  
!y may n1--!y are ! expression ( a s\nd 
common s5se1 an unvitiat$ solicitude = !
 welf>e ( mank9d1 & a wide in=mation z  
to ! facts ( ! situation4 ,! m]its ( ?is
 policy ( repression1 z su*1 _c be      
discuss$ "h4 ,on ! o!r h&1 ! relation ( 
?is policy to ! !oretical gr\ndwork ( ! 
treatise ne$s also n be discuss$ "h1    
inasmu* z x has sub/antially no relation
 to ! !ory4 ,9 ?is lat] portion ( !     
volume ,mr4 ,cl>k does n lean on        
doctr9es ( f9al utility1 f9al           
productivity1 or1 inde$1 on h$oni/ic    
economics at l>ge4 ,he speaks eloqu5tly 
= ! mat]ial & cultural int]e/s ( !      
community1 & ! ref]5ces to 8 law (      
natural di/ribution might be cut bodily 
out ( ! discussion )\t less5+ ! cog5cy (

 8 appeal or expos+ any weakness 9 8    
position4 ,inde$1 x is by no means c]ta9
 t su* an excision w\ld n /r5g!n 8      
appeal to m5's s5se ( ju/ice by elim9at+
 irrelevant matt]4  ,c]ta9 po9ts 9 ?is  
lat] portion ( ! volume1 h[ev]1 :]e !   
argum5t is at v>iance ) specific        
articles ( !ory pr(ess$ by ,mr4 ,cl>k1  
may be tak5 up1 ma9ly to elucidate !    
weakness ( 8 !oretical position at !    
po9ts 9 "q4 ,he recognises ) m ?an !    
curr5t degree ( fre$om t ! gr[? &       
practicability ( monopolies "u mod]n    
conditions is *iefly due to !           
negotiability ( securities repres5t+    
capital1 c\pl$ ) ! jo9t-/ock "* ( mod]n 
bus9ess conc]ns4#cb ,^! features ( !    
mod]n 7capitali/ic7 bus9ess situation   
enable a suffici5tly few m5 to control a
 section ( ! community suffici5tly l>ge 
to make an effective monopoly4 ,! mo/   
effective kn[n =m ( organisation =      
purposes ( monopoly1 accord+ to ,mr4    
,cl>k1 is t ( ! hold+ company1 & !      
ord9>y corporation foll[s x closely 9   

effectiv5ess 9 ?is respect4 ,!          
monopoli/ic control is effect$ by means 
( ! v5dible securities cov]+ ! capital  
engag$4 ,to meet ! specifications ( ,mr4
 ,cl>k's !ory ( capital1 ^! v5dible     
securities--z e4g41 ! securities 7common
 /ock7 ( a hold+ company--%\ld be simply
 ! =mal evid5ce ( ! own]%ip ( c]ta9     
productive goods & ! l4 ,yet1 by 8 own  
%[+1 ! own]%ip ( a %>e ( productive     
goods proportionate to ! face value1 or 
! m>ket value1 ( ! securities is by no  
means ! *ief consequ5ce ( su* an issue (
 securities4#cc ,"o ( ! consequ5ces1 & =
 ! purposes ( ,mr4 ,cl>k's argum5t !    
grave/ consequ5ce1 ( ! employm5t ( su*  
securities1 is ! dissociation ( own]%ip 
f ! control ( ! indu/rial equipm5t1     
:]eby ! own]s ( c]ta9 securities1 :i* /&
 9 c]ta9 immat]ial1 te*nical relations  
to c]ta9 o!r securities1 are enabl$     
arbitr>ily to control ! use ( !         
indu/rial equipm5t cov]$ by ! latt]4 ,^!
 are facts ( ! mod]n organisation (     
capital1 affect+ ! productivity ( !     

indu/rial equipm5t & its s]viceability  
bo? to its own]s & to ! community4 ,!y  
are facts1 ?\gh n physically tangible   
objects2 & !y h an effect on !          
s]viceability ( indu/ry no less decisive
 ?an ! effect :i* any gr\p ( physically 
tangible objects ( equal m>ket value h4 
,!y are1 moreov]1 facts :i* are b\ght & 
sold 9 ! pur*ase & sale ( ^! securities1
 z1 e4g41 ! common /ock ( a hold+       
company4 ,!y h a value1 & !re=e !y h a  
total effective utility4  ,9 %ort1 ^!   
facts are intangible assets1 :i* are !  
mo/ consequ5tial elem5t 9 mod]n capital1
 b :i* h no exi/5ce 9 ! !ory ( capital  
by :i* ,mr4 ,cl>k aims to deal ) mod]n  
problems ( indu/ry4 ,yet1 :5 he comes to
 deal ) ^! problems1 x is1 ( necessity1 
^! intangible assets t imm$iately engage
 8 att5tion4 ,^! intangible assets are  
an outgr[? ( ! fre$om ( contract "u !   
conditions impos$ by ! ma*9e indu/ry2   
yet ,mr4 ,cl>k proposes to suppress ?is 
category ( intangible assets )\t        
prejudice to fre$om ( contract or to !  

ma*9e indu/ry1 app>5tly )\t hav+ tak5   
?\ght ( ! lesson :i* he rehe>ses 7pp4   
#cij-cia7 f ! introduction ( ! hold+    
company1 ) its s9i/] p]fection1 to take 
! place ( ! 7less effici5t7 tru/ :5 !   
latt] 0 dealt ) some:at z x is n[       
propos$ to deal ) ! hold+ company4 ,"o  
is tempt$ to rem>k t a m naive          
appreh5sion ( ! facts ( mod]n capital   
w\ld h af=d$ a m compet5t realisation ( 
! problems ( monopoly4         99       
99       99       99       99  ,x appe>s
 f :at has j be5 said ( ,mr4 ,cl>k's    
natural di/ribution & ( 8 deal+ ) !     
problems ( mod]n indu/ry t ! logic (    
h$onism is ( no avail = ! !ory ( bus9ess
 affairs4 ,yet x is held1 p]haps ju/ly1 
t ! h$oni/ic int]pretation may be (     
great avail 9 analys+ ! indu/rial       
functions ( ! community1 9 _! broad1    
g5]ic "*1 ev5 if x %\ld n s]ve s well = 
! intricate details ( ! mod]n bus9ess   
situation4 ,x may be at lea/ a          
s]viceable hypo!sis = ! outl9es (       
economic !ory1 = ! fir/ approximations  

to ! economic laws s\ght by taxonomi/s4 
,to be s]viceable = ?is purpose1 !      
hypo!sis ne$ p]haps n be true to fact1  
at lea/ n 9 ! f9al details ( !          
community's life or )\t mat]ial         
qualification2#cd b x mu/ at lea/ h t   
gho/ ( actuality t is impli$ 9 consi/5cy
 ) its own coroll>ies & ramifications4  
,z has be5 sugge/$ 9 an e>li] p>agraph1 
x is *>act]i/ic ( h$oni/ic economics t !
 l>ge & c5tral elem5t 9 its !oretical   
/ructure is ! doctr9e ( di/ribution4    
,consumption be+ tak5 = grant$ z a      
quantitive matt] simply1--ess5tially a  
matt] ( an insatiable                   
appetite1--economics becomes a !ory (   
acquisition2 production is1 !oretically1
 a process ( acquisition1 & di/ribution 
a process ( di/ributive acquisition4 ,! 
!ory ( production is drawn 9 t]ms ( !   
ga9s to be acquir$ by production2 & "u  
competitive conditions ?is means        
necess>ily ! acquisition ( a di/ributive
 %>e ( :at is available4 ,! re/ ( :at ! 
facts ( productive indu/ry include1 z1  

e4g41 ! facts ( workman%ip or !  /ate ( 
! indu/rial arts1 gets b a scant &      
p]functory att5tion4 ,^? matt]s are n ( 
! !oretical ess5ce ( ! s*eme4 ,mr4      
,cl>k's g5]al !ory ( production does n  
diff] sub/antially f t commonly pr(ess$ 
by ! m>g9al-utility s*ool4 ,x is a !ory 
( competitive acquisition4 ,an inquiry  
into ! pr9ciples ( 8 doctr9e1 !re=e1 z  
!y appe>1 e4g41 9 ! e>ly *apt]s ( !     
,ess5tials1 is1 9 effect1 an inquiry    
into ! compet5ce ( ! ma9 !orems ( mod]n 
h$oni/ic economics4  ,all m5 seek to get
 z mu* net s]vice f mat]ial weal? z !y  
c4 ,"s ( ! b5efit receiv$ is neutralis$ 
by ! sacrifice incurr$2 b !re is a net  
surplus ( ga9s n ?us cancel$ by         
sacrifices1 & ! g5]ic motive :i* may    
prop]ly be call$ economic is ! desire to
 make ?is surplus l>ge4#ce ,x is ( !    
ess5ce ( ! s*eme t ! acquisitive        
activities ( mank9d af=d a net balance (
 pleasure4 ,x is out ( ?is net balance1 
presumably1 t ! consum]'s surpluses     
arise1 or x is 9 ?is t !y m]ge4 ,?is    

optimi/ic conviction is a matt] (       
presumption1 ( c\rse2 b x is univ]sally 
held to be true by h$oni/ic economi/s1  
p>ticul>ly by ^? :o cultivate ! doctr9es
 ( m>g9al utility4 ,x is n que/ion$ & n 
prov54 ,x seems to be a surviv+ remnant 
( ! eighte5?-c5tury fai? 9 a b5evol5t   
,ord] ( ,nature2 t is to say1 x is a    
rationali/ic metaphysical po/ulate4 ,x  
may be true or n1 z matt] ( fact2 b x is
 a po/ulate ( ! s*ool1 & its optimi/ic  
bias runs l a r$ ?read ?r\gh all ! web (
 argum5t t envelops ! normal competitive
 sy/em4 ,a surplus ( ga9 is normal to ! 
!oretical s*eme4  ,! next great !orem ( 
?is !ory ( acquisition is at            
cross-purposes ) ?is "o4 ,m5 get useful 
goods only at ! co/ ( produc+ !m1 &     
production is irksome1 pa9ful1 z has be5
 rec\nt$ above4 ,!y g on produc+        
utilities until1 at ! m>g91 ! la/       
increm5t ( utility 9 ! product is       
balanc$ by ! concomitant increm5t (     
disutility 9 ! way ( irksome productive 
ef=t1--labor or ab/95ce4 ,at ! m>g91    

pleasure-ga9 is balanc$ by pa9-co/4 ,b !
 effective utility ( ! total product is 
measur$ by t ( ! f9al unit2 ! effective 
utility ( ! :ole is giv5 by ! numb] (   
units ( product multipli$ by ! effective
 utility ( ! f9al unit2 :ile ! effective
 disutility 7pa9-co/7 ( ! :ole is       
simil>ly measur$ by ! pa9-co/ ( ! f9al  
unit4 ,! total effective utility ( !    
produc]'s product equals ! total        
effective disutility ( 8 pa9s (         
acquisition4 ,h5ce !re is no net surplus
 ( utility 9 ! outcome4  ,! corrective  
objection is ready to h&1#cf t1 :ile !  
balance ( utility & disutility holds at 
! m>g91 x does n hold = ! e>li] units ( 
! product1 ^! e>li] units hav+ a l>g]   
utility & a l[] co/1 & s leav+ a l>ge   
net surplus ( utility1 :i* gradually    
decl9es z ! m>g9 is approa*$4 ,b ?is    
attempt$ correction evades ! h$oni/ic   
te/4 ,x %ifts ! gr\nd f ! calculus to ! 
objects :i* provoke ! calculation4      
,utility is a psy*ological matt]1 a     
matt] ( pleasurable appreciation1 j z   

disutility1 conv]sely1 is a matt] (     
pa9ful appreciation4 ,! individual :o is
 held to c\nt ! co/s & ! ga9 9 ?is      
h$oni/ic calculus is1 by supposition1 a 
highly reasonable p]son4 ,he c\nts ! co/
 to him z an individual aga9/ ! ga9 to  
him z an individual4 ,he looks be=e &   
aft]1 & sizes ! :ole ?+ up 9 a          
reasonable c\rse ( conduct4 ,! absolute 
utility w\ld exce$ ! effective utility  
only on ! supposition t ! produc] is an 
unreflect+ s5sory app>atus1 su* z !     
bea/s ( ! field are suppos$ to be1      
devoid ( t gift ( appraisem5t &         
calculation :i* is ! hypo!tical h$oni/'s
 only human trait4 ,!re might on su* a  
supposition--if ! produc] 7 an          
intellig5t s5sitive organism            
simply--em]ge an excess ( total pleasure
 ov] total pa91 b !re c\ld !n be no talk
 ( utility or ( disutility1 s9ce ^! t]ms
 imply intellig5t reflection1 & !y are  
employ$ because !y d s4 ,! h$oni/ic     
produc] looks to 8 own co/ & ga91 z an  
intellig5t pleasure-seek] ^:            

consci\sness compasses ! contra/$       
elem5ts z :oles4 ,he does n contra/ !   
balance ( pa9 & pleasure 9 ! morn+ ) !  
balance ( pa9 & pleasure 9 ! aft]noon1 &
 say t !re is s mu* to ! good because he
 0 n s tir$ 9 ! morn+4 ,inde$1 by       
hypo!sis1 ! pleasure to be d]iv$ f !    
consumption ( ! product is a future1 or 
expect$1 pleasure1 & c be said to be    
pres5t1 at ! po9t ( "t at :i* a giv5    
unit ( pa9-co/ is incurr$1 only 9       
anticipation2 & x _c be said t !        
anticipat$ pleasure atta*+ to a unit (  
product :i* em]ges f ! ef=t ( ! produc] 
dur+ ! relatively pa9less fir/ h\r's "w 
exce$s ! anticipat$ pleasure atta*+ to a
 simil> unit em]g+ f ! second h\r's "w4 
,mr4 ,cl>k has1 9 effect1 expla9$ ?is   
matt] 9 sub/antially ! same way 9 ano!r 
connection 7e4g41 p4 #db71 :]e he %[s t 
! magnitude on :i* ! "q ( utility & co/ 
h+es is ! total effective utility1 & t !
 total absolute utility is a matt] n (  
:at h$oni/ically is1 9 respect ( utility
 z an outcome ( production1 b ( :at     

might h be5 "u diff]5t circum/ances4    
,an equally unpr(itable result may be   
rea*$ f ! same po9t ( dep>ture along a  
diff]5t l9e ( argum5t4 ,grant+ t        
increm5ts ( product %\ld be measur$1 9  
respect ( utility1 by comp>ison ) !     
disutility ( ! concomitant increm5t (   
co/1 !n ! diagrammatic argum5ts commonly
 employ$ are inadequate1 9 t ! diagrams 
are necess>ily drawn 9 two dim5sions    
only1--l5g? & bread?3 :]eas !y %\ld be  
drawn 9 ?ree dim5sions1 s z to take     
acc\nt ( ! int5sity ( application z well
 z ( its duration4#cg ,app>5tly1 !      
exig5cies ( graphic repres5tation1      
=tifi$ by ! presumption t !re always    
em]ges a surplus ( utility1 h l$        
m>g9al-utility !ori/s1 9 effect1 to     
ov]look ?is matt] ( int5sity (          
application4  ,:5 ?is elem5t is br\ght 9
 ) ! same fre$om z ! o!r two dim5sions  
engag$1 ! argum5t w1 9 h$oni/ic         
consi/5cy1 run some:at z foll[s1--! run 
( ! facts be+ :at x may4 ,! produc]1    
sett+ out on ?is irksome bus9ess1 &     

beg9n+ ) ! production ( ! exorbitantly  
useful initial unit ( product1 w1 by    
h$oni/ic necessity1 apply himself to !  
task ) a correspond+ly extravagant      
int5sity1 ! irksom5ess 7disutility7 (   
:i* necess>ily rises to su* a pit* z to 
leave no excess ( utility 9 ?is initial 
unit ( product above ! concomitant      
disutility ( ! initial unit ( productive
 ef=t4#ch ,z ! utility ( subsequ5t units
 ( product progressively decl9es1 s w ! 
produc]'s int5sity ( irksome application
 concomitantly decl9e1 ma9ta9+ a nice   
balance betwe5 utility & disutility     
?r\gh\t4 ,!re is1 !re=e1 no excess (    
absolute utility above effective utility
 at any po9t on ! curve1 & no excess (  
total absolute utility above total      
effective utility ( ! product z a :ole1 
nor above ! total absolute disutility or
 ! total effective disutility ( !       
pa9-co/4  ,a transi5t evasion ( ?is     
outcome may p]haps be s\ght by say+ t ! 
produc] w act wisely1 z a good h$oni/   
%\ld1 & save 8 en]gies dur+ ! e>li]     

mom5ts ( ! productive p]iod 9 ord] to   
get ! be/ aggregate result f 8 day's    
labor1 in/ead ( sp5d+ himself 9         
ill-advis$ excesses at ! outset4 ,su*   
seems to be ! fact ( ! matt]1 s f> z !  
facts we> a h$oni/ic complexion2 b ?is  
correction simply ?r[s ! argum5t back on
 ! previ\s position & conc$es ! =ce (   
:at 0 !re claim$4 ,x am\nts to say+ t1  
in/ead ( appreciat+ ea* successive unit 
( product 9 isolat$ contra/ ) its       
concomitant unit ( irksome productive   
ef=t1 ! produc]1 be+ human1 wisely looks
 =w>d to 8 total product & rates x by   
contra/ ) 8 total pa9-co/4 ,:]eupon1 z  
be=e1 no net surplus ( utility em]ges1  
"u ! rule :i* says t irksome production 
( utilities goes on until utility &     
disutility balance4  ,b ?is revision (  
f9al productivity has fur!r consequ5ces 
= ! optimi/ic doctr9es ( h$onism4       
,evid5tly1 by a some:at simil> l9e (    
argum5t ! consum]'s surplus w be made to
 disappe>1 ev5 z ?is t may be call$ !   
produc]'s surplus has disappe>$4        

,production be+ acquisition1 & !        
consum]'s co/ be+ co/ ( acquisition1 !  
argum5t above %\ld apply to ! consum]'s 
case )\t abatem5t4 ,on consid]+ ?is     
matt] 9 t]ms ( ! h$oni/ically responsive
 individual conc]n$1 ) a view to det]m9+
 :e!r !re is1 9 8 calculus ( utilities &
 co/s1 any m>g9 ( uncov]$ utilities left
 ov] aft] he has incurr$ all !          
disutilities t are wor? :ile to         
him1--in/ead ( proce$+ on a comp>ison   
betwe5 ! pleasure-giv+ capacity ( a giv5
 article & ! m>ket price ( ! article1   
all su* alleg$ diff]5tial advantages )9 
! scope ( a s+le s5sory are se5 to be   
no?+ bett] ?an an illusory diffractive  
effect due to a faulty in/rum5t4  ,b !  
tr\ble does n end "h4 ,! equality3      
pa9-co/  pleasure-ga91 is n a compet5t  
=mula4 ,x %\ld be3 pa9-co/ incurr$      
pleasure-ga9 anticipat$4 ,& betwe5 ^!   
two =mulas lies ! old adage1 !re's _m a 
slip 'twixt ! cup & ! lip4 ,9 an        
appreciable proportion ( v5tures1       
endeavors1 & ent]prises1 m5's           

expectations ( pleasure-ga9 are 9 "s    
degree disappo9t$1--?r\gh               
miscalculation1 ?r\gh diss]viceable     
second>y effects ( _! productive ef=ts1 
by ! act ( ,god1 by fire1 flood1 &      
pe/il5ce4 ,9 ! nature ( ?+s ^!          
discrepancies fall out on ! side ( loss 
m frequ5tly ?an on t ( ga94 ,aft] all   
all[ance has be5 made = :at may be call$
 s]viceable errors1 !re rema9s a m>g9 ( 
diss]viceable error1 s t pa9-co/        
ev5tual pleasure-ga9  anticipat$        
pleasure-ga9--n4 ,h5ce1 9 g5]al1 pa9-co/
  pleasure-ga94 ,h5ce x appe>s t1 9 !   
nature ( ?+s1 m5's pa9s ( production are
 und]paid by t mu*2 al?\gh x may1 (     
c\rse1 be held t ! nature ( ?+s at ?is  
po9t is n natural or normal4  ,to ?is x 
may be object$ t ! risk is disc\nt$4    
,insurance is a practical disc\nt+ (    
risk2 b insurance is resort$ to only to 
cov] risk t is appreciat$ by ! p]son    
expos$ to x1 & x is su* risks z are n   
appreciat$ by ^? :o incur !m t are      
*iefly 9 "q "h4 ,& x may be add$ t      

insurance has hi!rto n avail$ to        
equalise & di/ribute ! *ances ( success 
& failure4 ,bus9ess ga9s--entrepr5eur's 
ga9s1 ! rew>ds ( initiative &           
ent]prise--come out ( ?is uncov]$ m>g9 (
 adv5ture1 & ! losses ( initiative &    
ent]prise are to be set d[n to ! same   
acc\nt4 ,9 "s measure ?is elem5t (      
initiative & ent]prise ent]s into all   
economic endeavor4 ,& x is n unusual =  
economi/s to rem>k t ! volume (         
unsuccessful or only p>tly successful   
ent]prise is v l>ge4 ,!re are "s l9es ( 
ent]prise t are1 z "o might say1 extra  
haz>d\s1 9 :i* ! av]age falls out       
habitually on ! wrong side ( ! acc\nt4  
,typical ( ?is class is ! production ( !
 preci\s metals1 p>ticul>ly z conduct$  
"u t regime ( free competition = :i*    
,mr4 ,cl>k speaks4 ,x has be5 ! op9ion1 
q advis$ly1 ( su* economi/s ( ! classic 
age ( competition z ,j4 ,s4 ,mill &     
,cairnes1 e4g41 t ! _w's supply ( !     
preci\s metals has be5 got at an av]age 
or total co/ exce$+ _! value by sev]al  

fold4 ,! produc]s1 "u free competition  
at lea/1 are ov]-sangu9e ( results4  ,b1
 9 /rict consi/5cy1 ! h$oni/ic !ory (   
human conduct does n all[ m5 to be guid$
 9 _! calculation ( co/ & ga91 :5 !y h  
to d ) ! preci\s metals1 by diff]5t     
norms f ^? :i* rule _! conduct 9 ! g5]al
 que/ ( ga94 ,! visible diff]5ce 9 ?is  
respect betwe5 ! production ( ! preci\s 
metals & production g5]ally %\ld be due 
to ! l>g] proportions & great] notoriety
 ( ! risks 9 ?is field r ?an to a       
diff]5ce 9 ! mann] ( response to !      
/imulus ( expect$ ga94 ,! canons (      
h$oni/ic calculus p]mit none b a        
quantitative diff]5ce 9 ! response4 ,:at
 happ5s 9 ! production ( ! preci\s      
metals is typical ( :at happ5s 9 a      
measure & m obscurely ?r\gh\t ! field ( 
productive ef=t4  ,in/ead ( a surplus ( 
utility ( product above ! disutility (  
acquisition1 !re=e1 !re em]ges an av]age
 or aggregate net h$oni/ic deficit4 ,on 
a consi/5t m>g9al-utility !ory1 all     
production is a los+ game4 ,! fact t    

,nature keeps ! bank1 x appe>s1 does n  
take ! h$oni/ic game ( production out ( 
! g5]al category kn[n ( old to t class (
 sangu9e h$oni/ic calculators ^:        
day-dreams are fill$ ) safe & sane      
s*emes = break+ ! bank4 ,hope spr+s     
et]nal 9 ! human brea/4 ,m5 are         
cong5itally ov]-sangu9e1 x appe>s2 & !  
production ( utilities is1 ma!matically 
speak+1 a function ( ! pig-head$        
optimism ( mank9d4 ,x turns out t ! laws
 ( 7human7 nature malevol5tly gr9d out  
vexation = m5 in/ead ( b5evol5tly fur!r+
 ! greate/ happ9ess ( ! greate/ numb]4  
,! soon] ! :ole traffic ceases1 !       
bett]1--! small] w be ! net balance (   
pa94 ,! great h$oni/ic ,law ( ,nature   
turns out to be simply ! curse ( ,adam1 
back$ by ! ev5 m s9i/] curse ( ,eve4    
99       99       99       99       99  
,! rem>k 0 made 9 an e>li] p>agraph t   
,mr4 ,cl>k's !ories h sub/antially no   
relation to 8 practical proposals4 ,?is 
broad decl>ation requires an equally    
broad qualification4 ,:ile ! positions  

rea*$ 9 8 !oretical developm5t c\nt =   
no?+ 9 mak+ or =tify+ ! positions tak5  
on problems ( mod]n indu/ry & public    
policy1 ! two phases ( ! discussion--!  
!oretical & ! pragmatic--are ! outgr[? (
 ! same range ( preconceptions & run    
back to ! same metaphysical gr\nd4 ,!   
pres5t canvass ( items 9 ! doctr9al     
sy/em has already f> ov]pass$ reasonable
 limits1 & x is out ( ! "q "h to pursue 
! exfoliation ( ideas ?r\gh ,mr4 ,cl>k's
 discussion ( public que/ions1 ev5 9 !  
fragm5t>y fa%ion 9 :i* scatt]$ items ( !
 !oretical portion ( 8 treatise h be5   
pass$ 9 review4 ,b a broad & rudely     
drawn *>act]isation may yet be          
p]missible4 ,?is latt] portion ( !      
volume has ! g5]al complexion ( a ,bill 
( ,rights4 ,?is is said1 ( c\rse1 ) no  
int5tion ( imput+ a fault4 ,x implies t 
! scope & me?od ( ! discussion is gov]n$
 by ! preconception t !re is "o "r &    
beautiful def9itive s*eme ( economic    
life1 to :i* ! :ole creation t5ds4      
,:5ev] & 9 s f> z curr5t ph5om5a dep>t  

or div]ge f ?is def9itive natural s*eme 
or f ! /raight & n>r[ pa? t leads to its
 consummation1 !re is a grievance to be 
rem$i$ by putt+ ! :eels back into ! rut4
 ,! future1 su* z x ought to be1--! only
 normally possible1 natural future s*eme
 ( life1--is kn[n by ! light ( ?is      
preconception2 & m5 h an indefeasible "r
 to ! in/allation & ma9t5ance ( ^?      
specific economic relations1 exp$i5ts1  
in/itutions1 :i* ?is natural s*eme      
comprises1 & to no o!rs4 ,! consummation
 is presum$ to dom9ate ! c\rse ( ?+s :i*
 is presum$ to lead up to !             
consummation4 ,! measures ( r$ress :]eby
 ! economic ,ord] ( ,nature is to r5ew  
its y\? are simple1 direct1 &           
%ort-sight$1 z becomes ! proposals (    
pre-,d>w9ian h$onism1 :i* is n tr\bl$   
ab\t ! exub]ant unc]ta9ties ( cumulative
 *ange4 ,no d\bt pres5ts itself b t !   
community's code ( "r & equity 9        
economic matt]s w rema9 un*ang$ "u *ang+
 conditions ( economic life4            
,,footnotes3  #a ,repr9t$ by p]mission f

 ,! ,qu>t]ly ,j\rnal ( ,economics1 ,vol4
 ,,xxii1 ,feb41 #aijh4  #b ,! ,ess5tials
 ( ,economic ,!ory1 z ,appli$ to ,mod]n 
,problems ( ,indu/ry & ,public ,policy4 
,by ,john ,bates ,cl>k4 ,new ,york3 ,!  
,macmillan ,company4 #aijg4  #c ,cf41   
e4g4 ,! ,di/ribution ( ,weal?1 p4 #cgf1 
note4  #d ,see1 e4g41 ,j4 ,s4 ,mill1    
,political ,economy1 ,book ,i2 ,m>%all1 
,pr9ciples ( ,economics1 ,vol4 ,i1      
,books ,,ii-,v4  #e ,cf41 e4g41 su* an  
acc\nt z ,b>r[s1 ,e?no-botany ( !       
,coahuilla ,indians4  #f ,:at w\ld be ! 
sci5tific rat+ ( ! "w ( a botani/ :o    
%\ld sp5d 8 en]gy 9 devis+ ways & means 
to neutralize ! ecological v>iability ( 
plants1 or ( a physiologi/ :o conceiv$ x
 ! end ( 8 sci5tific endeavors to       
rehabilitate ! v]mi=m app5dix or ! p9eal
 eye1 or to d5\nce & p5alize ! imitative
 color+ ( ! ,vic]oy butt]fly8 ,:at      
sci5tific int]e/ w\ld atta* to ! matt]  
if ,mr4 ,loeb1 e4g41 %\ld devote a few  
score pages to canvass+ ! moral         
responsibilities incurr$ by him 9 8     

p>5tal relation to 8 p>!nog5etically    
develop$ sea-ur*9 eggs8  ,^? ph5om5a :i*
 ,mr4 ,cl>k *>act]izes z positive       
p]v]sions may be di/a/eful & tr\blesome1
 p]haps1 b ! economic necessity ( do+   
:at is legally difficult is n ( !       
ess5tials ( !ory4  #g ,x is a notable   
fact t ev5 ! g5ius ( ,h]b]t ,sp5c] c\ld 
extract no?+ b taxonomy f 8 h$oni/ic    
po/ulates2 e4g41 8 ,social ,/atics4     
,sp5c] is bo? evolutioni/ & h$oni/1 b x 
is only by rec\rse to o!r factors1 ali5 
to ! rational h$oni/ic s*eme1 su* z     
habit1 delusions1 use & disuse1 sporadic
 v>iation1 environm5tal =ces1 t he is   
able to a*ieve any?+ 9 ! way ( g5etic   
sci5ce1 s9ce x is only by ?is rec\rse t 
he is enabl$ to ent] ! field (          
cumulative *ange )9 :i* ! mod]n         
po/-,d>w9ian sci5ces live & move & h _! 
be+4  #h ,! capital-goods h to be tak5  
unit by unit if _! value = productive   
purposes is to be rightly gaug$4 ,a "p (
 a supply ( potatoes is traceable to !  
hoes t dig !m4444 ,we endeavor simply to

 asc]ta9 h[ badly ! loss ( "o hoe w\ld  
affect u or h[ mu* good ! re/oration ( x
 w\ld d u4 ,?is tru?1 l ! =ego+ ones1   
has a univ]sal application 9 economics2 
= primitive m5 z well z civiliz$ ones   
mu/ e/imate ! specific productivity ( ! 
tools t !y use1 etc4 ,page #dc4  #i ,cf4
 a criticism ( ,mr4 ,fi%]'s conception 9
 ! ,political ,sci5ce ,qu>t]ly =        
,febru>y1 #aijh4  #aj ,! ma*9e itself is
 (t5 a hopeless speciali/4 ,x c d "o    
m9ute ?+ & t only1 & :5 a new & bett]   
device appe>s = do+ t "o ?+1 ! ma*9e has
 to g1 & n to "s new employm5t1 b to !  
junk heap4 ,!re is ?us tak+ place a     
consid]able wa/e ( capital 9 consequ5ce 
( me*anical & o!r progress4 ,inde$1 a   
quick ?r[+ away ( in/rum5ts :i* h b>ely 
begun to d _! "w is (t5 ! secret ( !    
success ( an ent]pris+ manag]1 b x      
entails a de/ruction ( capital4  #aa ,! 
position ( ! labor] & 8 wages1 9 ?is    
light1 w\ld n be sub/antially diff]5t f 
t ( ! capitali/ & 8 int]e/4 ,labor is no
 m possible1 z a fact ( indu/ry1 )\t !  

community's accumulat$ te*nological k   
?an is ! use ( productive goods4  #ab   
,cf4 ,di/ribution ( ,weal?1 *aps1 xii1  
xiii1 vii1 viii2 ,ess5tials1 *aps1 v-x4 
#ac ,ess5tials1 p4 #aeh4  #ad           
,di/ribution1 *ap4 xxiv4  #ae ,*ap4     
xxiv4  #af ,ess5tials1 p4 #dj4  #ag     
,among mod]n economic h$oni/s1 includ+  
,mr4 ,cl>k1 !re /&s ov] f ! bett] days (
 ! ord] ( nature a presumption1 disav[$1
 b (t5 decisive1 t ! s5sational response
 to ! l me*anical impact ( ! /imulat+   
body is ! same 9 diff]5t individuals4   
,b1 :ile ?is presumption /&s ev] 9 !    
backgr\nd1 & helps to _m important      
conclusions1 z 9 ! case "u discussion1  
few mod]n h$oni/s w\ld "q ! /atem5t 9 ! 
text4  #ah ,di/ribution1 p4 #cid4  #ai  
,9 ,mr4 ,cl>k's discussion1 else:]e1 !  
quasi-"* ( ! productive %>e ( ! labor]  
is indicat$ by say+ t x is ! product    
imput$ or imputable to him4  #bj        
,ess5tials1 p4 #ib4 ,et si s5sus        
deficit1 ad firm&um cor s9c]um sola     
fides sufficit4  #ba ,see pp4 #ajb-aac2 

also p4 #agb1 note4  #bb ,! *eape/ &    
poore/ grades ( articles4 ,page #aac4   
#bc ,see p4 #aac4  #bd ,! disappe>ance1 
& ! me?od ( disappe>ance1 ( su* elem5ts 
( diff]5tial utility & disutility       
occupies a v important place 9 all      
m>g9al-utility 7f9al-utility7 !ories (  
m>ket value1 or objective value4  #be   
,only ! simple/ & *eape/ ?+s t are sold 
9 ! m>ket at all br+ j :at !y are wor?  
to ! buy]s4 ,page #aac4  #bf ,x is1     
e4g41 op5 to s]i\s "q :e!r ,mr4 ,cl>k's 
curves ( f9al productivity 7pp4 #aci1   
#adh71 %[+ a decl9+ output p] unit 9    
response to an increase ( "o ( !        
complem5t>y ag5ts ( production1 w fit ! 
common run ( indu/ry 9 case ! output be 
c\nt$ by weight & tale4 ,9 _m cases !y  
w1 no d\bt2 9 _m o!r cases !y w n4 ,b   
?is is no criticism ( ! curves 9 "q1    
s9ce !y d n1 or at lea/ %\ld n1 purport 
to repres5t ! product 9 su* t]ms1 b 9   
t]ms ( utility4  #bg ,to resort to an   
approximation aft] ! mann] ( ,mal?us1 if
 ! supply ( goods be suppos$ to increase

 by ari?metical progression1 _! f9al    
utility may be said concomitantly to    
decrease by geometrical progression4    
#bh ,cf4 ,ess5tials1 *ap4 iii1          
especially pp4 #dj-da4  #bi ,! curr5t   
m>g9al-utility diagrams are n ( mu* use 
9 ?is connection1 because ! angle ( !   
tang5t ) ! axis ( ord9ates1 at any po9t1
 is l>gely a matt] ( ! draftsman's ta/e4
 ,! abscissa & ! ord9ate d n measure    
comm5surable units4 ,! units on !       
abscissa are units ( frequ5cy1 :ile ^?  
on ! ord9ate are units ( amplitude2 & ! 
great] or less segm5t ( l9e all[$ p]    
unit on ei!r axis is a matt] (          
indep5d5tly arbitr>y *oice4 ,yet !      
proposition 9 ! text rema9s true1--z    
true z h$oni/ic propositions commonly   
are4 ,! magnitude ( ! angle ( ! tang5t )
 ! axis ( ord9ates decides :e!r ! total 
7h$oni/ic7 productivity at a giv5 po9t 9
 ! curve increases or decreases ) a     
7me*anical7 increase ( ! productive     
ag5t1--no /ud5t at all famili> )        
m>g9al-utility argum5ts w "q t pat5t    

fact4 ,b ! angle ( ! tang5t dep5ds on ! 
fancy ( ! draftsman1--no "o possess$ ( !
 elem5tal ma!matical notions w "q t     
equally pat5t fact4  #cj ,a simil> l9e (
 argum5t has be5 foll[$ up by ,mr4 ,cl>k
 = capital & int]e/1 9 a diff]5t        
connection4 ,see ,ess5tials1 pp4        
#cdj-cde1 #cef4  #ca ,cf4 ,ess5tials1   
pp4 #hc-ij1 #aah-abj4  #cb ,cf4 *ap4    
xxii1 especially pp4 #cgh-cib4  #cc ,cf4
 p4 #cia4  #cd ,cf4 ,ess5tials1 p4 #ci4 
#ce ,ess5tials1 p4 #ci4  #cf ,cf4       
,ess5tials1 *ap4 iii1 especially pp4    
#ea-ef4  #cg ,?is difficulty is         
recogniz$ by ! curr5t m>g9al-utility    
argum5ts1 & an all[ance = int5sity is   
made or presum$4 ,b ! all[ance admitt$  
is inv>iably insuffici5t4 ,x might be   
said to be insuffici5t by hypo!sis1 s9ce
 x is by hypo!sis too small to (fset !  
factor :i* x is admitt$ to modify4  #ch 
,! limit to :i* ! int5sity rises is a   
m>g9 ( ! same k9d z t :i* limits !      
duration4 ,?is supposition1 t ! int5sity
 ( application necess>ily rises to su* a

 pit* t its disutility ov]takes & (fsets
 ! utility ( ! product1 may be object$  
to z a bit ( pu]ile absurdity2 b x is a 
long "t s9ce pu]ility or absurdity has  
be5 a b> to any supposition 9 argum5ts  
on m>g9al utility4     ,,! ,,limitations
 ,,( ,,m>g9al ,,utility#a   ,!          
limitations ( ! m>g9al-utility economics
 are %>p & *>act]i/ic4 ,x is f fir/ to  
la/ a doctr9e ( value1 & 9 po9t ( =m &  
me?od x is a !ory ( valuation4 ,! :ole  
sy/em1 !re=e1 lies )9 ! !oretical field 
( di/ribution1 & x has b a second>y be>+
 on any o!r economic ph5om5a ?an ^? (   
di/ribution--! t]m be+ tak5 9 its       
accept$ s5se ( pecuni>y di/ribution1 or 
di/ribution 9 po9t ( own]%ip4 ,n[ & aga9
 an attempt is made to ext5d ! use ( !  
pr9ciple ( m>g9al utility beyond ?is    
range1 s z to apply x to que/ions (     
production1 b hi!rto )\t s5sible effect1
 & necess>ily s4 ,! mo/ +5i\s & ! mo/   
promis+ ( su* attempts h be5 ^? ( ,mr4  
,cl>k1 ^: "w m>ks ! extreme range (     
endeavor & ! extreme degree ( success 9 

s seek+ to turn a po/ulate ( di/ribution
 to acc\nt = a !ory ( production4 ,b !  
outcome has be5 a doctr9e ( ! production
 ( values1 & value1 9 ,mr4 ,cl>k's z 9  
o!r utility sy/ems1 is a matt] (        
valuation2 :i* ?r[s ! :ole excursion    
back into ! field ( di/ribution4        
,simil>ly1 z reg>ds attempts to make use
 ( ?is pr9ciple 9 an analysis ( !       
ph5om5a ( consumption1 ! be/ results    
arriv$ at are "s =mulation ( ! pecuni>y 
di/ribution ( consumption goods4  ,)9   
?is limit$ range m>g9al-utility !ory is 
( a :olly /atical "*4 ,x (f]s no !ory ( 
a movem5t ( any k9d1 be+ occupi$ ) !    
adju/m5t ( values to a giv5 situation4  
,( ?is1 aga91 no m conv9c+ illu/ration  
ne$ be _h ?an is af=d$ by ! "w ( ,mr4   
,cl>k1 :i* is n excell$ 9 po9t (        
e>ne/ness1 p]sev]ance1 or insight4 ,=   
all _! use ( ! t]m dynamic1 nei!r ,mr4  
,cl>k nor any ( 8 associates 9 ?is l9e (
 rese>* h yet contribut$ any?+ at all   
appreciable to a !ory ( g5esis1 gr[?1   
sequ5ce1 *ange1 process1 or ! l1 9      

economic life4 ,!y h _h some?+ to say z 
to ! be>+ :i* giv5 economic *anges1     
accept$ z premises1 may h on valuation1 
& s on di/ribution2 b z to ! causes (   
*ange or ! unfold+ sequ5ce ( ! ph5om5a (
 economic life !y h _h no?+ to say      
hi!rto2 nor c !y1 s9ce _! !ory is n     
drawn 9 causal t]ms b 9 t]ms (          
teleology4  ,9 all ?is ! m>g9al-utility 
s*ool is sub/antially at "o ) !         
classical economics ( ! n9ete5? c5tury1 
! diff]5ce betwe5 ! two be+ t ! =m] is  
conf9$ )9 n>r[] limits & /icks m        
consi/5tly to its teleological premises4
 ,bo? are teleological1 & nei!r c       
consi/5tly admit argum5ts f cause to    
effect 9 ! =mulation ( _! ma9 articles (
 !ory4 ,nei!r c deal !oretically )      
ph5om5a ( *ange1 b at ! mo/ only )      
rational adju/m5t to *ange :i* may be   
suppos$ to h sup]v5$4  ,to ! mod]n      
sci5ti/ ! ph5om5a ( gr[? & *ange are !  
mo/ obtrusive & mo/ consequ5tial facts  
obs]vable 9 economic life4 ,= an und]/&+
 ( mod]n economic life ! te*nological   

advance ( ! pa/ two c5turies--e4g41 !   
gr[? ( ! indu/rial arts--is ( ! fir/    
importance2 b m>g9al-utility !ory does n
 be> on ?is matt]1 nor does ?is matt]   
be> on m>g9al-utility !ory4 ,z a means (
 !oretically acc\nt+ = ?is te*nological 
movem5t 9 ! pa/ or 9 ! pres5t1 or ev5 z 
a means ( =mally1 te*nically /at+ x z an
 elem5t 9 ! curr5t economic situation1 t
 doctr9e & all its works are altoge!r   
idle4 ,! l is true = ! sequ5ce ( *ange t
 is go+ =w>d 9 ! pecuni>y relations (   
mod]n life2 ! h$oni/ic po/ulate & its   
propositions ( diff]5tial utility nei!r 
h s]v$ nor c s]ve an inquiry into ^!    
ph5om5a ( gr[?1 al?\gh ! :ole body (    
m>g9al-utility economics lies )9 ! range
 ( ^! pecuni>y ph5om5a4 ,x has no?+ to  
say to ! gr[? ( bus9ess usages &        
exp$i5ts or to ! concomitant *anges 9 ! 
pr9ciples ( conduct :i* gov]n ! pecuni>y
 relations ( m51 :i* condition & are    
condition$ by ^! alt]$ relations (      
bus9ess life or :i* br+ !m to pass4  ,x 
is *>act]i/ic ( ! s*ool t :]ev] an      

elem5t ( ! cultural fabric1 an          
in/itution or any in/itutional ph5om5on1
 is involv$ 9 ! facts ) :i* ! !ory is   
occupi$1 su* in/itutional facts are tak5
 = grant$1 d5i$1 or expla9$ away4 ,if x 
is a "q ( price1 !re is (f]$ an         
explanation ( h[ ex*anges may take place
 ) su* effect z to leave money & price  
out ( ! acc\nt4 ,if x is a "q ( cr$it1 !
 effect ( cr$it ext5sion on bus9ess     
traffic is left on "o side & !re is an  
explanation ( h[ ! borr[] & l5d]        
cooep]ate to smoo? out _! respective    
income /reams ( consumable goods or     
s5sations ( consumption4 ,! failure ( ! 
s*ool 9 ?is respect is consi/5t &       
compreh5sive4 ,& yet ^! economi/s are   
lack+ nei!r 9 intellig5ce nor 9         
in=mation4 ,!y are1 inde$1 to be cr$it$1
 commonly1 ) a wide range ( in=mation & 
an exact control ( mat]ials1 z well z ) 
a v al]t int]e/ 9 :at is go+ on2 & ap>t 
f _! !oretical pron\ncem5ts ! memb]s ( !
 s*ool habitually pr(ess ! sane/ & mo/  
intellig5t views ( curr5t practical     

que/ions1 ev5 :5 ^! que/ions t\* matt]s 
( in/itutional gr[? & decay4  ,!        
infirmity ( ?is !oretical s*eme lies 9  
its po/ulates1 :i* conf9e ! inquiry to  
g5]alisations ( ! teleological or       
d$uctive ord]4 ,^! po/ulates1 toge!r ) !
 po9t ( view & logical me?od t foll[ f  
!m1 ! m>g9al-utility s*ool %>es ) o!r   
economi/s ( ! classical l9e--= ?is s*ool
 is b a bran* or d]ivative ( ! ,engli%  
classical economi/s ( ! n9ete5? c5tury4 
,! sub/antial diff]5ce betwe5 ?is s*ool 
& ! g5]ality ( classical economi/s lies 
ma9ly 9 ! fact t 9 ! m>g9al-utility     
economics ! common po/ulates are m      
consi/5tly adh]$ to at ! same "t t !y   
are m neatly def9$ & _! limitations are 
m adequately realiz$4 ,bo? ! classical  
s*ool 9 g5]al & its specializ$ v>iant1 !
 m>g9al-utility s*ool1 9 p>ticul>1 take 
z _! common po9t ( dep>ture !           
traditional psy*ology ( ! e>ly          
n9ete5?-c5tury h$oni/s1 :i* is accept$ z
 a matt] ( c\rse or ( common notoriety &
 is held q uncritically4 ,! c5tral &    

well-def9$ t5et s held is t ( ! h$oni/ic
 calculus4 ,"u ! guidance ( ?is t5et & (
 ! o!r psy*ological conceptions         
associat$ & consonant ) x1 human conduct
 is conceiv$ ( & int]pret$ z a rational 
response to ! exig5cies ( ! situation 9 
:i* mank9d is plac$2 z reg>ds economic  
conduct x is su* a rational &           
unprejudic$ response to ! /imulus (     
anticipat$ pleasure & pa9--be+1         
typically & 9 ! ma91 a response to !    
prompt+s ( anticipat$ pleasure1 = !     
h$oni/s ( ! n9ete5? c5tury & ( !        
m>g9al-utility s*ool are 9 ! ma9 ( an   
optimi/ic temp]4#b ,mank9d is1 on ! :ole
 & normally1 7conceiv$ to be7 cle>sight$
 & f>sight$ 9 its appreciation ( future 
s5su\s ga9s & losses1 al?\gh !re may be 
"s 7inconsid]able7 diff]5ce betwe5 m5 9 
?is respect4 ,m5's activities diff]1    
!re=e1 7inconsid]ably7 9 respect ( !    
al]tness ( ! response & ! nicety (      
adju/m5t ( irksome pa9-co/ to appreh5d$ 
future s5su\s ga92 b1 on ! :ole1 no o!r 
gr\nd or l9e or guidance ( conduct ?an  

?is rationali/ic calculus falls prop]ly 
)9 ! cognizance ( ! economic h$oni/s4   
,su* a !ory c take acc\nt ( conduct only
 9 s f> z x is rational conduct1 guid$  
by delib]ate & exhau/ively intellig5t   
*oice--wise adaptation to ! dem&s ( !   
ma9 *ance4  ,! ext]nal circum/ances :i* 
condition conduct are v>iable1 ( c\rse1 
& s !y w h a v>y+ effect ^u conduct2 b  
_! v>iation is1 9 effect1 con/ru$ to be 
( su* a "* only z to v>y ! degree ( /ra9
 to :i* ! human ag5t is subject by      
contact ) ^! ext]nal circum/ances4 ,!   
cultural elem5ts involv$ 9 ! !oretical  
s*eme1 elem5ts t are ( ! nature (       
in/itutions1 human relations gov]n$ by  
use & wont 9 :atev] k9d & connection1   
are n subject to inquiry b are tak5 =   
grant$ z pre-exi/+ 9 a f9i%$1 typical =m
 & z mak+ up a normal & def9itive       
economic situation1 "u :i* & 9 t]ms (   
:i* human int]c\rse is necess>ily c>ri$ 
on4 ,?is cultural situation comprises a 
few l>ge & simple articles (            
in/itutional furniture1 toge!r ) _!     

logical implications or coroll>ies2 b x 
includes no?+ ( ! consequ5ces or effects
 caus$ by ^! in/itutional elem5ts4 ,!   
cultural elem5ts s tacitly po/ulat$ z   
immutable conditions prec$5t to economic
 life are own]%ip & free contract1      
toge!r ) su* o!r features ( ! s*eme (   
natural rights z are impli$ 9 ! ex]cise 
( ^!4 ,^! cultural products are1 = !    
purpose ( ! !ory1 conceiv$ to be giv5 a 
priori 9 unmitigat$ =ce4 ,!y are "p ( ! 
nature ( ?+s2 s t !re is no ne$ (       
acc\nt+ = !m or inquir+ into !m1 z to h[
 !y h come to be su* z !y are1 or h[ &  
:y !y h *ang$ & are *ang+1 or :at effect
 all ?is may h on ! relations ( m5 :o   
live by or "u ?is cultural situation4   
,evid5tly ! acceptance ( ^! immutable   
premises1 tacitly1 because uncritically 
& z a matt] ( c\rse1 by h$oni/ic        
economics gives ! sci5ce a di/9ctive "* 
& places x 9 contra/ ) o!r sci5ces ^:   
premises are ( a diff]5t ord]4 ,z has   
already be5 indicat$1 ! premises 9 "q1 s
 f> z !y are peculi> to ! h$oni/ic      

economics1 are 7a7 a c]ta9 in/itutional 
situation1 ! sub/antial feature ( :i* is
 ! natural "r ( own]%ip1 & 7b7 !        
h$oni/ic calculus4 ,! di/9ctive "* giv5 
to ?is sy/em ( !ory by ^! po/ulates & by
 ! po9t ( view result+ f _! acceptance  
may be summ$ up broadly & concisely 9   
say+ t ! !ory is conf9$ to ! gr\nd (    
suffici5t reason in/ead ( proce$+ on !  
gr\nd ( effici5t cause4 ,! contr>y is   
true ( mod]n sci5ce1 g5]ally 7except    
ma!matics71 p>ticul>ly ( su* sci5ces z h
 to d ) ! ph5om5a ( life & gr[?4 ,!     
diff]5ce may seem trivial4 ,x is s]i\s  
only 9 its consequ5ces4 ,! two me?ods ( 
inf]5ce--f suffici5t reason & f effici5t
 cause--are out ( t\* ) "o ano!r & !re  
is no transition f "o to ! o!r3 no me?od
 ( conv]t+ ! proc$ure or ! results ( !  
"o into ^? ( ! o!r4 ,! imm$iate         
consequ5ce is t ! result+ economic !ory 
is ( a teleological "*--d$uctive or a   
priori z x is (t5 call$--in/ead ( be+   
drawn 9 t]ms ( cause & effect4 ,!       
relation s\ght by ?is !ory among ! facts

 ) :i* x is occupi$ is ! control ex]cis$
 by future 7appreh5d$7 ev5ts ov] pres5t 
conduct4 ,curr5t ph5om5a are dealt ) z  
condition$ by _! future consequ5ces2 & 9
 /rict m>g9al-utility !ory !y c be dealt
 ) only 9 respect ( _! control ( !      
pres5t by consid]ation ( ! future4 ,su* 
a 7logical7 relation ( control or       
guidance betwe5 ! future & ! pres5t (   
c\rse involves an ex]cise ( intellig5ce1
 a tak+ ?\ght1 & h5ce an intellig5t ag5t
 ?r\gh ^: discrim9at+ =e?\ght !         
appreh5d$ future may affect ! curr5t    
c\rse ( ev5ts2 unless1 inde$1 "o 7 to   
admit some?+ 9 ! way ( a provid5tial    
ord] ( nature or "s occult l9e ( /ress (
 ! nature ( sympa!tic magic4 ,b>r+      
magical & provid5tial elem5ts1 !        
relation ( suffici5t reason runs by way 
( ! int]e/$ discrim9ation1 ! =e?\ght1 ( 
an ag5t :o takes ?\ght ( ! future &     
guides 8 pres5t activity by reg>d = ?is 
future4 ,! relation ( suffici5t reason  
runs only f ! 7appreh5d$7 future into ! 
pres5t1 & x is solely ( an intellectual1

 subjective1 p]sonal1 teleological "* & 
=ce2 :ile ! relation ( cause & effect   
runs only 9 ! contr>y direction1 & x is 
solely ( an objective1 imp]sonal1       
mat]iali/ic "* & =ce4 ,! mod]n s*eme (  
k1 on ! :ole1 re/s1 = its def9itive     
gr\nd1 on ! relation ( cause & effect2 !
 relation ( suffici5t reason be+ admitt$
 only provisionally & z a proximate     
factor 9 ! analysis1 always ) !         
unambigu\s res]vation t ! analysis mu/  
ultimately come to re/ 9 t]ms ( cause & 
effect4 ,! m]its ( ?is sci5tific animus1
 ( c\rse1 d n conc]n ! pres5t argum5t4  
,n[1 x happ5s t ! relation ( suffici5t  
reason ent]s v sub/antially into human  
conduct4 ,x is ?is elem5t ( discrim9at+ 
=e?\ght t di/+ui%es human conduct f     
brute behavior4 ,& s9ce ! economi/'s    
subject ( inquiry is ?is human conduct1 
t relation necess>ily comes 9 = a l>ge  
%>e ( 8 att5tion 9 any !oretical        
=mulation ( economic ph5om5a1 :e!r      
h$oni/ic or o!rwise4 ,b :ile mod]n      
sci5ce at l>ge has made ! causal        

relation ! sole ultimate gr\nd (        
!oretical =mulation2 & :ile ! o!r       
sci5ces t deal ) human life admit !     
relation ( suffici5t reason z a         
proximate1 supplem5t>y1 or int]m$iate   
gr\nd1 subsidi>y1 & subs]vi5t to !      
argum5t f cause to effect2 economics has
 _h ! mis=tune--z se5 f ! sci5tific po9t
 ( view--to let ! =m] supplant ! latt]4 
,x is1 ( c\rse1 true t human conduct is 
di/+ui%$ f o!r natural ph5om5a by !     
human faculty = tak+ ?\ght1 & any sci5ce
 t has to d ) human conduct mu/ face !  
pat5t fact t ! details ( su* conduct    
consequ5tly fall into ! teleological =m2
 b x is ! peculi>ity ( ! h$oni/ic       
economics t by =ce ( its po/ulates its  
att5tion is conf9$ to ?is teleological  
be>+ ( conduct alone4 ,x deals ) ?is    
conduct only 9 s f> z x may be con/ru$ 9
 rationali/ic1 teleological t]ms (      
calculation & *oice4 ,b x is at ! same  
"t no less true t human conduct1        
economic or o!rwise1 is subject to !    
sequ5ce ( cause & effect1 by =ce ( su*  

elem5ts z habituation & conv5tional     
requirem5ts4 ,b facts ( ?is ord]1 :i*   
are to mod]n sci5ce ( grav] int]e/ ?an !
 teleological details ( conduct1        
necess>ily fall outside ! att5tion ( !  
h$oni/ic economi/1 because !y _c be     
con/ru$ 9 t]ms ( suffici5t reason1 su* z
 8 po/ulates dem&1 or be fitt$ into a   
s*eme ( teleological doctr9es4  ,!re is1
 !re=e1 no call to impugn ^! premises ( 
! m>g9al-utility economics )9 _! field4 
,!y comm5d !mselves to all s]i\s &      
uncritical p]sons at ! fir/ glance4 ,!y 
are pr9ciples ( action :i* und]lie !    
curr5t1 bus9ess-l s*eme ( economic life1
 & z su*1 z practical gr\nds ( conduct1 
!y are n to be call$ 9 "q )\t que/ion+ !
 exi/+ law & ord]4 ,z a matt] ( c\rse1  
m5 ord] _! lives by ^! pr9ciples &1     
practically1 ent]ta9 no "q ( _! /ability
 & f9ality4 ,t is :at is meant by call+ 
!m in/itutions2 !y are settl$ habits (  
?\ght common to ! g5]ality ( m54 ,b x   
w\ld be m]e abs5tm9d$ness 9 any /ud5t ( 
civilization !re=e to admit t ^! or any 

o!r human in/itutions h ?is /ability :i*
 is curr5tly imput$ to !m or t !y are 9 
?is way intr9sic to ! nature ( ?+s4 ,!  
acceptance by ! economi/s ( ^! or o!r   
in/itutional elem5ts z giv5 & immutable 
limits _! inquiry 9 a p>ticul> &        
decisive way4 ,x %uts (f ! inquiry at ! 
po9t :]e ! mod]n sci5tific int]e/ sets  
94 ,! in/itutions 9 "q are no d\bt good 
= _! purpose z in/itutions1 b !y are n  
good z premises = a sci5tific inquiry   
into ! nature1 orig91 gr[?1 & effects ( 
^! in/itutions & ( ! mutations :i* !y   
und]go & :i* !y br+ to pass 9 !         
community's s*eme ( life4  ,to any mod]n
 sci5ti/ int]e/$ 9 economic ph5om5a1 !  
*a9 ( cause & effect 9 :i* any giv5     
phase ( human culture is involv$1 z well
 z ! cumulative *anges wr\ght 9 ! fabric
 ( human conduct itself by ! habitual   
activity ( mank9d1 are matt]s ( m       
engross+ & m abid+ int]e/ ?an ! me?od ( 
inf]5ce by :i* an individual is presum$ 
inv>iably to balance pleasure & pa9 "u  
giv5 conditions t are presum$ to be     

normal & inv>iable4 ,! =m] are que/ions 
( ! life-hi/ory ( ! race or ! community1
 que/ions ( cultural gr[? & ( ! =tunes (
 g5]ations2 :ile ! latt] is a "q (      
individual casui/ry 9 ! face ( a giv5   
situation t may arise 9 ! c\rse ( ?is   
cultural gr[?4 ,! =m] be> on ! cont9uity
 & mutations ( t s*eme ( conduct :]eby  
mank9d deals ) its mat]ial means ( life2
 ! latt]1 if x is conceiv$ 9 h$oni/ic   
t]ms1 conc]ns a disconnect$ episode 9 ! 
s5su\s exp]i5ce ( an individual memb] ( 
su* a community4  ,9 s f> z mod]n sci5ce
 inquires into ! ph5om5a ( life1 :e!r   
inanimate1 brute1 or human1 x is occupi$
 ab\t que/ions ( g5esis & cumulative    
*ange1 & x conv]ges ^u a !oretical      
=mulation 9 ! %ape ( a life-hi/ory drawn
 9 causal t]ms4 ,9 s f> z x is a sci5ce 
9 ! curr5t s5se ( ! t]m1 any sci5ce1 su*
 z economics1 :i* has to d ) human      
conduct1 becomes a g5etic inquiry into !
 human s*eme ( life2 & :]e1 z 9         
economics1 ! subject ( inquiry is !     
conduct ( man 9 8 deal+s ) ! mat]ial    

means ( life1 ! sci5ce is necess>ily an 
inquiry into ! life-hi/ory ( mat]ial    
civilization1 on a m or less ext5d$ or  
re/rict$ plan4 ,n t ! economi/'s inquiry
 isolates mat]ial civilization f all o!r
 phases & be>+s ( human culture1 & s    
/udies ! motions ( an ab/ractly conceiv$
 economic man4 ,on ! contr>y1 no        
!oretical inquiry into ?is mat]ial      
civilization t %all be at all adequate  
to any sci5tific purpose c be c>ri$ out 
)\t tak+ ?is mat]ial civilization 9 its 
causal1 t is to say1 its g5etic1        
relations to o!r phases & be>+s ( !     
cultural complex2 )\t /udy+ x z x is    
wr\ght ^u by o!r l9es ( cultural gr[? & 
z work+ its effects 9 ^! o!r l9es4 ,b 9 
s f> z ! inquiry is economic sci5ce1    
specifically1 ! att5tion w conv]ge ^u ! 
s*eme ( mat]ial life & w take 9 o!r     
phases ( civilization only 9 _!         
correlation ) ! s*eme ( mat]ial         
civilization4  ,l all human culture ?is 
mat]ial civilization is a s*eme (       
in/itutions--in/itutional fabric &      

in/itutional gr[?4 ,b in/itutions are an
 outgr[? ( habit4 ,! gr[? ( culture is a
 cumulative sequ5ce ( habituation1 & !  
ways & means ( x are ! habitual response
 ( human nature to exig5cies t v>y      
incont95tly1 cumulatively1 b ) some?+ ( 
a consi/5t sequ5ce 9 ! cumulative       
v>iations t s g =w>d1--incont95tly1     
because ea* new move creates a new      
situation :i* induces a fur!r new       
v>iation 9 ! habitual mann] ( response2 
cumulatively1 because ea* new situation 
is a v>iation ( :at has gone be=e x &   
embodies z causal factors all t has be5 
effect$ by :at w5t be=e2 consi/5tly1    
because ! und]ly+ traits ( human nature 
7prop5sities1 aptitudes1 & :at n7 by =ce
 ( :i* ! response takes place1 & on !   
gr\nd ( :i* ! habituation takes effect1 
rema9 sub/antially un*ang$4  ,evid5tly  
an economic inquiry :i* occupies itself 
exclusively ) ! movem5ts ( ?is consi/5t1
 elem5tal human nature "u giv51 /able   
in/itutional conditions--su* z is ! case
 ) ! curr5t h$oni/ic economics--c rea*  

/atical results alone2 s9ce x makes     
ab/raction f ^? elem5ts t make = any?+ b
 a /atical result4 ,on ! o!r h& an      
adequate !ory ( economic conduct1 ev5 = 
/atical purposes1 _c be drawn 9 t]ms ( !
 individual simply--z is ! case 9 !     
m>g9al-utility economics--because x _c  
be drawn 9 t]ms ( ! und]ly+ traits (    
human nature simply2 s9ce ! response t  
goes to make up human conduct takes     
place "u in/itutional norms & only "u   
/imuli t h an in/itutional be>+2 = !    
situation t provokes & inhibits action 9
 any giv5 case is itself 9 great "p (   
in/itutional1 cultural d]ivation4 ,!n1  
too1 ! ph5om5a ( human life occur only z
 ph5om5a ( ! life ( a gr\p or community3
 only "u /imuli due to contact ) ! gr\p 
& only "u ! 7habitual7 control ex]cis$  
by canons ( conduct impos$ by ! gr\p's  
s*eme ( life4 ,n only is ! individual's 
conduct h$g$ ab\t & direct$ by 8        
habitual relations to 8 fell[s 9 ! gr\p1
 b ^! relations1 be+ ( an in/itutional  
"*1 v>y z ! in/itutional s*eme v>ies4 ,!

 wants & desires1 ! end & aim1 ! ways & 
means1 ! amplitude & drift ( !          
individual's conduct are functions ( an 
in/itutional v>iable t is ( a highly    
complex & :olly un/able "*4  ,! gr[? &  
mutations ( ! in/itutional fabric are an
 outcome ( ! conduct ( ! individual     
memb]s ( ! gr\p1 s9ce x is out ( !      
exp]i5ce ( ! individuals1 ?r\gh !       
habituation ( individuals1 t in/itutions
 arise2 & x is 9 ?is same exp]i5ce t ^! 
in/itutions act to direct & def9e ! aims
 & end ( conduct4 ,x is1 ( c\rse1 on    
individuals t ! sy/em ( in/itutions     
imposes ^? conv5tional /&>ds1 ideals1 & 
canons ( conduct t make up ! community's
 s*eme ( life4 ,sci5tific inquiry 9 ?is 
field1 !re=e1 mu/ deal ) individual     
conduct & mu/ =mulate its !oretical     
results 9 t]ms ( individual conduct4 ,b 
su* an inquiry c s]ve ! purposes ( a    
g5etic !ory only if & 9 s f> z ?is      
individual conduct is att5d$ to 9 ^?    
respects 9 :i* x c\nts t[>d habituation1
 & s t[>d *ange 7or /ability7 ( !       

in/itutional fabric1 on ! "o h&1 & 9 ^? 
respects 9 :i* x is prompt$ & guid$ by !
 receiv$ in/itutional conceptions &     
ideals on ! o!r h&4 ,! po/ulates (      
m>g9al utility1 & ! h$oni/ic            
preconceptions g5]ally1 fail at ?is po9t
 9 t !y conf9e ! att5tion to su* be>+s (
 economic conduct z are conceiv$ n to be
 condition$ by habitual /&>ds & ideals &
 to h no effect 9 ! way ( habituation4  
,!y disreg>d or ab/ract f ! causal      
sequ5ce ( prop5sity & habituation 9     
economic life & exclude f !oretical     
inquiry all su* int]e/ 9 ! facts (      
cultural gr[?1 9 ord] to att5d to ^?    
features ( ! case t are conceiv$ to be  
idle 9 ?is respect4 ,all su* facts (    
in/itutional =ce & gr[? are put on "o   
side z n be+ g]mane to pure !ory2 !y are
 to be tak5 acc\nt (1 if at all1 by     
aft]?\ght1 by a m or less vague & g5]al 
all[ance = inconsequ5tial di/urbances   
due to occasional human infirmity4      
,c]ta9 in/itutional ph5om5a1 x is true1 
are compris$ among ! premises ( !       

h$oni/s1 z has be5 not$ above2 b !y are 
includ$ z po/ulates a priori4 ,s !      
in/itution ( own]%ip is tak5 into !     
inquiry n z a factor ( gr[? or an elem5t
 subject to *ange1 b z "o ( ! primordial
 & immutable facts ( ! ord] ( nature1   
und]ly+ ! h$oni/ic calculus4 ,prop]ty1  
own]%ip1 is presum$ z ! basis ( h$oni/ic
 discrim9ation & x is conceiv$ to be    
giv5 9 its f9i%$ 7n9ete5?-c5tury7 scope 
& =ce4 ,!re is no ?\ght ei!r ( a        
conceivable gr[? ( ?is def9itive        
n9ete5?-c5tury in/itution out ( a crud] 
pa/ or ( any conceivable cumulative     
*ange 9 ! scope & =ce ( own]%ip 9 !     
pres5t or future4 ,nor is x conceiv$ t !
 pres5ce ( ?is in/itutional elem5t 9    
m5's economic relations 9 any degree    
affects or disguises ! h$oni/ic         
calculus1 or t its pecuni>y conceptions 
& /&>ds 9 any degree /&>dize1 color1    
mitigate1 or div]t ! h$oni/ic calculator
 f ! direct & unhamp]$ que/ ( ! net     
s5su\s ga94 ,:ile ! in/itution ( prop]ty
 is includ$ 9 ?is way among ! po/ulates 

( ! !ory1 & is ev5 presum$ to be        
ev]-pres5t 9 ! economic situation1 x is 
all[$ to h no =ce 9 %ap+ economic       
conduct1 :i* is conceiv$ to run its     
c\rse to its h$oni/ic outcome z if no   
su* in/itutional factor int]v5$ betwe5 !
 impulse & its realization4 ,!          
in/itution ( prop]ty1 toge!r ) all !    
range ( pecuni>y conceptions t belong "u
 x & t clu/] ab\t x1 are presum$ to give
 rise to no habitual or conv5tional     
canons ( conduct or /&>ds ( valuation1  
no proximate ends1 ideals1 or           
aspirations4 ,all pecuni>y notions aris+
 f own]%ip are treat$ simply z exp$i5ts 
( computation :i* m$iate betwe5 !       
pa9-co/ & ! pleasure-ga9 ( h$oni/ic     
*oice1 )\t lag1 leak1 or friction2 !y   
are conceiv$ simply z ! immutably       
correct1 ,god-giv5 notation ( ! h$oni/ic
 calculus4  ,! mod]n economic situation 
is a bus9ess situation1 9 t economic    
activity ( all k9ds is commonly         
controll$ by bus9ess consid]ations4 ,!  
exig5cies ( mod]n life are commonly     

pecuni>y exig5cies4 ,t is to say !y are 
exig5cies ( ! own]%ip ( prop]ty4        
,productive effici5cy & di/ributive ga9 
are bo? rat$ 9 t]ms ( price4 ,bus9ess   
consid]ations are consid]ations ( price1
 & pecuni>y exig5cies ( :atev] k9d 9 !  
mod]n communities are exig5cies ( price4
 ,! curr5t economic situation is a price
 sy/em4 ,economic in/itutions 9 ! mod]n 
civiliz$ s*eme ( life are 7prevail+ly7  
in/itutions ( ! price sy/em4 ,!         
acc\ntancy to :i* all ph5om5a ( mod]n   
economic life are am5able is an         
acc\ntancy 9 t]ms ( price2 & by ! curr5t
 conv5tion !re is no o!r recogniz$ s*eme
 ( acc\ntancy1 no o!r rat+1 ei!r 9 law  
or 9 fact1 to :i* ! facts ( mod]n life  
are held am5able4 ,inde$1 s great &     
p]vad+ a =ce has ?is habit 7in/itution7 
( pecuni>y acc\ntancy become t x ext5ds1
 (t5 z a matt] ( c\rse1 to _m facts :i* 
prop]ly h no pecuni>y be>+ & no pecuni>y
 magnitude1 z1 e4g41 works ( art1       
sci5ce1 s*ol>%ip1 & religion4 ,m or less
 freely & fully1 ! price sy/em dom9ates 

! curr5t commons5se 9 its appreciation &
 rat+ ( ^! non-pecuni>y ramifications ( 
mod]n culture2 & ?is 9 spite ( ! fact t1
 on reflection1 all m5 ( normal         
intellig5ce w freely admit t ^! matt]s  
lie outside ! scope ( pecuni>y          
valuation4  ,curr5t popul> ta/e & !     
popul> s5se ( m]it & dem]it are         
notori\sly affect$ 9 "s degree by       
pecuni>y consid]ations4 ,x is a matt] ( 
common notoriety1 n to be d5i$ or       
expla9$ away1 t pecuni>y 7comm]cial 7   
te/s & /&>ds are habitually made use (  
outside ( comm]cial int]e/s prop]4      
,preci\s /ones1 x is admitt$1 ev5 by    
h$oni/ic economi/s1 are m e/eem$ ?an !y 
w\ld be if !y 7 m pl5tiful & *eap]4 ,a  
weal?y p]son meets ) m consid]ation &   
enjoys a l>g] measure ( good repute ?an 
w\ld fall to ! %>e ( ! same p]son ) !   
same habit ( m9d & body & ! same record 
( good & evil de$s if he 7 poor]4 ,x may
 well be t ?is curr5t comm]cialisation (
 ta/e & appreciation has be5 ov]/at$ by 
sup]ficial & ha/y critics ( contempor>y 

life1 b x w n be d5i$ t !re is a modicum
 ( tru? 9 ! allegation4 ,:atev] sub/ance
 x has1 mu* or little1 is due to c>ry+  
ov] into o!r fields ( int]e/ ! habitual 
conceptions induc$ by deal+ ) & ?9k+ (  
pecuni>y matt]s4 ,^! comm]cial          
conceptions ( m]it & dem]it are d]iv$ f 
bus9ess exp]i5ce4 ,! pecuni>y te/s &    
/&>ds s appli$ outside ( bus9ess        
transactions & relations are n r$ucible 
to s5su\s t]ms ( pleasure & pa94 ,inde$1
 x may1 e4g41 be true1 z is commonly    
believ$1 t ! contemplation ( a weal?y   
neighbor's pecuni>y sup]iority yields   
pa9ful r ?an pleasurable s5sations z an 
imm$iate result2 b x is equally true t  
su* a weal?y neighbor is1 on ! :ole1 m  
highly reg>d$ & m consid]ately treat$   
?an ano!r neighbor :o diff]s f ! =m]    
only 9 be+ less enviable 9 respect (    
weal?4  ,x is ! in/itution ( prop]ty t  
gives rise to ^! habitual gr\nds (      
discrim9ation1 & 9 mod]n times1 :5 weal?
 is c\nt$ 9 t]ms ( money1 x is 9 t]ms ( 
money value t ^! te/s & /&>ds ( pecuni>y

 excell5ce are appli$4 ,?is mu* w be    
admitt$4 ,pecuni>y in/itutions induce   
pecuni>y habits ( ?\ght :i* affect m5's 
discrim9ation outside ( pecuni>y matt]s2
 b ! h$oni/ic int]pretation alleges t   
su* pecuni>y habits ( ?\ght d n affect  
m5's discrim9ation 9 pecuni>y matt]s4   
,al?\gh ! in/itutional s*eme ( ! price  
sy/em visibly dom9ates ! mod]n          
community's ?9k+ 9 matt]s t lie outside 
! economic int]e/1 ! h$oni/ic economi/s 
insi/1 9 effect1 t ?is in/itutional     
s*eme mu/ be acc\nt$ ( no effect )9 t   
range ( activity to :i* x owes its      
g5esis1 gr[?1 & p]si/5ce4 ,! ph5om5a (  
bus9ess1 :i* are peculi>ly & uni=mly    
ph5om5a ( price1 are 9 ! s*eme ( !      
h$oni/ic !ory r$uc$ to non-pecuni>y     
h$oni/ic t]ms & ! !oretical =mulation is
 c>ri$ out z if pecuni>y conceptions _h 
no =ce )9 ! traffic 9 :i* su*           
conceptions orig9ate4 ,x is admitt$ t   
preoccupation ) comm]cial int]e/s has   
comm]cialis$ ! re/ ( mod]n life1 b !    
comm]cialisation ( comm]ce is n admitt$4

 ,bus9ess transactions & computations 9 
pecuni>y t]ms1 su* z loans1 disc\nts1 & 
capitalisation1 are )\t hesitation or   
abatem5t conv]t$ into t]ms ( h$oni/ic   
utility1 & conv]sely4  ,x may be ne$less
 to take exception to su* conv]sion f   
pecuni>y into s5su\s t]ms1 = ! !oretical
 purpose = :i* x is habitually made2    
al?\gh1 if ne$ 71 x might n be          
excessively difficult to %[ t ! :ole    
h$oni/ic basis ( su* a conv]sion is a   
psy*ological misconception4 ,b x is to !
 remot] !oretical consequ5ces ( su* a   
conv]sion t exception is to be tak54 ,9 
mak+ ! conv]sion ab/raction is made f   
:atev] elem5ts d n l5d !mselves to its  
t]ms2 :i* am\nts to ab/ract+ f precisely
 ^? elem5ts ( bus9ess t h an            
in/itutional =ce & t !re=e w\ld l5d     
!mselves to sci5tific inquiry ( ! mod]n 
k9d--^? 7in/itutional7 elem5ts ^:       
analysis might contribute to an und]/&+ 
( mod]n bus9ess & ( ! life ( ! mod]n    
bus9ess community z contra/$ ) ! assum$ 
primordial h$oni/ic calculus4  ,! po9t  

may p]haps be made cle>]4 ,money & !    
habitual resort to its use are conceiv$ 
to be simply ! ways & means by :i*      
consumable goods are acquir$1 & !re=e   
simply a conv5i5t me?od by :i* to       
procure ! pleasurable s5sations (       
consumption2 ^! latt] be+ 9 h$oni/ic    
!ory ! sole & ov]t end ( all economic   
endeavor4 ,money values h !re=e no o!r  
significance ?an t ( pur*as+ p[] ov]    
consumable goods1 & money is simply an  
exp$i5t ( computation4 ,inve/m5t1 cr$it 
ext5sions1 loans ( all k9ds & degrees1 )
 paym5t ( int]e/ & ! re/1 are likewise  
tak5 simply z int]m$iate /eps betwe5 !  
pleasurable s5sations ( consumption & ! 
ef=ts induc$ by ! anticipation ( ^!     
s5sations1 o!r be>+s ( ! case be+       
disreg>d$4 ,! balance be+ kept 9 t]ms ( 
! h$oni/ic consumption1 no di/urbance   
arises 9 ?is pecuni>y traffic s long z !
 extreme t]ms ( ?is ext5d$ h$oni/ic     
equation--pa9-co/ & pleasure-ga9--are n 
alt]$1 :at lies betwe5 ^! extreme t]ms  
be+ m]ely algebraic notation employ$ =  

conv5i5ce ( acc\ntancy4 ,b su* is n !   
run ( ! facts 9 mod]n bus9ess4          
,v>iations ( capitalization1 e4g41 occur
 )\t its be+ practicable to ref] !m to  
visibly equival5t v>iations ei!r 9 !    
/ate ( ! indu/rial arts or 9 ! s5sations
 ( consumption4 ,cr$it ext5sions t5d to 
inflation ( cr$it1 ris+ prices1 ov]/ock+
 ( m>kets1 etc41 likewise )\t a visible 
or securely traceable correlation 9 !   
/ate ( ! indu/rial arts or 9 ! pleasures
 ( consumption2 t is to say1 )\t a      
visible basis 9 ^? mat]ial elem5ts to   
:i* ! h$oni/ic !ory r$uces all economic 
ph5om5a4 ,h5ce ! run ( ! facts1 9 s f>1 
mu/ be ?r[n out ( ! !oretical =mulation4
 ,! h$oni/ically presum$ f9al pur*ase ( 
consumable goods is habitually n        
contemplat$ 9 ! pursuit ( bus9ess       
ent]prise4 ,bus9ess m5 habitually aspire
 to accumulate weal? 9 excess ( ! limits
 ( practicable consumption1 & ! weal? s 
accumulat$ is n int5d$ to be conv]t$ by 
a f9al transaction ( pur*ase into       
consumable goods or s5sations (         

consumption4 ,su* commonplace facts z   
^!1 toge!r ) ! endless web ( bus9ess    
detail ( a l pecuni>y "*1 d n 9 h$oni/ic
 !ory raise a "q z to h[ ^! conv5tional 
aims1 ideals1 aspirations1 & /&>ds h    
come into =ce or h[ !y affect ! s*eme ( 
life 9 bus9ess or outside ( x2 !y d n   
raise ^? que/ions because su* que/ions  
_c be answ]$ 9 ! t]ms :i* ! h$oni/ic    
economi/s are cont5t to use1 or1 inde$1 
:i* _! premises p]mit !m to use4 ,! "q  
:i* arises is h[ to expla9 ! facts away3
 h[ !oretically to neutralize !m s t !y 
w n h to appe> 9 ! !ory1 :i* c !n be    
drawn 9 direct & unambigu\s t]ms (      
rational h$oni/ic calculation4 ,!y are  
expla9$ away z be+ ab]rations due to    
ov]sight or lapse ( memory on ! "p (    
bus9ess m51 or to "s failure ( logic or 
insight4 ,or !y are con/ru$ & int]pret$ 
into ! rationali/ic t]ms ( ! h$oni/ic   
calculus by resort to an ambigu\s use ( 
! h$oni/ic concepts4 ,s t ! :ole money  
economy1 ) all ! ma*9]y ( cr$it & ! re/1
 disappe>s 9 a tissue ( metaphors to    

reappe> !oretically expurgat$1 /]iliz$1 
& simplifi$ into a ref9$ sy/em ( b>t]1  
culm9at+ 9 a net aggregate maximum (    
pleasurable s5sations ( consumption4  ,b
 s9ce x is 9 j ?is unh$oni/ic1          
unrationali/ic pecuni>y traffic t !     
tissue ( bus9ess life consi/s2 s9ce x is
 ?is peculi> conv5tionalism ( aims &    
/&>ds t diff]5tiates ! life ( ! mod]n   
bus9ess community f any conceivable     
e>li] or crud] phase ( economic life2   
s9ce x is 9 ?is tissue ( pecuni>y       
int]c\rse & pecuni>y concepts1 ideals1  
exp$i5ts1 & aspirations t ! conjunctures
 ( bus9ess life arise & run _! c\rse (  
felicity & deva/ation2 s9ce x is "h t ^?
 in/itutional *anges take place :i*     
di/+ui% "o phase or era ( ! bus9ess     
community's life f any o!r2 s9ce ! gr[? 
& *ange ( ^! habitual1 conv5tional      
elem5ts make ! gr[? & "* ( any bus9ess  
era or bus9ess community2 any !ory (    
bus9ess :i* sets ^! elem5ts aside or    
expla9s !m away misses ! ma9 facts :i* x
 has gone out to seek4 ,life & its      

conjunctures & in/itutions be+ ( ?is    
complexion1 h[ev] mu* t /ate ( ! case   
may be deprecat$1 a !oretical acc\nt ( !
 ph5om5a ( ?is life mu/ be drawn 9 ^!   
t]ms 9 :i* ! ph5om5a occur4 ,x is n     
simply t ! h$oni/ic int]pretation (     
mod]n economic ph5om5a is inadequate or 
mislead+2 if ! ph5om5a are subject$ to !
 h$oni/ic int]pretation 9 ! !oretical   
analysis !y disappe> f ! !ory2 & if !y  
w\ld be> ! int]pretation 9 fact !y w\ld 
disappe> 9 fact4 ,if1 9 fact1 all !     
conv5tional relations & pr9ciples (     
pecuni>y int]c\rse 7 subject to su* a   
p]petual rationaliz$1 calculat+         
revision1 s t ea* article ( usage1      
appreciation1 or proc$ure mu/ approve   
itself de novo on h$oni/ic gr\nds (     
s5su\s exp$i5cy to all conc]n$ at e     
move1 x is n conceivable t !            
in/itutional fabric w\ld la/ ov] night4 
,,footnotes3  #a ,repr9t$ by p]mission f
 ! ,j\rnal ( ,political ,economy1 ,vol4 
,,xvii1 ,no4 #i ,novemb] #aiji4  #b ,!  
conduct ( mank9d diff]s f t ( ! brutes 9

 be+ det]m9$ by anticipat$ s5sations (  
pleasure & pa91 in/ead ( actual         
s5sations4 ,h]eby1 9 s f>1 human conduct
 is tak5 out ( ! sequ5ce ( cause &      
effect & falls in/ead "u ! rule (       
suffici5t reason4 ,by virtue ( ?is      
rational faculty 9 man ! connection     
betwe5 /imulus & response is            
teleological in/ead ( causal4  ,! reason
 = assign+ ! fir/ & decisive place to   
pleasure1 r ?an to pa91 9 ! det]m9ation 
( human conduct1 appe>s to be ! 7tacit7 
acceptance ( t optimi/ic doctr9e ( a    
b5efic5t ord] ( nature :i* ! n9ete5?    
c5tury inh]it$ f ! eighte5?4     ,,gu/av
 ,,s*moll]',s ,,economics#a   ,pr(essor 
,s*moll]'s ,grundriss#b is an ev5t ( !  
fir/ importance 9 economic lit]ature4 ,x
 appe>s f lat] advices t ! second &     
conclud+ volume ( ! "w is h>dly to be   
look$ = at z e>ly a date z ! au?or's    
expressions 9 8 preface _h l$ u to      
anticipate4 ,:at lies be=e ,pr(essor    
,s*moll]'s read]s1 !re=e1 9 ?is fir/    
volume ( ! ,outl9es is b "o-half ( !    

comp5di\s /atem5t :i* he "h purposes    
mak+ ( 8 !oretical position & ( 8 views 
& exemplification ( ! scope & me?od (   
economic sci5ce4 ,x may accord+ly seem  
adv5tur\s to attempt a *>act]isation ( 8
 economic sy/em on ! basis ( ?is av[$ly 
incomplete /atem5t4 ,& yet su* an       
endeavor is n altoge!r gratuit\s1 nor   
ne$ x 9 any great measure proce$ on     
hypo!tical gr\nds4 ,! introduction      
compris$ 9 ! pres5t volume sket*es !    
au?or's aim 9 an outl9e suffici5tly full
 to af=d a conv9c+ view ( ! sy/em (     
sci5ce = :i* he speaks2 & ! two books by
 :i* ! introduction is foll[$ %[        
,pr(essor ,s*moll]'s me?od ( inquiry    
consi/5tly c>ri$ out1 z well z ! rea* & 
nature ( ! !oretical conclusions :i* he 
consid]s to lie )9 ! compet5cy (        
economic sci5ce4 ,& ) reg>d to an       
economi/ :o is s mu* ( an innovator1--n 
to say s mu* ( an iconocla/1--& ^: "w   
t\*es ! f\ndations ( ! sci5ce s         
intimately & pr(\ndly1 ! int]e/ ( 8     
critics & associates mu/1 at lea/ = !   

pres5t1 c5t] *iefly ab\t ^! que/ions z  
to ! scope & nature assign$ to ! !ory by
 8 discussion1 z to ! range & "* ( !    
mat]ial ( :i* he makes use1 & z to !    
me?ods ( inquiry :i* 8 sagacity &       
exp]i5ce comm5d4 ,s1 !re=e1 :ile !      
,outl9es is yet incomplete1 consid]$ z a
 comp5dium ( details ( doctr9e1 ! "w 9  
its unf9i%$ /ate ne$ n !reby be an      
inadequate expression ( ,pr(essor       
,s*moll]'s relation to economic sci5ce4 
,h]e) = ! fir/ "t economic read]s are   
put 9 possession ( a fully advis$       
deliv]ance on economic sci5ce at l>ge z 
se5 & cultivat$ by t mod]nis$ hi/orical 
s*ool ( :i* ,pr(essor ,s*moll] is !     
au?oritative expon5t4 ,valuable &       
*>act]i/ic z 8 e>li] discussions on !   
scope & me?od ( ! sci5ce are1 !y are b  
prelim9>y /udies & t5tative =mulations z
 comp>$ ) ?is matur] "w1 :i* n only av[s
 itself a def9itive =mulation1 b has    
ab\t x an air ( f9ality p]ceptible at e 
turn4 ,b ?is comes ne> say+ t x embodies
 ! sole compreh5sive work+-out ( !      

sci5tific aims ( ! hi/orical s*ool4     
,discussions p>tially cov]+ ! field1    
monographs & sket*es !re are 9 great    
numb]1 %[+ ! mann] ( economic !ory t 0  
to be look$ = z an outcome ( ! hi/orical
 div]sion4 ,"s ( ^!1 especially "s ( !  
lat] ones1 are extremely valuable 9 !   
results !y (f]1 z well z significant ( !
 tr5d :i* ! sci5ce is tak+ "u ! h&s ( ! 
,g]man /ud5ts4#c ,b a compreh5sive "w1  
aim+ to =mulate a body ( economic !ory  
on ! basis af=d$ by ! hi/orical me?od1  
has n hi!rto be5 s]i\sly attempt$4  ,to 
! broad /atem5t j made exception might  
p]haps be tak5 9 favor ( ,s*aeffle's    
half-=gott5 "w ( ! sev5ties1 toge!r     
possibly ) sev]al o!r less notable &    
less consi/5t endeavors ( a simil> k9d1 
dat+ back to ! e>ly decades ( ! s*ool4  
,probably none ( ! y\ng] g5]ation (     
economi/s w\ld be tempt$ to cite        
,ros*]'s "w z invalidat+ su* a /atem5t z
 ! "o made above4 ,al?\gh "t has be5    
all[$ = ! acceptance & au!ntication ( ^!
 endeavors ( ! e>li] hi/orical economi/s

 9 ! direction ( a sy/em ( economic     
!ory1--t is to say1 ( an economic       
sci5ce1--!y h fail$ ( au!ntication at ! 
h&s ( ! /ud5ts ( ! sci5ce2 & !re seems  
no reason to reg>d ?is failure z less   
?an def9itive4  ,dur+ ! la/ two decades 
! hi/orical s*ool has bran*$ into two   
ma9 directions ( gr[?1 some:at div]g5t1 
s t broad g5]al /atem5ts reg>d+ !       
hi/orical economi/s c be less confid5tly
 made to-day ?an p]haps at any e>li] "t4
 ,n[1 z reg>ds ! m cons]vative bran*1 ! 
hi/orical economi/s ( ! /rict]          
obs]vance1--^! mod]n cont9u]s ( :at may 
be call$ ! eld] l9e ( ! hi/orical s*ool 
c sc>cely be said to cultivate a sci5ce 
at all1 _! aim be+ n !oretical "w4      
,assur$ly1 ! "w ( ?is eld] l9e1 ( :i*   
,pr(essor ,wagn] is ! unque/ion$ head1  
is by no means idle4 ,x is "w ( a       
suffici5tly important & valuable ord]1  
p]haps x is indisp5sable to ! task :i* !
 sci5ce has 9 h&1 b1 broadly speak+1 x  
ne$ n be c\nt$ ) 9 s f> z x t\*es       
directly ^u economic !ory4 ,?is eld] l9e

 ( ,g]man economics1 9 its num]\s mod]n 
repres5tatives1 %[s bo? insight &       
imp>tiality2 b z reg>ds economic !ory _!
 "w be>s ! "* ( eclecticism r ?an t ( a 
con/ructive advance4 ,frequ5t &         
p]emptory z _! utt]ances commonly are on
 po9ts ( doctr9e1 x is only v r>ely t ^!
 utt]ances embody !oretical views arriv$
 at or v]ifi$ by ! economi/s :o make !m 
or by su* me?ods ( inquiry z are        
*>act]i/ic ( ^! economi/s4 ,:]e ^!      
expressions ( doctr9e are n ( ! nature (
 maxims ( exp$i5cy1 !y are1 z is well   
kn[n1 commonly borr[$ some:at           
uncritically f classical s\rces4 ,(     
con/ructive sci5tific "w--t is to say1 (
 !ory--?is eld] l9e ( ,g]man economics  
is innoc5t2 nor does !re seem to be any 
prospect ( an ev5tual output ( !ory on !
 "p ( t bran* ( ! hi/orical s*ool1      
unless !y %\ld unexpect$ly take advice1 
& make ! scope1 & !re=e ! me?od1 ( _!   
inquiry some?+ m ?an hi/orical 9 ! s5se 
9 :i* t t]m is curr5tly accept$4 ,!     
hi/orical economics ( ! cons]vative k9d 

seems to be a b>r5 field 9 ! !oretical  
respect4  ,s t :atev] *>act]i/ic        
articles ( g5]al !ory ! hi/orical s*ool 
may enri* ! sci5ce ) are to be look$ =  
at ! h&s ( ^? m5 :o1 l ,pr(essor        
,s*moll]1 h dep>t$ f ! /rict obs]vance (
 ! hi/orical me?od4 ,a peculi> int]e/1  
!re=e1 atta*es to 8 "w z ! be/ accept$ &
 mo/ au?oritative spokesman ( t bran* ( 
hi/orical economics :i* pr(esses to     
cultivate !oretical inquiry4 ,x s]ves to
 %[ 9 :at mann] & degree ?is m sci5tific
 w+ ( ! hi/orical s*ool h outgr[n !     
orig9al hi/orical /&po9t & range (      
conceptions1 & h[ !y h pass$ f a di/ru/ 
( all economic !ory to an eag] que/ (   
!oretical =mulations t %all cov] all    
ph5om5a ( economic life to bett] purpose
 ?an ! body ( doctr9e receiv$ f !       
classical writ]s & m 9 consonance ) !   
canons ( contempor>y sci5ce at l>ge4 ,t 
?is %\ld h be5 ! outcome ( ! half-c5tury
 ( developm5t ?r\gh :i* ! s*ool has n[  
pass$ might well seem unexpect$1 if n   
incr$ible1 to any :o saw ! beg9n+ ( t   

div]g5ce )9 ! s*ool1 a g5]ation ago1 out
 ( :i* ?is mod]nis$1 !oretical hi/orical
 economics has aris54  ,pr(essor        
,s*moll] ent]$ ! field e>ly1 9 !        
sixties1 z a prote/ant aga9/ ! aims &   
ideals !n 9 vogue 9 economics4 ,8 prote/
 ran n only aga9/ ! me?ods & results ( !
 classical writ]s1 b also aga9/ ! views 
pr(ess$ by ! lead]s ( ! hi/orical s*ool1
 bo? z reg>ds ! scope ( ! sci5ce & z    
reg>ds ! "* ( ! laws or g5]alisations   
s\ght by ! sci5ce4 ,8 e>ly "w1 9 s f> z 
he 0 at v>iance ) 8 colleagues1 0 *iefly
 critical2 & !re is no good evid5ce t he
 !n _h a cle> conception ( ! "* ( t     
con/ructive "w to :i* x has be5 8       
p]si/5t aim to turn ! sci5ce4 ,h5ce he  
came to figure 9 common repute z an     
iconocla/ & an extreme expon5t ( !      
hi/orical s*ool1 9 t he 0 held          
practically to d5y ! feasibility ( a    
sci5tific treatm5t ( economic matt]s &  
to aim at conf9+ economics to n>rative1 
/ati/ics1 & description4 ,?is           
iconocla/ic or critical phase ( 8       

economic discussion is n[ pa/1 & ) x !  
unc]ta9ty z to ! tr5d & outcome ( 8     
sci5tific activity4  ,to und]/& !       
significance ( ! div]sion creat$ by     
,pr(essor ,s*moll] z reg>ds ! scope &   
me?od ( economics1 x is necess>y1 v     
briefly1 to indicate ! position occupi$ 
by t e>ly g5]ation ( hi/orical economi/s
 f :i* 8 tea*+ div]g$1 & m p>ticul>ly ^?
 po9ts ( ! old] canon at :i* he has come
 to diff] *>act]i/ically f ! views      
previ\sly 9 vogue4  ,z reg>ds !         
situation 9 :i* ! hi/orical s*ool1 z    
exemplifi$ by its lead]s1 0 !n plac$1 x 
is1 ( c\rse1 some?+ ( a commonplace t by
 ! end ( its fir/ tw5ty ye>s ( endeavor 
9 ! re=m ( economic sci5ce ! s*ool _h1 9
 po9t ( sy/ematic results1 sc>cely got  
beyond prelim9>ies4 ,& ev5 ^!           
prelim9>ies 7 n 9 all respects obvi\sly 
to ! purpose4 ,a new & wid] scope _h be5
 indicat$ = economic inquiry1 z well z a
 new aim & me?od = !oretical discussion4
 ,b ! new ideals ( !oretical advance1 z 
well z ! ways & means indicat$ = _!     

atta9m5t1 /ill _h ma9ly a speculative   
int]e/4 ,no?+ sub/antial _h be5 done    
t[>ds ! realisation ( ! =m] or ! mise en
 oeuvre ( ! latt]4 ,! hi/orical         
economi/s c sc>cely be said at t "t to h
 put _! h& to ! new eng9es :i* !y       
pr(ess$ to h\se 9 _! work%op4 ,ap>t f   
polemics & speculation conc]n+ ideals1 !
 s]i\s int]e/ & endeavors ( ! s*ool _h  
up to t "t be5 9 ! field ( hi/ory r ?an 
9 t ( economics1 except s f> z ! adepts 
( ! new s*ool cont9u$ 9 a fragm5t>y way 
to inculcate &1 9 "s slight & unc]ta9   
degree1 to elaborate ! dogmas ( !       
classical writ]s :om !y s\ght to        
discr$it4  ,! "* ( hi/orical economics  
at ! "t :5 ,pr(essor ,s*moll] ent]$ on 8
 "w ( criticism & revision is fairly %[n
 by ,ros*]'s writ+s4 ,:atev] may be     
?\ght to-day ( ,ros*]'s rank z an       
economi/1 9 contra/ ) ,knies &          
,hildebr&1 x w sc>cely be que/ion$ t at 
! close ( ! fir/ qu>t]-c5tury ( ! life  
hi/ory ( ! hi/orical s*ool x 0 ,ros*]'s 
conception ( ! scope & me?od ( economics

 t f\nd ! wide/ acceptance & t be/      
express$ ! animus ( t body ( /ud5ts :o  
pr(ess$ to cultivate economics by !     
hi/orical me?od4 ,= ! purpose 9 h&      
,ros*]'s views may1 !re=e1 be tak5 z    
typical1 all ! m readily s9ce = ! v     
g5]al purpose "h int5d$ !re are no s]i\s
 discrepancies betwe5 ,ros*] & 8 two    
illu/ri\s contempor>ies4 ,! *ief        
diff]5ce is t ,ros*] is m naive & m     
specific4 ,he has also left a m         
consid]able volume ( results a*iev$ by !
 pr(ess$ use ( 8 me?od4  ,ros*]'s       
pr(ess$ me?od 0 :at he calls !          
hi/orico-physiological me?od4 ,?is he   
contra/s ) ! philosophical or ideali/ic 
me?od4 ,b 8 air ( depreciation z reg>ds 
philosophical me?ods 9 economics mu/ n  
be tak5 to mean t ,ros*]'s own economic 
speculations 7 devoid ( all             
philosophical or metaphysical basis4 ,x 
only means t 8 philosophical po/ulates 7
 diff]5t f ^? ( ! economi/s :om he      
discr$its1 & t !y 7 reg>d$ by him z     
self-evid5t4  ,z mu/ necess>ily be !    

case ) a writ] :o _h nei!r a special    
aptitude = nor special tra9+ 9          
philosophical inquiries1 ,ros*]'s       
metaphysical po/ulates are1 ( c\rse1    
*iefly tacit4 ,!y are ! common-s5se1    
commonplace metaphysics afloat 9 educat$
 ,g]man circles 9 ! "t ( ,ros*]'s       
y\?1--dur+ ! p]iod :5 8 gr[? & education
 gave him 8 outlook on life & k & laid !
 basis ( 8 intellectual habits2 :i*     
means t ^! po/ulates belong to :at      
,hoeffd+ has call$ ! ,romantic s*ool (  
?\ght1 & are ( a ,hegelian complexion4  
,ros*] be+ n a pr(ess$ philosophical    
/ud5t1 x is nei!r easy nor safe to      
p>ticul>ise closely z reg>ds 8          
fundam5tal metaphysical t5ets2 b1 z ne> 
z s specific an id5tification ( 8       
philosophical outlook is practicable1 he
 mu/ be class$ ) ! ,hegelian ,"r4 ,b    
s9ce ! ,hegelian metaphysics _h 9       
,ros*]'s y\? an unbrok5 vogue 9         
reputable ,g]man circles1 especially 9  
^? ultra-reputable circles )9 :i* lay ! 
g5tlemanly life & human contact (       

,ros*]1 ! po/ulates af=d$ by ! ,hegelian
 metaphysics 7 accept$ simply z a matt] 
( c\rse1 & 7 n recognis$ z metaphysical 
at all4 ,& 9 ?is 8 metaphysical         
affiliation ,ros*] is fairly typical ( !
 e>ly hi/orical s*ool ( economics4  ,!  
,hegelian metaphysics1 9 s f> z be>s ^u 
! matt] 9 h&1 is a metaphysics ( a      
self-realis+ life process4 ,?is life    
process1 :i* is ! c5tral & sub/antial   
fact ( ! univ]se1 is ( a spiritual      
nature1--spiritual1 ( c\rse1 be+ "h n   
contra/$ ) mat]ial4 ,! life process is  
ess5tially active1 self-det]m9+1 &      
unfolds by inn] necessity1--by necessity
 ( its own sub/antially active nature4  
,! c\rse ( culture1 9 ?is view1 is an   
unfold+ 7exfoliation7 ( ! human _s2 & ! 
task :i* economic sci5ce has 9 h& is to 
det]m9e ! laws ( ?is cultural           
exfoliation 9 its economic aspect4 ,b ! 
laws ( ! cultural developm5t ) :i* !    
social sci5ces1 9 ! ,hegelian view1 h to
 d are at "o ) ! laws ( ! processes ( ! 
univ]se at l>ge2 &1 m imm$iately1 !y are

 at "o ) ! laws ( ! life process at     
l>ge4 ,= ! univ]se at l>ge is itself a  
self-unfold+ life process1 sub/antially 
( a spiritual "*1 ( :i* ! economic life 
process :i* occupies ! int]e/ ( !       
economi/ is b a phase & an aspect4 ,n[1 
! c\rse ( ! processes ( unfold+ life 9  
organic nature has be5 fairly well      
asc]ta9$ by ! /ud5ts ( natural hi/ory & 
! l2 & ?is1 9 ! nature ( ! case1 mu/    
af=d a clew to ! laws ( cultural        
developm5t1 9 its economic z well z 9   
any o!r ( its aspects or be>+s1--! laws 
( life 9 ! univ]se be+ all sub/antially 
spiritual & sub/antially at "o4 ,s we   
arrive at a physiological conception (  
culture aft] ! analogy ( ! asc]ta9$     
physiological processes se5 9 !         
biological doma94 ,x is conceiv$ to be  
physiological aft] ! ,hegelian mann] (  
conceiv+ a physiological process1 :i*   
is1 h[ev]1 n ! same z ! mod]n sci5tific 
conception ( a physiological process4#d 
,s9ce ?is quasi-physiological process ( 
cultural developm5t is conceiv$ to be an

 unfold+ ( ! self-realis+ human _s1 ^:  
life hi/ory x is1 x is ( ! nature ( !   
case t ! cultural process %\ld run ?r\gh
 a c]ta9 sequ5ce ( phases--a c]ta9 life 
hi/ory prescrib$ by ! nature ( ! active1
 unfold+ spiritual sub/ance4 ,! sequ5ce 
is det]m9$ on ! :ole1 z reg>ds ! g5]al  
features ( ! developm5t1 by ! nature (  
life on ! human plane4 ,! hi/ory (      
cultural gr[? & decl9e necess>ily       
repeats itself1 s9ce x is sub/antially !
 same human _s t seeks to realise itself
 9 e compreh5sive sequ5ce ( cultural    
developm5t1 & s9ce ?is human _s is !    
only factor 9 ! case t has sub/antial   
=ce4 ,9 its g5]ic features ! hi/ory (   
pa/ cultural cycles is1 !re=e1 ! hi/ory 
( ! future4 ,h5ce ! importance1 n to say
 ! sole efficacy = economic sci5ce1 ( an
 hi/orical scrut9y ( culture4 ,a        
well-au!nticat$ sequ5ce ( cultural      
ph5om5a 9 ! hi/ory ( ! pa/ is conceiv$  
to h mu* ! same b9d+ =ce = ! sequ5ce (  
cultural ph5om5a 9 ! future z a natural 
law1 z ! t]m has be5 und]/ood 9 physics 

or physiology1 is conceiv$ to h z reg>ds
 ! c\rse ( ph5om5a 9 ! life hi/ory ( !  
human body2 = ! onw>d cultural c\rse ( !
 human _s1 actively unfold+ by inn]     
necessity1 is an organic process1 foll[+
 logically f ! nature ( ?is self-realis+
 _s4 ,if ! process is conceiv$ to meet )
 ob/acles or v>y+ conditions1 x adapts  
itself to ! circum/ances 9 any giv5     
case1 & x !n goes on along ! l9e ( its  
own logical b5t until x ev5tuates 9 !   
consummation giv5 by its own nature4 ,! 
environm5t1 9 ?is view1 if x is n to be 
conceiv$ simply z a function ( !        
spiritual =ce at "w1 is1 at ! mo/1 (    
subsidi>y & transi5t consequ5ce only4   
,environm5tal conditions c at be/ give  
rise to m9or p]turbations2 !y d n       
initiate a cumulative sequ5ce :i* c     
pr(\ndly affect ! outcome or ! ult]ior  
c\rse ( ! cultural process4 ,h5ce !     
sole1 or almo/ sole1 importance (       
hi/orical inquiry 9 det]m9+ ! laws (    
cultural developm5t1 economic or o!r4   
,! work+ conception :i* ?is             

romantic-hi/orical s*ool _h ( economic  
life1 !re=e1 is1 9 its way1 a conception
 ( developm5t1 or evolution2 b x is n to
 be confus$ ) ,d>w9ism or ,sp5c]ianism4 
,inquiry into ! cultural developm5t "u !
 guidance ( su* preconceptions z ^! has 
l$ to g5]alisations1 m or less arbitr>y1
 reg>d+ uni=mities ( sequ5ce 9 ph5om5a1 
:ile ! causes :i* det]m9e ! c\rse (     
ev5ts1 & :i* make ! uni=mity or v>iation
 ( ! sequ5ce1 h receiv$ b scant         
att5tion4 ,! natural laws f\nd by ?is   
means are necess>ily ( ! nature (       
empiricism1 color$ by ! bias or ideals (
 ! inve/igator4 ,! outcome is a body (  
aphori/ic wisdom1 p]haps beautiful &    
valuable aft] its k9d1 b q fatu\s :5    
measur$ by ! /&>ds & aims ( mod]n       
sci5ce4 ,z is well kn[n1 no sub/antial  
!oretical ga9 0 made along ?is          
romantic-hi/orical l9e ( inquiry &      
speculation1 = ! reason1 app>5tly1 t !re
 are no cultural laws ( ! k9d aim$ at1  
beyond ! unprecise g5]alities t are     
suffici5tly famili> be=eh& to all       

passably intellig5t adults4         99  
99       99       99       99  ,x has   
seem$ necess>y to (f] ?is mu* 9         
*>act]isation ( t hi/orical aim & me?od 
:i* af=d$ a po9t ( dep>ture = ,pr(essor 
,s*moll]'s "w ( revision4 ,:5 he fir/   
rais$ 8 prote/ aga9/ ! prevail+ ideals &
 me?ods1 z be+ ill-advis$ & n           
?or\gh-go+1 he does n seem himself to h 
be5 entirely free f ?is ,romantic1 or   
,hegelian1 bias4 ,!re is evid5ce to !   
contr>y 9 8 e>ly writ+s4#e ,x _c ev5 be 
said t 8 lat] !oretical "w does n %[    
some?+ ( ! same animus1 z1 e4g41 :5 he  
assumes t !re is a meliorative tr5d 9 ! 
c\rse ( cultural ev5ts4#f ,:at has      
diff]5tiat$ 8 "w f t ( ! gr\p ( writ]s  
:i* has above be5 call$ ! eld] l9e (    
hi/orical economics is ! weakness or    
relative abs5ce ( ?is bias 9 8 !oretical
 "w4 ,p>ticul>ly1 he has refus$ to br+ 8
 rese>*es 9 ! field ( !ory def9itely to 
re/ on gr\nd giv5 by ! ,hegelian1 or    
,romantic1 s*ool ( ?\ght4 ,he 0 f ! fir/
 unwill+ to accept classificatory       

/atem5ts ( uni=mity or ( normality z an 
adequate answ] to que/ions ( sci5tific  
!ory4 ,he does n commonly d5y ! tru? or 
! importance ( ! empirical g5]alisations
 aim$ at by ! e>ly hi/orical economi/s4 
,inde$1 he makes mu* ( !m & has be5     
notori\sly urg5t = a full survey (      
hi/orical data & a pa9/ak+ dige/ion (   
mat]ials ) a view to a compreh5sive "w (
 empirical g5]alisation4 ,z is well     
kn[n1 9 8 e>li] "w ( criticism &        
me?odological controv]sy he 0 l$ to     
cont5d t = at lea/ "o g5]ation economi/s
 mu/ be cont5t to sp5d _! en]gies on    
descriptive "w ( ?is k9d2 & he !reby    
e>n$ ! reputation ( aim+ to r$uce       
economics to a descriptive k ( details &
 to conf9e its me?od to ! ,baconian     
gr\nd ( g5]alisation by simple          
enum]ation4 ,b ?is exhau/ive hi/orical  
scrut9y & description ( detail has      
always1 9 ,pr(essor ,s*moll]'s view1 be5
 prelim9>y to an ev5tual !ory ( economic
 life4 ,! survey ( details & ! empirical
 g5]alisations rea*$ by its help are    

useful = ! sci5tific purpose only z !y  
s]ve ! end ( an ev5tual =mulation ( !   
laws ( causation t "w out 9 ! process ( 
economic life4 ,! ult]ior "q1 to :i* all
 else is subsidi>y1 is a "q ( ! causes  
at "w r ?an a "q ( ! hi/orical          
uni=mities obs]vable 9 ! sequ5ce (      
ph5om5a4 ,! scrut9y ( hi/orical details 
s]ves ?is end by def9+ ! scope & "* ( ! 
sev]al factors causally at "w 9 ! gr[? (
 culture1 &1 :at is ( m imm$iate        
consequ5ce1 z !y are at "w 9 ! %ap+ ( ! 
economic activities & ! economic aims ( 
m5 engag$ 9 ?is unfold+ cultural process
 z x lies be=e ! inve/igator 9 ! exi/+  
situation4  ,9 ! prelim9>y "w1 !n1 (    
def9+ & *>act]is+ ! causes or factors ( 
economic life1 hi/orical inve/igation   
plays a l>ge1 if n ! l>ge/1 "p2 b x is  
by no means ! sole l9e ( inquiry to :i* 
rec\rse is _h = ?is purpose4 ,nor1 x may
 be add$1 is ?is ! sole use ( hi/orical 
inquiry4 ,to ! l end a comp>ative /udy (
 ! climatic1 geographical1 & geological 
features ( ! community's environm5t is  

drawn into ! inquiry2 & m p>ticul>ly !re
 is a c>eful /udy ( e?nographic p>allels
 & a scrut9y ( ! psy*ological f\ndations
 ( culture & ! psy*ological factors     
involv$ 9 cultural *ange4  ,h5ce x      
appe>s t ,pr(essor ,s*moll]'s "w diff]s 
f t ( ! eld] l9e ( hi/orical economics 9
 respect ( ! scope & "* ( ! prelim9>ies 
( economic !ory no less ?an 9 ! ult]ior 
aim :i* he assigns ! sci5ce4 ,x is only 
by giv+ a v broad mean+ to ! t]m t ?is  
late/ developm5t ( ! sci5ce c be call$  
an hi/orical economics4 ,x is ,d>w9ian r
 ?an ,hegelian1 al?\gh ) ! e>m>ks (     
,hegelian affiliation visible n[ & aga92
 & x is hi/orical only 9 a s5se simil>  
to t 9 :i* a ,d>w9ian acc\nt ( !        
evolution ( economic in/itutions might  
be call$ hi/orical4 ,= ! di/+ui%+       
*>act]i/ic ( ,pr(essor ,s*moll]'s "w1 t 
:]e9 x diff]s f ! e>li] "w ( ! economi/s
 ( 8 g5]al class1 is t x aims at a      
,d>w9i/ic acc\nt ( ! orig91 gr[?1       
p]si/5ce1 & v>iation ( in/itutions1 9 s 
f> z ^! in/itutions h to d ) ! economic 

aspect ( life ei!r z cause or z effect4 
,9 mu* ( :at he has to say1 he is at "o 
) 8 contempor>ies & pr$ecessors )9 !    
hi/orical s*ool2 & he %[s at _m po9ts   
bo? ! excell5ces & weaknesses due to 8  
hi/orical antec$5ts4 ,b 8 /rik+ &       
*>act]i/ic m]its lie 9 ! direction ( a  
po/-,d>w9ian1 causal !ory ( ! orig9 &   
gr[? ( species 9 in/itutions4 ,9 ?is l9e
 ( !oretical inquiry ,pr(essor ,s*moll] 
is n alone1 nor does he1 p]haps1 g s f> 
or ) su* s+l5ess ( purpose 9 ?is        
direction z "s o!rs d at giv5 po9ts2 b !
 s5iority belongs to him1 & he is also 9
 ! lead z reg>ds ! compreh5siv5ess ( 8  
"w4         99       99       99        
99       99  ,b to return to !          
,grundriss1 to :i* rec\rse mu/ be _h to 
sub/antiate ! *>act]isation "h (f]$4 ,! 
entire "w z project$ comprises an       
,introduction & f\r ,books1 ( :i* !     
introduction & ! fir/ two books are     
conta9$ 9 ! volume already publi%$4 ,!  
two books yet to be publi%$1 9 a second 
volume1 promise to be ( a l5g?          

correspond+ to ! fir/ two4 ,! pres5t    
volume %\ld accord+ly conta9            
approximately ?ree-fif?s ( ! :ole1 c\nt$
 by bulk4 ,! s*eme ( ! "w is z foll[s3  
,an ,introduction 7pp4 #a-abd7 treats ( 
7#a7 ! ,concept ( ,economics1 7#b7 !    
,psy*ical1 ,e?ical 7or ,conv5tional1    
sittli*e71 & ,legal ,f\ndations (       
,economic ,life & ( ,culture1 & 7#c7 !  
,lit]ature & ,me?od ( ! ,sci5ce4 ,?is is
 foll[$ by ,book ,i4 7pp4 #abe-bbh7 on  
,l&1 ,population1 & ! ,indu/rial ,arts1 
consid]$ z collective ph5om5a & factors 
9 economic life1 & ,book ,,ii4 7pp4     
#bbi-deg71 on ! ,con/itution ( ,economic
 ,society1 its *ief organs & ! causal   
factors to :i* !y are due4 ,books ,,iii4
 & ,,iv4 are to deal ) ! ,circulation ( 
,goods & ! ,di/ribution ( ,income1 & to 
give a g5etic acc\nt ( ! ,developm5t (  
,economic ,society4  ,! c\rse outl9$    
diff]s noticeably f :at has be5 cu/om>y 
9 treatises on economics4 ,! po9t (     
dep>ture is a compreh5sive g5]al survey 
( ! factors :i* ent] into ! gr[? (      

culture1 ) special ref]5ce to _!        
economic be>+4 ,?is survey runs *iefly  
on psy*ological & e?nographic gr\nd1    
hi/orical inquiry 9 ! /rict] s5se be+   
relatively scant & obvi\sly ( second>y  
consequ5ce4 ,x is foll[$ up ) a m       
detail$ & se>*+ discussion ( ! factors  
engag$ 9 ! economic process 9 any giv5  
situation4 ,! factors1 or collective    
ph5om5a1 9 "q are n ! "t-honor$ ,l&1    
,labor1 & ,capital1 b r population1     
mat]ial environm5t1 & te*nological      
conditions4 ,"h1 too1 ! discussion has  
to d ) e?nographic r ?an ) prop]ly      
hi/orical mat]ial4 ,! "q ( population   
conc]ns n ! num]ical =ce ( labor]s1 b r 
! div]sity ( race *>act]i/ics & ! be>+ (
 race end[m5t ^u ! gr[? ( economic      
in/itutions4 ,! discussion ( ! mat]ial  
environm5t1 aga91 has relatively little 
to say ( ! f]tility ( ! soil1 & gives   
mu* att5tion to div]sities ( climate1   
geographical situation1 & geological &  
biological conditions4 ,& ?is fir/ book 
closes ) a survey ( ! gr[? (            

te*nological k & ! indu/rial arts4  ,9  
all ?is ! significant innovation lies n 
s mu* 9 ! "* ( ! details4 ,!y are = !   
mo/ "p commonplace en\gh z details ( !  
sci5ces f :i* !y are borr[$4 ,!y are    
%rewdly *os5 & h&l$ 9 su* a way z to br+
 out _! be>+ ^u ! ult]ior que/ions ab\t 
:i* ! economi/'s int]e/ c5t]s2 b !re is1
 z might be expect$1 little attempt to g
 back ( ! returns giv5 by speciali/s 9 !
 sev]al l9es ( rese>* t are laid "u     
contribution4 ,b ! significance ( x all 
lies r 9 ! fact t mat]ial ( ?is k9d %\ld
 h be5 drawn ^u = a f\ndation = economic
 !ory1 & t x %\ld h seem$ necess>y to   
,pr(essor ,s*moll] to make ?is          
introductory survey s compreh5sive & s  
pa9/ak+ z x is4 ,its mean+ is t ^!      
features ( human nature & ^! =ces (     
nature & circum/ances ( environm5t are !
 ag5cies out ( ^: int]action ! economic 
situation has aris5 by a cumulative     
process ( *ange1 & t x is ?is cumulative
 process ( developm5t1 & its complex &  
un/able outcome1 t are to be !          

economi/'s subject-matt]4 ,! !oretical  
outcome = :i* su* a f\ndation is prep>$ 
is necess>ily ( a g5etic k9d4 ,x        
necess>ily seeks to "k & expla9 !       
/ructure & functions ( economic society 
9 t]ms ( h[ & :y !y h come to be :at !y 
are1 n1 z s _m economic writ]s h expla9$
 !m1 9 t]ms ( :at !y are good = & :at !y
 ought to be4 ,x means1 9 o!r words1 a  
delib]ate attempt to sub/itute an       
inquiry into ! effici5t causes (        
economic life 9 ! place ( empirical     
g5]alisations1 on ! "o h&1 &            
speculations z to ! et]nal fitness (    
?+s1 on ! o!r h&4  ,x foll[s f ! nature 
( ! case t an economics ( ?is g5etic "*1
 work+ on gr\nds ( ! k9d indicat$1      
comprises no?+ 9 ! way ( advice or      
admonition1 no maxims ( exp$i5cy1 & no  
economic1 political1 or cultural cre$4  
,h[ ne>ly ,pr(essor ,s*moll] con=ms to  
?is canon ( cont95ce is ano!r "q4 ,!    
above indicates ! scope ( su* doctr9es z
 are consi/5tly d]ivable f ! premises ) 
:i* ! "w "u review />ts out1 n ! scope (

 its writ]'s speculations on economic   
matt]s4  ,! second book1 by ! help (    
prehi/oric & e?nographic mat]ial z well 
z hi/ory1 deals ) ! evolution ( ! me?ods
 ( social organisation1--! gr[? (       
in/itutions 9 s f> z ?is gr[? %apes or  
is %ap$ by ! exig5cies ( economic life4 
,! organs1 or social-economic           
in/itutions1 ^: life hi/ory is pass$ 9  
review are3 ! family2 ! me?ods (        
settlem5t & domicile1 9 t[n & c\ntry2 ! 
political units ( control &             
adm9i/ration2 diff]5tiation ( functions 
betwe5 indu/rial & o!r classes & gr\ps2 
own]%ip1 its gr[? & di/ribution2 social 
classes & associations2 bus9ess         
ent]prise1 indu/rial organisations &    
corporations4  ,z reg>ds ! s+l5ess (    
purpose ) :i* ,pr(essor ,s*moll] has    
c>ri$ out ! s*eme ( economic !ory = :i* 
he has sket*$ ! outl9es & po9t$ ! way1 x
 is n possible to speak ) ! same        
confid5ce z ( 8 prelim9>y "w4 ,x goes   
)\t say+ t ?is fur!r "w ( elaboration is
 excell5t aft] its k9d2 & ?is excell5ce1

 :i* 0 to be look$ = at ,pr(essor       
,s*moll]'s h&s1 may easily div]t !      
read]'s att5tion f ! %ortcom+s ( ! "w 9 
respect ( k9d r ?an ( quality4 ,n[1 :ile
 a broad g5]alisation on ?is head may be
 haz>d\s & is to be tak5 ) a l>ge m>g91 
/ill1 ) due all[ance1 ! foll[+          
g5]alisation w probably /&1 s f> z      
reg>ds ?is fir/ volume4 ,s long z !     
au?or is occupi$ ) ! life-hi/ory (      
in/itutions d[n to contempor>y          
developm5ts1 s long 8 discussion proce$s
 by ! dry light ( ! sci5tific int]e/1   
simply1 z ! t]m sci5tific is und]/ood   
among ! mod]n adepts ( ! natural        
sci5ces2 b s soon z he comes to close   
qu>t]s ) ! situation ( to-day1 & rea*es 
! po9t :]e a dispassionate analysis &   
exposition ( ! causal complex at "w 9   
contempor>y in/itutional *anges %\ld    
beg91 s soon ! sci5tific light breaks up
 into all ! colors ( ! ra9b[1 & ! au?or 
becomes an eag] & eloqu5t c\nselor1 &   
argues ! "q ( :at ought to be & :at     
mod]n society mu/ d to be sav$4 ,!      

argum5t at ?is po9t loses ! "* ( a      
g5etic explanation ( ph5om5a1 & takes on
 ! "* ( appeal & admonition1 urg$ on    
gr\nds ( exp$i5cy1 ( morality1 ( good   
ta/e1 ( hygi5e1 ( political ends1 & ev5 
( religion4 ,all ?is1 ( c\rse1 is :at we
 are us$ to 9 ! common run ( writ]s ( ! 
hi/orical s*ool2 b ^? /ud5ts ^: int]e/  
c5t]s 9 ! sci5ce r ?an 9 ! ways & means 
( ma9ta9+ ! receiv$ cultural =ms (      
,g]man society h long fanci$ !y _h gr\nd
 to hope = some?+ m to ! purpose :5     
,pr(essor ,s*moll] came to put =? 8     
great sy/ematic "w4 ,brilliant & no d\bt
 valuable 9 its way & = its end1 ?is    
digression into homiletics & re=matory  
advice means t ! argum5t is runn+ into !
 s&s j at ! /age :]e ! sci5ce c lea/    
af=d x4 ,x is precisely at ?is po9t1 :]e
 m5 ( less ye>s & bread? & weight w\ld  
f9d x difficult to hold t5aci\sly to !  
c\rse ( cause & effect ?r\gh ! maze (   
j>r+ int]e/s & s5tim5ts t make up !     
contempor>y situation1--x is precisely  
at ?is po9t t a g5etic !ory ( economic  

life mo/ ne$s ! guidance ( ! firm1      
tra9$1 dispassionate h& ( ! ma/]4 ,& at 
?is po9t 8 guidance all b fails u4  ,:at
 has j be5 said applies g5]ally to      
,pr(essor ,s*moll]'s treatm5t (         
contempor>y economic developm5t1 & x    
%\ld be add$ t x applies at ne>ly all   
po9ts ) m or less ( qualification4 ,b ! 
qualifications requir$ are n l>ge en\gh 
to belie ! g5]al *>act]isation j (f]$4  
,x w\ld be ask+ too l>ge an indulg5ce to
 foll[ ! po9t up 9 ?is place ?r\gh all !
 discussions ( ! volume t fairly come "u
 ?is criticism4 ,! mo/ t may be done is 
to po9t = illu/ration to ! h&l+ :i* two 
or ?ree ( ! social-economic organs      
receive4 ,s1 = in/ance1 ,book ,,ii4 op5s
 ) an acc\nt ( ! family & its place &   
function 9 ! /ructure ( economic        
society4 ,! discussion proce$s along !  
beat5 pa?s ( e?nographic rese>*1 )      
repeat$ & well-direct$ rec\rse to !     
psy*ological k t ,pr(essor ,s*moll]     
always has well 9 h&4 ,com+ d[n into    
rec5t times1 ! discussion /ill proce$s  

to %[ h[ ! l>ge economic *anges ( late  
m$iaeval & e>ly mod]n times act$ to     
break d[n ! patri>*al regime ( ! e>li]  
culture2 b at ! same "t !re comes into  
sight 7pp4 #bde-bdi7 a bias 9 favor ( ! 
rec5t z aga9/ ! e>li] =m ( ! h\sehold4  
,! au?or is no long] cont5t to %[ !     
exig5cies :i* set ! e>li] patri>*al     
h\sehold aside 9 favor ( ! modifi$      
patri>*al h\sehold ( m rec5t times4 ,he 
also (f]s reasons :y ! lat]1 modifi$ =m 
is intr9sically ! m desirable2 reasons1 
x %\ld p]haps be said1 :i* may be well  
tak51 b :i* are beside ! po9t s f> z    
reg>ds a sci5tific explanation ( !      
*anges "u discussion4  ,! clos+         
p>agraphs ( ! section 7#ia7 dwell ) a   
k9dly insi/5ce on ! _m elem5ts ( /r5g? &
 beauty possess$ by ! =m ( h\sehold     
organisation h&$ d[n f ! pa/ g5]ation to
 ! pres5t4 ,! facts h]e) recit$ by !    
au?or are1 no d\bt1 ( weight1 & mu/ be  
duly tak5 acc\nt ( by any economi/ :o   
v5tures on a g5etic discussion ( !      
pres5t situation & ! *ang+ =tunes ( !   

receiv$ h\sehold4 ,b ,pr(essor ,s*moll] 
has fail$ ev5 to po9t out 9 :at mann] ^!
 elem5ts ( /r5g? & beauty h 9 ! rec5t   
pa/ or may 9 ! pres5t & imm$iate future 
causally affect ! =tunes ( ! in/itution4
 ,! failure to turn ! mat]ial 9 "q to   
sci5tific acc\nt becomes almo/ culpable 
9 ,pr(essor ,s*moll]1 s9ce !re are few1 
if any1 :o are 9 s favorable a position 
to outl9e ! argum5t :i* a !oretical     
acc\nt ( ! situation at ?is po9t mu/    
take4 ,pla9ly1 z %[n by ,pr(essor       
,s*moll]'s argum5t1 economic exig5cies  
are work+ an incessant cumulative *ange 
9 ! =m ( organisation ( ! mod]n         
h\sehold2 b he has done little t[>ds    
po9t+ out 9 :at mann] & ) :at effect ^! 
exig5cies come into play4 ,nei!r has he 
gone at all into ! conv]se "q1 equally  
grave z a "q ( economic !ory1 ( h[ !    
p]si/5ce1 ev5 ?\gh qualifi$1 ( !        
patri>*al family has modifi$ & is       
modify+ economic /ructure & function at 
o!r po9ts & qualify+ or acc5tuat+ ! v   
exig5cies !mselves to :i* ! *anges      

wr\ght 9 ! in/itution are to be trac$4  
,pla9ly1 too1 ! /r5g? & beauty ( !      
traditionally receiv$ =m ( ! h\sehold--t
 is to say1 ! habits ( life & (         
complac5cy :i* are b\nd up ) ?is        
h\sehold--are elem5ts ( importance 9 !  
mod]n situation z affects ! degree (    
p]si/5ce & ! direction ( *ange :i* ?is  
in/itution %[s "u mod]n circum/ances4   
,!y are psy*ological facts1 facts (     
habit & prop5sity & spiritual fitness1 !
 effici5cy ( :i* z live =ces mak+ =     
survival or v>iation is 9 ?is connection
 probably second to t ( no o!r factors t
 c\ld be nam$4 ,we _h1 !re=e1 almo/ a "r
 to expect t ,pr(essor ,s*moll]'s pr(\nd
 & compreh5sive erudition 9 ! fields (  
psy*ology & cultural gr[? %\ld turn ^!  
facts to bett] ends ?an a prea*m5t      
conc]n+ an intr9sically desirable       
consummation4  ,reg>d+ ! pres5t visible 
dis9tegration ( ! family1 & ! closely   
relat$ woman "q1 ,pr(essor ,s*moll]'s   
obs]vations are ( mu* ! same texture4   
,he notes ! gr[+ dis9cl9ation to !      

old-fa%ion$ family life on ! "p ( !     
work+ population1 & %[s t !re are c]ta9 
economic causes = ?is gr[? or           
det]ioration ( s5tim5t4 ,:at he has to  
(f] is made up ( ! commonplaces (       
latt]-day social-economic discussion1 & 
is *>g$ ) a /rong und]tone (            
deprecation4 ,:at ! tr5d ( ! causes at  
"w to alt] or =tify ?is body ( s5tim5t  
may be1 c\nts = v little 9 :at he says  
on ! pres5t movem5t or on ! imm$iate    
future ( ! in/itution4 ,! be/ he has to 
(f] on ! woman "q is an (f-h& ref]5ce ( 
! gr\nd ( s5tim5t on :i* x re/s to a    
recrudesc5ce ( ! eighte5? c5tury _s (   
egalite4 ,?is notion ( ! equality ( !   
sexes he refutes 9 graceful & affect+   
t]ms1 & he pleads = ! unbrok5           
pres]vation ( woman's sph]e & man's     
primacy2 z if ! matt] ( sup]iority or   
inf]iority betwe5 ! sexes c\ld          
conceivably be any?+ m ?an a conv5tional
 outcome ( ! habits ( life impos$ ^u !  
community by ! circum/ances "u :i* !y   
live4 ,h[ x has come to pass t "u !     

economic exig5cies ( ! pa/ ! physical & 
temp]am5tal div]sity betwe5 ! sexes has 
be5 conv5tionally con/ru$ into a        
sup]iority ( ! man & an inf]iority ( !  
woman1--on ?is head he has no m to say  
or to sugge/ ?an on ! correlate "q ( :y 
?is conv5tional int]pretation ( ! facts 
has latt]ly n be5 hold+ its anci5t      
gr\nd4 ,! discussion ( ! family & ( !   
relation ( ! sexes1 9 mod]n culture1 is 
m>k$ ?r\gh\t by unwill+ness or inability
 to p5etrate beh9d ! b>ri] ( conv5tional
 f9ality4  ,! discussion ( ! family j   
cit$ occupies ! op5+ *apt] ( ,book ,,ii4
 ,= a fur!r in/ance ( ,pr(essor         
,s*moll]'s h&l+ ( a mod]n economic      
problem1 ref]5ce may be _h to ! clos+   
*apt] ( ,book ,i41 on ! ,developm5t (   
,te*nological ,exp$i5ts & its ,economic 
,significance1 b m p>ticul>ly ! sections
 7#hd-hf7 on ! mod]n ma*9e indu/ry 7pp4 
#baa-bbh74 ,9 ?is discussion1 also1 !   
po9t ( int]e/ is ! att5tion giv5 to !   
latt]-day ph5om5a ( ma*9e indu/ry1 & !  
au?or's me?od & animus 9 deal+ ) !m4    

,!re is 7pp4 #baa-bah7 a cond5s$ &      
compet5t pres5tation ( ! ma9 *>act]i/ics
 ( ! mod]n ma*9e age1 foll[$ 7pp4       
#bah-bbh7 by a critical discussion ( its
 cultural value4 ,! cu/om>y eulogy1 b ) 
m ?an ! cu/om>y discrim9ation1 is giv5  
to ! advantages ( ! regime ( ! ma*9e 9  
po9t ( economy1 creature com=ts1 &      
intellectual sweep2 & x is po9t$ out h[ 
! regime ( ! ma*9e has br\ght ab\t a    
r$i/ribution ( weal? & ( population & a 
reorganisation & r$i/ribution ( social &
 economic /ructures & functions4 ,x is  
po9t$ out 7p4 #bbc7 t ! grave/ social   
effect ( ! ma*9e indu/ry has be5 !      
creation ( a l>ge class ( wage labor]s4 
,! mat]ial circum/ances into :i* ?is    
class has be5 ?r[n1 p>ticul>ly 9 po9t ( 
physical com=t1 are dealt ) 9 a sob] &  
discrim9at+ way2 & x is %[n 7p4 #bbd7 t 
9 ! days ( its full] developm5t !       
ma*9e's regime has evolv$ a class (     
tra9$ labor]s :o n only live 9 com=t1 b 
are s\nd & /rong 9 m9d & body4 ,b ) !   
citation ( ^! facts ! pursuit ( ! *a9 ( 

cause & effect 9 ?is mod]n ma*9e        
situation comes to an end4 ,! rema9d] ( 
! space giv5 to ! subject is occupi$ )  
extremely sane & well-advis$ criticism1 
moral & ae/hetic1 & indications ( :at ! 
prop] ideals & ends ( endeavor %\ld be4 
,pr(essor ,s*moll] misses ! opportunity 
he "h has ( deal+ ) ?is mat]ial 9 a     
sci5tific _s & ) "s valuable results =  
economic !ory4 ,he c\ld1 x is n too bold
 to assume1 h sket*$ = u an effective   
me?od & l9e ( rese>* to be pursu$1 =    
in/ance1 9 foll[+ up ! sci5tific "q (   
:at may be ! cultural1 spiritual effects
 ( ! ma*9e's regime ^u ?is l>ge body (  
tra9$ workm51 & :at ?is body ( tra9$    
workm5 9 its turn c\nts = z a factor 9  
%ap+ ! in/itutional gr[? ( ! pres5t & ! 
economic & cultural situation (         
to-morr[4 ,"w ( ?is k9d1 !re is reason  
to believe1 ,pr(essor ,s*moll] c\ld h   
done ) bett] effect ?an any ( 8         
colleagues 9 ! sci5ce2 = he is1 z       
already notic$ above1 possess$ ( !      
necess>y qualifications 9 ! way (       

psy*ological tra9+1 broad k ( ! play (  
cause & effect 9 cultural gr[?1 & an    
ability to take a sci5tific po9t ( view4
 ,in/ead ( ?is he h>ks back aga9 to !   
dre>y homiletical wa/e ( ! traditional  
,hi/orismus4 ,x seems z if a topic :i*  
he deals ) z an objective matt] s long z
 x lies outside ! sph]e ( e-day         
humanit>ian & social solicitude1 becomes
 a matt] to be pass$ ^u by conv5tional  
/&>ds ( ta/e1 dignity1 morality1 & ! l1 
s soon z x comes )9 ! sweep ( latt]-day 
,g]man s5tim5t4  ,?is habit ( treat+ a  
giv5 problem f ^! v>i\s & %ift+ po9ts ( 
view at times gives a kaleidoscopic     
effect t is n )\t int]e/4 ,s 9 ! matt] (
 ! te*nically tra9$ work+ population 9 !
 ma*9e indu/ry1 to :i* ref]5ce has      
already be5 made1 some?+ ( an odd       
confusion appe>s :5 expressions tak5 f  
div]se phases ( ! discussion are br\ght 
side by side4 ,he speaks ( ?is class at 
"o po9t 7p4 #bbd7 z s\nd1 /rong1        
spiritually & morally advanc+1 sup]ior 9
 all ^! virtues to ! work+ classes ( o!r

 times & places4 ,at ano!r po9t 7pp4    
#bej-bec7 he speaks ( ! same popul>     
elem5t1 "u ! designation ( sociali/s1 z 
p]v]se1 deg5]ate1 & reaction>y4 ,?is    
latt] *>act]isation may be sub/antially 
correct1 b x proce$s on gr\nds ( ta/e & 
pr$ilection1 n on gr\nds ( sci5tifically
 det]m9able cause & effect4 ,& ! two    
*>act]isations apply to ! same elem5ts (
 population2 = ! sub/antial core &      
tone-giv+ factor ( ! radical sociali/ic 
elem5t 9 ! ,g]man community is1         
notori\sly1 j ?is te*nically tra9$      
population ( ! indu/rial t[ns :]e !     
discipl9e ( ! ma*9e indu/ry has be5 at  
"w ) lea/ mitigation4 ,! only o!r fairly
 isolable elem5t ( a radical sociali/ic 
complexion is f\nd among ! /ud5ts (     
mod]n sci5ce4 ,n[1 fur!r1 9 8           
speculations on ! relation (            
te*nological k to ! advance ( culture1  
,pr(essor ,s*moll] po9ts out 7e4g41 p4  
#bbf7 t a high degree ( culture         
connotes1 on ! :ole1 a high degree (    
te*nological effici5cy1 & conv]sely4 ,9 

?is connection he makes use ( ! t]ms    
,halbkulturvoelk] & ,ganskulturvoelk] to
 designate diff]5t degrees ( cultural   
maturity4 ,x is curi\s to reflect1 9 !  
light ( :at he has to say on ^! sev]al  
heads1 t if ! sociali/ically affect$1   
te*nically tra9$ population ( !         
indu/rial t[ns1 toge!r ) !              
radical-sociali/ic m5 ( sci5ce1 7       
ab/ract$ f ! ,g]man population1 leav+   
sub/antially ! peasantry1 ! slums1 & !  
ari/ocracy great & small1 ! result+     
,g]man community w\ld unque/ionably h to
 be class$ z a ,halbkulturvoelk 9       
,pr(essor ,s*moll]'s s*eme4 ,:]eas !    
elem5ts ab/ract$1 if tak5 by !mselves1  
w\ld z unque/ionably be class$ among !  
,ganskulturvoelk]4  ,9 conclusion1 "o   
may turn to ! conclud+ *apt] 7,book     
,,ii41 ,*apt] vii47 ( ! pres5t volume = 
a f9al illu/ration ( ,pr(essor          
,s*moll]'s me?od & animus 9 h&l+ a mod]n
 economic problem4 ,all ! m s z ?is     
*apt] on bus9ess ent]prise bett] su/a9s 
t sci5tific attitude :i* ! introductory 

outl9e leads ! read] to look = ?r\gh\t4 
,x %[s h[ mod]n bus9ess ent]prise is 9 !
 ma9 an outgr[? ( comm]cial activity1 z 
also t x has reta9$ ! comm]cial _s d[n  
to ! pres5t4 ,! motive =ce ( bus9ess    
ent]prise is ! self-seek+ que/ (        
divid5ds2 b ,pr(essor ,s*moll] %[s1 ) m 
dispassionate insight ?an _m economi/s1 
t ?is self-seek+ motive is hemm$ 9 &    
guid$ at all po9ts 9 ! c\rse ( its      
developm5t by consid]ations & conv5tions
 t are n ( a prim>ily self-seek+ k9d4   
,he is n cont5t to po9t to ! b5efic5t   
work+ ( a h>mony ( int]e/s1 b sket*es ! 
play ( =ces :]eby a self-seek+ bus9ess  
traffic has come to s]ve ! int]e/s ( !  
community4 ,bus9ess ent]prise has       
gradually em]g$ & come into its pres5t  
c5tral & dom9ant position 9 !           
community's indu/ry z a concomitant ( ! 
gr[? ( individual own]%ip & pecuni>y    
discretion 9 mod]n life4 ,x is !re=e a  
phase ( ! mod]n cultural situation2 &   
its survival & ! direction ( its fur!r  
gr[? are !re=e condition$ by ! exig5cies

 ( ! mod]n cultural situation4 ,:at ?is 
mod]n cultural situation is & :at are ! 
=ces1 ess5tially psy*ological1 :i* %ape 
! fur!r gr[? ( ! situation1 no "o is    
bett] fitt$ to discuss ?an ,pr(essor    
,s*moll]2 & he has also giv5 valuable   
indications 7pp4 #dbh-deg7 ( :at ^!     
factors are & h[ ! inquiry into _! work+
 mu/ be conduct$4 ,b ev5 "h1 :]e a      
dispassionate trac+-out ( ! sequ5ce (   
cause & effect %\ld be easi] to         
und]take1 because less readily blurr$ ) 
s5tim5t1 ?an 9 ! case1 e4g41 ( ! family1
 ! "w ( trac+ ! developm5tal sequ5ce    
tap]s (f into advice & admonition       
proce$+ on ! assumption t ! /age n[     
rea*$ is1 or at lea/ %\ld be1 f9al4 ,!  
att5tion 9 ! lat] pages div]ges f !     
process ( gr[? & its condition+         
circum/ances1 to ! desirability (       
ma9ta9+ ! good results atta9$ & to !    
ways & means ( hold+ fa/ t :i* is good 9
 ! outcome already a*iev$4 ,! "q to :i* 
an answ] is s\ght 9 discuss+ ! pres5t   
phase ( ! developm5t is n a "q z to :at 

is tak+ place z respects ! in/itution ( 
bus9ess ent]prise1 b r a "q z to :at =m 
%\ld be giv5 to an optimi/ic policy (   
fo/]+ bus9ess ent]prise & turn+ x to    
acc\nt = ! common good4 ,at ?is po9t1 z 
else:]e1 ?\gh p]haps 9 a less degree ?an
 else:]e1 ! exi/+ =m ( ! in/itution is  
accept$ z a f9ality4 ,all ?is is        
disappo9t+ 9 view ( ! fact t at no o!r  
po9t d mod]n economic in/itutions be>   
less ( an air ( f9ality ?an 9 ! =ms &   
conv5tions ( bus9ess organisations &    
relations4 ,z ,pr(essor ,s*moll] rem>ks 
7p4 #dee71 ! scope & "* ( bus9ess       
und]tak+s necess>ily con=m to !         
circum/ances ( ! "t1 n to any logical   
s*eme ( developm5t f small to great or f
 simple to complex4 ,s also1 "o might be
 tempt$ to say1 ! exp$i5cy & ! *ance (  
ultimate survival ( bus9ess ent]prise is
 itself an op5 "q1 to be answ]$ by a    
scrut9y ( ! =ces t make = its survival  
or alt]ation1 n by advice z to ! be/    
me?od ( su/a9+ & controll+ x4         99
       99       99       99       99    

,:at has "h be5 said 9 criticism (      
,pr(essor ,s*moll]'s "w1 p>ticul>ly z   
reg>ds 8 dep>ture f ! pa? ( sci5tific   
rese>* 9 deal+ ) pres5t-day ph5om5a1    
may1 ( c\rse1 h to be qualifi$1 if n    
entirely set aside1 :5 8 "w is complet$ 
) ! promis$ g5etic survey ( mod]n       
in/itutions to be set =? 9 ! conclud+   
f\r? book4 ,p]haps x may ev5 be said t  
!re is fair hope1 on g5]al gr\nds1 ( su*
 a consummation2 b ! pres5t volume does 
n af=d gr\nd = a confid5t expectation ( 
?is k9d4 ,x is p]haps ne$less1 p]haps   
gratuit\s1 to add t ! /rictures (f]$    
indicate1 aft] all1 b relatively slight 
%ortcom+s 9 a "w ( ! fir/ magnitude4    
,,footnotes3  #a ,repr9t$ by p]mission f
 ,! ,qu>t]ly ,j\rnal ( ,economics1 ,vol4
 ,,xvi1 ,nov41 #aija4  #b ,grundriss d] 
allgeme95 ,volkswirts*aftslehre4 ,er/]  
,teil4 ,leipzig1 #aijj4  #c ,e4g41 ,k4  
,bue*]'s ,ent/ehung d] ,volkswirts*aft1 
& ,arbeit und ,ry?mus2 ,r4 ,hildebr&'s  
,re*t und ,sitte2 ,knapp's              
,grundh]rs*aft und ,ritt]gut2 ,ehr5b]g's

 ,zeitalt] d] ,fugg]2 ,r4 ,mucke's v>i\s
 works4  #d ,a physiological conception 
( society1 or ( ! community1 _h be5     
employ$ be=e1--e4g41 by !               
,physiocrats1--& su* a concept 0 rea*$  
also by ,engli% speculators--e4g41      
,h]b]t ,sp5c]--dur+ ,ros*]'s lifetime2 b
 ^! physiological conceptions ( society 
are rea*$ by a diff]5t l9e ( approa* f t
 :i* l$ up to ! late-,hegelian          
physiological or biological conception (
 human culture z a spiritual /ructure & 
process4 ,! outcome is also a diff]5t   
"o1 bo? z reg>ds ! use made ( ! analogy 
& z reg>ds ! !oretical results rea*$ by 
its aid4  ,x may be rem>k$1 by ! way1 t 
neo-,hegelianism1 ( ! ,left1 likewise   
gave rise to a !ory ( a self-det]m9+    
cultural exfoliation2 namely1 ! s-call$ 
,mat]iali/ic ,conception ( ,hi/ory ( !  
,m>xian sociali/s4 ,?is ,m>xian         
conception1 too1 _h mu* ( a             
physiological air2 b ,m>x & 8 coadjutors
 _h an advantage ov] ,ros*] & 8 foll[+1 
9 t !y 7 to a great] ext5t s*ool$ 9 !   

,hegelian philosophy1 in/ead ( be+      
uncritical receptacles ( ! ,romantic    
commonplaces left by ,hegelianism z a   
residue 9 popul> ?\ght4 ,!y 7 !re=e m   
fully consci\s ( ! be>+ ( _! po/ulates &
 less naive 9 _! assumptions (          
self-suffici5cy4  #e ,e4g41 9 8         
controv]sy ) ,treits*ke4 ,see           
,grundfrag5 d] ,socialpolitik und d]    
,volkswirts*aftslehre1 p>ticul>ly pp4   
#bd1 #be4  #f ,e4g41 ,grundriss1 pp4    
#bbe1 #dji1 #daa4     ,,indu/rial ,,&   
,,pecuni>y ,,employm5ts#a   ,= purposes 
( economic !ory1 ! v>i\s activities ( m5
 & ?+s ab\t :i* economi/s busy !mselves 
7 classifi$ by ! e>ly writ]s accord+ to 
a s*eme :i* has rema9$ sub/antially     
un*ang$1 if n unque/ion$1 s9ce _! "t4   
,?is s*eme is ! classical ?ree-fold     
division ( ! factors ( production "u    
,l&1 ,labor1 & ,capital4 ,! !oretical   
aim ( ! economi/s 9 discuss+ ^! factors 
& ! activities = :i* !y /& has n rema9$ 
! same ?r\gh\t ! c\rse ( economic       
discussion1 & ! ?ree-fold division has n

 always l5t itself ) facility to new    
po9ts ( view & new purposes ( !ory1 b ! 
writ]s :o h %ap$ lat] !ory h1 on ! :ole1
 n laid viol5t h&s on ! sacr$ =mula4 ,^!
 facts mu/ inspire ! utmo/ res]ve &     
circumspection 9 any "o :o is mov$ to   
propose ev5 a subsidi>y di/9ction (     
ano!r k9d betwe5 economic activities or 
ag5ts4 ,! t]m9ology & ! conceptual      
furniture ( economics are complex &     
p>ti-color$ en\gh )\t gratuit\s         
innovation4  ,x is accord+ly n ! aim (  
?is pap] to set aside ! "t-honor$       
classification ( factors1 or ev5 to     
=mulate an iconocla/ic am5dm5t1 b r to  
indicate h[ & :y ?is classification has 
prov$ inadequate = c]ta9 purposes ( !ory
 :i* 7 n contemplat$ by ! m5 :o         
elaborat$ x4 ,to ?is end a bit ( preface
 may be 9 place z reg>ds ! aims :i* l$  
to its =mulation & ! uses :i* !         
?ree-fold classification orig9ally s]v$4
         99       99       99       99  
99  ,! economi/s ( ! late eighte5? &    
e>ly n9ete5? c5turies 7 believ]s 9 a    

,provid5tial ord]1 or an ord] ( ,nature4
 ,h[ !y came by ?is belief ne$ n occupy 
u "h2 nei!r ne$ we raise a "q z to :e!r 
_! conviction ( its tru? 0 well or ill  
gr\nd$4 ,! ,provid5tial ord] or ord] (  
,nature is conceiv$ to "w 9 an effective
 & j way t[>d ! end to :i* x t5ds2 & 9 !
 economic field ?is objective end is !  
mat]ial welf>e ( mank9d4 ,! sci5ce ( t  
"t set itself ! task ( int]pret+ ! facts
 ) :i* x dealt1 9 t]ms ( ?is natural    
ord]4 ,! mat]ial circum/ances :i*       
condition m5's life fall )9 ! scope (   
?is natural ord] ( ! univ]se1 & z memb]s
 ( ! univ]sal s*eme ( ?+s m5 fall "u !  
con/ra9+ guidance ( ! laws ( ,nature1 :o
 does all ?+s well4 ,z reg>ds _! purely 
!oretical "w1 ! e>ly economi/s are      
occupi$ ) br++ ! facts ( economic life  
"u natural laws conceiv$ some:at aft] ! 
mann] indicat$2 & :5 ! facts h&l$ h be5 
fully int]pret$ 9 ! light ( ?is         
fundam5tal po/ulate ! !oretical "w ( !  
sci5ti/ is felt to h be5 successfully   
done4  ,! economic laws aim$ at &       

=mulat$ "u ! guidance ( ?is             
preconception are laws ( :at takes place
 naturally or normally1 & x is ( !      
ess5ce ( ?+s s conceiv$ t 9 ! natural or
 normal c\rse !re is no wa/$ or         
misdirect$ ef=t4 ,! /&po9t is giv5 by ! 
mat]ial int]e/ ( mank9d1 or1 m          
concretely1 ( ! community or society 9  
:i* ! economi/ is plac$2 ! result+      
economic !ory is =mulat$ z an analysis (
 ! natural c\rse ( ! life ( ! community1
 ! ultimate !oretical po/ulate ( :i*    
might1 n unfairly1 be /at$ z 9 "s sort a
 law ( ! cons]vation ( economic en]gy4  
,:5 ! c\rse ( ?+s runs (f naturally or  
normally1 9 accord ) ! exig5cies ( human
 welf>e & ! con/ra9+ laws ( nature1     
economic income & outgo balance "o      
ano!r4 ,! natural =ces at play 9 !      
economic field may increase indef9itely 
?r\gh accretions br\ght 9 "u man's      
dom9ion & ?r\gh ! natural increase (    
mank9d1 &1 inde$1 x is ( ! nature ( ?+s 
t an ord]ly progress ( ?is k9d %\ld take
 place2 b )9 ! economic organism1 z )9 !

 l>g] organism ( ! univ]se1 !re prevails
 an equival5ce ( exp5diture & returns1  
an equilibrium ( flux & reflux1 :i* is n
 brok5 ov] 9 ! normal c\rse ( ?+s4 ,s x 
is1 by implication1 assum$ t ! product  
:i* results f any giv5 indu/rial process
 or op]ation is1 9 "s s5se or 9 "s      
unspecifi$ respect1 ! equival5t ( !     
exp5diture ( =ces1 or ( ! ef=t1 or :at  
n1 t has gone into ! process out ( :i* !
 product em]ges4  ,?is !orem (          
equival5ce is ! po/ulate :i* lies at !  
root ( ! classical !ory ( di/ribution1 b
 x manife/ly does n admit ( pro(--or (  
dispro( ei!r1 = t matt]2 s9ce nei!r !   
economic =ces :i* g into ! process nor !
 product :i* em]ges are1 9 ! economic   
respect1 ( su* a tangible "* z to admit 
( quantitative det]m9ation4 ,!y are 9   
fact incomm5surable magnitudes4 ,to ?is 
la/ rem>k ! answ] may conceivably pres5t
 itself t ! equival5ce 9 "q is an       
equival5ce 9 utility or 9 ex*ange value1
 & t ! quantitative det]m9ation ( !     
v>i\s items 9 t]ms ( ex*ange value or ( 

utility is1 !oretically1 n impossible2 b
 :5 x is call$ to m9d t ! =ces or       
factors :i* g to ! production ( a giv5  
product take _! utility or ex*ange value
 f t ( ! product1 x w easily be se5 t ! 
exp$i5t w n s]ve4 ,! equival5ce betwe5 !
 aggregate factors ( production 9 any   
giv5 case & _! product rema9s a dogmatic
 po/ulate ^: validity _c be demon/rat$ 9
 any t]ms t w n r$uce ! :ole proposition
 to an aimless fatuity1 or to           
metaphysical gr\nds :i* h n[ be5 giv5   
up4  ,! po9t ( view f :i* ! e>ly1 & ev5 
! lat] classical1 economi/s discuss$    
economic life 0 t ( ! society tak5 z a  
collective :ole & conceiv$ z an organic 
unit4 ,economic !ory s\ght out & =mulat$
 ! laws ( ! normal life ( ! social      
organism1 z x is conceiv$ to "w out 9 t 
natural c\rse :]eby ! mat]ial welf>e (  
society is atta9$4 ,! details ( economic
 life are con/ru$1 = purposes ( g5]al   
!ory1 9 t]ms ( _! subs]vi5ce to ! aims  
imput$ to ! collective life process4 ,^?
 features ( detail :i* w be> con/ruction

 z l9ks 9 ! process :]eby ! collective  
welf>e is fur!r$1 are magnifi$ & br\ght 
into ! =egr\nd1 :ile su* features z w n 
be> ?is con/ruction are treat$ z m9or   
di/urbances4 ,su* a proc$ure is         
manife/ly legitimate & exp$i5t 9 a      
!oretical inquiry ^: aim is to det]m9e !
 laws ( heal? ( ! social organism & !   
normal functions ( ?is organism 9 a /ate
 ( heal?4 ,! social organism is1 9 ?is  
!ory1 h&l$ z an individual end[$ ) a    
consi/5t life purpose & some?+ ( an     
intellig5t appreh5sion ( :at means w    
s]ve ! ends :i* x seeks4 ,) ^!          
collective ends ! int]e/s ( ! individual
 memb]s are conceiv$ to be fundam5tally 
at "o2 &1 :ile m5 may n see t _! own    
individual int]e/s co9cide ) ^? ( !     
social organism1 yet1 s9ce m5 are memb]s
 ( ! compreh5sive organism ( nature &   
consequ5tly subject to b5efic5t natural 
law1 ! ult]ior tr5d ( unre/ra9$         
individual action is1 on ! :ole1 9 ! "r 
direction4  ,! details ( individual     
economic conduct & its consequ5ces are (

 int]e/ to su* a g5]al !ory *iefly z !y 
fur!r or di/urb ! b5efic5t natural      
c\rse4 ,b if ! aims & me?ods (          
individual conduct 7 ( m9or importance 9
 su* an economic !ory1 t is n ! case z  
reg>ds individual rights4 ,! e>ly       
political economy 0 n simply a =mulation
 ( ! natural c\rse ( economic ph5om5a1 b
 x embodi$ an insi/5ce on :at is call$  
natural lib]ty4 ,:e!r ?is insi/5ce on   
natural lib]ty is to be trac$ to        
utilit>ianism or to a less specific fai?
 9 natural rights1 ! outcome = ! purpose
 9 h& is sub/antially ! same4 ,to avoid 
go+ too f> afield1 x may s]ve ! turn to 
say t ! law ( economic equival5ce1 or   
cons]vation ( economic en]gy1 01 9 e>ly 
economics1 back$ by ?is second coroll>y 
( ! ord] ( nature1 ! closely relat$     
po/ulate ( natural rights4 ,! classical 
doctr9e ( di/ribution re/s on bo? ( ^!1 
& x is consequ5tly n only a doctr9e (   
:at mu/ normally take place z reg>ds !  
c\rse ( life ( society at l>ge1 b x also
 =mulates :at ought ( "r to take place z

 reg>ds ! remun]ation = "w & !          
di/ribution ( weal? among m54  ,"u !    
result+ natural-economic law (          
equival5ce & equity1 x is held t !      
sev]al p>ticipants or factors 9 !       
economic process sev]ally get !         
equival5t ( ! productive =ce :i* !y     
exp5d4 ,!y sev]ally get z mu* z !y      
produce2 & conv]sely1 9 ! normal case !y
 sev]ally produce z mu* z !y get4 ,9 !  
e>li] =mulations1 z1 = example1 9 !     
au?oritative =mulation ( ,adam ,smi?1   
!re is no cle> or consi/5t pron\ncem5t z
 reg>ds ! t]ms 9 :i* ?is equival5ce     
betwe5 production & remun]ation runs4 ,)
 ! lat]1 classical economi/s1 :o _h !   
b5efit ( a develop$ utilit>ian          
philosophy1 x seems to be some:at       
consi/5tly conceiv$ 9 t]ms ( an         
ill-def9$ s]viceability4 ,) "s lat]     
writ]s x is an equival5ce ( ex*ange     
values2 b z ?is latt] r$uces itself to  
tautology1 x ne$ sc>cely be tak5        
s]i\sly4 ,:5 we are told 9 ! lat]       
political economy t ! sev]al ag5ts or   

factors 9 production normally e>n :at !y
 get1 x is p]haps fairly to be con/ru$ z
 a claim t ! economic s]vice r5d]$ !    
community by any "o ( ! ag5ts 9         
production equals ! s]vice receiv$ by ! 
ag5t 9 return4 ,9 t]ms ( s]viceability1 
!n1 if n 9 t]ms ( productive =ce1#b !   
individual ag5t1 or at lea/ ! class or  
gr\p ( ag5ts to :i* ! individual        
belongs1 normally gets z mu* z he       
contributes & contributes z mu* z he    
gets4 ,?is applies to all ^? employm5ts 
or occupations :i* are ord9>ily c>ri$ on
 9 any community1 ?r\gh\t ! aggregate ( 
m5's deal+s ) ! mat]ial means ( life4   
,all activity :i* t\*es indu/ry comes 9 
"u ?is law ( equival5ce & equity4  ,n[1 
to a !ori/ ^: aim is to f9d ! laws      
gov]n+ ! economic life ( a social       
organism1 & :o = ?is purpose conceives !
 economic community z a unit1 ! features
 ( economic life :i* are ( p>ticul>     
consequ5ce are ^? :i* %[ ! correlation (
 ef=ts & ! solid>ity ( int]e/s4 ,= ?is  
purpose1 su* activities & su* int]e/s z 

d n fit into ! s*eme ( solid>ity        
contemplat$ are ( m9or importance1 & are
 r to be expla9$ away or con/ru$ into   
subs]vi5ce to ! s*eme ( solid>ity ?an to
 be incorporat$ at _! face value into ! 
!oretical /ructure4 ,( ?is nature are   
:at are "h to be spok5 ( "u ! t]m       
pecuni>y employm5ts1 & ! =tune :i* ^!   
pecuni>y employm5ts h met at ! h&s (    
classical economic !ory is su* z is     
outl9$ 9 ! la/ s5t5ce4  ,9 a !ory       
proce$+ on ! premise ( economic         
solid>ity1 ! important be>+ ( any       
activity t is tak5 up & acc\nt$ =1 is   
its be>+ ^u ! fur!rance ( ! collective  
life process4 ,view$ f ! /&po9t ( !     
collective int]e/1 ! economic process is
 rat$ prim>ily z a process = ! provision
 ( ! aggregate mat]ial means ( life4 ,z 
a late repres5tative ( ! classical s*ool
 expresses x3 ,production1 9 fact1      
embraces e economic op]ation except     
consumption4#c ,x is ?is aggregate      
productivity1 & ! be>+ ( all details ^u 
! aggregate productivity1 t con/antly   

occupies ! att5tion ( ! classical       
economi/s4 ,:at p>tially div]ts _!      
att5tion f ?is c5tral & ubiquit\s       
int]e/1 is _! p]si/5t lapse into        
natural-rights morality4  ,! result is t
 acquisition is treat$ z a sub-head "u  
production1 & ef=t direct$ to           
acquisition is con/ru$ 9 t]ms (         
production4 ,! pecuni>y activities ( m51
 ef=ts direct$ to acquisition &         
op]ations incid5t to ! acquisition or   
t5ure ( weal?1 are treat$ z incid5tal to
 ! di/ribution to ea* ( 8 p>ticul>      
proportion 9 ! production ( goods4      
,pecuni>y activities1 9 %ort1 are h&l$ z
 incid5tal features ( ! process ( social
 production & consumption1 z details    
incid5t to ! me?od :]eby ! social       
int]e/s are s]v$1 in/ead ( be+ dealt ) z
 ! controll+ factor ab\t :i* ! mod]n    
economic process turns4  ,ap>t f !      
metaphysical t5ets indicat$ above z     
influ5c+ !m1 !re are1 ( c\rse1 reasons (
 economic hi/ory = ! proc$ure ( ! e>ly  
economi/s 9 s relegat+ ! pecuni>y       

activities to ! backgr\nd ( economic    
!ory4 ,9 ! days ( ,adam ,smi?1 =        
in/ance1 economic life /ill bore mu* ( !
 "* ( :at ,pr(essor ,s*moll] calls      
,/adtwirts*aft4 ,?is 0 ! case to "s     
ext5t 9 practice1 b /ill m decid$ly 9   
tradition4 ,to a great] ext5t ?an has   
s9ce be5 ! case1 h\seholds produc$ goods
 = _! own consumption1 )\t ! int]v5tion 
( sale2 & h&icraftsm5 /ill produc$ =    
consumption by _! cu/om]s1 )\t !        
int]v5tion ( a m>ket4 ,9 a consid]able  
measure1 ! conditions :i* ! ,au/rian    
m>g9al-utility !ory supposes1 ( a       
produc+ sell] & a consum+ buy]1 actually
 prevail$4 ,x may n be true t 9 ,adam   
,smi?'s "t ! bus9ess op]ations1 ! b>ga9 
& sale ( goods1 71 9 g5]al1 obvi\sly    
subs]vi5t to _! production &            
consumption1 b x comes ne>] be+ true at 
t "t ?an at any "t s9ce !n4 ,& !        
tradition hav+ once be5 put into =m &   
au!nticat$ by ,adam ,smi?1 t su* 0 !    
place ( pecuni>y transactions 9 economic
 !ory1 ?is tradition has la/$ on 9 !    

face ( lat] & fur!r *anges4 ,"u ! %ad[ (
 ?is tradition ! pecuni>y employm5ts are
 /ill dealt ) z auxili>y to ! process ( 
production1 & ! ga9s f su* employm5ts   
are /ill expla9$ z be+ due to a         
productive effect imput$ to !m4         
,accord+ to anci5t prescription1 !n1 all
 normal1 legitimate economic activities 
c>ri$ on 9 a well regulat$ community    
s]ve a mat]ially useful end1 & s f> z !y
 are lucrative !y are s by virtue ( & 9 
proportion to a productive effect imput$
 to !m4 ,b 9 ! situation z x exi/s at   
any "t !re are activities & classes (   
p]sons :i* are indisp5sable to !        
community1 or :i* are at lea/           
unavoidably pres5t 9 mod]n economic     
life1 & :i* draw "s income f ! aggregate
 product1 at ! same "t t ^! activities  
are n pat5tly productive ( goods & c n  
well be class$ z indu/rial1 9 any b a   
highly sophi/icat$ s5se4 ,"s ( ^!       
activities1 :i* are conc]n$ ) economic  
matt]s b are n pat5tly ( an indu/rial   
"*1 are integral features ( mod]n       

economic life1 & mu/ !re=e be class$ z  
normal2 = ! exi/+ situation1 ap>t f a   
few m9or discrepancies1 is p>ticul>ly   
normal 9 ! appreh5sion ( pres5t-day     
economi/s4 ,n[1 ! law ( economic        
equival5ce & equity says t ^? :o        
normally receive 9 income mu/ p]=ce s]ve
 "s productive end2 &1 s9ce ! exi/+     
organization ( society is conceiv$ to be
 em95tly normal1 x becomes imp]ative to 
f9d "s gr\nd on :i* to impute indu/rial 
productivity to ^? classes & employm5ts 
:i* d n at fir/ view appe> to be        
indu/rial at all4 ,h5ce !re is commonly 
visible 9 ! classical political economy1
 anci5t & mod]n1 a /rong incl9ation to  
make ! s*$ule ( indu/rially productive  
employm5ts v compreh5sive2 s t a good   
deal ( +5uity has be5 sp5t 9            
economically ju/ify+ _! pres5ce by      
specify+ ! productive effect ( su*      
non-indu/rial factors z ! c\rts1 ! army1
 ! police1 ! cl]gy1 ! s*oolma/]1 !      
physician1 ! op]a s+]4  ,b ^!           
non-economic employm5ts are n s mu* to !

 po9t 9 ! pres5t inquiry2 ! po9t be+    
employm5ts :i* are unmi/akably economic1
 b n indu/rial 9 ! naive s5se ( ! ^w    
indu/ry1 & :i* yield an income4  ,adam  
,smi? analys$ ! process ( indu/ry 9 :i* 
he f\nd ! community ( 8 "t engag$1 &    
f\nd ! ?ree classes ( ag5ts or factors3 
,l&1 ,labor1 & ,capital 7/ock74 ,!      
productive factors engag$ be+ ?us       
det]m9$1 ! norm ( natural-economic      
equival5ce & equity already ref]r$ to   
above1 indicat$ :at w\ld be ! natural   
%>]s 9 ! product4 ,lat] economi/s h %[n 
great res]ve ab\t dep>t+ f ?is ?ree-fold
 division ( factors1 ) its correlat$    
?ree-fold division ( %>]s ( remun]ation2
 app>5tly because !y h reta9$ an        
in/9ctive1 indefeasible tru/ 9 ! law (  
economic equival5ce :i* und]lies x4 ,b  
circum/ances h compell$ ! t5tative      
intrusion ( a f\r? class ( ag5t &       
income4 ,! und]tak] & 8 income pres5tly 
came to be s l>ge & ubiquit\s figures 9 
economic life t _! pres5ce c\ld n be    
ov]look$ by ! mo/ normalis+ economi/4 ,!

 und]tak]'s activity has be5 int]polat$ 
9 ! s*eme ( productive factors1 z a     
peculi> & fundam5tally di/9ctive k9d (  
labor1 ) ! function ( coo]d9at+ &       
direct+ indu/rial processes4 ,simil>ly1 
8 income has be5 int]polat$ 9 ! s*eme ( 
di/ribution1 z a peculi> k9d ( wages1   
proportion$ to ! height5$ productivity  
giv5 ! indu/rial process by 8 "w4#d ,8  
"w is discuss$ 9 expositions ( ! !ory ( 
production4 ,9 discussions ( 8 functions
 & 8 income ! po9t ( ! argum5t is1 h[ & 
9 :at degree does 8 activity increase ! 
output ( goods1 or h[ & 9 :at degree    
does x save weal? to ! community4       
,beyond 8 effect 9 enhanc+ ! effective  
volume ( ! aggregate weal? ! und]tak]   
receives b scant att5tion1 app>5tly = ! 
reason t s soon z t po9t has be5 dispos$
 ( ! pres5ce ( ! und]tak] & 8 income has
 be5 reconcil$ ) ! tacitly accept$      
natural law ( equival5ce betwe5         
productive s]vice & remun]ation4 ,!     
normal balance has be5 e/abli%$1 & !    
und]tak]'s function has be5 ju/ifi$ &   

subsum$ "u ! anci5t law t ,nature does  
all ?+s well & equitably4  ,?is holds   
true ( ! political economy ( our        
gr&fa!rs4 ,b ?is aim & me?od ( h&l+ !   
ph5om5a ( life = !oretical ends1 (      
c\rse1 did n g out ( vogue abruptly 9 ! 
days ( our gr&fa!rs4#e ,!re is a l>ge   
suffici5cy ( ! l aim & animus 9 !       
!oretical discussions ( a lat] "t2 b    
specifically to cite & analyse ! evid5ce
 ( its pres5ce w\ld be labori\s1 nor    
w\ld x conduce to ! g5]al peace ( m9d4  
,"s motion t[>ds a fur!r revision ( !   
s*eme is to be se5 9 ! att5tion :i* has 
latt]ly be5 giv5 to ! function & !      
pr(its ( t peculi> class ( und]tak]s :om
 we call speculators4 ,b ev5 on ?is head
 ! argum5t is apt to turn on ! "q ( h[ !
 s]vices :i* ! speculator is conceiv$ to
 r5d] ! community are to be con/ru$ into
 an equival5t ( 8 ga9s4#f ,! difficulty 
( int]pretation enc\nt]$ at ?is po9t is 
consid]able1 p>tly because x is n q pla9
 :e!r ! speculators z a class come out (
 _! transactions ) a net ga9 or ) a net 

loss4 ,a sy/ematic net loss1 or a       
no-pr(its balance1 w\ld1 on ! !ory (    
equival5ce1 mean t ! class :i* gets ?is 
loss or d\btful ga9 is ( no s]vice to ! 
community2 yet we are1 out ( ! pa/1     
committ$ to ! view t ! speculator is    
useful--inde$ economically              
indisp5sable--& %all !re=e h 8 rew>d4 ,9
 ! discussions giv5 to ! speculator & 8 
function "s ?\ght is commonly giv5 to ! 
"q ( ! legitimacy ( ! speculator's      
traffic4 ,! legitimate speculator is    
held to e>n 8 ga9 by s]vices ( an       
economic k9d r5d]$ ! community4 ,!      
rec\rse to ?is epi!t1 legitimate1 is    
*iefly ( int]e/ z %[+ t ! tacit po/ulate
 ( a natural ord] is /ill 9 =ce4        
,legitimate are su* speculative deal+s z
 are1 by ! !ori/1 conceiv$ to s]ve !    
ends ( ! community1 :ile illegitimate   
speculation is t :i* is conceiv$ to be  
diss]viceable to ! community4  ,!       
!oretical difficulty ab\t ! speculator &
 8 ga9s 7or losses7 is t ! speculator ex
 pr(esso is q )\t int]e/ 9 or connection

 ) any giv5 indu/rial ent]prise or any  
indu/rial plant4 ,he is1 indu/rially    
speak+1 )\t visible means ( support4 ,he
 may /ake 8 risks on ! ga9 or on ! loss 
( ! community ) equal *ances ( success1 
& he may %ift f "o side to ! o!r )\t    
w9k+4  ,! speculator may be treat$ z an 
extreme case ( und]tak]1 :o deals       
exclusively ) ! bus9ess side ( economic 
life r ?an ) ! indu/rial side4 ,b he    
diff]s 9 ?is respect f ! common run (   
bus9ess m5 9 degree r ?an 9 k9d4 ,8     
traffic is a pecuni>y traffic1 & x t\*es
 indu/ry only remotely & unc]ta9ly2 :ile
 ! bus9ess man z commonly conceiv$ is m 
or less imm$iately int]e/$ 9 !          
successful op]ation ( "s concrete       
indu/rial plant4 ,b s9ce ! und]tak] fir/
 broke into economic !ory1 "s *ange has 
also tak5 place z reg>ds ! imm$iacy ( ! 
relations ( ! common run ( und]tak]s to 
! me*anical facts ( ! indu/ries 9 :i* !y
 are int]e/$4 ,half a c5tury ago x 0    
/ill possible to con/rue ! av]age       
bus9ess manag] 9 indu/ry z an ag5t      

occupi$ ) ! sup]9t5d5ce ( ! me*anical   
processes involv$ 9 ! production ( goods
 or s]vices4 ,b 9 ! lat] developm5t !   
connection betwe5 ! bus9ess manag] & !  
me*anical processes has1 on an av]age1  
gr[n m remote2 s mu* s1 t 8 sup]9t5d5ce 
( ! plant or ( ! processes is frequ5tly 
visible only to ! sci5tific imag9ation4 
,t activity by virtue ( :i* ! und]tak]  
is class$ z su* makes him a bus9essman1 
n a me*anic or =eman ( ! %op4 ,8        
sup]9t5d5ce is a sup]9t5d5ce ( !        
pecuni>y affairs ( ! conc]n1 r ?an ( !  
indu/rial plant2 especially is ?is true 
9 ! high] developm5t ( ! mod]n capta9 ( 
indu/ry4 ,z reg>ds ! nature ( !         
employm5t :i* *>act]ises ! und]tak]1 x  
is possible to di/+ui% him f ! m5 :o are
 me*anically engag$ 9 ! production (    
goods1 & to say t 8 employm5t is ( a    
bus9ess or pecuni>y k9d1 :ile !irs is ( 
an indu/rial or me*anical k9d4 ,x is n  
possible to draw a simil> di/9ction     
betwe5 ! und]tak] :o is 9 *>ge ( a giv5 
indu/rial conc]n1 & ! bus9ess man :o is 

9 bus9ess b is n int]e/$ 9 ! production 
( goods or s]vices4 ,z reg>ds ! "* (    
employm5t1 !n1 ! l9e falls n betwe5     
legitimate & illegitimate pecuni>y      
transactions1 b betwe5 bus9ess &        
indu/ry4  ,! di/9ction betwe5 bus9ess & 
indu/ry has1 ( c\rse1 be5 possible f !  
beg9n+ ( economic !ory1 &1 inde$1 !     
di/9ction has f "t to "t tempor>ily be5 
made 9 ! contra/ frequ5tly po9t$ out    
betwe5 ! proximate int]e/ ( ! bus9ess   
man & ! ult]ior int]e/ ( society at     
l>ge4 ,:at appe>s to h h9d]$ ! reception
 ( ! di/9ction into economic doctr9e1 is
 ! con/ra9+ pres5ce ( a belief 9 an ord]
 ( ,nature & ! habit ( conceiv+ !       
economic community z an organism4 ,!    
po9t ( view giv5 by ^! po/ulates has    
made su* a di/9ction betwe5 employm5ts n
 only useless1 b ev5 diss]viceable = !  
ends to :i* !ory has be5 direct$4 ,b !  
fact has come to be gradually m & m     
pat5t t !re are con/antly1 normally     
pres5t 9 mod]n economic life an         
important range ( activities & classes (

 p]sons :o "w = an income b ( :om x _c  
be said t !y1 ei!r proximately or       
remotely1 apply !mselves to ! production
 ( goods4 ,_! s]vices1 proximate or     
remote1 to society are (t5 ( q a        
problematical "*4 ,!y are ubiquit\s1 & x
 w sc>cely d to say t !y are anomal\s1 =
 !y are ( anci5t prescription1 !y are )9
 ! law & )9 ! pale ( popul> morals4  ,( 
^! /rictly economic activities t are    
lucrative )\t necess>ily be+ s]viceable 
to ! community1 ! great] "p are to be   
class$ z bus9ess4 ,p]haps ! l>ge/ & mo/ 
obvi\s illu/ration ( ^! legitimate      
bus9ess employm5ts is af=d$ by !        
speculators 9 securities4 ,by way (     
fur!r illu/ration may be m5tion$ !      
ext5sive & v>i$ bus9ess ( real-e/ate m5 
7l&-ag5ts7 engag$ 9 ! pur*ase & sale (  
prop]ty = speculative ga9 or = a        
commission2 s1 also1 ! closely relat$   
bus9ess ( promot]s & boom]s ( o!r ?an   
real-e/ate v5tures2 z also attorneys1   
brok]s1 bank]s1 & ! l1 al?\gh ! "w p]=m$
 by ^! latt] w m obvi\sly be>           

int]pretation 9 t]ms ( social           
s]viceability4 ,! traffic ( ^! bus9ess  
m5 %ades (f ins5sibly f t ( ! bona fide 
speculator :o has no ult]ior end (      
indu/rial effici5cy to s]ve1 to t ( !   
capta9 ( indu/ry or entrepr5eur z       
conv5tionally set =? 9 ! economic       
manuals4  ,! *>act]i/ic 9 :i* ^! bus9ess
 employm5ts resemble "o ano!r1 & 9 :i*  
!y diff] f ! me*anical occupations z    
well z f o!r non-economic employm5ts1 is
 t !y are conc]n$ prim>ily ) ! ph5om5a (
 value--) ex*ange or m>ket values & )   
pur*ase & sale--& only indirectly &     
second>ily1 if at all1 ) me*anical      
processes4 ,:at holds ! int]e/ & guides 
& %ifts ! att5tion ( m5 )9 ^! employm5ts
 is ! ma9 *ance4 ,^! activities beg9 &  
end )9 :at may broadly be call$ ! higgl+
 ( ! m>ket4 ,( ! indu/rial employm5ts1 9
 ! /rict] s5se1 x may be said1 on ! o!r 
h&1 t !y beg9 & end outside ! higgl+ ( !
 m>ket4 ,_! proximate aim & effect is ! 
%ap+ & guid+ ( mat]ial ?+s & processes4 
,broadly1 !y may be said to be prim>ily 

occupi$ ) ! ph5om5a ( mat]ial           
s]viceability1 r ?an ) ^? ( ex*ange     
value4 ,!y are tak5 up ) ph5om5a :i*    
make ! subject matt] ( ,physics & ! o!r 
mat]ial sci5ces4  ,! bus9ess man ent]s !
 economic life process f ! pecuni>y     
side1 & s f> z he works an effect 9     
indu/ry he works x ?r\gh ! pecuni>y     
dispositions :i* he makes4 ,he takes    
?\ght mo/ imm$iately ( m5's convictions 
reg>d+ m>ket values2 & 8 ef=ts z a      
bus9ess man are direct$ to !            
appreh5sion1 & commonly also to !       
influ5c+ ( m5's beliefs reg>d+ m>ket    
values4 ,! objective po9t ( bus9ess is !
 div]sion ( pur*ase & sale into "s      
p>ticul> *annel1 commonly involv+ a     
div]sion f o!r *annels4 ,! labor] & !   
man engag$ 9 direct+ indu/rial          
processes1 on ! o!r h&1 ent] ! economic 
process f ! mat]ial side2 9 _!          
*>act]i/ic "w !y take ?\ght mo/         
imm$iately ( me*anical effects1 & _!    
att5tion is direct$ to turn+ m5 & ?+s to
 acc\nt = ! compass+ ( "s mat]ial end4  

,! ult]ior aim1 & ! ult]ior effect1 ( ^!
 indu/rial employm5ts may be "s pecuni>y
 result2 "w ( ?is class commonly results
 9 an enhancem5t1 or at lea/ an         
alt]ation1 ( m>ket values4 ,conv]sely1  
bus9ess activity may1 & 9 a majority (  
cases x p]haps does1 effect an          
enhancem5t ( ! aggregate mat]ial weal? (
 ! community1 or ! aggregate            
s]viceability ( ! means at h&2 b su* an 
indu/rial outcome is by no means b\nd to
 foll[ f ! nature ( ! bus9ess man's "w4 
,f :at has j be5 said x appe>s t1 if we 
reta9 ! classical division ( economic   
!ory into ,production1 ,di/ribution1 &  
,consumption1 ! pecuni>y employm5ts d n 
prop]ly fall "u ! fir/ ( ^! divisions1  
,production1 if t t]m is to reta9 !     
mean+ commonly assign$ to x4 ,9 an e>li]
 & less specialis$ organisation (       
economic life1 p>ticul>ly1 ! und]tak]   
frequ5tly p]=ms ! "w ( a =eman or a     
te*nological exp]t1 z well z ! "w (     
bus9ess managem5t4 ,h5ce 9 mo/          
discussions ( 8 "w & 8 !oretical        

relations 8 occupation is treat$ z a    
composite "o4 ,! te*nological side ( 8  
composite occupation has ev5 giv5 a "n  
to 8 ga9s 7wages ( sup]9t5d5ce71 z if ! 
und]tak] 7 prim>ily a ma/]-workman4 ,!  
di/9ction at ?is po9t has be5 drawn     
betwe5 classes ( p]sons in/ead ( betwe5 
classes ( employm5ts2 ) ! result t !    
evid5t necessity ( discuss+ 8           
te*nological employm5t "u production has
 giv5 c\nt5ance to ! endeavor to dispose
 ( ! und]tak]'s bus9ess activity "u !   
same head4 ,?is endeavor has1 ( c\rse1 n
 :olly succe$$4  ,9 ! lat] developm5t1 !
 specialisation ( "w 9 ! economic field 
has at ?is po9t progress$ s f>1 & !     
und]tak] n[ 9 _m cases comes s ne> be+  
occupi$ ) bus9ess affairs alone1 to !   
exclusion ( te*nological direction &    
sup]vision1 t1 ) ?is object lesson be=e 
u1 we no long] h ! same difficulty 9    
draw+ a di/9ction betwe5 bus9ess &      
indu/rial employm5ts4 ,& ev5 9 ! e>li]  
days ( ! doctr9es1 :5 ! aim 0 to dispose
 ( ! und]tak]'s "w "u ! !oretical head (

 ,production1 ! bus9ess side ( 8 "w     
p]si/5tly obtrud$ itself = discussion 9 
! books & *apt]s giv5 to ,di/ribution & 
,ex*ange4 ,! c\rse tak5 by ! lat]       
!oretical discussion ( ! entrepr5eur1   
leaves no "q b t ! *>act]i/ic fact ab\t 
8 "w is t he is a bus9ess man1 occupi$ )
 pecuni>y affairs4  ,su* pecuni>y       
employm5ts1 ( :i* ! purely fiscal or    
f9anci]+ =ms ( bus9ess are typical1 are 
ne>ly all & ne>ly ?r\gh\t1 condition$ by
 ! in/itution ( prop]ty or own]%ip--an  
in/itution :i*1 z ,john ,/u>t ,mill     
rem>ks1 belongs entirely )9 ! !oretical 
realm ( ,di/ribution4 ,own]%ip1 no d\bt1
 has its effect ^u productive indu/ry1  
&1 inde$1 its effect ^u indu/ry is v    
l>ge1 bo? 9 scope & range1 ev5 if we    
%\ld n be prep>$ to g ! l5g? ( say+ t x 
fundam5tally conditions all indu/ry2 b  
own]%ip is n itself prim>ily or         
imm$iately a contrivance = production4  
,own]%ip directly t\*es ! results (     
indu/ry1 & only indirectly ! me?ods &   
processes ( indu/ry4 ,if ! in/itution ( 

prop]ty be comp>$ ) su* ano!r feature ( 
our culture1 = in/ance1 z ! dome/ication
 ( plants or ! smelt+ ( iron1 ! mean+ ( 
:at has j be5 said may seem cle>]4  ,s  
mu* !n ( ! bus9ess man's activity z is  
condition$ by ! in/itution ( prop]ty1 is
 n to be class$1 9 economic !ory1 z     
productive or indu/rial activity at all4
 ,its objective po9t is an alt]ation ( !
 di/ribution ( weal?4 ,8 bus9ess is1    
ess5tially1 to sell & buy--sell 9 ord]  
to buy *eap]1 buy 9 ord] to sell de>]4#g
 ,x may or may n1 indirectly1 & 9 a s5se
 incid5tally1 result 9 enhanc$          
production4 ,! bus9ess man may be       
equally successful 9 8 ent]prise1 & he  
may be equally well remun]at$1 :e!r 8   
activity does or does n enri* !         
community4 ,imm$iately & directly1 s    
long z x is conf9$ to ! pecuni>y or     
bus9ess sph]e1 8 activity is incapable (
 enri*+ or impov]i%+ ! community z a    
:ole except1 aft] ! fa%ion conceiv$ by !
 m]cantili/s1 ?r\gh 8 deal+s ) m5 ( o!r 
communities4 ,! circulation &           

di/ribution ( goods incid5tal to !      
bus9ess man's traffic is commonly1 ?\gh 
n always or 9 ! nature ( ! case1        
s]viceable to ! community2 b !          
di/ribution ( goods is a me*anical1 n a 
pecuni>y transaction1 & x is n !        
objective po9t ( bus9ess nor its        
inv>iable outcome4 ,f ! po9t ( view (   
bus9ess1 ! di/ribution or circulation ( 
goods is a means ( ga91 n an end s\ght4 
,x is true1 indu/ry is closely          
condition$ by bus9ess4 ,9 a mod]n       
community1 ! bus9ess man f9ally decides 
:at may be done 9 indu/ry1 or at lea/ 9 
! great] numb] & ! m conspicu\s bran*es 
( indu/ry4 ,?is is p>ticul>ly true ( ^? 
bran*es t are curr5tly ?\ght ( z        
peculi>ly mod]n4 ,"u exi/+ circum/ances 
( own]%ip1 ! discretion 9 economic      
matt]s1 indu/rial or o!rwise1 ultimately
 re/s 9 ! h&s ( ! bus9ess m54 ,x is _!  
bus9ess to h to d ) prop]ty1 & prop]ty  
means ! discretion>y control ( weal?4 ,9
 po9t ( "*1 scope & gr[?1 indu/rial     
processes & plants adapt !mselves to !  

exig5cies ( ! m>ket1 :]ev] !re is a     
develop$ m>ket1 & ! exig5cies ( ! m>ket 
are pecuni>y exig5cies4 ,! bus9ess man1 
?r\gh 8 pecuni>y dispositions1 en=ces 8 
*oice ( :at indu/rial processes %all be 
9 use4 ,he c1 ( c\rse1 n create or      
initiate me?ods or aims = indu/ry2 if he
 does s he /eps out ( ! bus9ess sph]e   
into ! mat]ial doma9 ( indu/ry4 ,b he c 
decide :e!r & :i* ( ! kn[n processes &  
indu/rial arts %all be practic$1 & to   
:at ext5t4 ,indu/ry mu/ be conduct$ to  
suit ! bus9ess man 9 8 que/ = ga92 :i*  
is n ! same z say+ t x mu/ be conduct$  
to suit ! ne$s or ! conv5i5ce ( !       
community at l>ge4 ,ev] s9ce !          
in/itution ( prop]ty 0 def9itely        
in/all$1 & 9 proportion z pur*ase & sale
 has be5 practic$1 "s approa* has be5   
made to a compreh5sive sy/em ( control (
 indu/ry by pecuni>y transactions & =   
pecuni>y ends1 & ! indu/rial            
organisation is ne>] su* a consummation 
n[ ?an x ev] has be54 ,= ! great body ( 
mod]n indu/ry ! f9al t]m ( ! sequ5ce is 

n ! production ( ! goods b _! sale2 !   
endeavor is n s mu* to fit ! goods = use
 z = sale4 ,x is well kn[n t !re are _m 
l9es ( indu/ry 9 :i* ! co/ ( m>ket+ !   
goods equals ! co/ ( mak+ & transport+  
!m4  ,any indu/rial v5ture :i* falls    
%ort 9 meet+ ! pecuni>y exig5cies ( !   
m>ket decl9es & yields gr\nd to o!rs t  
meet !m ) bett] effect4 ,h5ce %rewd     
bus9ess managem5t is a requisite to     
success 9 any indu/ry t is c>ri$ on )9 !
 scope ( ! m>ket4 ,pecuni>y failure     
c>ries ) x indu/rial failure1 :atev] may
 be ! cause to :i* ! pecuni>y failure is
 due--:e!r x be inf]iority ( ! goods    
produc$1 lack ( salesmanlike tact1      
popul> prejudice1 scanty or ill-devis$  
adv]tis+1 excessive tru?fulness1 or :at 
n4 ,9 ?is way indu/rial results are     
closely dep5d5t ^u ! pres5ce ( bus9ess  
ability2 b ! cause ( ?is dep5d5ce (     
indu/ry ^u bus9ess 9 a giv5 case is to  
be s\ght 9 ! fact t o!r rival v5tures h 
! back+ ( %rewd bus9ess managem5t1 r ?an
 9 any help :i* bus9ess managem5t 9 !   

aggregate af=ds to ! aggregate indu/ry (
 ! community4 ,%rewd & f>sight$ bus9ess 
managem5t is a requisite ( survival 9 ! 
competitive pecuni>y /ruggle 9 :i* !    
sev]al indu/rial conc]ns are engag$1    
because %rewd & f>sight$ bus9ess        
managem5t ab\nds & is employ$ by all !  
competitors4 ,! gr\nd ( survival 9 !    
selective process is fitness = pecuni>y 
ga91 n fitness = s]viceability at l>ge4 
,pecuni>y managem5t is ( an emulative "*
 & gives1 prim>ily1 relative success    
only4 ,if ! *ange 7 equitably di/ribut$1
 an increase or decrease ( ! aggregate  
or av]age bus9ess ability 9 ! community 
ne$ n imm$iately affect ! indu/rial     
effici5cy or ! mat]ial welf>e ( !       
community4 ,! l c n be said ) respect to
 ! aggregate or av]age indu/rial        
capacity ( ! m5 at "w4 ,! latt] are1 on 
! :ole1 occupi$ ) production ( goods2 ! 
bus9ess m51 on ! o!r h&1 are occupi$ ) !
 acquisition ( !m4  ,!oreticians :o are 
giv5 to look+ b5ea? ! facts & to        
contemplat+ ! pr(\nd] philosophical     

mean+ ( life speak ( ! function ( !     
und]tak] z be+ ! guidance & coo]d9ation 
( indu/rial processes ) a view to       
economies ( production4 ,no d\bt1 !     
remot] effect ( bus9ess transactions (t5
 is su* coo]d9ation & economy1 &1 no    
d\bt also1 ! und]tak] has su* economy 9 
view & is /imulat$ to 8 maneuv]s (      
comb9ation by ! k t c]ta9 economies (   
?is k9d are feasible & w inure to 8 ga9 
if ! prop] bus9ess arrangem5ts c be     
effect$4 ,b x is practicable to class   
ev5 ?is indirect fur!r+ ( indu/ry by !  
und]tak] z a p]missive guidance only4 ,!
 m5 9 indu/ry mu/ fir/ create !         
me*anical possibility ( su* new & m     
economical me?ods & arrangem5ts1 be=e ! 
und]tak] sees ! *ance1 makes ! necess>y 
bus9ess arrangem5ts1 & gives directions 
t ! m effective work+ arrangem5ts be    
adopt$4  ,x is notori\s1 & x is a matt] 
^u :i* m5 dilate1 t ! wide &            
compreh5sive consolidations &           
coo]d9ations ( indu/ry1 :i* (t5 add s   
greatly to its effectiv5ess1 take place 

at ! initiative ( ! bus9ess m5 :o are 9 
control4 ,x %\ld be add$ t ! fact ( _!  
be+ 9 control precludes su* coo]d9ation 
f be+ effect$ except by _! advice &     
cons5t4 ,& x %\ld also be add$1 9 ord]  
to a passably complete acc\nt ( !       
und]tak]'s function1 t he n only c &    
does effect economis+ coo]d9ations ( a  
l>ge scope1 b he also c & does at times 
inhibit ! process ( consolidation &     
coo]d9ation4 ,x happ5s s frequ5tly t x  
might fairly be said to be ! common run 
t bus9ess int]e/s & und]tak]'s maneuv]s 
delay consolidation1 comb9ation1        
coo]d9ation1 = "s appreciable "t aft] !y
 h become pat5tly advisable on indu/rial
 gr\nds4 ,! indu/rial advisability or   
practicability is n ! decisive po9t4    
,indu/rial advisability mu/ wait on !   
ev5tual conv]g5ce ( j>r+ pecuni>y       
int]e/s & on ! /rategical moves (       
bus9ess m5 play+ = position4  ,:i* ( ^! 
two (fices ( ! bus9ess man 9 mod]n      
indu/ry1 ! fur!r+ or ! inhibitory1 has !
 m s]i\s or m f>-rea*+ consequ5ces is1  

on ! :ole1 some:at problematical4 ,!    
fur!rance ( coo]d9ation by ! mod]n      
capta9 ( indu/ry bulks l>ge 9 our       
vision1 9 great "p because ! process (  
wid5+ coo]d9ation is ( a cumulative "*4 
,aft] a giv5 /ep 9 coo]d9ation &        
comb9ation has be5 tak51 ! next /ep     
takes place on ! basis ( ! result+      
situation4 ,indu/ry1 t is to say ! work+
 =ce engag$ 9 indu/ry1 has a *ance to   
develop new & l>g] possibilities to be  
tak5 fur!r advantage (4 ,9 ?is way ea*  
successive move 9 ! enhancem5t ( !      
effici5cy ( indu/rial processes1 or 9 ! 
wid5+ ( coo]d9ation 9 indu/rial         
processes1 pu%es ! capta9 ( indu/ry to a
 fur!r concession1 mak+ possible a /ill 
f>!r indu/rial gr[?4 ,b z reg>ds !      
und]tak]'s inhibitory deal+s ) indu/rial
 coo]d9ation ! visible outcome is n s   
/rik+4 ,! visible outcome is simply t   
no?+ ( ! k9d !n takes place 9 !         
premises4 ,! pot5tial cumulative sequ5ce
 is cut (f at ! />t1 & s x does n figure
 9 our appraisem5t ( ! disadvantage     

incurr$4 ,! loss does n commonly take ! 
m obtrusive =m ( an absolute retreat1 b 
only t ( a failure to advance :]e !     
indu/rial situation admits ( an advance4
  ,x is1 ( c\rse1 impracticable to foot 
up & comp>e ga9 & loss 9 su* a case1 :]e
 ! losses1 be+ ( ! nature ( inhibit$    
gr[?1 _c be asc]ta9$4 ,b s9ce !         
indu/rial s]viceability ( ! capta9 (    
indu/ry is1 on ! :ole1 ( a problematical
 complexion1 x %\ld be advisable = a    
cauti\s economic !ory n to re/ its      
discussion ( him on 8 s]viceability4#h  
,x appe>s1 !n1 z all economi/s are no   
d\bt aw>e1 t !re is 9 mod]n society a   
consid]able range ( activities1 :i* are 
n only normally pres5t1 b :i* con/itute 
! vital core ( our economic sy/em2 :i*  
are n directly conc]n$ ) production1 b  
:i* are nev]!less lucrative4 ,inde$1 !  
gr\p comprises mo/ ( ! highly           
remun]ative employm5ts 9 mod]n economic 
life4 ,! ga9s f ^! employm5ts mu/ pla9ly
 be acc\nt$ = on o!r gr\nds ?an _!      
productivity1 s9ce !y ne$ h no          

productivity4  ,b x is n only z reg>ds !
 pecuni>y employm5ts t productivity &   
remun]ation are con/itutionally out (   
t\*4 ,x seems pla91 f :at has already   
be5 said1 t ! l is true = ! remun]ation 
ga9$ 9 ! indu/rial employm5ts4 ,mo/     
wages1 p>ticul>ly ^? paid 9 ! indu/rial 
employm5ts prop]1 z contra/$ ) ^? paid =
 dome/ic or p]sonal s]vice1 are paid on 
acc\nt ( pecuni>y s]viceability to !    
employ]1 n on gr\nds ( mat]ial          
s]viceability to mank9d at l>ge4 ,!     
product is valu$1 s\ght & paid = on     
acc\nt ( & 9 "s proportion to its       
v5dibility1 n = m recondite reasons (   
ult]ior human welf>e at l>ge4 ,x results
 t !re is no w>rant1 9 g5]al !ory1 =    
claim+ t ! "w ( highly paid p]sons 7m   
p>ticul>ly t ( highly paid bus9ess m57  
is ( great] sub/antial use to !         
community ?an t ( ! less highly paid4   
,at ! same "t1 ! rev]se c\ld1 ( c\rse1  
also n be claim$4 ,wages1 re/+ on a     
pecuni>y basis1 af=d no consi/5t        
indication ( ! relative productivity ( !

 recipi5ts1 except 9 comp>isons betwe5  
p]sons or classes ^: products are       
id5tical except 9 am\nt1--t is to say1  
:]e a resort to wages z an index (      
productivity w\ld be ( no use anyway4#i 
99       99       99       99       99  
,a result ( ! acceptance ( ! !oretical  
di/9ction "h attempt$ betwe5 indu/rial &
 pecuni>y employm5ts & an effective     
recognition ( ! pecuni>y basis ( ! mod]n
 economic organisation w\ld be to       
dissociate ! two ideas ( productivity & 
remun]ation4 ,9 ma!matical language1    
remun]ation c\ld no long] be conceiv$ & 
h&l$ z a function (                     
productivity1--unless productivity be   
tak5 to mean pecuni>y s]viceability to !
 p]son :o pays ! remun]ation4 ,9 mod]n  
life remun]ation is1 9 ! la/ analysis1  
uni=mly obta9$ by virtue ( an agreem5t  
betwe5 individuals :o commonly proce$ on
 _! own int]e/ 9 po9t ( pecuni>y ga94 ,!
 remun]ation may1 !re=e1 be said to be a
 function ( ! pecuni>y s]vice r5d]$ !   
p]son :o grants ! remun]ation2 b :at is 

pecuni>ily s]viceable to ! individual :o
 ex]cises ! discretion 9 ! matt] ne$ n  
be productive ( mat]ial ga9 to !        
community z a :ole4 ,nor does !         
algebraic sum ( individual pecuni>y ga9s
 measure ! aggregate s]viceability ( !  
activities = :i* ! ga9s are got4  ,9 a  
community organiz$1 z mod]n communities 
are1 on a pecuni>y basis1 ! discretion 9
 economic matt]s re/s ) ! individuals1 9
 sev]alty2 & ! aggregate ( discrete     
individual int]e/s n[ise expresses !    
collective int]e/4 ,expressions         
con/antly recur 9 economic discussions  
:i* imply t ! transactions discuss$ are 
c>ri$ out = ! sake ( ! collective good  
or at ! initiative ( ! social organism1 
or t society rew>ds s & s = _! s]vices4 
,su* expressions are commonly ( ! nature
 ( figures ( spee* & are s]viceable =   
homiletical r ?an = sci5tific use4 ,!y  
s]ve to express _! us]'s fai? 9 a       
b5efic5t ord] ( nature1 r ?an to convey 
or to =mulate in=mation 9 reg>d to      
facts4  ,( c\rse1 x is /ill possible    

consi/5tly to hold t !re is a natural   
equival5ce betwe5 "w & its rew>d1 t     
remun]ation is naturally1 or normally1  
or 9 ! long run1 proportion$ to !       
mat]ial s]vice r5d]$ ! community by !   
recipi5t2 b t proposition w hold true   
only if natural or normal be tak5 9 su* 
a s5se z to admit ( our say+ t ! natural
 does n co9cide ) ! actual2 & x mu/ be  
recognis$ t su* a doctr9e ( ! natural   
apportionm5t ( weal? or ( income        
disreg>ds ! effici5t facts ( ! case4    
,ap>t f effects ( ?is k9d 9 ! way (     
equitable arrangem5ts traceable to      
gr\nds ( s5tim5t1 ! only rec\rse :i*    
mod]n sci5ce w\ld af=d ! *ampion ( a    
doctr9e ( natural di/ribution1 9 ! s5se 
indicat$1 w\ld be a doctr9e ( natural   
selection2 accord+ to :i* all           
diss]viceable or unproductive1 wa/eful  
employm5ts w\ld1 p]=ce1 be we$$ out z   
be+ incompatible ) ! cont9u$ life ( any 
community t tol]at$ !m4 ,b su* a        
selective elim9ation ( uns]viceable or  
wa/eful employm5ts w\ld presume ! foll[+

 two conditions1 nei!r ( :i* ne$        
prevail3 7#a7 ,x mu/ be assum$ t !      
disposable m>g9 betwe5 ! aggregate      
productivity ( indu/ry & ! aggregate    
necess>y consumption is s n>r[ z to     
admit ( no appreciable wa/e ( en]gy or (
 goods2 7#b7 x mu/ be assum$ t no       
det]ioration ( ! condition ( society 9 !
 economic respect does or c naturally   
take place4 ,z to ! =m] ( ^! two        
assumptions1 x is to be said t 9 a v    
poor community1 & "u exceptionally h>d  
economic circum/ances1 ! m>g9 (         
production may be z n>r[ z ! !ory w\ld  
require4 ,some?+ approa*+ ?is /ate ( ?+s
 may be f\nd1 = in/ance1 among "s       
,eskimo tribes4 ,b 9 a mod]n indu/rial  
community--:]e ! m>g9 ( admissible wa/e 
probably always exce$s fifty p] c5t1 ( !
 output ( goods--! facts make no approa*
 to ! hypo!sis4 ,! second assum$        
condition is1 ( c\rse1 ! old-fa%ion$    
assumption ( a b5efic5t1 provid5tial    
ord] or meliorative tr5d 9 human        
affairs4 ,z su*1 x ne$s no argum5t at   

?is day4 ,in/ances are n f> to seek (   
communities 9 :i* economic det]ioration 
has tak5 place :ile ! sy/em (           
di/ribution1 bo? ( income & ( accumulat$
 weal?1 has rema9$ on a pecuni>y basis4 
99       99       99       99       99  
,to return to ! ma9 drift ( ! argum5t4  
,! pecuni>y employm5ts h to d ) weal? 9 
po9t ( own]%ip1 ) m>ket values1 )       
transactions ( ex*ange1 pur*ase & sale1 
b>ga9+ = ! purpose ( pecuni>y ga94 ,^!  
employm5ts make up ! *>act]i/ic         
occupations ( bus9ess m51 & ! ga9s (    
bus9ess are d]iv$ f successful endeavors
 ( ! pecuni>y k9d4 ,^! bus9ess          
employm5ts are ! *>act]i/ic activity    
7con/itute ! function7 ( :at are 9 !ory 
call$ und]tak]s4 ,! dispositions :i*    
und]tak]s1 qua bus9ess m51 make are     
pecuni>y dispositions--:atev] indu/rial 
sequel !y may or may n h--& are c>ri$   
out ) a view to pecuni>y ga94 ,! weal? (
 :i* !y h ! discretion>y disposal may or
 may n be 9 ! =m ( production goods2 b 9
 :atev] =m ! weal? 9 "q is conceiv$ to  

exi/1 x is h&l$ by ! und]tak]s 9 t]ms ( 
values & is dispos$ ( by !m 9 ! pecuni>y
 respect4 ,:51 z may happ51 ! und]tak]  
/eps d[n f ! pecuni>y plane & directs ! 
me*anical h&l+ & function+ ( production 
goods1 he becomes = ! "t a =eman4 ,!    
und]tak]1 if 8 bus9ess v5ture is ( !    
indu/rial k9d1 ( c\rse takes cognizance 
( ! aptness ( a giv5 indu/rial me?od or 
process = 8 purpose1 & he has to *oose  
betwe5 diff]5t indu/rial processes 9 :i*
 to inve/ 8 values2 b 8 "w z und]tak]1  
simply1 is ! inve/m5t & %ift+ ( ! values
 "u 8 h& f ! less to ! m ga9ful po9t (  
inve/m5t4 ,:5 ! inve/m5t takes ! =m (   
mat]ial means ( indu/ry1 or indu/rial   
plant1 ! sequel ( a giv5 bus9ess        
transaction is commonly "s p>ticul> use 
( su* means2 & :5 su* indu/rial use     
foll[s1 x commonly takes place at ! h&s 
( o!r m5 ?an ! und]tak]1 al?\gh x takes 
place )9 limits impos$ by ! pecuni>y    
exig5cies ( :i* ! und]tak] takes        
cognizance4 ,weal? turn$ to acc\nt 9 !  
way ( inve/m5t or bus9ess managem5t may 

or may n1 9 consequ5ce1 be turn$ to     
acc\nt1 mat]ially1 = indu/rial effect4  
,weal?1 values1 s employ$ = pecuni>y    
ends is capital 9 ! bus9ess s5se ( !    
^w4#aj ,weal?1 mat]ial means ( indu/ry1 
physically employ$ = indu/rial ends is  
capital 9 ! indu/rial s5se4 ,!ory1      
!re=e1 w\ld require t c>e be tak5 to    
di/+ui% betwe5 capital z a pecuni>y     
category1 & capital z an indu/rial      
category1 if ! t]m capital is reta9$ to 
cov] ! two concepts4#aa ,! di/9ction "h 
made sub/antially co9cides ) a di/9ction
 :i* _m late writ]s h arriv$ at f a     
diff]5t po9t ( approa* & h1 ) v>y+      
success1 made use ( "u diff]5t t]ms4#ab 
,a fur!r coroll>y t\*+ capital may be   
po9t$ out4 ,! ga9s d]iv$ f ! h&l+ (     
capital 9 ! pecuni>y respect h no       
imm$iate relation1 /& 9 no necess>y     
relation ( proportion1 to ! productive  
effect compass$ by ! indu/rial use ( !  
mat]ial means ov] :i* ! und]tak] may    
dispose2 al?\gh ! ga9s h a relation (   
dep5d5ce to ! effects a*iev$ 9 po9t (   

v5dibility4 ,b v5dibility ne$ n1 ev5    
approximately1 co9cide ) s]viceability1 
except s]viceability be con/ru$ 9 t]ms (
 m>g9al utility or "s relat$ conception1
 9 :i* case ! outcome is a tautology4   
,:]e1 z 9 ! case commonly assum$ by     
economi/s z typical1 ! inve/+ und]tak]  
seeks 8 ga9 ?r\gh ! production & sale ( 
"s useful article1 x is commonly also   
assum$ t 8 ef=t is direct$ to ! mo/     
economical production ( z l>ge &        
s]viceable a product z may be1 or at    
lea/ x is assum$ t su* production is !  
outcome ( 8 endeavors 9 ! natural c\rse 
( ?+s4 ,?is acc\nt ( ! aim & outcome (  
bus9ess ent]prise may be natural1 b x   
does n describe ! facts4 ,! facts be+1 (
 c\rse1 t ! und]tak] 9 su* a case seeks 
to produce economically z v5dible a     
product z may be4 ,9 ! common run       
v5dibility dep5ds 9 great "p on !       
s]viceability ( ! goods1 b x dep5ds also
 on sev]al o!r circum/ances2 & to t     
highly v>iable1 b ne>ly always          
consid]able ext5t to :i* v5dibility     

dep5ds on o!r circum/ances ?an ! mat]ial
 s]viceability ( ! goods1 ! pecuni>y    
managem5t ( capital mu/ be held n to    
s]ve ! ends ( production4 ,nei!r        
imm$iately1 9 8 purely pecuni>y traffic1
 nor indirectly1 9 ! bus9ess guidance ( 
indu/ry ?r\gh 8 pecuni>y traffic1 !re=e1
 c ! und]tak]'s deal+s ) 8 pecuni>y     
capital be acc\nt$ a productive         
occupation1 nor c ! ga9s ( capital be   
tak5 to m>k or to measure ! productivity
 due to ! inve/m5t4 ,! co/ ( production 
( goods 9 ! case contemplat$ is to an   
appreciable1 b indet]m9able1 ext5t a co/
 ( production ( v5dibility--an outcome  
:i* is (t5 ( d\btful s]vice to ! body ( 
consum]s1 & :i* (t5 c\nts 9 ! aggregate 
z wa/e4 ,! mat]ial s]viceability ( !    
means employ$ 9 indu/ry1 t is to say !  
function+ ( indu/rial capital 9 ! s]vice
 ( ! community at l>ge1 /&s 9 no        
necess>y or consi/5t relation to !      
ga9fulness ( capital 9 ! pecuni>y       
respect4 ,productivity c accord+ly n be 
pr$icat$ ( pecuni>y capital4 ,x foll[s t

 productivity !ories ( int]e/ %\ld be z 
difficult to ma9ta9 z productivity      
!ories ( ! ga9s ( ! pecuni>y employm5ts1
 ! two re/+ on ! same gr\nds4  ,x is1   
fur!r1 to be rem>k$ t pecuni>y capital &
 indu/rial capital d n co9cide 9 respect
 ( ! concrete ?+s compris$ "u ea*4 ,f   
?is & f ! consid]ations already indicat$
 above1 x foll[s t ! magnitude (        
pecuni>y capital may v>y indep5d5tly (  
v>iations 9 ! magnitude ( indu/rial     
capital--n indef9itely1 p]haps1 b )9 a  
range :i*1 9 its nature1 is indet]m9ate4
 ,pecuni>y capital is a matt] ( m>ket   
values1 :ile indu/rial capital is1 9 !  
la/ analysis1 a matt] ( me*anical       
effici5cy1 or r ( me*anical effects n   
r$ucible to a common measure or a       
collective magnitude4 ,s f> z ! latt]   
may be spok5 ( z a homog5\s             
aggregate--itself a d\btful po9t at     
be/--! two categories ( capital are     
disp>ate magnitudes1 :i* c be m$iat$    
only ?r\gh a process ( valuation        
condition$ by o!r circum/ances besides !

 me*anical effici5cy ( ! mat]ial means  
valu$4 ,m>ket values be+ a psy*ological 
outcome1 x foll[s t pecuni>y capital1 an
 aggregate ( m>ket values1 may v>y 9    
magnitude ) a fre$om :i* gives ! :ole an
 air ( caprice1--su* z psy*ological     
ph5om5a1 p>ticul>ly ! psy*ological      
ph5om5a ( cr[ds1 frequ5tly pres5t1 & su*
 z becomes /rik+ly noticeable 9 times ( 
panic or ( speculative inflation4 ,on ! 
o!r h&1 indu/rial capital1 be+ a matt] (
 me*anical contrivances & adaptation1 _c
 simil>ly v>y ?r\gh a revision (        
valuations4 ,if x is tak5 z an          
aggregate1 x is a physical magnitude1 & 
z su* x does n alt] its complexion or   
its me*anical effici5cy 9 response to ! 
great] or less degree ( appreciation )  
:i* x is view$4 ,capital pecuni>ily     
consid]$ re/s on a basis ( subjective   
value2 capital indu/rially consid]$ re/s
 on mat]ial circum/ances r$ucible to    
objective t]ms ( me*anical1 *emical &   
physiological effect4  ,! po9t has      
frequ5tly be5 not$ t x is impossible to 

get at ! aggregate social 7indu/rial7   
capital by add+ up ! sev]al items (     
individual 7pecuni>y7 capital4 ,a reason
 = ?is1 ap>t f v>iations 9 ! m>ket      
values ( giv5 mat]ial means (           
production1 is t pecuni>y capital       
comprises n only mat]ial ?+s b also     
conv5tional facts1 psy*ological ph5om5a 
n relat$ 9 any rigid way to mat]ial     
means ( production1--z e4g41 good w1    
fa%ions1 cu/oms1 pre/ige1 effront]y1    
p]sonal cr$it4 ,:atev] own]%ip t\*es1 & 
:atev] af=ds gr\nd = pecuni>y           
discretion1 may be turn$ to acc\nt =    
pecuni>y ga9 & may !re=e be compris$ 9 !
 aggregate ( pecuni>y capital4 ,own]%ip1
 ! basis ( pecuni>y capital1 be+ itself 
a conv5tional fact1 t is to say a matt] 
( habits ( ?\ght1 x is intelligible t   
ph5om5a ( conv5tion & op9ion %\ld figure
 9 an inv5tory ( pecuni>y capital2      
:]eas1 indu/rial capital be+ ( a        
me*anical "*1 conv5tional circum/ances d
 n affect x--except z ! future          
production ( mat]ial means to replace ! 

exi/+ outfit may be guid$ by            
conv5tion--& items hav+ b a conv5tional 
exi/5ce are1 !re=e1 n compris$ 9 its    
aggregate4 ,! disp>ity betwe5 pecuni>y &
 indu/rial capital1 !re=e1 is some?+ m  
?an a matt] ( an arbitr>ily *os5 po9t ( 
view1 z "s rec5t discussions ( ! capital
 concept w\ld h u believe2 j z !        
diff]5ce betwe5 ! pecuni>y & ! indu/rial
 employm5ts1 :i* are occupi$ ) ! "o or !
 o!r category ( capital1 means some?+ m 
?an ! same ?+ "u diff]5t aspects4       
99       99       99       99       99  
,b ! di/9ction "h attempt$ has a f>!r   
be>+1 beyond ! possible correction ( a  
giv5 po9t 9 ! !ory ( di/ribution4 ,mod]n
 economic sci5ce is to an increas+ ext5t
 conc]n+ itself ) ! "q ( :at m5 d & h[ &
 :y !y d x1 z contra/$ ) ! old] "q ( h[ 
,nature1 work+ ?r\gh human nature1      
ma9ta9s a favorable balance 9 ! output (
 goods4 ,nei!r ! practical que/ions (   
our g5]ation1 nor ! press+ !oretical    
que/ions ( ! sci5ce1 run on ! adequacy  
or equity ( ! %>e t goes to any class 9 

! normal case4 ,! que/ions are r su*    
reali/ic ones z ^!3 ,:y d we1 n[ & aga91
 h h>d times & unemploym5t 9 ! mid/ (   
excell5t res\rces1 high effici5cy &     
pl5ty ( unmet wants8 ,:y is "o-half our 
consumable product contriv$ =           
consumption t yields no mat]ial b5efit8 
,:y are l>ge coo]d9ations ( indu/ry1 :i*
 greatly r$uce co/ ( production1 a cause
 ( p]plexity & al>m8 ,:y is ! family    
dis9tegrat+ among ! indu/rial classes1  
at ! same "t t ! :]e)al to ma9ta9 x is  
easi] to compass8 ,:y are l>ge &        
increas+ portions ( ! community p5niless
 9 spite ( a scale ( remun]ation :i* is 
v appreciably above ! subsi/5ce m9imum8 
,:y is !re a widespread disaffection    
among ! intellig5t workm5 :o ought to "k
 bett]8 ,^! & ! l que/ions1 be+ que/ions
 ( fact1 are n to be answ]$ on ! gr\nds 
( normal equival5ce4 ,p]haps x might    
bett] be said t !y h s (t5 be5 answ]$ on
 ^? gr\nds1 )\t any approa* to dispos+ (
 !m1 t ! outlook = help 9 t direction   
has ceas$ to h a s]i\s mean+4 ,^! are1  

to borr[ ,pr(essor ,cl>k's phrase1      
que/ions to be answ]$ on dynamic1 n on  
/atic gr\nds4 ,!y are que/ions ( conduct
 & s5tim5t1 & s f> z _! solution is     
look$ = at ! h&s ( economi/s x mu/ be   
look$ = along ! l9e ( ! be>+ :i*        
economic life has ^u ! gr[? ( s5tim5t & 
canons ( conduct4 ,t is to say1 !y are  
que/ions ( ! be>+ ( economic life ^u !  
cultural *anges t are go+ =w>d4  ,= !   
pres5t x is ! vogue to hold t economic  
life1 broadly1 conditions ! re/ ( social
 organization or ! con/itution (        
society4 ,?is vogue ( ! proposition w   
s]ve z excuse f go+ into an exam9ation (
 ! gr\nds on :i* x may be ju/ifi$1 z x  
is sc>cely necess>y to p]suade any      
economi/ t x has sub/antial m]its ev5 if
 he may n accept x 9 an unqualifi$ =m4  
,:at ! ,m>xi/s h nam$ ! ,mat]iali/ic    
,conception ( ,hi/ory is ass5t$ to )    
less & less qualification by ^? :o make 
! gr[? ( culture _! subject ( inquiry4  
,?is mat]iali/ic conception says t      
in/itutions are %ap$ by economic        

conditions2 b1 z x left ! h&s ( !       
,m>xi/s1 & z x /ill functions 9 ! h&s ( 
_m :o knew n ,m>x1 x has v little to say
 reg>d+ ! effici5t =ce1 ! *annels1 or ! 
me?ods by :i* ! economic situation is   
conceiv$ to h its effect ^u in/itutions4
 ,:at answ] ! e>ly ,m>xi/s gave to ?is  
"q1 ( h[ ! economic situation %apes     
in/itutions1 0 to ! effect t ! causal   
connection lies ?r\gh a selfi%1         
calculat+ class int]e/4 ,b1 :ile class  
int]e/ may c\nt = mu* 9 ! outcome1 ?is  
answ] is pla9ly n a compet5t "o1 s9ce1 =
 "o ?+1 in/itutions by no means *ange ) 
! alacrity :i* ! sole effici5cy ( a     
reason$ class int]e/ w\ld require4  ,)\t
 discr$it+ ! claim t class int]e/ c\nts 
= some?+ 9 ! %ap+ ( in/itutions1 & to   
avoid gett+ entangl$ 9 prelim9>ies1 x   
may be said t in/itutions are ( ! nature
 ( preval5t habits ( ?\ght1 & t !re=e ! 
=ce :i* %apes in/itutions is ! =ce or   
=ces :i* %ape ! habits ( ?\ght preval5t 
9 ! community4 ,b habits ( ?\ght are !  
outcome ( habits ( life4 ,:e!r x is     

int5tionally direct$ to ! education ( ! 
individual or n1 ! discipl9e ( daily    
life acts to alt] or re5=ce ! receiv$   
habits ( ?\ght1 & s acts to alt] or     
=tify ! receiv$ in/itutions "u :i* m5   
live4 ,& ! direction 9 :i*1 on ! :ole1 !
 alt]ation proce$s is condition$ by !   
tr5d ( ! discipl9e ( daily life4 ,! po9t
 "h imm$iately at issue is ! div]g5t    
tr5d ( ?is discipl9e 9 ^? occupations   
:i* are prevail+ly ( an indu/rial "*1 z 
contra/$ ) ^? :i* are prevail+ly ( a    
pecuni>y "*4 ,s f> z reg>ds ! diff]5t   
cultural outcome to be look$ = on !     
basis ( ! pres5t economic situation z   
contra/$ ) ! pa/1 !re=e1 ! "q imm$iately
 9 h& is z to ! great] or less degree 9 
:i* occupations are diff]5tiat$ into    
indu/rial & pecuni>y 9 ! pres5t z comp>$
 ) ! pa/4  ,! *>act]i/ic feature :i* is 
curr5tly held to diff]5tiate ! exi/+    
economic situation f t out ( :i* !      
pres5t has develop$1 or out ( :i* x is  
em]g+1 is ! preval5ce ( ! ma*9e indu/ry 
) ! consequ5t l>g] & m highly specialis$

 organisation ( ! m>ket & ( ! indu/rial 
=ce & plant4 ,z has be5 po9t$ out above1
 & z is well en\gh kn[n f ! curr5t      
discussions ( ! economi/s1 indu/rial    
life is organis$ on a pecuni>y basis &  
manag$ f ! pecuni>y side4 ,?is1 ( c\rse1
 is true 9 a degree bo? ( ! pres5t & ( !
 ne>] pa/1 back at lea/ z f> z ! ,middle
 ,ages4 ,b ! l>g] scope ( organisations 
9 mod]n indu/ry means t ! pecuni>y      
managem5t has be5 gradually pass+ into !
 h&s ( a relatively decreas+ class1 ^:  
contact ) ! indu/rial classes prop] gr[s
 cont9ually less imm$iate4 ,! di/9ction 
betwe5 employm5ts above spok5 ( is 9 an 
increas+ degree com+ to co9cide ) a     
diff]5tiation ( occupations & ( economic
 classes4 ,"s degree ( su*              
specialisation & diff]5tiation !re has1 
( c\rse1 be51 "o might almo/ say1       
always4 ,b 9 our "t1 9 _m bran*es (     
indu/ry1 ! specialisation has be5 c>ri$ 
s f> t l>ge bodies ( ! work+ population 
h b an incid5tal contact ) ! bus9ess    
side ( ! ent]prise1 :ile a m9ority h    

little if any o!r conc]n ) ! ent]prise  
?an its pecuni>y managem5t4 ,?is 0 n    
true1 e4g41 at ! "t :5 ! und]tak] 0 /ill
 salesman1 pur*as+ ag5t1 bus9ess manag]1
 =eman ( ! %op1 & ma/] workman4 ,/ill   
less 0 x true 9 ! days ( ! self-suffic+ 
manor or h\sehold1 or 9 ! days ( ! clos$
 t[n indu/ry4 ,nei!r is x true 9 our "t 
( :at we call ! backw>d or old-fa%ion$  
indu/ries4 ,^! latt] h n be5 & are n    
organis$ on a l>ge scale1 ) a consi/5t  
division ( labor betwe5 ! own]s &       
bus9ess manag]s on ! "o side & !        
op]ative employees on ! o!r4 ,our /&+   
illu/rations ( ?is less highly organis$ 
class ( indu/ries are ! surviv+         
h&icrafts & ! common run ( f>m+ z c>ri$ 
on by relatively small proprietors4 ,9 t
 e>li] phase ( economic life1 out ( :i* 
! mod]n situation has gradually gr[n1   
all ! m5 engag$ _h to be con/antly on _!
 gu>d1 9 a pecuni>y s5se1 & 7 con/antly 
discipl9$ 9 ! husb&+ ( _! means & 9 !   
driv+ ( b>ga9s1--z is /ill true1 e4g41 (
 ! ,am]ican f>m]4 ,! l 0 =m]ly true also

 ( ! consum]1 9 8 pur*ases1 to a great] 
ext5t ?an at pres5t4 ,a good %>e ( !    
daily att5tion ( ^? :o 7 engag$ 9 !     
h&icrafts 0 /ill p]=ce giv5 to !        
pecuni>y or bus9ess side ( _! trade4 ,b 
= t great body ( indu/ry :i* is         
conv5tionally recognis$ z em95tly mod]n1
 specialisation ( function has gone s f>
 z1 9 great measure1 to exempt !        
op]ative employees f tak+ ?\ght (       
pecuni>y matt]s4  ,n[1 z to ! be>+ ( all
 ?is ^u cultural *anges t are 9 progress
 or 9 ! outlook4 ,leav+ ! backw>d1      
relatively unspecialis$1 indu/ries on "o
 side1 z be+ ( an equivocal "* = ! po9t 
9 h& & z n diff]+ *>act]i/ically f !    
correspond+ indu/ries 9 ! pa/ s f> z    
reg>ds _! discipl9>y value2 mod]n       
occupations may1 = ! sake ( ! argum5t1  
be broadly di/+ui%$1 z economic         
employm5ts h be5 di/+ui%$ above1 into   
bus9ess & indu/rial4 ,! mod]n indu/rial 
& ! mod]n bus9ess occupations are fairly
 comp>able z reg>ds ! degree (          
intellig5ce requir$ 9 bo?1 if x be borne

 9 m9d t ! =m] occupations comprise !   
highly tra9$ te*nological exp]ts &      
eng9e]s z well z ! highly skill$        
me*anics4 ,! two classes ( occupations  
diff] 9 t ! m5 9 ! pecuni>y occupations 
"w )9 ! l9es & "u ! guidance ( ! great  
in/itution ( own]%ip1 ) its             
ramifications ( cu/om1 pr]ogative1 &    
legal "r2 :]eas ^? 9 ! indu/rial        
occupations are1 9 _! "w1 relatively    
free f ! con/ra9t ( ?is conv5tional norm
 ( tru? & validity4 ,x is1 ( c\rse1 n   
true t ! "w ( ! latt] class lies outside
 ! rea* ( ! in/itution ( own]%ip2 b x is
 true t1 9 ! heat & /ra9 ( ! "w1 :5 !   
ag5t's p[]s & att5tion are fully tak5 up
 ) ! "w :i* he has 9 h&1 t ( :i* he has 
p]=ce to take cognisance is n           
conv5tional law1 b ! conditions         
imp]sonally impos$ by ! nature ( mat]ial
 ?+s4 ,?is is ! mean+ ( ! curr5t        
commonplace t ! requir$ close & cont9u\s
 application ( ! op]ative 9 me*anical   
indu/ry b>s him out ( all *ance = an    
all-ar\nd developm5t ( ! cultural graces

 & am5ities4 ,x is ! p]iods ( close     
att5tion & h>d "w t seem to c\nt = mo/ 9
 ! =mation ( habits ( ?\ght4  ,an a     
priori argum5t z to :at cultural effects
 %\ld naturally foll[ f su* a diff]5ce 9
 discipl9e betwe5 occupations1 pa/ &    
pres5t1 w\ld probably n be conv9c+1 z a 
priori argum5ts f half-au!nticat$       
premises commonly are n4 ,& ! exp]im5ts 
along ?is l9e :i* lat] economic         
developm5ts h s f> exhibit$ h be5 nei!r 
neat en\gh1 compreh5sive en\gh1 nor long
 cont9u$ en\gh to give def9ite results4 
,/ill1 !re is some?+ to be said "u ?is  
latt] head1 ev5 if ?is some?+ may turn  
out to be some:at famili>4  ,x is1 e4g4 
a commonplace ( curr5t vulg> discussions
 ( exi/+ economic que/ions1 t ! classes 
engag$ 9 ! mod]n me*anical or factory   
indu/ries are improvid5t & app>5tly     
incompet5t to take c>e ( ! pecuni>y     
details ( _! own life4 ,9 ?is indictm5t 
may well be includ$ n only factory h&s1 
b ! g5]al class ( highly skill$         
me*anics1 inv5tors1 te*nological exp]ts4

 ,! rule does n hold 9 any h>d & fa/    
way1 b !re seems to be a sub/antial     
gr\nd ( tru? 9 ! indictm5t 9 ?is g5]al  
=m4 ,?is w be evid5t on comp>ison ( !   
pres5t factory population ) ! class (   
h&icraftsm5 ( ! old] culture :om !y h   
displac$1 z also on comp>ison ) ! f>m+  
population ( ! pres5t "t1 especially !  
small proprietors ( ?is & o!r c\ntries4 
,! inf]iority :i* is curr5tly conc$$ to 
! mod]n indu/rial classes 9 ?is respect 
is n due to scanti] opportunities =     
sav+1 :e!r !y are comp>$ ) ! e>li]      
h&icraftsm5 or ) ! mod]n f>m] or        
peasant4 ,?is ph5om5on is commonly      
discuss$ 9 t]ms :i* impute to !         
improvid5t indu/rial classes some?+ 9 ! 
way ( total depravity1 & !re is mu*     
prea*+ ( ?rift & /eady habits4 ,b !     
prea*+ ( ?rift & self-help1 unremitt+ z 
x is1 is n produc+ an appreciable       
effect4 ,! tr\ble seems to run deep] ?an
 exhortation c rea*4 ,x seems to be ( ! 
nature ( habit r ?an ( reason$          
conviction4 ,o!r causes may be pres5t & 

may be compet5t p>tially to expla9 !    
improvid5ce ( ^! classes2 b ! inquiry is
 at lea/ a p]t95t "o2 h[ f> ! abs5ce (  
prop]ty & ?rift among !m may be         
traceable to ! relative abs5ce (        
pecuni>y tra9+ 9 ! discipl9e ( _! daily 
life4 ,if1 z ! g5]al lie ( ! subject    
w\ld indicate1 ?is peculi> pecuni>y     
situation ( ! indu/rial classes is 9 any
 degree due to compreh5sive discipl9>y  
causes1 !re is mat]ial 9 x = an int]e/+ 
economic inquiry4  ,! surmise t ! tr\ble
 ) ! indu/rial class is some?+ ( ?is "* 
is /r5g!n$ by ano!r feature ( mod]n     
vulg> life1 to :i* att5tion is direct$ z
 a fur!r1 &1 = ! pres5t1 a conclud+     
illu/ration ( ! "* ( ! que/ions t are   
t\*$ by ! di/9ction "h spok5 =4 ,! mo/  
insidi\s & mo/ al>m+ malady1 z well z ! 
mo/ p]plex+ & unprec$5t$1 t ?reat5s !   
mod]n social & political /ructure is :at
 is vaguely call$ socialism4 ,! po9t (  
dang] to ! social /ructure1 & at ! same 
"t ! sub/antial core ( ! sociali/ic     
disaffection1 is a gr[+ disloyalty to ! 

in/itution ( prop]ty1 aid$ & abett$ z x 
is by a simil>ly gr[+ lack ( def]5ce &  
affection = o!r conv5tional features (  
social /ructure4 ,! classes affect$ by  
sociali/ic vag>ies are n consi/5tly     
av]se to a compet5t organisation &      
control ( society1 p>ticul>ly n 9 !     
economic respect1 b !y are av]se to     
organisation & control on conv5tional   
l9es4 ,! s5se ( solid>ity does n seem to
 be ei!r defective or 9 abeyance1 b !   
gr\nd ( solid>ity is new & unexpect$4   
,:at _! con/ructive ideals may be ne$ n 
conc]n nor deta9 u2 !y are vague &      
inconsi/5t & = ! mo/ "p negative4 ,_!   
disaffection has be5 set d[n to         
discont5t ) _! lot by comp>ison ) o!rs1 
& to a mi/ak5 view ( _! own int]e/s2 &  
mu* & futile ef=t has be5 sp5t 9 %[+ !m 
! error ( _! ways ( ?9k+4 ,b :at !      
exp]i5ce ( ! pa/ sugge/s t we %\ld      
expect "u ! guidance ( su* motives &    
reason+ z ^! w\ld be a dem& = a         
r$i/ribution ( prop]ty1 a recon/itution 
( ! conv5tions ( own]%ip on su* new l9es

 z ! appreh5d$ int]e/s ( ^! classes w\ld
 seem to dictate4 ,b su* is n ! tr5d (  
sociali/ic ?9k+1 :i* contemplates r !   
elim9ation ( ! in/itution ( prop]ty4 ,to
 ! sociali/s prop]ty or own]%ip does n  
seem inevitable or inh]5t 9 ! nature (  
?+s2 to ^? :o criticise & admoni% !m x  
commonly does4  ,comp>e !m 9 ?is respect
 ) o!r classes :o h be5 mov$ by h>d%ip  
or discont5t1 :e!r well or ill advis$1  
to put =? d5unciations & dem&s = radical
 economic *anges2 z e4g41 ! ,am]ican    
f>m]s 9 _! sev]al movem5ts1 ( grang]ism1
 populism1 & ! l4 ,^! h be5 l\d en\gh 9 
_! d5unciations & compla9ts1 & !y h be5 
accus$ ( be+ sociali/ic 9 _! dem& = a   
virtual r$i/ribution ( prop]ty4 ,!y h n 
felt ! ju/ice ( ! accusation1 h[ev]1 & x
 is to be not$ t _! dem&s h consi/5tly  
run on a rehabilitation ( prop]ty on "s 
new basis ( di/ribution1 & h be5 uni=mly
 put =? ) ! av[$ purpose ( bett]+ !     
claimants 9 po9t ( own]%ip4 ,own]%ip1   
prop]ty hone/ly acquir$1 has be5 sacr$  
to ! rural malcont5ts1 "h & else:]e2 :at

 !y h aspir$ to d has be5 to rem$y :at  
!y h conceiv$ to be c]ta9 abuses "u !   
in/itution1 )\t que/ion+ ! in/itution   
itself4  ,n s ) ! sociali/s1 ei!r 9 ?is 
c\ntry or else:]e4 ,n[1 ! spread (      
sociali/ic s5tim5t %[s a curi\s t5d5cy  
to affect ^? classes p>ticul>ly :o are  
habitually employ$ 9 ! specialis$       
indu/rial occupations1 & are !reby 9    
great "p exempt f ! intellectual        
discipl9e ( pecuni>y managem5t4 ,among  
^! m51 :o by ! circum/ances ( _! daily  
life are br\ght to d _! s]i\s & habitual
 ?9k+ 9 o!r ?an pecuni>y t]ms1 x looks z
 if ! own]%ip preconception 7 becom+    
obsolesc5t ?r\gh disuse4 ,x is !        
indu/rial population1 9 ! mod]n s5se1 & 
p>ticul>ly ! m intellig5t & skill$ m5   
employ$ 9 ! me*anical indu/ries1 t are  
mo/ s]i\sly & widely affect$4 ,)        
exceptions bo? ways1 b ) a g5]ality t is
 n to be d5i$1 ! sociali/ic disaffection
 spreads ?r\gh ! indu/rial t[ns1 *iefly 
& mo/ pot5tly among ! bett] classes (   
op]atives 9 ! me*anical employm5ts2     

:]eas ! relatively indig5t & un9tellig5t
 regions & classes1 :i* ! diff]5tiation 
betwe5 pecuni>y & indu/rial occupations 
has n rea*$1 are relatively free f x4 ,9
 l mann] ! upp] & middle classes1 ^:    
employm5ts are ( a pecuni>y "*1 if any1 
are also n s]i\sly affect$2 & :5 av[$   
sociali/ic s5tim5t is met ) among ^!    
upp] & middle classes x commonly turns  
out to be m]ely a humanit>ian aspiration
 = a m equitable r$i/ribution ( weal?--a
 readju/m5t ( own]%ip "u "s new &       
improv$ me?od ( control--n a            
contemplation ( ! traceless disappe>ance
 ( own]%ip4  ,socialism1 9 ! s5se 9 :i* 
! ^w connotes a subv]sion ( ! economic  
f\ndations ( mod]n culture1 appe>s to be
 f\nd only sporadically & unc]ta9ly     
outside ! limits1 9 "t & space1 ( !     
discipl9e ex]cis$ by ! mod]n me*anical1 
non-pecuni>y occupations4 ,?is /ate ( ! 
case ne$ ( c\rse n be due solely to !   
discipl9>y effects ( ! indu/rial        
employm5ts1 nor ev5 solely to effects   
traceable to ^? employm5ts :e!r 9 ! way 

( discipl9>y results1 selective         
developm5t1 or :at n4 ,o!r factors1     
p>ticul>ly factors ( an e?nic "*1 seem  
to cooep]ate to ! result indicat$2 b1 s 
f> z evid5ce be>+ on ! po9t is yet 9 h& 
& has be5 analys$1 x indicates t ?is    
diff]5tiation ( occupations is a        
necess>y requisite to ! gr[? ( a        
consi/5t body ( sociali/ic s5tim5t2 & ! 
indication is also t :]ev] ?is          
diff]5tiation prevails 9 su* a degree ( 
acc5tuation & affects su* consid]able & 
compact bodies ( p z to af=d gr\nd = a  
consi/5t gr[? ( common s5tim5t1 a result
 is "s =m ( iconocla/ic socialism4 ,!   
diff]5tiation may ( c\rse h a selective 
z well z a discipl9>y effect ^u !       
population affect$1 & an (f-h& sep>ation
 ( ^! two modes ( influ5ce c ( c\rse n  
be made4 ,9 any case1 ! two modes (     
influ5ce seem to conv]ge to ! outcome   
indicat$2 &1 = ! pres5t purpose (       
illu/ration simply1 ! trac+ out ( ! two 
/r&s ( sequ5ce 9 ! case nei!r c nor ne$ 
be und]tak54 ,by =ce ( ?is              

diff]5tiation1 9 "o way & ano!r1 !      
indu/rial classes are le>n+ to ?9k 9    
t]ms ( mat]ial cause & effect1 to !     
neglect ( prescription & conv5tional    
gr\nds ( validity2 j z1 9 a fa9tly      
incipi5t way1 ! economi/s are also le>n+
 to d 9 _! discussion ( ! life ( ^!     
classes4 ,! result+ decay ( ! popul>    
s5se ( conv5tional validity ( c\rse     
ext5ds to o!r matt]s ?an ! pecuni>y     
conv5tions alone1 ) ! outcome t !       
sociali/ically affect$ indu/rial classes
 are pretty uni=mly affect$ ) an        
ef=tless iconoclasm 9 o!r directions z  
well4 ,= ! discipl9e to :i* _! "w &     
habits ( life subject !m gives n s mu* a
 tra9+ away f ! pecuni>y conv5tions1    
specifically1 z a positive & some:at    
unmitigat$ tra9+ 9 me?ods ( obs]vation &
 inf]5ce proce$+ on gr\nds ali5 to all  
conv5tional validity4 ,b ! practical    
exp]im5t go+ on 9 ! specialisation (    
discipl9e1 9 ! respect contemplat$1     
appe>s /ill to be ne> its beg9n+1 & !   
gr[? ( ab]rant views & habits ( ?\ght   

due to ! peculi> discipl9>y tr5d ( ?is  
late & unprec$5t$ specialisation (      
occupations has n yet _h "t to "w itself
 cle>4  ,! effects ( ! l "o-sid$        
discipl9e are simil>ly visible 9 !      
highly irregul>1 conv5tionally          
indef5sible attitude ( ! indu/rial      
classes 9 ! curr5t labor & wage         
disputes1 n ( an av[$ly sociali/ic aim4 
,s also z reg>ds ! dep>ture f ! anci5t  
norm 9 su* non-economic1 or second>ily  
economic matt]s z ! family relation &   
responsibility1 :]e ! dis9tegration (   
conv5tionalities 9 ! indu/rial t[ns is  
said to ?reat5 ! f\ndations ( dome/ic   
life & morality2 & aga9 z reg>ds ! gr[+ 
inability ( m5 tra9$ to mat]iali/ic1    
indu/rial habits ( ?\ght to appreciate1 
or ev5 to appreh5d1 ! mean+ ( religi\s  
appeals & consolations t proce$ on !    
old-fa%ion$ conv5tional or metaphysical 
gr\nds ( validity4 ,b ^! & o!r l        
directions 9 :i* ! cultural effects ( ! 
mod]n specialisation ( occupations1 :e!r
 9 indu/ry or 9 bus9ess1 may be         

traceable c n be foll[$ up "h4          
,,footnotes3  #a ,repr9t$ by p]mission f
 ,publications ( ! ,am]ican ,economic   
,association1 s]ies #c1 ,vol4 ,,ii4  #b 
,"s late writ]s1 z1 e4g41 ,j4 ,b4 ,cl>k1
 app>5tly mu/ be held to conceive !     
equival5ce 9 t]ms ( productive =ce r ?an
 ( s]viceability2 or1 p]haps1 9 t]ms (  
s]viceability on "o side ( ! equation & 
productive =ce on ! o!r4  #c ,j4 ,b4    
,cl>k1 ,! ,di/ribution ( ,weal?1 p4 #bj4
  #d ,! und]tak] gets an income2 !re=e  
he mu/ produce goods4 ,b human activity 
direct$ to ! production ( goods is      
labor2 !re=e ! und]tak] is a p>ticul>   
k9d ( labor]4 ,!re is1 ( c\rse1 "s      
diss5t f ?is position4  #e ,! *ange :i* 
has sup]v5$ z reg>ds ! habitual resort  
to a natural law ( equival5ce is 9 l>ge 
"p a *ange ) respect to ! degree (      
imm$iacy & reality imput$ to ?is law1 & 
to a /ill great] ext5t a *ange 9 !      
degree ( ov]tness ) :i* x is av[$4  #f  
,see1 e4g41 a pap] by ,h4 ,c4 ,em]y 9 ! 
,pap]s & ,proce$+s ( ! ,twelf? ,annual  

,meet+ ( ! ,am]ican ,economic           
,association1 on ,! ,place ( !          
,speculator 9 ! ,!ory ( ,di/ribution1 & 
m p>ticul>ly ! discussion foll[+ ! pap]4
  #g ,cf4 e4g41 ,m>x1 ,capital1         
especially bk4 ,i1 *4 ,,iv4  #h ,x is n 
h]eby int5d$ to depreciate ! s]vices    
r5d]$ ! community by ! capta9 ( indu/ry 
9 8 managem5t ( bus9ess4 ,su* s]vices   
are no d\bt r5d]$ & are also no d\bt (  
sub/antial value4 ,/ill less is x !     
int5tion to decry ! pecuni>y inc5tive z 
a motive to ?rift & dilig5ce4 ,x may    
well be t ! pecuni>y traffic :i* we call
 bus9ess is ! mo/ effective me?od (     
conduct+ ! indu/rial policy ( !         
community2 n only ! mo/ effective t has 
be5 contriv$1 b p]haps ! be/ t c be     
contriv$4 ,b t is a matt] ( surmise &   
op9ion4 ,9 a matt] ( op9ion on a po9t t 
c n be v]ifi$1 a reasonable c\rse is to 
say t ! majority are presumably 9 ! "r4 
,b all t is beside ! po9t4 ,h[ev]       
probable or reasonable su* a view may   
be1 x c f9d no lodgm5t 9 mod]n sci5tific

 !ory1 except z a coroll>y ( second>y   
importance4 ,nor c sci5tific !ory build 
^u ! gr\nd x may be conceiv$ to af=d4   
,policy may s build1 b sci5ce c n4      
,sci5tific !ory is a =mulation ( ! laws 
( ph5om5a 9 t]ms ( ! effici5t =ces at "w
 9 ! sequ5ce ( ph5om5a4 ,s long z 7"u ! 
old disp5sation ( ! ord] ( nature7 !    
animi/ically conceiv$ natural laws1 ) _!
 ,god-giv5 objective end1 7 consid]$ to 
ex]cise a con/ra9+ guidance ov] ! c\rse 
( ev5ts :]e( !y 7 claim$ to be laws1 s  
long x 0 legitimate sci5tific proc$ure =
 economi/s to =mulate _! !ory 9 t]ms (  
^! laws ( ! natural c\rse2 because s    
long !y 7 speak+ 9 t]ms ( :at 01 to !m1 
! effici5t =ces at "w4 ,b s soon z ^!   
natural laws 7 r$uc$ to ! plane (       
colorless empirical g5]alization z to   
:at commonly happ5s1 :ile ! effici5t    
=ces at "w are conceiv$ to be ( q ano!r 
ca/1 s soon mu/ !ory ab&on ! gr\nd ( !  
natural c\rse1 /]ile = mod]n sci5tific  
purposes1 & %ift to ! gr\nd ( ! causal  
sequ5ce1 :]e alone x w h to d ) ! =ces  

at "w z !y are conceiv$ 9 our "t4 ,!    
g5]alisations reg>d+ ! normal c\rse1 z  
normal has be5 def9$ 9 economics s9ce   
,j4 ,s4 ,mill1 are n ( ! nature ( !ory1 
b only rule-(-?umb4 ,& ! talk ab\t !    
function ( ?is & t factor ( production1 
etc41 9 t]ms ( ! collective life        
purpose1 goes to ! same limbo2 s9ce !   
collective life purpose is no long]     
av[$ly conceiv$ to cut any figure 9 !   
e-day guidance ( economic activities or 
! %ap+ ( economic results4  ,! doctr9e (
 ! social-economic function ( ! und]tak]
 may = ! pres5t purpose be illu/rat$ by 
a supposititi\s p>allel f ,physics4 ,x  
is an easy g5]alisation1 :i* w sc>cely  
be que/ion$1 t1 9 practice1 p5dulums    
commonly vibrate 9 a plane approximately
 p>allel ) ! ne>e/ wall ( ! clock-case 9
 :i* !y are plac$4 ,! normality ( ?is   
p>allelism is =tifi$ by ! fur!r         
obs]vation t ! vibrations are also      
commonly 9 a plane p>allel ) ! ne>e/    
wall ( ! room2 & :5 x is fur!r call$ to 
m9d t ! balance :i* s]ves ! purpose ( a 

p5dulum 9 wat*es simil>ly vibrates 9 a  
plane p>allel ) ! walls ( its case1 !   
absolute normality ( ! :ole arrangem5t  
is plac$ beyond "q4 ,x is true1 !       
p>allelism is n claim$ to be relat$ to !
 work+ ( ! p5dulum1 except z a matt] (  
=tuit\s conv5i5ce2 b x %\ld be manife/ f
 ! g5]ality ( ! occurr5ce t 9 ! normal  
case1 9 ! abs5ce ( di/urb+ causes1 & 9 !
 long run1 all p5dulums w naturally t5d 
to sw+ 9 a plane faultlessly p>allel ) !
 ne>e/ wall4 ,! use :i* has be5 made ( !
 organic concept1 9 economics & 9 social
 sci5ce at l>ge1 is fairly comp>able )  
?is supposititi\s argum5t conc]n+ !     
p5dulum4  #i ,s9ce ! gr\nd ( paym5t (   
wages is ! v5dibility ( ! product1 &    
s9ce ! gr\nd ( a diff]5ce 9 wages is !  
diff]5t v5dibility ( ! product acquir$  
?r\gh ! pur*ase ( ! labor = :i* ! wages 
are paid1 x foll[s t :]ev] ! diff]5ce 9 
v5dibility re/s on a diff]5ce 9 !       
magnitude ( ! product alone1 !re wages  
%\ld be some:at 9 proportion to !       
magnitude ( ! product4  #aj ,all weal? s

 us$ is capital1 b x does n foll[ t all 
pecuni>y capital is social weal?4  #aa  
,9 curr5t !ory ! t]m capital is us$ 9 ^!
 two s5ses2 :ile 9 bus9ess usage x is   
employ$ pretty consi/5tly 9 ! =m] s5se  
alone4 ,! curr5t ambiguity 9 ! t]m      
capital has (t5 be5 adv]t$ to by        
economi/s1 & !re may be ne$ ( a revision
 ( ! t]m9ology at ?is po9t2 b ?is pap]  
is n conc]n$ ) t "q4  #ab ,pr(essor     
,fett]1 9 a rec5t pap] 7,qu>t]ly ,j\rnal
 ( ,economics1 ,novemb]1 #aijj7 is1     
p]haps1 ! writ] :o has gone ! f>!/ 9 ?is
 direction 9 ! def9ition ( ! capital    
concept4 ,pr(essor ,fett] wi%es to      
conf9e ! t]m capital to pecuni>y        
capital1 or r to su* pecuni>y capital z 
is bas$ on ! own]%ip ( mat]ial goods4 ,!
 wisdom ( su* a t]m9ological exp$i5t is1
 ( c\rse1 n 9 "q "h4     ,,on ,,!       
,,nature ,,( ,,capital#a   ,i4 ,,!      
,,productivity ,,( ,,capital ,,goods  ,x
 has be5 usual 9 expositions ( economic 
!ory to speak ( capital z an array (    
productive goods4 ,:at is imm$iately _h 

9 m9d 9 ?is expression1 z well z 9 !    
equival5t capital goods1 is ! indu/rial 
equipm5t1 prim>ily ! me*anical          
appliances employ$ 9 ! processes (      
indu/ry4 ,:5 ! productive effici5cy ( ^!
 & ( o!r subsidi>y classes ( capital    
goods is subject$ to fur!r analysis1 x  
is n unusual to trace x back to !       
productive labor ( ! workm51 ! labor ( !
 individual workman be+ ! ultimate      
productive factor 9 ! commonly accept$  
sy/ems ( !ory4 ,! curr5t !ories (       
production1 z also ^? ( di/ribution1 are
 drawn 9 individuali/ic t]ms1 p>ticul>ly
 :5 ^! !ories are bas$ on h$oni/ic      
premises1 z !y commonly are4  ,n[1      
:atev] may or may n be true = human     
conduct 9 "s o!r be>+1 9 ! economic     
respect man has nev] liv$ an isolat$1   
self-suffici5t life z an individual1    
ei!r actually or pot5tially4 ,humanly   
speak+1 su* a ?+ is impossible4 ,nei!r  
an individual p]son nor a s+le h\sehold1
 nor a s+le l9e ( desc5t1 c ma9ta9 its  
life 9 isolation4 ,economically speak+1 

?is is ! *>act]i/ic trait ( humanity t  
sep>ates mank9d f ! o!r animals4 ,!     
life-hi/ory ( ! race has be5 a          
life-hi/ory ( human communities1 ( m or 
less consid]able size1 ) m or less (    
gr\p solid>ity1 & ) m or less ( cultural
 cont9uity ov] successive g5]ations4 ,! 
ph5om5a ( human life occur only 9 ?is   
=m4  ,?is cont9uity1 congruity1 or      
coh]5ce ( ! gr\p1 is ( an immat]ial "*4 
,x is a matt] ( k1 usage1 habits ( life 
& habits ( ?\ght1 n a matt] ( me*anical 
cont9uity or contact1 or ev5 (          
consangu9ity4 ,:]ev] a human community  
is met )1 z1 e4g41 among any ( ! peoples
 ( ! l[] cultures1 x is f\nd 9          
possession ( some?+ 9 ! way ( a body (  
te*nological k1--k s]viceable &         
requisite to ! que/ ( a livelihood1     
compris+ at lea/ su* elem5t>y           
acquirem5ts z language1 ! use ( fire1 ( 
a cutt+ edge1 ( a po9t$ /ick1 ( "s tool 
= pi]c+1 ( "s =m ( cord1 ?ong1 or fib]1 
toge!r ) "s skill 9 ! mak+ ( knots &    
la%+s4 ,coo]d9ate ) ?is k ( ways &      

means1 !re is also uni=mly pres5t "s    
matt]-(-fact k ( ! physical behavior ( !
 mat]ials ) :i* m5 h to deal 9 ! que/ ( 
a livelihood1 beyond :at any "o         
individual has le>n$ or c le>n by 8 own 
exp]i5ce alone4 ,?is in=mation &        
pr(ici5cy 9 ! ways & means ( life ve/s 9
 ! gr\p at l>ge2 &1 ap>t f accretions   
borr[$ f o!r gr\ps1 x is ! product ( !  
giv5 gr\p1 ?\gh n produc$ by any s+le   
g5]ation4 ,x may be call$ ! immat]ial   
equipm5t1 or1 by a lic5se ( spee*1 !    
intangible assets#b ( ! community2 &1 9 
! e>ly days at lea/1 ?is is f> & away ! 
mo/ important & consequ5tial category ( 
! community's assets or equipm5t4 ,)\t  
access to su* a common /ock ( immat]ial 
equipm5t no individual & no fraction ( !
 community c make a liv+1 mu* less make 
an advance4 ,su* a /ock ( k & practice  
is p]haps held loosely & in=mally2 b x  
is held z a common /ock1 p]vasively1 by 
! gr\p z a body1 9 its corporate        
capacity1 z "o might say2 & x is        
transmitt$ & augm5t$ 9 & by ! gr\p1     

h[ev] loose & haphaz>d ! transmission   
may be conceiv$ to be1 n by individuals 
& 9 s+le l9es ( inh]itance4  ,!         
requisite k & pr(ici5cy ( ways & means  
is a product1 p]haps a by-product1 ( !  
life ( ! community at l>ge2 & x c also  
be ma9ta9$ & reta9$ only by ! community 
at l>ge4 ,:atev] may be true = !        
unse>*able prehi/oric phases ( !        
life-hi/ory ( ! race1 x appe>s to be    
true = ! mo/ primitive human gr\ps &    
phases ( :i* !re is available in=mation 
t ! mass ( te*nological k possess$ by   
any community1 & necess>y to its        
ma9t5ance & to ! ma9t5ance ( ea* ( its  
memb]s or subgr\ps1 is too l>ge a burd5 
= any "o individual or any s+le l9e (   
desc5t to c>ry4 ,?is holds true1 (      
c\rse1 all ! m rigor\sly & consi/5tly1 !
 m advanc$ ! /ate ( ! indu/rial arts may
 be4 ,b x seems to hold true ) a        
g5]ality t is fairly />tl+1 t :5ev] a   
giv5 cultural community is brok5 up or  
suff]s a s]i\s dim9ution ( numb]s1 its  
te*nological h]itage det]iorates &      

dw9dles1 ev5 ?\gh x may h be5 app>5tly  
meag] en\gh be=e4 ,on ! o!r h&1 x seems 
to hold true ) a simil> uni=mity t1 :5  
an individual memb] or a fraction ( a   
community on :at we call a l[] /age (   
economic developm5t is drawn away &     
tra9$ & in/ruct$ 9 ! ways ( a l>g] & m  
effici5t te*nology1 & is !n ?r[n back   
into 8 home community1 su* an individual
 or fraction proves unable to make head 
aga9/ ! te*nological b5t ( ! community  
at l>ge or ev5 to create a s]i\s        
div]sion4 ,slight1 p]haps transi5t1 &   
gradually effective te*nological        
consequ5ces may result f su* an         
exp]im5t2 b !y become effective by      
diffusion & assimilation ?r\gh ! body ( 
! community1 n 9 any m>k$ degree 9 ! way
 ( an exceptional effici5cy on ! "p ( ! 
individual or fraction :i* has be5      
subject$ to exceptional tra9+4 ,&       
inh]itance 9 te*nological matt]s runs n 
9 ! *annels ( consangu9ity1 b 9 ^? (    
tradition & habituation1 :i* are        
necess>ily z wide z ! s*eme ( life ( !  

community4 ,ev5 9 a relatively small &  
primitive community ! mass ( detail     
compris$ 9 its k & practice ( ways &    
means is l>ge1--too l>ge = any "o       
individual or h\sehold to become        
compet5tly exp]t 9 x all2 & its         
ramifications are ext5sive & div]se1 at 
! same "t t all ^! ramifications be>1   
directly or indirectly1 on ! life & "w (
 ea* memb] ( ! community4 ,nei!r ! /&>d 
& r\t9e ( liv+ nor ! daily "w ( any     
individual 9 ! community w\ld rema9 !   
same aft] ! introduction ( an           
appreciable *ange1 = good or ill1 9 any 
bran* ( ! community's equipm5t (        
te*nological exp$i5ts4 ,if ! community  
gr[s l>g]1 to ! dim5sions ( a mod]n     
civilis$ p1 & ?is immat]ial equipm5t    
gr[s proportionately great & v>i\s1 !n x
 w become increas+ly difficult to trace 
! connection betwe5 any giv5 *ange 9    
te*nological detail & ! =tunes ( any    
giv5 obscure memb] ( ! community4 ,b x  
is at lea/ safe to say t an increase 9 !
 volume & complexity ( ! body (         

te*nological k & practice does n        
progressively emancipate ! life & "w ( !
 individual f its dom9ion4  ,! complem5t
 ( te*nological k s held1 us$1 &        
transmitt$ 9 ! life ( ! community is1 ( 
c\rse1 made up out ( ! exp]i5ce (       
individuals4 ,exp]i5ce1 exp]im5tation1  
habit1 k1 initiative1 are ph5om5a (     
individual life1 & x is necess>ily f ?is
 s\rce t ! community's common /ock is   
all d]iv$4 ,! possibility ( its gr[?    
lies 9 ! feasibility ( accumulat+ k ga9$
 by individual exp]i5ce & initiative1 & 
!re=e x lies 9 ! feasibility ( "o       
individual's le>n+ f ! exp]i5ce ( ano!r4
 ,b ! initiative & te*nological         
ent]prise ( individuals1 su*1 e4g41 z   
%[s itself 9 inv5tions & discov]ies ( m 
& bett] ways & means1 proce$s on &      
enl>ges ! accumulat$ wisdom ( ! pa/4    
,individual initiative has no *ance     
except on ! gr\nd af=d$ by ! common     
/ock1 & ! a*ievem5ts ( su* initiative   
are ( no effect except z accretions to !
 common /ock4 ,& ! inv5tion or discov]y 

s a*iev$ always embodies s mu* ( :at is 
already giv5 t ! creative contribution (
 ! inv5tor or discov]] is trivial by    
comp>ison4  ,9 any kn[n phase ( culture 
?is common /ock ( intangible1           
te*nological equipm5t is relatively l>ge
 & complex1--i4e41 relatively to !      
capacity ( any individual memb] to      
create or to use x2 & ! hi/ory ( its    
gr[? & use is ! hi/ory ( ! developm5t ( 
mat]ial civilisation4 ,x is a k ( ways &
 means1 & is embodi$ 9 ! mat]ial        
contrivances & processes by means ( :i* 
! memb]s ( ! community make _! liv+4    
,only by su* means does te*nological    
effici5cy g into effect4 ,^! mat]ial    
contrivances 7capital goods1 mat]ial    
equipm5t7 are su* ?+s z tools1 vessels1 
vehicles1 raw mat]ials1 build+s1 dit*es1
 & ! l1 includ+ ! l& 9 use2 b !y include
 also1 & ?r\gh ! great] "p ( ! e>ly     
developm5t *iefly1 ! useful m9]als1     
plants1 & animals4 ,to say t ^! m9]als1 
plants1 & animals are useful--9 o!r     
words1 t !y are economic goods--means t 

!y h be5 br\ght )9 ! sweep ( !          
community's k ( ways & means4  ,9 !     
relatively e>ly /ages ( primitive       
culture ! useful plants & m9]als are1 no
 d\bt1 made use ( 9 a wild /ate1 z1     
e4g41 fi% & timb] h cont9u$ to be us$4  
,yet 9 s f> z !y are useful !y are      
unmi/akably to be c\nt$ 9 among !       
mat]ial equipm5t 7tangible assets7 ( !  
community4 ,! case is well illu/rat$ by 
! relation ( ! ,pla9s ,indians to !     
buffalo1 & by ! nor?we/ coa/ ,indians to
 ! salmon1 on ! "o h&1 & by ! use ( a   
wild flora by su* communities z !       
,coahuilla ,indians1#c ! ,au/ralian     
blacks1 or ! ,&amanese1 on ! o!r h&4  ,b
 ) ! curr5t ( "t1 exp]i5ce1 &           
initiative1 dome/icat$ 7t is to say     
improv$7 plants & animals come to take !
 fir/ place4 ,we h !n su* te*nological  
exp$i5ts 9 ! fir/ rank z ! _m species & 
v>ieties ( dome/ic animals1 & m         
p>ticul>ly /ill ! v>i\s gra9s1 fruits1  
root-crops1 & ! l1 virtually all ( :i* 7
 creat$ by man = human use2 or p]haps a 

m scrupul\sly v]aci\s acc\nt w\ld say t 
!y 7 9 ! ma9 creat$ by ! wom51 ?r\gh    
long ages ( workmanlike selection &     
cultivation4 ,^! ?+s1 ( c\rse1 are      
useful because m5 h le>n$ _! use1 & _!  
use1 s f> z x has be5 le>n$1 has be5    
le>n$ by protract$ & volum9\s exp]i5ce &
 exp]im5tation1 proce$+ at ea* /ep on ! 
accumulat$ a*ievem5ts ( ! pa/4 ,o!r ?+s1
 :i* may 9 "t come to exce$ ^! 9        
usefulness are /ill useless1            
economically non-exi/5t1 on ! e>ly      
levels ( culture1 because ( :at m5 9 t  
"t h n yet le>n$4         99       99   
99       99       99  ,:ile ?is         
immat]ial equipm5t ( indu/ry1 !         
intangible assets ( ! community1 h      
app>5tly always be5 relatively v        
consid]able & are always ma9ly 9 ! keep+
 ( ! community at l>ge1 ! mat]ial       
equipm5t1 ! tangible assets1 on ! o!r   
h&1 h1 9 ! e>ly /ages 7say ! e>li] #ij  
p] c5t47 ( ! life-hi/ory ( human        
culture1 be5 relatively slight1 & h     
app>5tly be5 held some:at loosely by    

individuals or h\sehold gr\ps4 ,?is     
mat]ial equipm5t is relatively v slight 
9 ! e>li] phases ( te*nological         
developm5t1 & ! t5ure by :i* x is held  
is app>5tly vague & unc]ta94 ,at a      
relatively primitive phase ( !          
developm5t1 & "u ord9>y conditions (    
climate & surr\nd+s1 ! possession ( !   
concrete articles 7capital goods7 ne$$  
to turn ! commonplace k ( ways & means  
to acc\nt is a matt] ( slight           
consequ5ce1--contr>y to ! view commonly 
spok5 = by ! economi/s ( ! classical    
l9e4 ,giv5 ! commonplace te*nological k 
& ! commonplace tra9+1--& ^! are giv5 by
 common notoriety & ! habituation (     
daily life1--! acquisition1 con/ruction1
 or usufruct ( ! sl5d] mat]ial equipm5t 
ne$$ arranges itself almo/ z a matt] (  
c\rse1 m p>ticul>ly :]e ?is mat]ial     
equipm5t does n include a /ock ( dome/ic
 animals or a plantation ( dome/icat$   
trees & vegetables4 ,"u giv5            
circum/ances a relatively primitive     
te*nological s*eme may involve "s l>ge  

items ( mat]ial equipm5t1 z ! buffalo   
p5s 7piskun7 ( ! ,blackfoot ,indians or 
! salmon weirs ( ! riv] ,indians ( !    
nor?we/ coa/4 ,su* items ( mat]ial      
equipm5t are !n likely to be held &     
work$ collectively1 ei!r by ! community 
at l>ge or by subgr\ps ( a consid]able  
size4 ,"u ord9>y1 m g5]ally preval5t    
conditions1 x appe>s t ev5 aft] a       
relatively great advance has be5 made 9 
! cultivation ( crops ! requisite       
indu/rial equipm5t is n a matt] ( s]i\s 
conc]n1 p>ticul>ly s aside f ! till$    
gr\nd & ! cultivat$ trees1 z is indicat$
 by ! s+ul>ly loose & inconsequ5tial    
notions ( own]%ip preval5t among peoples
 occupy+ su* a /age ( culture4 ,a       
primitive /age ( communism is n kn[n4   
,b z ! common /ock ( te*nological k     
increases 9 volume1 range1 & effici5cy1 
! mat]ial equipm5t :]eby ?is k ( ways & 
means is put into effect gr[s great]1 m 
consid]able relatively to ! capacity ( !
 individual4 ,& s soon1 or 9 s f>1 z !  
te*nological developm5t falls into su*  

%ape z to require a relatively l>ge unit
 ( mat]ial equipm5t = ! effective       
pursuit ( indu/ry1 or su* z o!rwise to  
make ! possession ( ! requisite mat]ial 
equipm5t a matt] ( consequ5ce1 s z      
s]i\sly to h&icap ! individuals :o are  
)\t ^! mat]ial means1 & to place !      
curr5t possessors ( su* equipm5t at a   
m>k$ advantage1 !n ! /rong arm int]v5es1
 prop]ty rights app>5tly beg9 to fall   
into def9ite %ape1 ! pr9ciples ( own]%ip
 ga!r =ce & consi/5cy1 & m5 beg9 to     
accumulate capital goods & take measures
 to make !m secure4  ,an appreciable    
advance 9 ! indu/rial arts is commonly  
foll[$ or accompani$ by an increase (   
population4 ,! difficulty ( procur+ a   
livelihood may be no great] aft] su* an 
increase2 x may ev5 be less2 b !re      
results a relative curtailm5t ( !       
available area & raw mat]ials1 &        
commonly also an increas$ accessibility 
( ! sev]al portions ( ! community4 ,a   
wide-rea*+ control becomes easi]4 ,at ! 
same "t a l>g] unit ( mat]ial equipm5t  

is ne$$ = ! effective pursuit ( indu/ry4
 ,z ?is situation develops1 x becomes   
wor? :ile--?is is to say1 x becomes     
feasible--= ! individual ) ! /rong arm  
to engross1 or corn]1 ! usufruct ( !    
commonplace k ( ways & means by tak+ ov]
 su* ( ! requisite mat]ial z may be     
relatively sc>ce & relatively           
indisp5sable = procur+ a livelihood "u !
 curr5t /ate ( ! indu/rial arts4#d      
,circum/ances ( space & numb]s prev5t   
escape f ! new te*nological situation4  
,! commonplace k ( ways & means _c be   
turn$ to acc\nt1 "u ! new conditions1   
)\t a mat]ial equipm5t adapt$ to ! !n   
curr5t /ate ( ! indu/rial arts2 & su* a 
suitable mat]ial equipm5t is no long] a 
slight matt]1 to be compass$ by         
workmanlike initiative & application4   
,beati possid5tes4  ,! emphasis ( !     
te*nological situation1 z "o might say1 
may fall n[ on "o l9e ( mat]ial items1  
n[ on ano!r1 accord+ z ! exig5cies (    
climate1 topography1 flora & fauna1     
d5sity ( population1 & ! l1 may decide4 

,s also1 "u ! rule ( ! same exig5cies1 !
 e>ly gr[? ( prop]ty rights & ( !       
pr9ciples 7habits ( ?\ght7 ( own]%ip may
 settle on "o or ano!r l9e ( mat]ial    
items1 accord+ z "o or ano!r af=ds !    
/rategic advantage = engross+ ! curr5t  
te*nological effici5cy ( ! community4   
,%\ld ! te*nological situation1 ! /ate (
 ! indu/rial arts1 be su* z to ?r[ !    
/rategic emphasis on manual labor1 on   
workmanlike skill & application1 & if at
 ! same "t ! gr[? ( population has made 
l& relatively sc>ce1 or ho/ile contact )
 o!r communities has made x             
impracticable = memb]s ( ! community to 
range freely ov] outly+ tracts1 !n x    
w\ld be expect$ t ! gr[? ( own]%ip %\ld 
take ! direction prim>ily ( slav]y1 or (
 "s equival5t =m ( s]vitude1 s effect+ a
 naive & direct monopoli/ic control ( ! 
curr5t k ( ways & means4#e ,:]eas if !  
developm5t has tak5 su* a turn1 & !     
community is s plac$ z to make ! que/ ( 
a livelihood a matt] ( ! natural        
increase ( flocks & h]ds1 !n x %\ld     

reasonably be expect$ t ^! items (      
equipm5t w be ! *ief & prim>y subject ( 
prop]ty rights4 ,9 po9t ( fact1 x appe>s
 t a pa/oral culture commonly involves  
also "s degree ( s]vitude1 along ) !    
own]%ip ( flocks & h]ds4  ,"u diff]5t   
circum/ances ! me*anical appliances (   
indu/ry1 or ! tillable l&1 might come   
into ! position ( /rategic advantage1 & 
might come 9 = ! =emo/ place 9 m5's     
consid]ation z objects ( own]%ip4 ,!    
evid5ce af=d$ by ! kn[n 7relatively7    
primitive cultures & communities seems  
to indicate t slaves & cattle h 9 ?is   
way come into ! primacy z objects (     
own]%ip at an e>li] p]iod 9 ! gr[? (    
mat]ial civilisation ?an l& or !        
me*anical appliances4 ,& x seems        
simil>ly evid5t--m s1 inde$--t l& has on
 ! :ole prec$$ ! me*anical equipm5t z ! 
/ronghold ( own]%ip & ! means ( engross+
 ! community's indu/rial effici5cy4  ,x 
is n until a late p]iod 9 ! life-hi/ory 
( mat]ial civilisation t own]%ip ( !    
indu/rial equipm5t1 9 ! n>r[] s5se 9 :i*

 t phrase is commonly employ$1 comes to 
be ! dom9ant & typical me?od ( engross+ 
! immat]ial equipm5t4 ,inde$1 x is a    
consummation :i* has be5 rea*$ only a v 
few times ev5 p>tially1 & only once )   
su* a degree ( f9ality z to leave ! fact
 indisputable4 ,if x may be said1       
loosely1 t ma/]y ?r\gh ! own]%ip (      
slaves1 cattle1 or l& comes on 9 =ce    
only aft] ! economic developm5t has run 
?r\gh "s n9e-t5?s ( its c\rse hi!rto1 !n
 x may be said likewise t "s n9ety-n9e  
"o-hundr$?s ( ?is c\rse ( developm5t _h 
be5 complet$ be=e ! own]%ip ( !         
me*anical equipm5t came into undisput$  
primacy z ! basis ( pecuni>y dom9ion4 ,s
 late an innovation1 inde$1 is ?is mod]n
 in/itution ( capitalism1--! pr$om9ant  
own]%ip ( indu/rial capital z we "k     
x1--& yet s intimate a fact is x 9 our  
famili> s*eme ( life1 t we h "s         
difficulty 9 see+ x 9 p]spective at all1
 & we f9d ourselves hesitat+ betwe5 d5y+
 its exi/5ce1 on ! "o h&1 & affirm+ x to
 be a fact ( nature antec$5t to all     

human in/itutions1 on ! o!r h&4  ,9 s   
speak+ ( ! own]%ip ( indu/rial equipm5t 
z be+ an in/itution = corn]+ !          
community's intangible assets1 !re is   
convey$ an unavoidably impli$1 ?\gh     
un9t5d$1 note ( condemnation4 ,su* an   
implication ( m]it or dem]it is an      
unt[>d circum/ance 9 any !oretical      
inquiry4 ,any s5tim5tal bias1 :e!r (    
approval or disapproval1 ar\s$ by su* an
 impli$ c5sure1 mu/ unavoidably hamp] ! 
dispassionate pursuit ( ! argum5t4 ,to  
mitigate ! effect ( ?is j>r+ note z f> z
 may be1 !re=e1 x w be exp$i5t to turn  
back = a mom5t to o!r1 m primitive &    
remot] =ms ( ! in/itution1--z slav]y &  
l&$ weal?1--& s rea* ! mod]n facts (    
indu/rial capital by a r\ndab\t &       
gradual approa*4  ,^! anci5t in/itutions
 ( own]%ip1 slav]y & l&$ weal?1 are     
matt]s ( hi/ory4 ,consid]$ z dom9ant    
factors 9 ! community's s*eme ( life1 _!
 record is complet$2 & x ne$s no argum5t
 to en=ce ! proposition t x is a record 
( economic dom9ion by ! own]s ( ! slaves

 or ! l&1 z ! case may be4 ,! effect (  
slav]y 9 its be/ day1 & ( l&$ weal? 9   
m$iaeval & e>ly mod]n times1 0 to make !
 community's indu/rial effici5cy s]ve ! 
ne$s ( ! slave-own]s 9 ! "o case & ( !  
l&-own]s 9 ! o!r4 ,! effect ( ^!        
in/itutions 9 ?is respect is n que/ion$ 
n[1 except 9 su* sporadic & apologetical
 fa%ion z ne$ n deta9 ! argum5t4  ,b !  
fact t su* 0 ! direct & imm$iate effect 
( ^! in/itutions ( own]%ip 9 _! "t by no
 means involves ! in/ant condemnation ( 
! in/itutions 9 "q4 ,x is q possible to 
argue t slav]y & l&$ weal?1 ea* 9 its   
due "t & due cultural sett+1 h s]v$ !   
amelioration ( ! lot ( man & ! advance (
 human culture4 ,:at ^! argum5ts may be 
t aim to %[ ! m]its ( slav]y & l&$ weal?
 z a means ( cultural advance does n    
conc]n ! pres5t inquiry1 nei!r d ! m]its
 ( ! case 9 :i* ! argum5ts are (f]$4 ,! 
matt] is ref]r$ to "h to call to m9d t  
any simil> !oretical outcome ( an       
analysis ( ! productivity ( capital     
goods ne$ n be admitt$ to t\* ! m]its ( 

! case 9 controv]sy betwe5 ! sociali/ic 
critics ( capitalism & ! spokesm5 ( law 
& ord]4  ,! nature ( l&$ weal?1 9 po9t (
 economic !ory1 especially z reg>ds its 
productivity1 has be5 sift$ ) ! mo/     
jeal\s precautions & ! mo/ t5aci\s logic
 dur+ ! pa/ c5tury2 & any economic /ud5t
 c easily review ! c\rse ( ! argum5t    
:]eby t l9e ( economic !ory has be5 run 
to e>?4 ,x is only necess>y "h to %ift !
 po9t ( view slightly to br+ ! :ole     
argum5t conc]n+ ! r5t ( l& to be> on !  
pres5t "q4 ,r5t is ( ! nature ( a       
diff]5tial ga91 re/+ on a diff]5tial    
advantage 9 po9t ( productivity ( !     
indu/ry employ$ ^u or ab\t x4 ,?is      
diff]5tial advantage atta*+ to a giv5   
p>cel ( l& may be a diff]5tial z aga9/  
ano!r p>cel or z aga9/ indu/ry appli$   
ap>t f l&4 ,! diff]5tial advantage      
atta*+ to agricultural l&--e4g41 z aga9/
 indu/ry at l>ge--re/s on c]ta9 broad   
peculi>ities ( ! te*nological situation4
 ,among !m are su* peculi>ities z ^!3 ! 
human species1 or ! fraction ( x conc]n$

 9 ! case1 is num]\s1 relatively to !   
ext5t ( its habitat2 ! me?ods ( gett+ a 
liv+1 z hi!rto elaborat$1 ! ways & means
 ( life1 make use ( c]ta9 crop-plants & 
c]ta9 dome/ic animals4 ,ap>t f su*      
conditions1 tak5 = grant$ 9 argum5ts    
conc]n+ agricultural r5t1 !re c\ld      
manife/ly be no diff]5tial advantage    
atta*+ to l&1 & no production ( r5t4 ,) 
increas$ comm& ( me?ods (               
transportation1 ! agricultural l&s (    
,engl&1 e4g41 & ( ,europe at l>ge1      
decl9$ 9 value1 n because ^! l&s became 
less f]tile1 b because an equival5t     
result c\ld m advantage\sly be got by a 
new me?od4 ,s1 aga91 ! fl9t- & amb]-be>+
 regions t are n[ ,dani% & ,sw$i%       
t]ritory ab\t ! wat]s at ! entrance to !
 ,baltic 7 9 ! neoli?ic culture ( nor!rn
 ,europe ! mo/ favor$ & valuable l&s )9 
t cultural region4 ,b1 ) ! com+ ( !     
metals & ! relative decl9e ( ! amb]     
trade1 !y began to fall beh9d 9 ! scale 
( productivity & pref]5ce4 ,s also 9    
lat] "t1 ) ! rise ( indu/ry & ! gr[? ( !

 te*nology ( communication1 urban       
prop]ty has ga9$1 z contra/$ ) rural    
prop]ty1 & l& plac$ 9 an advantage\s    
position relatively to %ipp+ & railroads
 has acquir$ a value & a productiv5ess  
:i* c\ld n be claim$ = x ap>t f ^! mod]n
 te*nological exp$i5ts4  ,! argum5t ( ! 
s+le-tax advocates & o!r economi/s z to 
! une>n$ increm5t is suffici5tly        
famili>1 b its ult]ior implications h n 
commonly be5 recognis$4 ,! une>n$       
increm5t1 x is held1 is produc$ by !    
gr[? ( ! community 9 numb]s & 9 !       
indu/rial arts4 ,! cont5tion seems to be
 s\nd1 & is commonly accept$2 b x has   
commonly be5 ov]look$ t ! argum5t       
involves ! ult]ior conclusion t all l&  
values & l& productivity1 includ+ !     
orig9al & inde/ructible p[]s ( ! soil1  
are a function ( ! /ate ( ! indu/rial   
art4 ,x is only )9 ! giv5 te*nological  
situation1 ! curr5t s*eme ( ways &      
means1 t any p>cel ( l& has su*         
productive p[]s z x has4 ,x is1 9 o!r   
words1 useful only because1 & 9 s f>1 & 

9 su* mann]1 z m5 h le>n$ to make use ( 
x4 ,?is is :at br+s x into ! category ( 
l&1 economically speak+4 ,& ! pref]5tial
 position ( ! l&lord z a claimant ( !   
net product consi/s 9 8 legal "r to     
decide :e!r1 h[ f>1 & on :at t]ms m5    
%all put ?is te*nological s*eme into    
effect 9 ^? features ( x :i* involve !  
use ( 8 p>cel ( l&4         99       99 
99       99       99  ,all ?is argum5t  
conc]n+ ! une>n$ increm5t may be c>ri$  
ov]1 ) sc>cely a *ange ( phrase1 to !   
case ( capital goods4 ,! ,dani% fl9t    
supply 0 ( fir/-rate economic           
consequ5ce1 = a ?\s& ye>s or s1 dur+ !  
/one age2 & ! poli%$-fl9t ut5sils ( t "t
 7 !n capital goods ( ine/imable        
importance to civilisation1 & 7 possess$
 ( a productivity s s]i\s t ! life (    
mank9d 9 t _w may be said to h be5      
balanc$ on ! f9e-gr\nd edge ( ^?        
magnific5t poli%$-fl9t axes4 ,all t la/$
 ?r\gh its te*nological era4 ,! fl9t    
supply & ! me*anical exp$i5ts & capital 
goods1 :]eby x 0 turn$ to acc\nt1 7     

valuable & productive !n1 b nei!r be=e  
nor aft] t "t4 ,"u a *ang$ te*nological 
situation ! capital goods ( t "t h      
become museum exhibits1 & _! place 9    
human economy has be5 tak5 by           
te*nological exp$i5ts :i* embody ano!r  
/ate ( ! indu/rial arts1 ! outcome (    
lat] & diff]5t phases ( human exp]i5ce4 
,l ! poli%$-fl9t ax1 ! metal ut5sils :i*
 gradually displac$ x & its l 9 !       
economy ( ! ,occid5tal culture 7 !      
product ( long exp]i5ce & ! gradual     
le>n+ ( ways & means4 ,! /eel ax1 z well
 z ! fl9t ax1 embodies ! same anci5t    
te*nological exp$i5t ( a cutt+ edge1 z  
well z ! use ( a helve & ! effici5cy due
 to ! weight ( ! tool4 ,& 9 ! case ( !  
"o or ! o!r1 :5 se5 9 hi/orical         
p]spective & look$ at f ! po9t ( view ( 
! community at l>ge1 ! k ( ways & means 
embodi$ 9 ! ut5sils 0 ! s]i\s &         
consequ5tial matt]4 ,! con/ruction or   
acquisition ( ! concrete capital goods 0
 simply an easy consequ5ce4 ,x co/ no?+ 
b labor1 z ,?omas ,mun w\ld say4  ,yet x

 might be argu$ t ea* concrete article (
 capital goods 0 ! product ( "s "o man's
 labor1 &1 z su*1 its productivity1 :5  
put to use1 0 b ! indirect1 ult]ior1    
def]r$ productiv5ess ( ! mak]'s labor4  
,b ! mak]'s productivity 9 ! case 0 b a 
function ( ! immat]ial te*nological     
equipm5t at 8 comm&1 & t 9 its turn 0 ! 
sl[ spiritual di/illate ( ! community's 
"t-long exp]i5ce & initiative4 ,to !    
individual produc] or own]1 to :om !    
community's accumulat$ /ock ( immat]ial 
equipm5t 0 op5 by common notoriety1 !   
co/ ( ! concrete mat]ial goods w\ld be !
 ef=t involv$ 9 mak+ or gett+ !m & 9    
mak+ good 8 claim to !m4 ,to 8 neighbor 
:o _h made or acquir$ no su* p>cel (    
productive goods1 b to :om ! res\rces ( 
! community1 mat]ial & immat]ial1 7 op5 
on ! same easy t]ms1 ! matt] w\ld look v
 mu* ! same4 ,he w\ld h no grievance1   
nor w\ld he h occasion to seek "o4 ,yet1
 z a res\rce 9 ! ma9t5ance ( !          
community's life & a factor 9 ! advance 
( mat]ial civilisation1 ! :ole matt]    

w\ld h a diff]5t mean+4  ,s long1 or r 9
 s f>1 z ! capital goods requir$ to meet
 ! te*nological dem&s ( ! "t 7 slight   
en\gh to be compass$ by ! common man )  
reasonable dilig5ce & pr(ici5cy1 s long 
! draft ^u ! common /ock ( immat]ial    
assets by any "o w\ld be no h9drance to 
any o!r1 & no diff]5tial advantage or   
disadvantage w\ld em]ge4 ,! economic    
situation w\ld answ] passably to !      
classical !ory ( a free competitive     
sy/em1--! obvi\s & simple sy/em (       
natural lib]ty1 :i* re/s on !           
presumption ( equal opportunity4 ,9 a   
r\ghly approximate way1 su* a situation 
sup]v5$ 9 ! indu/rial life ( we/]n      
,europe on ! transition f m$iaeval to   
mod]n times1 :5 h&icraft & indu/rial    
ent]prise sup]s$$ l&$ weal? z ! *ief    
economic factor4 ,)9 ! indu/rial sy/em1 
z di/9ct f ! privileg$ non-indu/rial    
classes1 a man ) a modicum ( dilig5ce1  
initiative1 & ?rift might make 8 way 9 a
 tol]able fa%ion )\t special advantages 
9 ! way ( prescriptive "r or accumulat$ 

means4 ,! pr9ciple ( equal opportunity  
01 no d\bt1 met only 9 a v r\gh & dubi\s
 fa%ion2 b s favorable became !         
conditions 9 ?is respect t m5 came to   
p]suade !mselves 9 ! c\rse ( ! eighte5? 
c5tury t a sub/antially equitable       
allotm5t ( opportunities w\ld result f !
 abrogation ( all pr]ogatives o!r ?an ! 
own]%ip ( goods4 ,b s prec>i\s &        
transi5t 0 ?is approximation to a       
te*nologically feasible sy/em ( equal   
opportunity t1 :ile ! lib]al movem5t :i*
 conv]g$ ^u ?is great economic re=m 0   
/ill ga!r+ head1 ! te*nological         
situation 0 already outgr[+ !           
possibility ( su* a s*eme ( re=m4 ,aft] 
! ,indu/rial ,revolution came on1 x 0 no
 long] true1 ev5 9 ! r\ghly approximate 
way 9 :i* x might h be5 true "s "t      
e>li]1 t equality be=e ! law1 b>r+      
prop]ty rights1 w\ld mean equal         
opportunity4 ,9 ! lead+1 aggressive     
indu/ries :i* 7 beg9n+ to set ! pace =  
all t economic sy/em t c5t]$ ab\t !     
m>ket1 ! unit ( indu/rial equipm5t1 z   

requir$ by ! new te*nological era1 0    
l>g] ?an "o man c\ld compass by 8 own   
ef=ts ) ! free use ( ! commonplace k (  
ways & means4 ,& ! gr[? ( bus9ess       
ent]prise progressively made ! position 
( ! small1 old-fa%ion$ produc] m        
prec>i\s4 ,b ! speculative !oreticians (
 t "t /ill saw ! ph5om5a ( curr5t       
economic life 9 ! light ( ! h&icraft    
traditions & ( ! preconceptions (       
natural rights associat$ ) t sy/em1 &   
/ill look$ to ! ideal ( natural lib]ty z
 ! goal ( economic developm5t & ! end ( 
economic re=m4 ,!y 7 rul$ by ! pr9ciples
 7habits ( ?\ght7 :i* _h aris5 out ( an 
e>li] situation1 s effectually z n to   
see t ! rule ( equal opportunity :i* !y 
aim$ to e/abli% 0 already te*nologically
 obsolete4#f  ,dur+ ! hundr$ ye>s & m ( 
?is asc5dancy ( ! natural-rights !ories 
9 economic sci5ce1 ! gr[? ( te*nological
 k has unremitt+ly gone =w>d1 &         
concomitantly ! l>ge-scale indu/ry has  
gr[n great & progressively dom9at$ !    
field4 ,?is l>ge-scale indu/rial regime 

is :at ! sociali/s1 & "s o!rs1 call     
capitalism4 ,capitalism1 z s us$1 is n a
 neat & rigid te*nical t]m1 b x is      
def9ite en\gh to be useful = _m         
purposes4 ,on its te*nological side !   
*>act]i/ic trait ( ?is capitalism is t !
 curr5t pursuit ( indu/ry requires a    
l>g] unit ( mat]ial equipm5t ?an "o     
individual c compass by 8 own labor1 &  
l>g] ?an "o p]son c make use ( alone4   
,s soon z ! capitali/ regime1 9 ?is     
s5se1 comes 91 x ceases to be true t !  
own] ( ! indu/rial equipm5t 7or !       
controll] ( x7 9 any giv5 case is or may
 be ! produc] ( x1 9 any naive s5se (   
production4 ,he is "u ! necessity (     
acquir+ its own]%ip or control by "s o!r
 exp$i5t ?an t ( indu/rially productive 
"w4 ,! pursuit ( indu/ry requires an    
accumulation ( weal?1 &1 b>r+ =ce1      
fraud1 & inh]itance1 ! me?od ( acquir+  
su* an accumulation ( weal? is          
necess>ily "s =m ( b>ga9+2 t is to say1 
"s =m ( bus9ess ent]prise4 ,weal? is    
accumulat$1 )9 ! indu/rial field1 f !   

ga9s ( bus9ess2 t is to say1 f ! ga9s ( 
advantage\s b>ga9+4#g ,tak+ ! situation 
by & l>ge1 look+ to ! body ( bus9ess    
ent]prise z a :ole1 ! advantage\s b>ga9+
 f :i* ga9s accrue & f :i*1 !re=e1      
accumulations ( capital are d]iv$1 is   
necess>ily1 9 ! la/ analysis1 a b>ga9+  
betwe5 ^? :o own 7or control7 indu/rial 
weal? & ^? ^: "w turns ?is weal? to     
acc\nt 9 productive indu/ry4 ,?is b>ga9+
 = hire--commonly a wage agreem5t--is   
conduct$ "u ! rule ( free contract1 & is
 conclud$ accord+ to ! play ( dem& &    
supply1 z has be5 well set =? by _m     
writ]s4  ,on ?is te*nological view (    
capital1 z "h spok5 =1 ! relations      
betwe5 ! two p>ties to ! b>ga91 !       
capitali/-employ] & ! work+ class1 /& z 
foll[s4 ,m or less rigor\sly1 !         
te*nological situation en=ces a c]ta9   
scale & me?od 9 ! v>i\s l9es (          
indu/ry4#h ,! indu/ry c1 9 effect1 be   
c>ri$ on only by rec\rse to !           
te*nologically requisite scale & me?od1 
& ?is requires a mat]ial equipm5t ( a   

c]ta9 7l>ge7 magnitude2 :ile mat]ial    
equipm5t ( ?is requir$ magnitude is held
 exclusively by ! capitali/-employ]1 &  
is de facto beyond ! rea* ( ! common    
man4  ,a correspond+ body ( immat]ial   
equipm5t--k & practice ( ways &         
means--is likewise requisite1 "u ! rule 
( ! same te*nological exig5cies4 ,?is   
immat]ial equipm5t is 9 "p drawn on 9 ! 
mak+ ( ! mat]ial equipm5t held by !     
capitali/-employ]s1 9 "p 9 ! use to be  
made ( ?is mat]ial equipm5t 9 ! fur!r   
processes ( indu/ry4 ,?is body (        
immat]ial equipm5t s drawn on 9 any l9e 
( indu/ry is1 relatively1 /ill l>g]1    
be+1 on any exhau/ive analysis1         
virtually ! :ole body ( indu/rial       
exp]i5ce accumulat$ by ! community up to
 date4 ,a free draft on ?is common /ock 
( te*nological wisdom mu/ be _h bo? 9 ! 
con/ruction & 9 ! subsequ5t use ( !     
mat]ial equipm5t2 al?\gh no "o p]son c  
ma/]1 or himself employ1 m ?an an       
inconsid]able fraction ( ! immat]ial    
equipm5t s drawn on = ! in/allation or  

op]ation ( any giv5 block ( ! mat]ial   
equipm5t4  ,! own] ( ! mat]ial equipm5t1
 ! capitali/-employ]1 is1 9 ! typical   
case1 n possess$ ( any appreciable      
fraction ( ! immat]ial equipm5t         
necess>ily drawn on 9 ! con/ruction &   
subsequ5t use ( ! mat]ial equipm5t own$ 
7controll$7 by him4 ,8 k & tra9+1 s f> z
 x ent]s into ! "q1 is a k ( bus9ess1 n 
( indu/ry4#i ,! slight te*nological     
pr(ici5cy :i* he has or ne$s = 8 bus9ess
 ends is ( a g5]al "*1 :olly sup]ficial 
& impracticable 9 po9t ( workmanlike    
effici5cy2 nor is x turn$ to acc\nt 9   
actual workman%ip4 ,he !re=e ne$s 9 8   
bus9ess ! s]vice ( p]sons :o h a        
compet5t work+ ma/]y ( ?is immat]ial    
te*nological equipm5t1 & x is ) su*     
p]sons t 8 b>ga9s = hire are made4 ,by &
 l>ge1 ! measure ( _! s]viceability = 8 
ends is ! measure ( _! te*nological     
compet5cy4 ,no workman n possess$ ( "s  
fractional ma/]y ( ! te*nological       
requirem5ts is employ$1--imbeciles are  
useless 9 proportion to _! imbecility2 &

 ev5 unskill$ & un9tellig5t workm51 s   
call$1 are ( relatively little use1     
al?\gh !y may be possess$ ( a pr(ici5cy 
9 ! commonplace indu/rial details su* z 
w\ld bulk l>ge 9 absolute magnitude4 ,! 
common labor] is1 9 fact1 a highly tra9$
 & widely pr(ici5t workman :5 contra/$ )
 ! conceivable human blank suppos$ to h 
drawn on ! community = no?+ b 8         
physique4  ,9 ! h&s ( ^! workm5--!      
indu/rial community1 ! be>]s ( !        
immat]ial1 te*nological equipm5t--!     
capital goods own$ by ! capitali/ become
 a means ( production4 ,)\t !m1 or 9 !  
h&s ( m5 :o d n "k _! use1 ! goods 9 "q 
w\ld be simply raw mat]ials1 some:at    
d]ang$ & impair$ ?r\gh hav+ be5 giv5 !  
=m :i* n[ makes !m capital goods4 ,! m  
pr(ici5t ! workm5 9 _! ma/]y ( !        
te*nological exp$i5ts involv$1 & !      
great] ! facility ) :i* !y are able to  
put ^! exp$i5ts into effect1 ! m        
productive w be ! processes 9 :i* !     
workm5 turn ! employ]'s capital goods to
 acc\nt4 ,s1 also1 ! m compet5t ! "w (  

sup]9t5d5ce1 ! =eman-l ov]sight &       
correlation ( ! "w 9 respect ( k9d1     
spe$1 volume1 ! m w x c\nt 9 ! aggregate
 ( productive effici5cy4 ,b ?is "w (    
correlation is a function ( ! =eman's   
ma/]y ( ! te*nological situation at l>ge
 & 8 facility 9 proportion+ "o process (
 indu/ry to ! requirem5ts & effects (   
ano!r4 ,)\t ?is due & sagaci\s          
correlation ( ! processes ( indu/ry1 &  
_! curr5t adaptation to ! dem&s ( !     
indu/rial situation at l>ge1 ! mat]ial  
equipm5t engag$ w\ld h b slight         
effici5cy & w\ld c\nt = b little 9 ! way
 ( capital goods4 ,! effici5cy ( !      
control ex]cis$ by ! ma/]-workman1      
eng9e]1 sup]9t5d5t1 or :atev] t]m may be
 us$ to designate ! te*nological exp]t  
:o controls & correlates ! productive   
processes1--?is workmanlike effici5cy   
det]m9es h[ f> ! giv5 mat]ial equipm5t  
is effectually to be rat$ z capital     
goods4  ,?r\gh all ?is function+ ( !    
workman & ! =eman ! capitali/'s bus9ess 
ends are ev] 9 ! backgr\nd1 & ! degree (

 success t att5ds 8 bus9ess endeavors   
dep5ds1 o!r ?+s equal1 on ! effici5cy ) 
:i* ^! te*nologi/s c>ry on ! processes (
 indu/ry 9 :i* he has inve/$4 ,8 work+  
arrangem5ts ) ^! workm51 ! be>]s ( !    
immat]ial equipm5t engag$1 enables !    
capitali/ to turn ! processes = :i* 8   
capital goods are adapt$ to acc\nt = 8  
own pr(it1 b at ! co/ ( su* a d$uction f
 ! aggregate product ( ^! processes z ! 
workm5 may be able to dem& 9 return = _!
 "w4 ,! am\nt ( ?is d$uction is det]m9$ 
by ! competitive bidd+ ( o!r capitali/s 
:o may h use = ! same l9es (            
te*nological effici5cy1 9 ! mann] set =?
 by writ]s on wages4  ,) ! conceivable  
consolidation ( all mat]ial assets "u "o
 bus9ess managem5t1 s z to elim9ate     
competitive bidd+ betwe5 employ]s1 x is 
pla9 t ! result+ bus9ess conc]n w\ld    
comm& ! undivid$ =ces ( ! te*nological  
situation1 ) su* d$uction z is involv$ 9
 ! livelihood ( ! work+ population4 ,?is
 livelihood w\ld 9 su* a case be r$uc$  
to ! mo/ economical foot+1 z se5 f !    

/&po9t ( ! employ]4 ,& ! employ]        
7capitali/7 w\ld be ! de facto own] ( ! 
community's aggregate k ( ways & means1 
except s f> z ?is body ( immat]ial      
equipm5t s]ves also ! h\sekeep+ r\t9e ( 
! work+ population4 ,h[ ne>ly ! curr5t  
economic situation may approa* to ?is   
f9i%$ /ate is a matt] ( op9ion4 ,!re is 
also place = a broad "q :e!r !          
conditions are m or less favorable to ! 
work+ population "u ! exi/+ bus9ess     
regime1 involv+ competitive bidd+ betwe5
 ! sev]al bus9ess conc]ns1 ?an !y w\ld  
be 9 case a compreh5sive bus9ess        
consolidation _h elim9at$ competition & 
plac$ ! own]%ip ( ! mat]ial assets on a 
foot+ ( unqualifi$ monopoly4 ,no?+ b    
vague surmises c app>5tly be (f]$ 9     
answ] to ^! que/ions4  ,b z be>+ on ! "q
 ( monopoly & ! use ( ! community's     
immat]ial equipm5t x is to be kept 9 m9d
 t ! te*nological situation z x /&s     
to-day does n admit ( a complete        
monopolisation ( ! community's          
te*nological exp$i5ts1 ev5 if a complete

 monopolisation ( ! exi/+ aggregate (   
mat]ial prop]ty 7 effect$4 ,!re is /ill 
curr5t a l>ge body ( indu/rial processes
 to :i* ! l>ge-scale me?ods d n apply & 
:i* d n presume su* a l>ge unit (       
mat]ial equipm5t or involve su* rigor\s 
correlation ) ! l>ge-scale indu/ry z to 
take !m out ( ! range ( discretion>y use
 by p]sons n possess$ ( appreciable     
mat]ial weal?4 ,typical ( su* l9es ( "w1
 hi!rto n am5able to monopolisation1 are
 ! details ( h\sekeep+ r\t9e allud$ to  
above4 ,x is1 9 fact1 /ill possible = an
 appreciable fraction ( ! population to 
pick up a liv+1 m or less prec>i\s1 )\t 
rec\rse to ! l>ge-scale processes t are 
controll$ by ! own]s ( ! mat]ial assets4
 ,?is some:at prec>i\s m>g9 ( free      
rec\rse to ! commonplace k ( ways &     
means appe>s to be :at /&s 9 ! way ( a  
neat] adju/m5t ( wages to ! m9imum (    
subsi/5ce & ! virtual own]%ip ( !       
immat]ial equipm5t by ! own]s ( !       
mat]ial equipm5t4  ,x foll[s f :at has  
be5 said t all tangible#aj assets owe _!

 productivity & _! value to ! immat]ial 
indu/rial exp$i5ts :i* !y embody or :i* 
_! own]%ip enables _! own] to engross4  
,^! immat]ial indu/rial exp$i5ts are    
necess>ily a product ( ! community1 !   
immat]ial residue ( ! community's       
exp]i5ce1 pa/ & pres5t2 :i* has no      
exi/5ce ap>t f ! community's life1 & c  
be transmitt$ only 9 ! keep+ ( !        
community at l>ge4 ,x may be object$ by 
^? :o make mu* ( ! productivity (       
capital t tangible capital goods on h&  
are !mselves ( value & h a specific     
productive effici5cy1 if n ap>t f !     
indu/rial processes 9 :i* !y s]ve1 !n at
 lea/ z a pr]equisite to ^! processes1 &
 !re=e a mat]ial condition-prec$5t /&+ 9
 a causal relation to ! indu/rial       
product4 ,b ^! mat]ial goods are        
!mselves a product ( ! pa/ ex]cise (    
te*nological k1 & s back to ! beg9n+4   
,:at !re is involv$ 9 ! mat]ial         
equipm5t1 :i* is n ( ?is immat]ial1     
spiritual nature1 & s :at is n an       
immat]ial residue ( ! community's       

exp]i5ce1 is ! raw mat]ial out ( :i* !  
indu/rial appliances are con/ruct$1 ) ! 
/ress fall+ :olly on ! raw4  ,! po9t is 
illu/rat$ by :at happ5s to a me*anical  
contrivance :i* goes out ( date because 
( a te*nological advance & is displac$  
by a new contrivance embody+ a new      
process4 ,su* a contrivance goes to !   
junk-heap1 z ! phrase has x4 ,! specific
 te*nological exp$i5t :i* x embodies    
ceases to be effective 9 indu/ry1 9     
competition ) improv$ me?ods4 ,x ceases 
to be an immat]ial asset4 ,:5 x is 9 ?is
 way elim9at$1 ! mat]ial repository ( x 
ceases to h value z capital4 ,x ceases  
to be a mat]ial asset4 ,! orig9al &     
inde/ructible p[]s ( ! mat]ial          
con/itu5ts ( capital goods1 to adapt    
,ric>do's phrase1 d n make ^! con/itu5ts
 capital goods2 nor1 inde$1 d ^! orig9al
 & inde/ructible p[]s ( !mselves br+ !  
objects 9 "q into ! category ( economic 
goods at all4 ,! raw mat]ials--l&1      
m9]als1 & ! l--may1 ( c\rse1 be valuable
 prop]ty1 & may be c\nt$ among ! assets 

( a bus9ess4 ,b ! value :i* !y s h is a 
function ( ! anticipat$ use to :i* !y   
may be put1 & t is a function ( !       
te*nological situation "u :i* x is      
anticipat$ t !y w be useful4         99 
99       99       99       99  ,all ?is 
may seem to und]value or p]haps to      
ov]look ! physical facts ( indu/ry & !  
physical nature ( commodities4 ,!re is1 
( c\rse1 no call to und]/ate !          
importance ( mat]ial goods or ( manual  
labor4 ,! goods ab\t :i* ?is inquiry    
turns are ! products ( tra9$ labor work+
 on ! available mat]ials2 b ! labor has 
to be tra9$1 9 ! l>ge s5se1 9 ord] to be
 labor1 & ! mat]ials h to be available 9
 ord] to be mat]ials ( indu/ry4 ,& bo? !
 tra9$ effici5cy ( ! labor & !          
availability ( ! mat]ial objects engag$ 
are a function ( ! /ate ( ! indu/rial   
arts4  ,yet ! /ate ( ! indu/rial arts is
 dep5d5t on ! traits ( human nature1    
physical1 intellectual1 & spiritual1 &  
on ! "* ( ! mat]ial environm5t4 ,x is   
out ( ^! elem5ts t ! human te*nology is 

made up2 & ?is te*nology is effici5t    
only z x meets ) ! suitable mat]ial     
conditions & is work$ out1 practically1 
9 ! mat]ial =ces requir$4 ,! brute =ces 
( ! human animal are an indisp5sable    
factor 9 indu/ry1 z are likewise !      
physical *>act]i/ics ( ! mat]ial objects
 ) :i* indu/ry deals4 ,& x seems        
bootless to ask h[ mu* ( ! products (   
indu/ry or ( its productivity is to be  
imput$ to ^! brute =ces1 human &        
non-human1 z contra/$ ) ! specifically  
human factors t make te*nological       
effici5cy4 ,nor is x necess>y to g into 
que/ions ( t import "h1 s9ce ! inquiry  
"h turns on ! productive relation (     
capital to indu/ry2 t is to say1 !      
relation ( ! mat]ial equipm5t & its     
own]%ip to m5's deal+s ) ! physical     
environm5t 9 :i* ! race is plac$4 ,! "q 
( capital goods 7includ+ t ( _! own]%ip 
& !re=e includ+ ! "q ( inve/m5t7 is a "q
 ( h[ mank9d z a species ( intellig5t   
animals deals ) ! brute =ces at its     
disposal4 ,x is a "q ( h[ ! human ag5t  

deals ) 8 means ( life1 n ( h[ ! =ces ( 
! environm5t deal ) man4 ,que/ions ( !  
latt] class belong "u ! head ( ,ecology1
 a bran* ( ! biological sci5ces deal+ ) 
! adaptive v>iability ( plants &        
animals4 ,economic inquiry w\ld belong  
"u t category if ! human response to !  
=ces ( ! environm5t 7 in/9ctive &       
v>iational only1 includ+ no?+ 9 ! way ( 
a te*nology4 ,b 9 t case !re w\ld be no 
"q ( capital goods1 or ( capital1 or (  
labor4 ,su* que/ions d n arise 9        
relation to ! non-human animals4  ,9 an 
inquiry into ! productivity ( labor "s  
p]plexity might be met ) z to ! %>e or !
 place ( ! brute =ces ( ! human organism
 9 ! !ory ( production2 b 9 relation to 
capital t "q does n arise1 except s f> z
 ^! =ces are involv$ 9 ! production ( ! 
capital goods4 ,z a p>5!sis1 m or less  
g]mane to ! pres5t inquiry into capital1
 x may be rem>k$ t an analysis ( !      
productive p[]s ( labor w\ld app>5tly   
take acc\nt ( ! brute en]gies ( mank9d  
7n]v\s & muscul> en]gies7 z mat]ial =ces

 plac$ at ! disposal ( man by           
circum/ances l>gely beyond human        
control1 & 9 great "p n !oretically     
dissimil> to ! l n]v\s & muscul> =ces   
af=d$ by ! dome/ic animals4             
,,footnotes3  #a ,repr9t$ by p]mission f
 ,! ,qu>t]ly ,j\rnal ( ,economics1 ,vol4
 ,,xxii1 ,aug41 #aijh4  #b ,assets is1 (
 c\rse1 n to be tak5 lit]ally 9 ?is     
connection4 ,! t]m prop]ly cov]s a      
pecuni>y concept1 n an indu/rial        
7te*nological7 "o1 & x connotes own]%ip 
z well z value2 & x w be us$ 9 ?is      
lit]al s5se :51 9 a lat] article1       
own]%ip & inve/m5t come into !          
discussion4 ,9 ! pres5t connection x is 
us$ figuratively1 = want ( a bett] t]m1 
to convey ! connotation ( value &       
s]viceability )\t !reby imply+ own]%ip4 
#c ,b>r[s4  #d ,motives ( exploit &     
emulation1 no d\bt1 play a s]i\s "p 9   
br++ on ! practice ( own]%ip & 9        
e/abli%+ ! pr9ciples on :i* x re/s2 b   
?is play ( motives & ! concomitant gr[? 
( in/itutions _c be tak5 up "h4 ,cf4 ,! 

,!ory ( ! ,leisure ,class1 *aps4 i1 ii1 
iii4  #e ,cf4 ,h4 ,niebo]1 ,slav]y z an 
,indu/rial ,sy/em1 *ap4 iv1 sect4 #ab4  
#f ,= a m ext5d$ discussion ( ?is po9t  
see ! ,qu>t]ly ,j\rnal ( ,economics1    
,july1 #ahii1 ,! ,preconceptions (      
,economic ,sci5ce2 also ,! ,!ory (      
,bus9ess ,ent]prise1 *ap4 iv1 especially
 pp4 #gj-hb4  #g ,m>x holds t !         
primitive accumulation f :i* capitalism 
takes its rise is a matt] ( =ce & fraud 
7,capital1 ,book ,i1 *ap4 xxiv474       
,somb>t holds ! s\rce to h be5 l&$ weal?
 7,mod]ne ,kapitalismus1 ,book ,,ii1 ,"p
 ,,ii1 especially *ap4 xii74 ,ehr5b]g & 
o!r critics ( ,somb>t incl9e to ! view t
 ! mo/ important s\rce 0 usury & ! petty
 trade 7,zeitalt] d] ,fugg]1 *aps4 i1   
ii74  #h ,! phrase m or less cov]s a    
c]ta9 m>g9 ( tol]ance 9 respect ( scale 
& me?od1 :i* may be v appreciably wid] 9
 "s l9es ( indu/ry ?an 9 o!rs1 & :i* _c 
be m adequately def9$ or describ$ "h )9 
su* space z c\ld reasonably be all[$4 ,!
 requirem5t ( scale & me?od is en=c$ by 

competition4 ,! =ce & rea* ( ?is        
competitive adju/m5t c also n be dealt )
 "h1 b ! famili> curr5t acceptance ( !  
fact w disp5se ) details4  #i ,cf4 ,!ory
 ( ,bus9ess ,ent]prise1 *ap4 iii4  #aj  
,tangible assets is "h tak5 to signify  
s]viceable capital goods consid]$ z     
valuable possessions yield+ income to _!
 own]4     ,,on ,,! ,,nature ,,(        
,,capital#a   ,,ii4 ,,inve/m5t1         
,,intangible ,,assets1 ,,& ,,!          
,,pecuni>y ,,magnate  ,:at has be5 said 
9 ! e>li] section ( ?is pap]#b applies  
to capital goods1 s call$1 & x is int5d$
 to apply to ^! 9 _! "* ( productive    
goods r ?an 9 _! "* ( capital2 t is to  
say1 :at is _h 9 m9d is ! indu/rial1 or 
te*nological1 effici5cy & subs]vi5ce ( !
 mat]ial means ( production1 r ?an !    
pecuni>y use & effect ( inve/$ weal?4 ,!
 inquiry has dealt ) ! indu/rial        
equipm5t z plant r ?an z assets4 ,9 !   
c\rse ( ?is inquiry x has appe>$ t out (
 ! pr(itable engross+ ( ! community's   
indu/rial effici5cy ?r\gh control ( !   

mat]ial equipm5t !re arises ! practice (
 inve/m5t1 :i* has fur!r consequ5ces t  
m]it m detail$ att5tion4  ,inve/m5t is a
 pecuni>y transaction1 & its aim is     
pecuni>y ga91--ga9 9 t]ms ( value &     
own]%ip4 ,inve/$ weal? is capital1 a    
pecuni>y magnitude1 measur$ 9 t]ms (    
value & det]m9$ 9 respect ( its         
magnitude by a valuation :i* proce$s on 
an appraisem5t ( ! ga9 expect$ f !      
own]%ip ( ?is inve/$ weal?4 ,9 mod]n    
bus9ess practice1 capital is di/+ui%$   
into two coo]d9ate categories ( assets1 
tangible & intangible4 ,tangible assets 
is "h tak5 to designate pecuni>ily      
s]viceable capital goods1 consid]$ z a  
valuable possession yield+ an income to 
_! own]4 ,su* goods1 mat]ial items (    
weal?1 are assets to ! am\nt ( _!       
capitalisable value1 :i* may be m or    
less closely relat$ to _! indu/rial     
s]viceability z productive goods4       
,intangible assets are immat]ial items (
 weal?1 immat]ial facts own$1 valu$1 &  
capitalis$ on an appraisem5t ( ! ga9 to 

be d]iv$ f _! possession4 ,^! are also  
assets to ! am\nt ( _! capitalisable    
value1 :i* has commonly little1 if any1 
relation to ! indu/rial s]viceability ( 
^! items ( weal? consid]$ z factors (   
production4         99       99       99
       99       99  ,be=e go+ into !    
matt] ( intangible assets1 x is necess>y
 to speak fur!r ( ! consequ5ces :i*     
inve/m5t--& h5ce capitalisation--has = !
 use & s]viceability ( 7mat]ial7 capital
 goods4 ,x has commonly be5 assum$ by   
economi/s1 )\t mu* scrut9y1 t ! ga9s :i*
 accrue f inve/$ weal? are d]iv$ f &    
7r\ghly7 measur$ by ! productivity ( !  
indu/rial process 9 :i* ! items ( weal? 
s inve/$ are employ$1 productivity be+  
c\nt$ 9 "s t]ms ( mat]ial s]viceability 
to ! community1 conduciv5ess to !       
livelihood1 com=t1 or consumptive ne$s (
 ! community4 ,9 ! c\rse ( ! pres5t     
inquiry x has appe>$ t ! ga9fulness (   
su* inve/$ weal? 7tangible assets7 is   
due to a m or less ext5sive engross+ ( !
 community's indu/rial effici5cy4 ,!    

aggregate ga9s ( ! aggregate mat]ial    
capital accrue f ! community's indu/rial
 activity1 & be> "s relation to !       
productive capacity ( ! indu/rial       
traffic s engross$4 ,b x w be not$ t !re
 is no w>rant 9 ! analysis ( ^! ph5om5a 
z "h set =? = alleg+ t ! ga9s ( inve/m5t
 be> a relation ( equality or proportion
 to ! mat]ial s]viceability ( ! capital 
goods1 z rat$ 9 t]ms ( effectual        
usefulness to ! community4 ,giv5 capital
 goods1 tangible assets1 may owe _!     
pecuni>y s]viceability to _! own]1 & s  
_! value1 to o!r ?+s ?an _!             
s]viceability to ! community2 al?\gh !  
ga9s ( inve/m5t 9 ! aggregate are drawn 
f ! aggregate mat]ial productivity ( !  
community's indu/ry4  ,! own]%ip ( !    
mat]ial equipm5t gives ! own] n only !  
"r ( use ov] ! community's immat]ial    
equipm5t1 b also ! "r ( abuse & (       
neglect or inhibition4 ,?is p[] (       
inhibition may be made to af=d an       
income1 z well z ! p[] to s]ve2 & :atev]
 w yield an income may be capitalis$ &  

become an item ( weal? to its possessor4
 ,"u mod]n conditions ( inve/m5t x      
happ5s n infrequ5tly t x becomes        
pecuni>ily exp$i5t = ! own] ( ! mat]ial 
equipm5t to curtail or ret>d ! processes
 ( indu/ry1--re/ra9t ( trade4 ,! motive 
9 all su* cases ( ret>dation is !       
pecuni>y exp$i5cy ( ! measure = ! own]  
7controll]7 ( capital1--exp$i5cy 9 t]ms 
( income f inve/m5t1 n exp$i5cy 9 t]ms (
 s]viceability to ! community at l>ge or
 to any fraction ( ! community except ! 
own] 7manag]74 ,except = ! exig5cies (  
inve/m5t1 i4e41 exig5cies ( pecuni>y ga9
 to ! inve/or1 ph5om5a ( ?is "* w\ld h  
no place 9 ! indu/rial sy/em4 ,!y       
inv>iably come ( ! endeavors ( bus9ess  
m5 to secure a pecuni>y ga9 or to avoid 
a pecuni>y loss4 ,m frequ5tly1 p]haps1  
manoeuv]s ( inhibition--advis$ idl5ess (
 plant--9 indu/ry aim to effect a sav+  
or avoid a wa/e ?an to procure an       
increase ( ga92 b ! sav+ to be effect$ &
 ! wa/e to be avoid$ are always pecuni>y
 sav+ to ! own] & pecuni>y wa/e 9 !     

matt] ( own]%ip1 n a sav+ ( goods to !  
community or a prev5tion ( wa/eful      
consumption or wa/eful exp5diture ( ef=t
 & res\rces on ! "p ( ! community4      
,pecuni>y--t is to say1                 
diff]5tial--advantage to !              
capitali/-manag] has1 "u ! regime (     
inve/m5t1 tak5 prec$5ce ( economic      
advantage to ! community2 or r1 !       
diff]5tial advantage ( own]%ip is alone 
reg>d$ 9 ! conduct ( indu/ry "u ?is     
sy/em4  ,bus9ess practices :i* inhibit  
indu/rial effici5cy & curtail !         
indu/rial output are too well kn[n to   
ne$ p>ticul> enum]ation4 ,nor is x      
necess>y to cite evid5ce to %[ t su*    
inhibition & curtailm5t are resort$ to f
 motives ( pecuni>y exp$i5cy4 ,b an     
illu/rative example or two w make !     
!oretical po9t cle>]1 & p]haps m pla9ly 
br+ out ! :olly pecuni>y gr\nds ( su*   
bus9ess proc$ure4 ,! mo/ compreh5sive   
pr9ciple involv$ 9 ?is class ( bus9ess  
managem5t is t ( rais+ prices1 & s      
increas+ ! net ga9s ( bus9ess1 by limit+

 ! supply1 or *>g+ :at ! traffic w be>4 
,( a simil> effect1 = ! po9t "h 9 "q1   
are ! ob/ructive tactics design$ to h9d]
 ! full effici5cy ( a bus9ess rival4 ,^!
 ph5om5a lie along ! l9e ( division     
betwe5 tangible & intangible assets4    
,successful /rategy ( ?is k9d may1 by   
=ce ( cu/om1 legislation1 or !          
freez+-out ( rival conc]ns1 pass into   
settl$ conditions ( diff]5tial advantage
 = ! giv5 bus9ess conc]n1 :i* s may be  
capitalis$ z an item ( intangible assets
 & take _! place 9 ! bus9ess community z
 articles ( inve/$ weal?4  ,b1 aside f  
su* capitalisation ( ineffici5cy1 x is  
at lea/ an equally consequ5tial fact t !
 processes ( productive indu/ry are     
gov]n$ 9 detail by ! exig5cies (        
inve/m5t1 & !re=e by ! que/ ( ga9 z     
c\nt$ 9 t]ms ( price1 :i* leads to !    
dep5d5ce ( production on ! c\rse (      
prices4 ,s t1 "u ! regime ( capital1 !  
community is unable to turn its k ( ways
 & means to acc\nt = a livelihood except
 at su* seasons & 9 s f> z ! c\rse (    

prices af=ds a diff]5tial advantage to !
 own]s ( ! mat]ial equipm5t4 ,! "q (    
advantage\s--:i* commonly means         
ris+--prices = ! own]s 7manag]s7 ( !    
capital goods is made to decide ! "q (  
livelihood = ! re/ ( ! community4 ,!    
recurr5ce ( h>d times1 unemploym5t1 & ! 
re/ ( t famili> range ( ph5om5a1 goes to
 %[ h[ effectual is ! inhibition (      
indu/ry ex]cis$ by ! own]%ip ( capital  
"u ! price sy/em4#c  ,s also z reg>ds ! 
discretion>y abuse ( ! community's      
indu/rial effici5cy ve/$ 9 ! own] ( !   
mat]ial equipm5t4 ,diss]viceability may 
be capitalis$ z readily z s]viceability1
 & ! own]%ip ( ! capital goods af=ds a  
discretion>y p[] ( misdirect+ !         
indu/rial processes & p]v]t+#d indu/rial
 effici5cy1 z well z ( inhibit+ or      
curtail+ indu/rial processes & _!       
output1 :ile ! outcome may /ill be      
pr(itable to ! own] ( ! capital goods4  
,!re is a l>ge volume ( capital goods ^:
 value lies 9 _! turn+ ! te*nological   
inh]itance to ! injury ( mank9d4 ,su*   

are1 e4g41 naval & milit>y e/abli%m5ts1 
toge!r ) ! docks1 ars5als1 s*ools1 &    
manufactories ( arms1 ammunition1 &     
naval & milit>y /ores1 t supplem5t &    
supply su* e/abli%m5ts4 ,^! armam5ts & !
 l are1 ( c\rse1 public & quasi-public  
ent]prises1 "u ! curr5t regime1 )       
some:at disputable relations to ! sy/em 
( curr5t bus9ess ent]prise4 ,b x is no  
f>-fet*$ int]pretation to say t !y are1 
9 great "p1 a mat]ial equipm5t = !      
ma9t5ance ( law & ord]1 & s enable !    
own]s ( capital goods ) immunity to     
inhibit or p]v]t ! indu/rial processes  
:5 ! exig5cies ( bus9ess pr(its make x  
exp$i5t2 t !y are1 fur!r1 a means--m or 
less ineffectual1 x is true--= ext5d+ & 
protect+ trade1 & s s]ve ! diff]5tial   
advantage ( bus9ess m5 at ! co/ ( !     
community2 & t !y are also 9 l>ge "p a  
mat]ial equipm5t set ap>t = ! div]sion (
 a livelihood f ! community at l>ge to !
 milit>y1 naval1 diplomatic1 & o!r      
(ficial classes4 ,^! e/abli%m5ts may 9  
any case be tak5 z illu/rat+ h[ items ( 

mat]ial equipm5t may be devot$ to & may 
be valu$ = ! use ( ! te*nological       
exp$i5ts = ! damage & discom=t ( mank9d1
 )\t s5sible (fset or abatem5t4         
,typical ( a class ( inve/m5ts :i* d]ive
 pr(its f capital goods devot$ to uses t
 are altoge!r dubi\s1 ) a l>ge          
presumption ( net detrim5t1 are su*     
e/abli%m5ts z race-tracks1 saloons1     
gambl+-h\ses1 & h\ses ( pro/itution4#e  
,"s spokesm5 ( ! non-,*ri/ian tribes    
might wi% to include *ur*es "u ! same   
category1 b ! cons5sus ( op9ion 9 mod]n 
communities incl9es to look on *ur*es z 
s]viceable1 on ! :ole2 & x may be z well
 n to attempt to assign !m a specific   
place 9 ! s*eme ( s]viceable &          
diss]viceable use ( inve/$ weal?4  ,!re 
is1 fur!r1 a l>ge field ( bus9ess1      
employ+ mu* capital goods & _m          
te*nological processes1 ^: pr(its come f
 products 9 :i* s]viceability &         
diss]viceability are m+l$ ) wa/e 9 ! mo/
 v>y+ proportions4 ,su* are ! production
 ( goods ( fa%ion1 dis+5u\s propriet>y  

articles1 sophi/icat$ h\sehold supplies1
 newspap]s & adv]tis+ ent]prise4 ,9 !   
degree 9 :i* bus9ess ( ?is class draws  
its pr(its f wa/eful practices1 spuri\s 
goods1 illusions & delusions1 skill$    
m5dacity1 & ! l1 ! capital goods engag$ 
mu/ be said to owe _! capitalisable     
value to a p]v]se use ( ! te*nological  
exp$i5ts employ$4  ,^! wa/eful or       
diss]viceable uses ( capital goods h be5
 cit$1 n z imply+ t ! te*nological      
pr(ici5cy embodi$ 9 ^! goods or br\ght  
into effect 9 _! use1 intr9sically has a
 diss]viceable be>+1 nor t inve/m5t 9 ^!
 ?+s1 & bus9ess ent]prise 9 ! managem5t 
( !m1 ne$ aim at diss]viceability1 b    
only to br+ out c]ta9 m9or po9ts ( !ory1
 obvi\s b commonly ov]look$3 7a7        
te*nological pr(ici5cy is n ( itself &  
intr9sically s]viceable or diss]viceable
 to mank9d1--x is only a means (        
effici5cy = good or ill2 7b7 ! ent]pris+
 use ( capital goods by _! bus9esslike  
own] aims n at s]viceability to !       
community1 b only at s]viceability to ! 

own]2 7c7 "u ! price sy/em--"u ! rule ( 
pecuni>y /&>ds & managem5t--circum/ances
 make x advisable = ! bus9ess man at    
times to mismanage ! processes (        
indu/ry1 9 ! s5se t x is exp$i5t = 8    
pecuni>y ga9 to inhibit1 curtail1 or    
misdirect indu/ry1 & s turn !           
community's te*nological pr(ici5cy to ! 
community's detrim5t4 ,^! some:at       
commonplace po9ts ( !ory are ( no great 
weight 9 !mselves1 b !y are ( consequ5ce
 = any !ory ( bus9ess or ( life "u !    
rules ( ! price sy/em1 & !y h an        
imm$iate be>+ "h on ! "q ( intangible   
assets4         99       99       99    
99       99  ,at ! risk ( "s t$ium x is 
necess>y to ! !ory ( intangible assets  
to pursue ?is analysis & piec+ toge!r ( 
commonplaces some:at f>!r4 ,z has       
already be5 rem>k$1 assets is a pecuni>y
 concept1 n a te*nological "o2 a concept
 ( bus9ess1 n ( indu/ry4 ,assets are    
capital1 & tangible assets are items (  
mat]ial equipm5t & ! l1 consid]$ z      
available = capitalisation4 ,!          

tangibility ( tangible assets is a matt]
 ( ! mat]iality ( ! items ( weal? ( :i* 
!y are made up1 :ile !y are assets to ! 
am\nt ( _! value4 ,capital goods1 :i*   
typically make up ! category ( tangible 
assets1 are capital goods by virtue ( _!
 te*nological s]viceability1 b !y are   
capital 9 ! measure1 n ( _! te*nological
 s]viceability1 b 9 ! measure ( ! income
 :i* !y may yield to _! own]4 ,! l is1 (
 c\rse1 true ( intangible assets1 :i*   
are likewise capital1 or assets1 9 !    
measure ( _! income-yield+ capacity4 ,_!
 intangibility is a matt] ( !           
immat]iality ( ! items ( weal?--objects 
( own]%ip--( :i* !y are made up1 b _! "*
 & magnitude z assets is a matt] ( !    
ga9fulness to _! own] ( ! processes :i* 
_! own]%ip enables him to engross4 ,!   
facts s engross$1 9 ! case ( intangible 
assets1 are n ( a te*nological or       
indu/rial "*2 & h]e9 lies ! sub/antial  
disp>ity betwe5 tangible & intangible   
assets4  ,mank9d has o!r deal+s ) !     
mat]ial means ( life1 besides ^? cov]$  

by ! community's te*nological pr(ici5cy4
 ,^! o!r deal+s h to d ) ! use1         
di/ribution1 & consumption ( ! goods    
procur$ by ! employm5t ( ! community's  
te*nological pr(ici5cy1 & are c>ri$ out 
"u work+ arrangem5ts ( an in/itutional  
"*1--use & wont1 law & cu/om4 ,!        
pr9ciples & practice ( ! di/ribution (  
weal? v>y ) ! *anges 9 te*nology & ) !  
o!r cultural *anges t are go+ =w>d2 b x 
is probably safe to assume t ! pr9ciples
 ( apportionm5t1--t is to say1 !        
cons5sus ( habitual op9ion z to :at is  
"r & good 9 ! di/ribution ( !           
product1--^! pr9ciples & ! concomitant  
me?ods ( c>ry+ !m out 9 practice h      
always be5 su* z to give "o p]son or    
gr\p or class some?+ ( a settl$ pref]5ce
 above ano!r4 ,some?+ ( ?is k9d1 some?+ 
9 ! way ( a conv5tionally arrang$       
diff]5tial advantage 9 ! apportionm5t ( 
! common livelihood1 is to be f\nd 9 all
 cultures & communities t h be5 obs]v$  
at all c>efully2 & x is p]haps ne$less  
to rem>k t 9 ! high] cultures su*       

economic pref]5ces1 privileges1         
pr]ogatives1 diff]5tial advantages &    
disadvantages1 are num]\s & v>i$1 & t !y
 make up an intricate fabric ( economic 
in/itutions4 ,inde$1 peculi>ities (     
class diff]5ce 9 "s su* respect are     
among ! mo/ /rik+ & decisive features t 
di/+ui% "o cultural era f ano!r4 ,9 all 
phases ( mat]ial civilisation ^!        
pref]5tial advantages are s\ght & valu$4
 ,classes or gr\ps :i* are 9 a position 
to make good a claim to su* diff]5tial  
advantages commonly come1 9 due c\rse1  
to put =w>d su* claims2 z1 e4g41 !      
prie/hood1 ! pr9cely & rul+ class1 ! m5 
z contra/$ ) ! wom51 ! adults z aga9/   
m9ors1 ! able-bodi$ z aga9/ ! infirm4   
,pr9ciples 7habits ( ?\ght7 c\nt5anc+ "s
 =m ( class or p]sonal pref]5ce 9 !     
di/ribution ( income are to be f\nd     
incorporat$ 9 ! moral code ( all kn[n   
civilisations & embodi$ 9 "s =m (       
in/itution4 ,su* items ( immat]ial weal?
 are ( a diff]5tial "*1 9 t ! advantage 
( ^? :o secure ! pref]5ce is !          

disadvantage ( ^? :o d n2 & x may be    
m5tion$ 9 pass+1 t su* a diff]5tial     
advantage inur+ to any "o class or p]son
 commonly c>ries a m ?an equal          
disadvantage to "s o!r class or p]son or
 to ! community at l>ge4#f  ,:5 prop]ty 
rights fall into def9ite %ape & ! price 
sy/em comes 91 & m p>ticul>ly :5 !      
practice ( inve/m5t arises & bus9ess    
ent]prise comes into vogue1 su*         
diff]5tial advantages take on some?+ ( !
 "* ( intangible assets4 ,!y come to h a
 pecuni>y value & rat+1 :e!r !y are     
transf]able or n2 & if !y are           
transf]able1 if !y c be sold & deliv]$1 
!y become assets 9 a fairly cle> & full 
s5se ( t t]m4 ,su* immat]ial weal?1     
pref]5tial b5efits ( ! nature (         
intangible assets1 may be a matt] (     
usage simply1 z ! vogue ( a giv5 public 
h\se1 or ( a giv5 tradesman1 or ( a giv5
 br& ( consumable goods2 or may be a    
matt] ( arrogation1 z ! ,k+'s ,cu/oms 9 
e>ly times1 or ! once notori\s ,s\nd    
,dues1 or ! clos+ ( public highways by  

l>ge l&-own]s2 or ( contractual         
concession1 z ! fre$om ( a city or a    
guild1 or a fran*ise 9 ! ,hanseatic     
,league or 9 ! ,associat$ ,press2 or (  
gov]nm5t concession1 :e!r on ! basis ( a
 b>ga9 or o!rwise1 z ! _m trade         
monopolies ( e>ly mod]n times1 or a     
corporation *>t]1 or a railway fran*ise1
 or lett]s ( m>que1 or lett]s pat5t2 or 
( /atutory creation1 z trade protection 
by import1 export1 or excise duties or  
navigation laws2 or ( conv5tionalis$    
sup]/iti\s punctilio1 z ! creation ( a  
dem& = wax by ! dev\tly obligatory      
consumption ( consecrat$ tap]s1 or !    
simil> dev\t consumption ( & dem& = fi% 
dur+ ,l5t4  ,"u ! regime ( inve/m5t &   
bus9ess ent]prise ^! & ! l diff]5tial   
b5efits may turn to ! bus9ess advantage 
( a giv5 class1 gr\p1 or conc]n1 & 9 su*
 an ev5t ! result+ diff]5tial bus9ess   
advantage 9 ! pursuit ( ga9 becomes an  
asset1 capitalis$ on ! basis ( its      
income-yield+ capacity1 & possibly      
v5dible "u ! cov] ( a corporation       

security 7z1 e4g41 common /ock71 or ev5 
"u ! usual =m ( private sale 7z1 e4g41 !
 apprais$ good-w ( a bus9ess conc]n74   
,b ! regime ( bus9ess ent]prise has n   
only tak5 ov] v>i\s =ms ( in/itutional  
privileges & pr]ogatives out ( ! pa/3 x 
also gives rise to new k9ds ( diff]5tial
 advantage & capitalises !m into        
intangible assets4 ,^! are all 7or      
virtually all7 ( "o k9d1 9 t _! common  
aim & common basis ( value &            
capitalisation is a pref]5tially        
advantage\s sale4 ,naturally s1 s9ce !  
end ( all bus9ess endeavor1 9 ! la/     
analysis1 is an advantage\s sale4 ,!    
commone/ & typical k9d ( su* intangible 
assets is good-w1 s call$1--a t]m :i*   
has come to cov] a great v>iety (       
diff]5tial bus9ess advantages1 b :i* 9 !
 orig9al bus9ess usage ( x meant !      
cu/om>y resort ( a cli5tele to ! conc]n 
s possess$ ( ! good-w4 ,x seems         
orig9ally to h impli$ a k9dly s5tim5t ( 
tru/ & e/eem on ! "p ( a cu/om]1 b z !  
t]m is n[ us$ x has lo/ ?is s5tim5tal   

cont5t4 ,9 ! broad & loose s5se 9 :i* x 
is n[ curr5tly employ$ x is ext5d$ to   
cov] su* special advantages z inure to a
 monopoly or a comb9ation ( bus9ess     
conc]ns ?r\gh its p[] to limit or       
engross ! supply ( a giv5 l9e ( goods or
 s]vices4 ,s long z su* a special       
advantage is n specifically protect$ by 
special legislation or by a due legal   
in/rum5t1--z 9 ! case ( a fran*ise or a 
pat5t "r1--x is likely to be spok5 (    
loosely z good-w4  ,! results ( !       
analysis may be summ$ up to %[ ! degree 
( co9cid5ce & ! di/9ctions betwe5 ! two 
categories ( assets3 7a7 ! value 7t is  
to say1 ! am\nt7 ( giv5 assets1 :e!r    
tangible or intangible1 is ! capitalis$ 
7or capitalisable7 value ( ! giv5       
articles ( weal?1 rat$ on ! basis ( _!  
income-yield+ capacity to _! own]2 7b7 9
 ! case ( tangible assets !re is a      
presumption t ! objects ( weal? involv$ 
h "s 7at lea/ pot5tial7 s]viceability at
 l>ge1 s9ce !y s]ve a mat]ially         
productive "w1 & !re is !re=e a         

presumption1 m or less well f\nd$1 t _! 
value repres5ts1 ?\gh x by no means     
measures1 an item ( s]viceability at    
l>ge2 7c7 9 ! case ( intangible assets  
!re is no presumption t ! objects (     
weal? involv$ h any s]viceability at    
l>ge1 s9ce !y s]ve no mat]ially         
productive "w1 b only a diff]5tial      
advantage to ! own] 9 ! di/ribution ( ! 
indu/rial product2#g 7d7 giv5 tangible  
assets may be diss]viceable to !        
community1--a giv5 mat]ial equipm5t may 
owe its value z capital to a            
diss]viceable use1 ?\gh 9 ! aggregate or
 on an av]age ! body ( tangible assets  
are 7presumptively7 s]viceable2 7e7 giv5
 intangible assets may be indiff]5t 9   
respect ( s]viceability at l>ge1 ?\gh 9 
! aggregate1 or on an av]age1 intangible
 assets are 7presumably7 diss]viceable  
to ! community4  ,on ?is %[+ x w\ld     
appe> t ! sub/antial diff]5ce betwe5    
tangible & intangible assets lies 9 !   
diff]5t "* ( ! immat]ial facts :i* are  
turn$ to pecuni>y acc\nt 9 ! "o case & 9

 ! o!r4 ,! =m]1 9 effect1 capitalise su*
 fraction ( ! te*nological pr(ici5cy ( !
 community z ! own]%ip ( ! capital goods
 involv$ enables ! own] to engross4 ,!  
latt] capitalise su* habits ( life1 ( a 
non-te*nological "*1--settl$ by usage1  
conv5tion1 arrogation1 legislative      
action1 or :at n1--z w effect a         
diff]5tial advantage to ! conc]n to :i* 
! assets 9 "q app]ta94 ,! =m] owe _!    
exi/5ce & magnitude to ! usufruct (     
te*nological exp$i5ts involv$ 9 !       
indu/rial process prop]2 :ile ! latt]   
are 9 l mann] due to ! usufruct ( :at   
may be call$ ! int]/itial correlations &
 adju/m5ts bo? )9 ! indu/rial sy/em &   
betwe5 indu/ry prop] & ! m>ket1 9 s f> z
 ^! relations are ( a pecuni>y r ?an a  
te*nological "*4 ,mu* ! same di/9ction  
may be put 9 o!r words1 s z to br+ !    
expression ne>] ! curr5t popul>         
appreh5sion ( ! matt]1 by say+ t        
tangible assets1 commonly s call$1      
capitalise ! processes ( production1    
:ile intangible assets1 s call$1        

capitalise c]ta9 exp$i5ts & processes ( 
acquisition1 n productive ( weal?1 b    
affect+ only its di/ribution4 ,=mulat$ 9
 ei!r way1 ! di/9ction seems n to be an 
altoge!r h>d-&-fa/ "o1 z w imm$iately   
appe> if x is call$ to m9d t intangible 
assets may be conv]t$ into tangible     
assets1 & conv]sely1 z ! exig5cies (    
bus9ess may decide4 ,yet1 :ile ! two    
categories ( assets /& 9 su* close      
relation to "o ano!r z ?is /ate ( ?+s   
presumes1 x is /ill evid5t f ! same /ate
 ( ?+s t !y are n to be conf\nd$ ) "o   
ano!r4  ,tak+ good-w z typical ( !      
category ( intangible assets1 z be+ !   
mo/ widely preval5t & at ! same "t !    
f>!/ remov$ 9 its *>act]i/ics f ! range 
( tangible assets1 "s slight fur!r      
discussion ( x may s]ve to br+ out !    
diff]5ce betwe5 ! two categories (      
assets & at ! same "t to en=ce _!       
ess5tial congruity z assets z well z !  
sub/antial connection betwe5 !m4 ,9 !   
e>li] days ( ! concept1 9 ! p]iod ( gr[?
 to :i* x owes its "n1 :5 good-w 0 com+ 

into recognition z a factor affect+     
assets1 x 0 app>5tly look$ on habitually
 z an adv5titi\s diff]5tial advantage   
accru+ spontane\sly to ! bus9ess conc]n 
to :i* x app]ta9$2 an immat]ial         
by-product ( ! conc]n's conduct (       
bus9ess1--commonly presum$ to be an     
adv5titi\s bless+ incid5t to an upright 
& humane c\rse ( bus9ess life4 ,poor    
,ri*>d w\ld express ?is s5se ( ! matt] 9
 ! say+ t hone/y is ! be/ policy4 ,b    
pres5tly1 no d\bt1 "s ?\ght w\ld be tak5
 ( ! acquirem5t ( good-w1 & "s ef=t w\ld
 be exp5d$ by ! wise bus9ess man 9 t    
behalf4 ,goods w\ld be giv5 a m elegant 
f9i% = ! sake ( a readi] sale1 beyond   
:at w\ld conduce to _! brute            
s]viceability simply2 smoo?-spok5 &     
obsequi\s salesm5 & solicitors1 gift$ ) 
a tactful effront]y1 h come to be       
pref]r$ to o!rs1 :o1 )\t ^! m]its1 may  
be possess$ ( all ! dilig5ce1 dext]ity1 
& muscul> =ce requir$ 9 _! trade2 some?+
 is exp5d$ on conv9c+1 n to say         
va9-glori\s1 %[-w9d[s t %all promise    

some?+ m ?an "o w\ld l to commit "o's   
self to 9 words2 it9]ant ag5ts1 & ! l1  
are employ$ at "s exp5se to secure a    
cli5tele2 mu* ?\ght & sub/ance is sp5t  
on adv]tis+ ( _m k9ds4  ,?is la/-nam$   
item may be tak5 z typical ( ! pres5t   
/age ( gr[? 9 ! production or g5]ation (
 good-w1 & !re=e 9 ! creation (         
intangible assets4 ,adv]tis+ has come to
 be an important bran* ( bus9ess        
ent]prise by itself1 & x employs a l>ge 
& v>i$ array ( mat]ial appliances &     
processes 7tangible assets74 ,inve/m5t  
is made 9 c]ta9 mat]ial items           
7productive goods71 su* z pr9t$ matt]1  
billbo>ds1 & ! l1 ) a view to creat+ a  
c]ta9 body ( good-w4 ,! precise         
magnitude ( ! product may n be =ese51 b1
 if sagaci\sly made1 su* inve/m5t r>ely 
fails ( ! effect aim$ at--unless a      
bus9ess rival ) ev5 great] sagacity %\ld
 out-manoeuv] & (fset ^! endeavors ) a  
sup]ior array ( appliances 7productive  
goods7 & workm5 = ! g5]ation ( good-w4  
,! product aim$ at1 commonly ) effect1  

is good-w1--an intangible asset1--:i*   
may be consid]$ to h be5 g5]at$ by      
conv]t+ c]ta9 tangible assets into ?is  
intangible2 or x may be consid]$ z an   
indu/rial product1 ! output ( c]ta9     
indu/rial processes 9 :i* ! giv5 items (
 mat]ial equipm5t are employ$ & give    
effect to ! requisite te*nological      
pr(ici5cy4 ,:i*ev] view be tak5 ( !     
causal relation betwe5 ! mat]ial        
equipm5t & processes employ$1 on ! "o   
h&1 & ! output ( good-w1 on ! o!r h&1 ! 
result is sub/antially ! same = !       
purpose 9 h&4  ,! ult]ior end ( !       
adv]tis+ is1 x may be said1 ! sale ( an 
increas$ quantity ( ! adv]tis$ articles1
 at an increas$ net ga92 :i* w\ld mean  
an increas$ value ( ! mat]ial items (f]$
 = sale2 :i*1 9 turn1 is ! same z say+  
an increase ( tangible assets4 ,x may be
 assum$ )\t debate t ! end ( bus9ess    
endeavor is a ga9 9 f9al t]ms ( tangible
 values4 ,b ?is ult]ior end is1 9 ! case
 ( adv]tis+ ent]prise1 to be ga9$ only  
by ! int]m$iate /ep ( a production ( an 

immat]ial item ( good-w1 an intangible  
asset4  ,s ! case 9 illu/ration %[s n   
only ! conv]sion ( tangible assets      
7mat]ial capital goods1 su* z pr9t$     
matt]7 into intangible weal?1 or1 if t  
=mula be pref]r$1 ! production (        
immat]ial weal? by ! productive use (   
mat]ial weal?1 b also1 conv]sely1 9 !   
second /ep ( ! process1 x %[s !         
conv]sion ( intangible assets into      
tangible weal? 7enhanc$ value ( v5dible 
goods71 or1 if ! expression seems       
pref]able1 ! production ( tangible      
assets by ! use ( intangible weal?4     
,?is creation ( tangible weal? out (    
intangible assets is se5 p]haps at its  
neate/ 9 ! enhancem5t ( l& values by !  
endeavors ( int]e/$ p>ties4 ,real e/ate 
is1 ( c\rse1 a tangible asset ( ! mo/   
au!ntic tangibility1 & x is an asset to 
! am\nt ( its value1 :i* is det]m9$1    
say1 by ! figures at :i* ! real e/ate 9 
"q is curr5tly b\ght & sold4 ,?is is !  
curr5t value ( ! real e/ate1 & !re=e its
 curr5t actual magnitude z a tangible   

asset4 ,! value ( ! real e/ate might    
also be comput$ by capitalis+ its r5tal 
value2 b1 :]e ! curr5t m>ket value does 
n co9cide ) ! capitalis$ r5tal value1 ! 
=m] mu/1 accord+ to bus9ess conceptions1
 be accept$ z ! actual value4 ,9 _m p>ts
 ( ?is c\ntry1 p]haps 9 mo/1 b          
p>ticul>ly 9 ! ,we/]n ,/ates & 9 !      
neighborhood ( fl\ri%+ t[ns1 ^! two     
me?ods ( rat+ ! pecuni>y magnitude (    
real e/ate w habitually n co9cide4 ,due 
all[ance1 (t5 v consid]able1 be+ made1 !
 capitalis$ r5tal value ( ! l& may be   
tak5 z measur+ its curr5t s]viceability 
z an item ( mat]ial equipm5t2 :ile !    
am\nt by :i* ! m>ket value ( ! l& exce$s
 its capitalis$ r5tal value may be tak5 
z ! product1 ! tangible residue1 ( an   
intangible asset ( ! nature ( good-w1   
turn$ to acc\nt1 or productively        
employ$1 9 behalf ( ?is p>cel ( l&4#h   
,"s ( ! l&s ( ,cali=nia may be tak5 z a 
v good1 ?\gh p]haps n an extreme1       
example ( su* a creation ( real e/ate by
 spiritual in/rum5talities4 ,x is       

probably well )9 ! m>k to say t "s ( ^! 
l&s owe n m ?an "o-half _! curr5t m>ket 
value to _! curr5t s]viceability z an   
in/rum5t ( production or use4 ,! excess 
may be attributable to illusions t\*+ ! 
*ances ( future sale1 to anticipation ( 
a prospective enhanc$ usefulness1 & ! l2
 b all ^! are immat]ial factors1 ( !    
nature ( good-w4 ,l o!r assets1 ^! l&s  
are capitalis$ on ! basis ( ! anticipat$
 income f !m1 "p ( :i* income is        
anticipat$ f pr(itable sales to p]sons  
:o1 x is hop$1 w be p]suad$ to take a v 
sangu9e view ( ! l& situation1 :ile "p (
 x may be due to ov]-sangu9e            
anticipations ( usefulness g5]at$ by !  
adv]tis+ matt] & ! ef=ts ( ! l& ag5ts   
direct$ to :at is call$ develop+ !      
c\ntry4  ,to any "o preoccupi$ ) !      
conceit t capital means capital goods   
su* a conv]sion ( intangible into       
tangible goods1 or su* a g5]ation (     
intangible assets by ! productive use ( 
tangible assets1 might be some?+ ( a    
puzzle4 ,if assets 7 a physical concept1

 cov]+ a range ( physical ?+s1 in/ead ( 
a pecuni>y concept1 su* conv]sion (     
tangible into intangible assets1 &      
conv]sely1 w\ld be a case (             
transub/antiation4 ,b !re is no?+       
miracul\s 9 ! matt]4 ,assets are a      
pecuni>y magnitude1 & belong among !    
facts ( inve/m5t4 ,except 9 relation to 
inve/m5t ! items ( weal? involv$ are n  
assets4 ,9 o!r words1 assets are a matt]
 ( capitalisation1 :i* is a special case
 ( valuation2 & ! "q ( tangibility or   
intangibility z reg>ds a giv5 p>cel (   
assets is a "q ( :at article or class ( 
articles ! valuation %all atta* to or be
 imput$ to4 ,if1 e4g41 ! fact to :i*    
value is imput$ 9 ! valuation is !      
habitual dem& = a giv5 article (        
m]*&ise1 or ! habitual resort ( a giv5  
gr\p ( cu/om]s to a p>ticul> %op or     
m]*ant1 or a monopoli/ic control or     
limitation ( price & supply1 !n !       
result+ item ( assets w be intangible1  
s9ce ! object to :i* ! capitalis$ value 
9 "q is imput$ is an immat]ial object4  

,if ! fact :i* is by imputation made !  
be>] ( ! capitalis$ value is a mat]ial  
object1 z1 e4g41 ! m]*antable goods (   
:i* ! supply is arbitr>ily limit$ or !  
price arbitr>ily fix$1 or if x is !     
mat]ial means ( supply+ su* goods1 !n ! 
capitalis$ value 9 "q is a case (       
tangible assets4 ,! value involv$ is1 l 
all value1 a matt] ( imputation1 & z    
assets x is a matt] ( capitalisation2 b 
capitalisation is an appraisem5t ( a    
pecuni>y income-/ream 9 t]ms ( ! v5dible
 objects to ! own]%ip ( :i* ! income is 
assum$ to inure4 ,to :at object !       
capitalis$ value ( ! income-/ream %all  
be imput$ is a "q ( :at object ( own]%ip
 secures to ! own] an effectual claim on
 ?is income-/ream 2 t is to say1 x is a 
"q ( :at object ( own]%ip ! /rategic    
advantages is assum$ to atta* to1 :i* is
 a "q ( ! play ( bus9ess exig5cies 9 !  
giv5 case4  ,! income-/ream 9 "q is a   
pecuni>y income-/ream1 & is 9 ! la/     
resort traceable to transactions ( sale4
 ,)9 ! conf9es ( bus9ess--& !re=e )9 !  

scope ( capital1 inve/m5ts1 assets1 & ! 
l bus9ess concepts--transactions (      
pur*ase & sale are ! f9al t]ms ( any    
analysis4 ,b beyond ^! conf9es1         
compreh5d+ & condition+ ! bus9ess sy/em1
 lie ! mat]ial facts ( ! community's "w 
& livelihood4 ,9 ! f9al transaction (   
sale ! m]*antable goods are valu$ by !  
consum]1 n z assets1 b z livelihood2#i &
 9 ! la/ analysis & long run x is to "s 
su* transaction t all bus9ess           
imputations ( value & capitali/ic       
appraisem5t ( assets mu/ h reg>d & by   
:i* !y mu/ f9ally be *eck$4 ,dissociat$ 
f ! facts ( "w & livelihood1 !re=e1     
assets cease to be assets2 b ?is does n 
preclude _! relation to ^! facts ( "w & 
livelihood be+ at times some:at remote &
 loose4  ,)\t rec\rse1 imm$iately or    
remotely1 to c]ta9 mat]ial facts (      
indu/rial process & equipm5t1 assets    
w\ld n yield e>n+s2 t is to say1 :olly  
disjo9$ f ^! mat]ial facts1 !y w\ld 9   
effect n be assets4 ,?is is true = bo?  
tangible & intangible assets1 al?\gh !  

relation ( ! assets to ! mat]ial facts (
 indu/ry is n ! same 9 ! two cases4 ,!  
case ( tangible assets ne$s no argum5t4 
,intangible assets1 su* z pat5t "r or   
monopoli/ic control1 are likewise ( no  
effect except 9 effectual contact )     
indu/rial facts4 ,! pat5t "r becomes    
effective = ! purpose only 9 ! mat]ial  
work+ ( ! innovation cov]$ by x2 &      
monopoli/ic control is a s\rce ( ga9    
only 9 s f> z x effectually modifies or 
divides ! supply ( goods4  ,9 ! light ( 
^! consid]ations x seems feasible to    
indicate bo? ! congru5ce & ! di/9ction  
betwe5 ! two categories ( assets a      
little m n>r[ly ?an 0 done above4 ,bo?  
are assets1--t is to say1 bo? are values
 det]m9$ by a capitalisation (          
anticipat$ income-yield+ capacity2 bo?  
dep5d = _! income-yield+ capacity on !  
pref]5tial use ( c]ta9 immat]ial        
factors2 bo? dep5d = _! effici5cy on !  
use ( c]ta9 mat]ial objects2 bo? may    
increase or decrease1 z assets1 ap>t f  
any increase or decrease ( ! mat]ial    

objects involv$4 ,! tangible assets     
capitalise ! pref]5tial use (           
te*nological1 indu/rial                 
exp$i5ts1--exp$i5ts ( production1 deal+ 
) ! facts ( brute nature "u ! laws (    
physical cause & effect1--?is pref]5tial
 use be+ secur$ by ! own]%ip ( mat]ial  
articles employ$ 9 ! processes 9 :i* ^! 
exp$i5ts are put into effect4 ,!        
intangible assets capitalise !          
pref]5tial use ( c]ta9 facts ( human    
nature--habits1 prop5sities1 beliefs1   
aspirations1 necessities--to be dealt ) 
"u ! psy*ological laws ( human          
motivation2 ?is pref]5tial use be+      
secur$ by cu/om1 z 9 ! case (           
old-fa%ion$ good-w1 by legal assignm5t1 
z 9 pat5t or copyright1 by own]%ip ( !  
in/rum5ts ( production1 z 9 ! case (    
indu/rial monopolies4#aj         99     
99       99       99       99           
,intangible assets are capital z well z 
tangible assets2 t is to say1 !y are    
items ( capitalis$ weal?4 ,bo?          
categories ( assets1 !re=e1 repres5t    

expect$ income-/reams :i* are ( su*     
def9ite "* z to admit ( _! be+ rat$ 9   
set t]ms p] c5t4 p] "t unit2 al?\gh !   
expect$ income ne$ n !re=e be anticipat$
 to come 9 an ev5 fl[ or to be di/ribut$
 9 any equable mann] ov] a p]iod ( "t4  
,! income-/reams to be s rat$ &         
capitalis$ are associat$ 9 su* a mann] )
 "s ext]nal fact 7imp]sonal to _!       
claimant71 :e!r mat]ial or immat]ial1 z 
to p]mit _! be+ trac$ or attribut$ to an
 income-yield+ capacity on ! "p ( ?is   
ext]nal fact1 to :i* _! valuation z a   
:ole may be imput$ & :i* may !n be      
capitalis$ z an item ( weal? yield+ ?is 
income-/ream4 ,income-/reams :i* d n    
meet ^! requirem5ts d n give rise to    
assets 9 ! accept$ s5se ( ! t]m1 & s d n
 swell ! volume ( capitalis$ weal?4     
,!re are income-/reams :i* d n meet !   
necess>y specifications ( capitalisable 
weal?2 & 9 mod]n bus9ess traffic1       
p>ticul>ly1 !re are l>ge & secure s\rces
 ( income t are 9 ?is way n             
capitalisable & yet yield a legitimate  

bus9ess income4 ,su* are1 inde$1 to be  
rat$ among ! mo/ consequ5tial factors 9 
! curr5t bus9ess situation4 ,"u !       
guidance ( traditions c>ri$ ov] f a m   
primitive bus9ess situation1 x has be5  
usual to speak ( income-/reams d]iv$ 9  
su* a mann] z wages ( sup]9t5d5ce1 or   
und]tak]'s wages1 or entrepr5eur's      
pr(its1 or1 latt]ly1 z pr(its simply &  
specifically4 ,su* ph5om5a ( ?is class z
 are ( consequ5ce 9 bus9ess are commonly
 acc\nt$ =1 !oretically1 "u ?is head2 & 
! ef=t s to acc\nt = !m is to be tak5 z1
 at lea/1 a laudable endeavor to avoid  
an undue multiplication ( te*nical t]ms 
& categories4#aa ,yet ! mo/ /rik+       
ph5om5a ( ?is class1 & ! mo/            
consequ5tial = mod]n bus9ess & indu/ry1 
bo? 9 respect ( _! magnitude & 9 respect
 ( ! pecuni>y dom9ion & discretion :i*  
!y repres5t1 _c well be acc\nt$         
und]tak]'s ga9s1 9 ! ord9>y s5se ( t    
t]m4 ,! great ga9s ( ! great indu/rial  
f9anci]s or ( ! great int]e/s1 e4g41 d n
 answ] ! description ( und]tak]'s ga9s1 

9 t !y d n accrue to ! capta9 ( indu/ry 
on ! basis ( 8 manag]ial ability alone1 
ap>t f 8 weal? or out ( relation to 8   
weal?2 & yet x is n safe to say t su*   
ga9s 7:i* are ov] & above ord9>y returns
 on 8 inve/m5ts7 accrue on ! gr\nd ( !  
requisite am\nt ( weal? alone1 ap>t f ! 
ex]cise ( a l>ge bus9ess direction on ! 
"p ( ! own] ( su* weal?1 or on ! "p ( 8 
ag5t to :om discretion has be5 delegat$4
 ,adm9i/rative1 or /rategic1 discretion 
& activity mu/ necess>ily be pres5t 9 ! 
case3 o!rwise1 ! income 9 "q w\ld       
rightly be rat$ z income f capital      
simply4  ,! capta9 ( indu/ry1 ! pecuni>y
 magnate1 is normally 9 receipt ( income
 9 excess ( ! ord9>y rate p] c5t4 on    
inve/m5t2 b ap>t f 8 l>ge hold+s he is n
 9 a position to get ^! l>ge ga9s4      
,dissociat$ f 8 l>ge hold+s1 he is n a  
l>ge capta9 ( indu/ry2 b x is n ! size (
 8 hold+s alone t det]m9es :at ! ga9s ( 
! pecuni>y magnate 9 mod]n indu/ry %all 
be4 ,ga9s ( ! k9d & magnitude t curr5tly
 come to ?is class ( bus9ess m5 come    

only on condition t ! own] 7or 8 ag5t7  
%all ex]cise a simil>ly l>ge discretion 
& control 9 ! affairs ( ! bus9ess       
community2 b ! magnitude ( ! ga9s1 z    
well z ( ! discretion & control ex]cis$1
 is some:at def9itely condition$ by !   
magnitude ( ! weal? :i* gives effect to 
?is discretion4  ,! disposition (       
pecuni>y =ces 9 su* matt]s may be well  
se5 9 ! "w & remun]ation ( any coalition
 ( int]e/s1 su* z ! mod]n bus9ess       
community has become famili> )4 ,!      
int]e/s 9 su* a case are ( a p]sonal    
"*1--!y are int]e/$ p>ties1--& !        
sagacity1 exp]i5ce1 & animus ( ^! v>i\s 
int]e/$ p>ties c\nts 9 ! outcome1 bo? z 
reg>ds ! aggregate ga9s ( ! coalition & 
z reg>ds ! di/ribution ( ^! ga9s among !
 sev]al p>ties 9 int]e/2 b ! weight (   
any giv5 int]e/ 9 a coalition or sy/em  
is m ne>ly proportion$ to ! weal?       
controll$ by ! giv5 int]e/1 & to !      
/rategic position ( su* weal?1 ?an to   
any p]sonal tal5ts or pr(ici5cy ( !     
int]e/$ p>ty4 ,! tal5ts & pr(ici5cy     

involv$ are n ! ma9 facts4 ,inde$1 !    
movem5ts ( su* a sy/em1 & ( ! sev]al    
compon5t int]e/s1 are l>gely a matt] (  
artless r\t9e1 9 :i* ! greate/ +5uity & 
initiative engag$ 9 ! premises are      
commonly ex]cis$ by ! legal c\nsel work+
 = a fee4  ,a dispassionate /ud5t ( !   
curr5t bus9ess traffic1 :o is n ov]aw$  
by r\nd numb]s1 w be m impress$ by !    
ease & simplicity ( ! manoeuv]s t lead  
to l>ge pecuni>y results 9 ! high]      
bus9ess f9ance ?an by any evid5ce (     
preem95t sagacity & initiative among !  
pecuni>y magnates4 ,"o ne$ only call to 
m9d ! simple & obvi\s way 9 :i* !       
promot]s ( ! ,/eel ,corporation 7       
magnific5tly *eckmat$ by ! f9anci]s ( ! 
,c>negie int]e/1 :5 t great & reluctant 
corporation 0 float$1 or ! pettyfogg+   
tactics ( ,/&>d ,oil 9 its lat] c>e]4 ,9
 ext5uation ( _! visible lack (         
initiative & insight x may n be         
ungraceful to call to m9d t _m ( !      
discretion>y heads ( ! great int]e/s are
 m5 ( advanc$ ye>s1 & t 9 ! nature ( !  

case ! pecuni>y magnates ( ! pres5t     
g5]ation mu/ commonly be m5 ( a some:at 
advanc$ age2 & x is only dur+ ! pres5t  
g5]ation t ! exi/+ situation has aris51 
) its *>act]i/ic opportunities & dem&s4 
,to take _! pres5t =emo/ rank 9 ! new   
bus9ess f9ance :i* is "h "u inquiry1 !y 
h _h to accumulate ! great weal? on :i* 
alone _! discretion>y control ( bus9ess 
affairs re/s1 & _! be/ vigor has be5    
sp5t 9 ?is "w ( prep>ation2 s t !y h    
commonly atta9$ ! requisite /rategic    
position only aft] !y _h outliv$ _! ye>s
 ( discretion4  ,b !re is no int5tion "h
 to depreciate ! "w ( ! pecuni>y        
magnates or ! spokesm5 ( ! great        
int]e/s4 ,! matt] has be5 ref]r$ to only
 z x be>s on ?is category ( capitali/ic 
income :i* accrues on o!r gr\nds ?an !  
e>n+-capacity ( ! assets involv$1 & :i* 
/ill _c be imput$ to ! e>n+-capacity (  
^! bus9ess m5 ap>t f ^! assets4 ,! case 
is evid5tly n "o ( wages ( sup]9t5d5ce  
or und]tak]'s pr(its2 b x is z evid5tly 
n a case ( ! e>n+-capacity ( ! assets4  

,! pro( ( ! latt] po9t is q z easy z ( !
 =m]4 ,if ! ga9s ( ! sy/em or ( its     
con/itu5t int]e/s & magnates 7 imputable
 to ! e>n+-capacity ( ! assets          
involv$1--9 any accept$ s5se (          
e>n+s1--!n x w\ld imm$iately foll[ t ^! 
assets w\ld be recapitalis$ on ! basis (
 ^! extraord9>y e>n+s1 & t ! income     
d]iv$ 9 ?is class ( traffic %\ld reappe>
 z int]e/ or divid5ds on ! capital s    
increas$ to correspond ) ! increas$     
e>n+s4 ,b su* recapitalisation takes    
place only to a relatively v limit$     
ext5t1 & ! "q !n be>s on ! income :i* is
 n s acc\nt$ = 9 ! recapitalisation4  ,!
 ga9s ( ?is class ( traffic are1 (      
c\rse1 !mselves capitalis$1--= ! mo/ "p 
!y accrue 9 ! capitalis$ =m1 z issues ( 
securities & ! l2 b ! s\rces ( ?is      
income are n capitalis$ z su*4 ,! 7l>ge7
 accumulat$ weal?1 or assets1 :i* gives 
weight to ! movem5ts ( ! int]e/s &      
magnates 9 "q1 & :i* af=ds ! gr\nd = !  
discretion>y control ( bus9ess affairs  
ex]cis$ by !m1 are1 = ! mo/ "p at lea/1 

inve/$ 9 ord9>y bus9ess v5tures1 9 ! =m 
( corporation securities & ! l1 & are   
!re e>n+ divid5ds or int]e/ at curr5t   
rates2 & ^! assets are valu$ 9 ! m>ket  
7& !reby capitalis$7 on ! basis ( _!    
curr5t e>n+s 9 ! v>i\s ent]prises 9 :i* 
!y are s inve/$4 ,b _! be+ s inve/$ 9   
pr(itable bus9ess ent]prises does n 9 ! 
lea/ h9d] _! usefulness 9 ! h&s ( !     
magnates z a basis or means ( c>ry+ on !
 l>ge & highly pr(itable transactions ( 
! high] indu/rial f9ance4 ,to impute ^! 
ga9s to ^! assets z e>n+s1 !re=e1 w\ld  
be to c\nt ! assets twice z capital1 or 
r to c\nt !m ov] & ov]4  ,an additional 
p]plexity 9 endeavor+ to h&le ga9s ( ?is
 class !oretically z e>n+s1 9 ! ord9>y  
s5se1 arises f ! fact t !y /& 9 no      
def9able "t relation to _! und]ly+      
assets4 ,!y h no def9able "t-%ape1 z    
,mr4 ,fi%] might put x4#ab ,su* ga9s are
 timeless1 9 ! s5se t ! "t relation does
 n c\nt 9 any sub/antial mann] or 9 any 
s5sible degree 9 _! det]m9ation4#ac     
99       99       99       99       99  

,9 a m pa9/ak+ /atem5t ( ?is po9t ( !ory
 x w\ld be necess>y to note t ^! ga9s   
are timeless1 9 ! s5se indicat$1 9 s f> 
z ! ent]prise f :i* !y accrue is        
dissociat$ f ! te*nological circum/ances
 & processes ( indu/ry1 & only 9 s f>4  
,te*nological 7indu/rial7 proc$ure1 be+ 
( ! nature ( physical causation1 is     
subject to ! "t relation "u :i* causal  
sequ5ce runs4 ,?is is ! basis ( su*     
discussions ( capital & int]e/ z ^? (   
,boehm-,baw]k1 & ( ,fi%]4 ,b bus9ess    
traffic1 z di/+ui%$ f ! processes (     
indu/ry1 be+ n imm$iately conc]n$ ) !   
te*nological process1 is also n         
imm$iately or uni=mly subject to ! "t   
relation involv$ 9 ! causal sequ5ce ( ! 
te*nological process4 ,bus9ess traffic  
is subject to ! "t relation because & 9 
s f> z x dep5ds ^u & foll[s up !        
processes ( production4 ,! commonplace  
or old-fa%ion$ bus9ess ent]prise1 !     
competitive sy/em ( inve/m5t 9 indu/rial
 bus9ess simply1 commonly re/s pretty   
directly on ! due sequ5ce ( ! indu/rial 

processes 9 :i* ! inve/m5ts ( su*       
ent]prise are plac$4 ,su* ent]prise1 z  
conceiv$ by ! curr5t !ories ( capital1  
does bus9ess at fir/ h& 9 ! indu/rial   
effici5cy ( ! community1 :i* is         
condition$ by ! "t relation ( ! causal  
sequ5ce1 & :i* is1 inde$1 9 great       
measure a function ( ! "t consum$ 9 !   
te*nological processes4 ,!re=e1 ! ga9s1 
z well z ! transactions1 ( su* ent]prise
 are also commonly some:at closely      
condition$ by ! l "t relation1 & !y     
typically em]ge "u ! =m ( a p]-c5t4 p]  
"t unit2 t is to say1 z a function ( !  
lapse ( "t4 ,yet ! bus9ess transactions 
!mselves are n a matt] ( ! lapse ( "t4  
,"t is n ( ! ess5ce ( ! case4 ,!        
magnitude ( a pecuni>y transaction is n 
a function ( ! "t consum$ 9 conclud+ x1 
nor are ! ga9s :i* accrue f !           
transaction4 ,9 bus9ess ent]prise on !  
high] plane1 :i* is "h "u inquiry1 !    
relation ( ! transactions1 & ( _! ga9s1 
to ! consecution ( ! te*nological       
processes remotely und]ly+ !m is di/ant1

 loose1 & unc]ta91 s t ! "t elem5t "h   
does n obtrude itself3 r1 x some:at     
obvi\sly falls into abeyance1 m>k+ !    
degree ( its remot5ess4 ,yet ?is phase (
 bus9ess ent]prise1 l any o!r1 ( c\rse  
takes place 9 "t2 &1 x is also to be    
rem>k$1 ! volume ( ! traffic & ! ga9s   
d]iv$ f x are1 no d\bt1 some:at closely 
condition$ 9 ! long run by ! "t relation
 :i* dom9ates t te*nological 7indu/rial7
 effici5cy on :i* ?is ent]prise1 too1   
ultimately & indirectly re/s & f :i* 9 !
 la/ resort its ga9s are f9ally drawn1  
h[ev] remotely & indirectly4  ,an       
analysis ( ^! ph5om5a on l9es simil> to 
^? :i* h be5 foll[$ 9 ! discussion (    
assets above is n )\t difficulty1 nor c 
x fairly be expect$ to yield any b      
t5tative & provisional results4 ,! matt]
 has receiv$ s little att5tion f        
economic !oreticians t ev5 significant  
mi/akes 9 ?is connection are ( v r>e    
occurr5ce4#ad ,! cause ( ?is scant      
att5tion to ^! matt]s lies1 no d\bt1 9 !
 relative novelty ( ! facts 9 "q4 ,!    

facts may be r\ghly drawn toge!r "u !   
caption ,traffic 9 ,v5dible ,capital2   
al?\gh t t]m s]ves r z a compreh5sive   
designation ( ! class ( bus9ess         
ent]prise f :i* ^! ga9s accrue ?an z an 
adequate *>act]isation ( ! play ( =ces  
involv$4#ae ,traffic 9 v5dible capital  
has n be5 unkn[n 9 ! pa/1 b x is only   
rec5tly t x has come into ! =egr\nd z ! 
mo/ important l9e ( bus9ess ent]prise4  
,su* x n[ is1 9 t x is 9 ?is traffic t !
 ultimate initiative & discretion 9     
bus9ess are n[ to be f\nd4 ,x is at !   
same "t ! mo/ ga9ful ( bus9ess          
ent]prise1 n only 9 absolute t]ms1 b    
relatively to ! magnitude ( ! assets    
involv$ z well4 ,"o reason = ?is sup]ior
 ga9fulness is ! fact t ! assets involv$
 9 ?is traffic are at ! same "t engag$ z
 assets to _! full ext5t 9 ord9>y       
bus9ess1 s t ! peculi> ga9s ( ?is       
traffic are ( ! nature ( a bonus above !
 e>n+s ( ! inve/$ weal?4 ,x is l f9d+   
money4  ,z 0 said above1 ! me?od1 or !  
ways & means1 *>act]i/ic ( ?is sup]ior  

bus9ess ent]prise is a traffic 9 v5dible
 capital4 ,! weal? ga9$ 9 ?is field is  
commonly 9 ! capitalis$ =m1 & con/itutes
 9 ea* transaction1 or deal1 a d$uction 
or ab/raction f ! capitalis$ weal? ( !  
bus9ess community 9 favor ( ! magnates  
or int]e/s to :om ! ga9s accrue4 ,its   
proximate aim is a transf] ( capitalis$ 
weal? f o!r capitali/s to ^? :o s ga94  
,?is transf] or ab/raction ( capitalis$ 
weal? f ! =m] own]s is commonly effect$ 
by an augm5tation ( ! nom9al capital1   
bas$ on a 7transi5t7 advantage inur+ to 
! p>ticul> conc]ns ^: capitalisation is 
s augm5t$4#af ,any su* increase ( !     
community's aggregate capitalisation1   
)\t a correspond+ increase ( ! mat]ial  
weal? on :i* ! capitalisation is bas$1  
involves1 ( c\rse1 9 effect a           
r$i/ribution ( ! aggregate capitalis$   
weal?2 & 9 ?is r$i/ribution ! great     
f9anci]s are 9 a position to ga94 ,!    
ga9s 9 "q1 x w be se51 come out ( !     
bus9ess community1 out ( inve/$ weal?1 &
 only remotely & indirectly out ( !     

community at l>ge f :i* ! bus9ess       
community draws its income4 ,^! ga9s1   
!re=e1 are a tax on commonplace bus9ess 
ent]prise1 9 mu* ! same mann] & ) mu* ! 
l effects z ! ga9s ( commonplace bus9ess
 7ord9>y pr(its & int]e/7 are a tax on  
indu/ry4#ag  ,9 a mann] analog\s to !   
old-fa%ion$ capitali/-employ]'s engross+
 ( ! indu/rial community's te*nological 
effici5cy does ! mod]n pecuni>y magnate 
engross ! bus9ess community's           
capitali/ic effici5cy4 ,?is capitali/ic 
effici5cy lies 9 ! capitali/-employ]'s  
ability--by =ce ( ! own]%ip ( ! mat]ial 
equipm5t--to induce ! indu/rial         
community1 ?r\gh suitable b>ga9+1 to    
turn ov] to ! own] ( ! mat]ial equipm5t 
! excess ( ! product above ! indu/rial  
community's livelihood4 ,! =tunes ( !   
capitali/-employ] are closely dep5d5t on
 ! run ( ! m>ket1--! conjunctures (     
advantage\s pur*ase & sale2 & x is 8    
con/ant endeavor to create or ga9 =     
himself "s peculi> degree ( advantage 9 
! m>ket1 9 ! way ( monopoly1 good-w1    

legalis$ privilege1 & ! l1--some?+ 9 !  
way ( intangible assets4 ,b ! pecuni>y  
magnate1 9 ! measure 9 :i* he truly     
answ]s to ! concept1 is sup]ior to !    
m>ket on :i* ! capitali/-employ] dep5ds1
 & c make or m> its conjunctures (      
advantage\s pur*ase & sale ( goods2 t is
 to say1 he is 9 a position to make or  
m> any peculi> advantage possess$ by !  
giv5 capitali/-employ] :o comes 9 8 way4
 ,he does ?is by =ce ( 8 l>ge hold+s (  
capital at l>ge1 ! weight ( :i* he c    
%ift f "o po9t ( inve/m5t to ano!r z !  
relative effici5cy--e>n+-capacity--( "o 
& ano!r l9e ( inve/m5t may make x       
exp$i5t2 & at ea* move ( ?is k9d1 9 s f>
 z x is effective = 8 ends1 he cuts into
 & assimilates a fraction ( ! inve/$    
weal? involv$1 9 t he cuts into &       
seque/]s a fraction ( ! capital's       
e>n+-capacity 9 ! giv5 l9e4 ,t is to    
say1 9 ! measure 9 :i* he is a pecuni>y 
magnate1 & n simply a capitali/-employ]1
 he engrosses ! capitali/ic effici5cy ( 
inve/$ weal?2 he turns to 8 own acc\nt !

 capitali/-employ]'s effectual engross+ 
( ! community's indu/rial effici5cy4 ,he
 engrosses ! community's pecuni>y       
initiative & pr(ici5cy4 ,9 ! measure1   
!re=e1 9 :i* ?is relatively new-f\nd    
s]viceability ( extraord9>ily l>ge weal?
 is effective = its peculi> bus9ess     
function1 ! old-fa%ion$                 
capitali/-employ] loses 8 discretion>y  
initiative & becomes a m$iator1 an      
in/rum5tality ( extraction &            
transmission1 a collector & convey] (   
rev5ue f ! community at l>ge to !       
pecuni>y magnate1 :o1 9 ! ideal case1   
%\ld leave him only su* an all[ance out 
( ! gross e>n+s collect$ & transmitt$ z 
w induce him to cont9ue 9 bus9ess4  ,to 
! community at l>ge1 ^: indu/rial       
effici5cy is already virtually engross$ 
by ! capitali/-employ]'s own]%ip &      
control ( ! mat]ial equipm5t1 ?is lat]  
/ep 9 ! evolution ( ! economic situation
 %\ld app>5tly n be a matt] ( sub/antial
 consequ5ce or a matt] = s5tim5tal      
di/urbance4 ,on ! face ( x1 x %\ld appe>

 to h little m ?an a speculative int]e/ 
= ^? classes ( ! community :o d n d]ive 
an income f inve/m5ts2 p>ticul>ly n = ! 
work+ classes1 :o own no?+ to speak ( & 
^: only dep5d5ce is _! te*nological     
effici5cy1 :i* has virtually ceas$ to be
 _! own4 ,b su* is n ! curr5t /ate (    
s5tim5t4 ,?is in*oate new phase (       
capitalism1 ?is bus9ess ent]prise on !  
high] plane1 is 9 fact view$ ) ! mo/    
lively appreh5sion4 ,9 a maze (         
con/]nation & solicitude ! bolde/1      
wise/1 mo/ public-spirit$1 mo/ illu/ri\s
 g5tlem5 ( our "t are sp5d+ _! manhood 9
 an endeavor to make ! h5 cont9ue sitt+ 
on ! ne/ aft] ! *ick5s are out ( ! %ell4
 ,! mod]n community is imbu$ ) bus9ess  
pr9ciples--( ! old disp5sation4 ,by     
precept & example1 m5 h le>n$ t !       
bus9ess int]e/s 7( ! au!ntic sup]annuat$
 scale & k9d7 are ! palladium ( our     
civilisation1 z ,mr4 ,dooley w\ld say2 &
 x is felt t any di/urbance ( ! exi/+   
pecuni>y dom9ion ( !                    
capitali/-employ]--z contra/$ ) !       

pecuni>y magnate--w\ld involve !        
well-be+ ( ! community 9 "o common agony
 ( desolation4  ,! m]its ( ?is          
p]turbation1 or ( ! rem$ies propos$ =   
sav+ ! pecuni>y life ( ! old-fa%ion$    
capitali/-employ]1 ( c\rse d n conc]n ! 
pres5t inquiry2 b ! matt] has be5 ref]r$
 to "h z evid5ce t ! pecuni>y magnate's 
"w1 & ! dom9ion :i* 8 extraord9>ily l>ge
 weal? gives him1 are1 9 effect1        
sub/antially a new phase ( ! economic   
developm5t1 & t ^! ph5om5a are          
di/a/efully unfamili> & are felt to be  
consequ5tial en\gh to ?reat5 ! receiv$  
in/itutional /ructure4 ,t is to say1 x  
is felt to be a new phase ( bus9ess     
ent]prise1--di/a/eful to ^? :o /& to    
lose by x4  ,! basis ( ?is bus9ess      
ent]prise on ! high] plane is           
capital-at-l>ge1 z di/+ui%$ f capital   
inve/$ 9 a giv5 l9e ( indu/rial         
ent]prise1 & x becomes effective :5     
weal? has accumulat$ 9 hold+s           
suffici5tly l>ge to give ! hold] 7or    
comb9ation ( hold]s1 ! sy/em7 a         

controll+ weight 9 any gr\p or          
ramification ( bus9ess int]e/s into :i* 
he may ?r[ 8 weight by judici\s inve/m5t
 7or by und]writ+ & ! l74 ,! pecuni>y   
magnate mu/ be able effectually to      
engross ! pecuni>y initiative & !       
bus9ess opportunities on :i* su* a      
section or ramification ( ! bus9ess     
community dep5ds = its ord9>y ga9s4 ,h[ 
l>ge a proportion ( ! bus9ess           
community's capital is ne$$ = su* an    
effectual engross+ ( its capitali/ic    
effici5cy1 9 any giv5 be>+1 is a "q t _c
 be answ]$ 9 any?+ l absolute t]ms1 or  
ev5 9 relative t]ms ( a satisfactorily  
def9ite k9d4 ,x is1 ( c\rse1 evid5t t a 
relatively l>ge disposable body (       
capital is ne$$ = su* a purpose2 & x is 
also evid5t1 f ! curr5t facts ( bus9ess1
 t ! body ( capital s dispos$ ( ne$ n   
am\nt to a majority1 or any?+ ne> a     
majority1 ( ! inve/m5ts involv$1--at    
lea/ n at ! pres5t relatively in*oate   
phase ( ?is l>g] bus9ess ent]prise4 ,!  
l>g] ! hold+s ( ! magnate1 ! m effectual

 & exp$iti\s w be 8 "w ( absorb+ !      
hold+s ( ! small] capitali/-employ]1 & !
 m precipitately w ! latt] yield 8      
assets to ! new claimant4  ,evid5tly1   
?is "w ( ! pecuni>y magnate be>s a great
 resemblance to ! creation ( intangible 
assets "u ! ord9>y competitive sy/em4   
,?is is1 no d\bt1 ! po9t ( its ne>e/    
relation to ! curr5t capitali/ic        
ent]prise4 ,b1 z has already be5        
indicat$ above1 x _c be said t !        
magnate's peculi> "w is ! creation (    
intangible1 or o!r assets1 al?\gh !re is
 commonly "s recapitalisation involv$ 9 
8 manoeuv]s1 & al?\gh 8 ga9s commonly   
come z assets1 i4e41 9 ! capitalis$ =m4 
,nor c x1 z has also be5 indicat$ above1
 be said t ! weal? :i* s]ves him z !    
means ( 8 peculi> ent]prise /&s 9 !     
relation ( assets to ?is ent]prise or to
 ! ga9s 9 "q1 s9ce ?is weal? already /&s
 9 an exhau/ive relation z assets to "s 
corporate ent]prise 9 ord9>y bus9ess &  
to ! correspond+ items ( int]e/ &       
divid5ds4 ,x may1 ( c\rse1 be cont5d$ t 

! pres5t /ate ( ?+s on ?is high] plane (
 ent]prise is transi5t & transitional   
only1 & t 9 ! settl$ condition :i* may  
conceivably sup]v5e1 ! magnate's        
relation to bus9ess at l>ge w be        
capitalis$ 9 "s =m ( intangible assets1 
aft] ! mann] 9 :i* ! monopoly advantage 
( an ord9>y tru/ is n[ capitalis$4 ,b   
?is is at ! be/ only a surmise1 guid$ by
 inapplicable g5]alisations drawn f a   
pa/ situation 9 :i* ?is high] ent]prise 
has n engross$ ! pecuni>y initiative &  
play$ ! rul+ "p4  ,,footnotes3  #a      
,repr9t$ by p]mission f ,! ,qu>t]ly     
,j\rnal ( ,economics1 ,vol4 ,,xxiii1    
,nov41 #aijh4  #b ,see ?is ,j\rnal =    
,augu/1 #aijh4  #c ,= ! connection      
betwe5 prices & prosp]ity1 h>d times1   
unemploym5t1 etc41 see ,! ,!ory (       
,bus9ess ,ent]prise1 *ap4 vii 7pp4      
#ahe-beb1 especially #aif-bab74  #d ,by 
p]v]sion is "h meant su* disposition ( !
 indu/rial =ces z entails a net wa/e or 
detrim5t to ! community's livelihood4   
#e ,%\ld ! connection at ?is po9t ) !   

ma9 argum5t ( ! pap] z set =? 9 ! e>li] 
section seem d\btful or obscure1 x may  
be call$ to m9d t ^! dubi\s ent]prises 9
 dissipation are cases ( inve/m5t = a   
pr(it1 & t ! capital goods engag$ are   
inve/$ weal? yield+ an income1 b t !y   
yield an income only on ! fulfillm5t (  
two conditions3 7a7 ! possession &      
employm5t ( ^! capital goods enables _! 
hold] to turn to acc\nt ! common /ock ( 
te*nological pr(ici5cy1 9 ^? be>+s 9 :i*
 x may be ( use 9 8 ent]prise2 & 7b7 !  
limit$ am\nt ( weal? available = !      
purpose enables _! hold] to engross !   
usufruct ( su* a fraction ( ! common    
/ock ( te*nological pr(ici5cy1 9 !      
degree det]m9$ by ?is limitation ( !    
am\nt available4 ,9 s f>1 ^! ent]prises 
are l any o!r indu/rial ent]prise2 b    
beyond ?is !y h ! peculi>ity t !y d n1  
or ne$ n1 ev5 o/5sibly1 turn ! curr5t k 
& use ( ways & means to productive      
acc\nt = ! community at l>ge1 b simply  
take _! /& on ! 7in/itutionally sacr$7  
accompli%$ fact ( inve/$ weal?4 ,!y h   

less ( ! fog ( apology ab\t !m ?an !    
common run ( bus9ess ent]prise4  #f ,?is
 /atem5t may n seem cle> )\t indicat+ 9 
a m concrete mann] "s t]ms 9 :i* to     
measure ! relative diff]5tial advantage 
& disadvantage :i* s em]ge 9 su* a case 
( pr]ogative or privilege4 ,:]e1 z 9 !  
e>li]1 non-pecuni>y phases ( culture1 no
 price te/ is applicable1 ! /atem5t 9 ! 
text may be tak5 to mean t ! diff]5tial 
disadvantage at ! co/ ( :i* ! diff]5tial
 b5efit 9 "q is ga9$ is great] ?an !    
b5efici>y w\ld be will+ to und]go 9 ord]
 to procure ?is b5efit4  #g ,a d\bt has 
be5 (f]$ z to ! applicability ( ?is     
*>act]ization to su* intangible assets z
 a pat5t "r & o!r items ( ! same class4 
,! d\bt seems to arise f a              
misappreh5sion ( ! analysis & ( its     
int5tion4 ,x %\ld be rem>k$ t !re is no 
int5tion to condemn or disapprove any ( 
! items "h spok5 ( z intangible assets4 
,! pat5t "r may be ju/ifiable or x may  
n3 !re is no call to discuss t "q "h4   
,o!r intangible assets are 9 ! same case

 9 ?is respect4  ,fur!r1 z to ! "* ( a  
pat5t "r consid]$ z an asset4 ,!        
inv5tion or innovation cov]$ by ! pat5t 
"r is a contribution to ! common /ock ( 
te*nological pr(ici5cy4 ,x may be       
7imm$iately7 s]viceable to ! community  
at l>ge1 or x may n2--e4g41 a ca%       
regi/]1 a bank-*eck pun*1 a /reetc> f>e 
regi/]2 a burgl>-pro( safe1 & ! l are ( 
no imm$iate s]vice to ! community at    
l>ge1 b s]ve only a pecuni>y use to _!  
us]s4 ,b1 :e!r ! innovation is useful or
 n1 ! pat5t "r1 z an asset1 has no      
7imm$iate7 usefulness at l>ge1 s9ce its 
ess5ce is ! re/riction ( ! usufruct ( ! 
innovation to ! pat5tee4 ,imm$iately &  
directly ! pat5t "r mu/ be consid]$ a   
detrim5t to ! community at l>ge1 s9ce   
its purport is to prev5t ! community f  
mak+ use ( ! pat5t$ innovation1 :atev]  
may be its ult]ior b5eficial effects or 
its e?ical ju/ification4  #h ,nei!r z a 
physical magnitude 7l&7 nor z a pecuni>y
 magnitude 7real e/ate7 is ! capitalis$ 
l& 9 "q an item ( good-w2 b its value z 

real e/ate--i4e41 its magnitude z an    
asset--is 9 "p a product ( ! good-w     
7illusions & ! l7 work$ up 9 its behalf 
& turn$ to acc\nt1 by ! l& ag5t4 ,! real
 e/ate is a tangible asset1 an item (   
mat]ial weal?1 :ile ! good-w to :i* 9 "p
 x owes its magnitude z an item ( weal? 
is an intangible asset1 an item (       
immat]ial weal?4  #i ,livelihood is1 (  
c\rse1 "h tak5 9 a loose s5se1 n z d5ot+
 ! means ( subsi/5ce simply or ev5 !    
means ( physical com=t1 b z signify+ t !
 pur*ases 9 "q are made ) a view to !   
consumptive use ( ! goods r ?an ) a view
 to _! use = a pr(it4  #aj ,! in/rum5ts 
( production s monopolis$ are1 ( c\rse1 
tangible assets1 b ! own]%ip ( su* means
 ( production 9 am\nt suffici5t to      
enable ! own] to monopolise or control !
 m>ket1 :e!r = pur*ase 7z ( mat]ials or 
labor7 or = sale 7z ( m>ketable goods or
 s]vices71 gives rise to a diff]5tial   
bus9ess advantage :i* is to be class$ z 
intangible assets4  #aa ,"o writ] ev5   
goes s f> 9 ! endeavor to br+ ! facts )9

 ! scope ( ! /aple concepts ( !ory at   
?is po9t z to rate ! p]sons conc]n$ 9   
su* a case z capital1 aft] hav+ satisfi$
 himself t su* income-/reams are        
traceable to a p]sonal s\rce4--,see     
,fi%]1 ,nature ( ,capital & ,income1    
*ap4 v4  #ab ,cf4 ,fi%]1 ,rate (        
,int]e/1 *ap4 vi4  #ac ,?is conclusion  
is rea*$1 e4g41 by ,mr4 ,g4 ,p4 ,watk9s 
7,! ,gr[? ( ,l>ge ,=tunes1 *ap4 iii1    
sec4 #aj71 al?\gh ?r\gh a curi\s        
etymological misappreh5sion he rejects !
 t]m timeless z n available4  #ad ,ev5  
,mr4 ,watk9s 7z cit$ above71 e4g41 is l$
 by a sup]ficial g5]alisation to class  
^! ga9s z speculative1 & s to excuse    
himself f a clos] acqua9tance ) _! "* & 
) ! be>+s ( ! class ( bus9ess ent]prise 
out ( :i* !y arise4  #ae ,cf4 ,!ory (   
,bus9ess ,ent]prise1 *ap1 v1 pp4        
#aai-acj2 *ap4 vi1 pp4 #afb-agd4  #af   
,cf4 ,!ory ( ,bus9ess ,ent]prise1       
footnote on pp4 #afi-agj4  #ag ,z %\ld  
be evid5t f ! run ( ! argum5t 9 ! e>li] 
portions ( ?is pap]1 ! use ( ! words    

tax1 d$uction1 ab/raction1 9 ?is        
connection1 is n to be tak5 z imply+    
approval or disapproval ( ! ph5om5a s   
*>act]is$4 ,! words are us$ = want (    
bett] t]ms to indicate ! s\rce ( bus9ess
 ga9s1 & objectively to *>act]ise !     
relation ( give-&-take betwe5 indu/ry & 
ord9>y capitali/ic bus9ess1 on ! "o h&1 
& betwe5 ord9>y bus9ess & ?is bus9ess   
ent]prise on ! high] plane1 on ! o!r h&4
     ,,"s ,,neglect$ ,,po9ts ,,9 ,,!    
,,!ory ,,( ,,socialism#a   ,! imm$iate  
occasion = ! writ+ ( ?is pap] 0 giv5 by 
! publication ( ,mr4 ,sp5c]'s essay1 ,f 
,fre$om to ,bondage2#b al?\gh x is n    
altoge!r a criticism ( t essay4 ,x is n 
my purpose to controv]t ! position tak5 
by ,mr4 ,sp5c] z reg>ds ! pres5t        
feasibility ( any sociali/ s*eme4 ,!    
pap] is ma9ly a sugge/ion1 (f]$ 9 ! _s (
 ! disciple1 ) respect to a po9t n      
adequately cov]$ by ,mr4 ,sp5c]'s       
discussion1 & :i* has receiv$ b v scanty
 att5tion at ! h&s ( any o!r writ] on   
ei!r side ( ! sociali/ controv]sy4 ,?is 

ma9 po9t is z to an economic gr\nd1 z a 
matt] ( fact1 = ! exi/+ unre/ t f9ds    
expression 9 ! dem&s ( sociali/         
agitators4  ,i quote f ,mr4 ,sp5c]'s    
essay a s5t5ce :i* does fair ju/ice1 s  
f> z x goes1 to ! position tak5 by      
agitators3 ,9 pres5ce ( obvi\s          
improvem5ts1 jo9$ ) t increase (        
longevity1 :i* ev5 alone yields         
conclusive pro( ( g5]al amelioration1 x 
is proclaim$1 ) increas+ vehem5ce1 t ?+s
 are s bad t society mu/ be pull$ to    
pieces & reorganis$ on ano!r plan4 ,!   
mo/ obtrusive feature ( ! *ange dem&$ by
 ! advocates ( socialism is gov]nm5tal  
control ( ! indu/rial activities (      
society--! nationalisation ( indu/ry4   
,!re is also1 j at pres5t1 a di/9ct     
movem5t 9 practice1 t[>ds a m ext5d$    
control ( indu/ry by ! gov]nm5t1 z ,mr4 
,sp5c] has po9t$ out4 ,?is movem5t      
/r5g!ns ! position ( ! advocates ( a    
complete nationalisation ( indu/ry1 by  
mak+ x appe> t ! logic ( ev5ts is on _! 
side4  ,9 ,am]ica at lea/1 ?is movem5t 9

 ! direction ( a broad] ass]tion ( !    
p>am\nt claims ( ! community1 & an      
ext5sion ( corporate action on "p ( !   
community 9 indu/rial matt]s1 has n     
g5]ally be5 connect$ ) or bas$ on an    
adh]5ce to sociali/ic dogmas4 ,?is is   
p]haps tru] ( ! rec5t pa/ ?an ( !       
imm$iate pres5t4 ,! motive ( ! movem5t  
has be51 9 l>ge "p1 ! exp$i5cy ( ea*    
p>ticul> /ep tak54 ,municipal           
sup]vision1 &1 possibly1 complete       
municipal control1 has come to be a     
necessity 9 ! case ( su*                
indu/ries--mo/ly ( rec5t gr[?--z        
elem5t>y education1 /reet-light+1       
wat]-supply1 etc4 ,op9ions diff] widely 
z to h[ f> ! community %\ld take into   
its own h&s su* indu/ries z conc]n !    
common welf>e1 b ! gr[? ( s5tim5t may   
fairly be said to favor a wid] scope (  
gov]nm5tal control4  ,b ! necessity ( "s
 sup]vision 9 ! int]e/ ( ! public ext5ds
 to indu/ries :i* are n simply (        
municipal importance4 ,! mod]n          
developm5t ( indu/ry & ( ! indu/rial    

organisation ( society makes x          
increas+ly necess>y t c]ta9             
indu/ries--(t5 spok5 ( z natural        
monopolies--%\ld be treat$ z be+ ( a    
semi-public "*4 ,& ?r\gh ! action ( !   
same =ces a con/antly increas+ numb] (  
occupations are develop+ into ! =m (    
natural monopolies4  ,! motive ( !      
movem5t t[>ds corporate action on ! "p (
 ! community--,/ate control (           
indu/ry--has be5 l>gely t ( indu/rial   
exp$i5cy4 ,b ano!r motive has gone ) ?is
 "o1 & has gr[n m prom95t z ! popul>    
dem&s 9 ?is direction h ga!r$ wid]      
support & tak5 m def9ite =m4 ,!         
inju/ice1 ! inequality1 ( ! exi/+ sy/em1
 s f> z conc]ns ^! natural monopolies   
especially1 are made mu* (4 ,!re is a   
di/9ct unre/ abroad1 a discont5t ) ?+s z
 !y are1 & ! cry ( inju/ice is !        
expression ( ?is m or less widely       
preval5t discont5t4 ,?is discont5t is ! 
truly sociali/ic elem5t 9 ! situation4  
,x is easy to make too mu* ( ?is popul> 
unre/4 ,! clamor ( ! agitators might be 

tak5 to indicate a wid] preval5ce & a   
great] acut5ess ( popul> discont5t ?an  
actually exi/s2 b aft] all due all[ance 
is made = exagg]ation on ! "p ( ^?      
int]e/$ 9 ! agitation1 !re c /ill be no 
d\bt ( ! pres5ce ( a *ronic feel+ (     
dissatisfaction ) ! work+ ( ! exi/+     
indu/rial sy/em1 & a gr[? ( popul>      
s5tim5t 9 favor ( a level+ policy4 ,!   
economic gr\nd ( ?is popul> feel+ mu/ be
 f\nd1 if we wi% to und]/& !            
significance1 = our indu/rial sy/em1 ( !
 movem5t to :i* x supplies ! motive4 ,if
 its causes %all appe> to be ( a        
transi5t "*1 !re is little reason to    
appreh5d a p]man5t or radical *ange (   
our indu/rial sy/em z ! outcome ( !     
agitation2 :ile if ?is popul> s5tim5t is
 f\nd to be ! outgr[? ( any ( ! ess5tial
 features ( ! exi/+ social sy/em1 !     
*ances ( its ultimately work+ a radical 
*ange 9 ! sy/em w be mu* great]4  ,!    
explanation (f]$ by ,mr4 ,sp5c]1 t !    
popul> unre/ is due ess5tially to a     
feel+ ( ennui--to a desire = a *ange (  

po/ure on "p ( ! social body1 is        
assur$ly n to be summ>ily reject$2 b !  
analogy w h>dly s]ve to expla9 ! s5tim5t
 away4 ,?is may be a cause1 b x c h>dly 
be accept$ z a suffici5t cause4         
,sociali/ agitators urge t ! exi/+ sy/em
 is necess>ily wa/eful & indu/rially    
ineffici5t4 ,t may be grant$1 b x does n
 s]ve to expla9 ! popul> discont5t1     
because ! popul> op9ion1 9 :i* !        
discont5t resides1 does notori\sly n    
favor t view4 ,!y fur!r urge t ! exi/+  
sy/em is unju/1 9 t x gives an advantage
 to "o man ov] ano!r4 ,t cont5tion may  
also be true1 b x is 9 itself no        
explanation1 = x is true only if x be   
grant$ t ! in/itutions :i* make ?is     
advantage ( "o man ov] ano!r possible   
are unju/1 & t is begg+ ! "q4 ,?is la/  
cont5tion is1 h[ev]1 n s f> out ( l9e ) 
popul> s5tim5t4 ,! advantage compla9$ ( 
lies1 "u mod]n conditions1 9 !          
possession ( prop]ty1 & !re is a feel+  
abroad t ! exi/+ ord] ( ?+s af=ds an    
undue advantage to prop]ty1 especially  

to own]s ( prop]ty ^: possessions rise  
mu* above a c]ta9 r indef9ite av]age4   
,?is feel+ ( injur$ ju/ice is n always  
di/+ui%able f envy2 b x is1 at any rate1
 a factor t works t[>ds a level+ policy4
 ,) x goes a feel+ ( slight$ manhood1   
:i* works 9 ! same direction4 ,bo? ^!   
elem5ts are to a great ext5t ( a        
subjective orig94 ,!y express !mselves 9
 ! g5]al1 objective =m1 b x is safe to  
say t on ! av]age !y spr+ f a           
consci\sness ( disadvantage & slight    
suff]$ by ! p]son express+ !m1 & by     
p]sons :om he classes ) himself4 ,no    
flippancy is int5d$ 9 say+ t ! ri* are n
 s g5]ally alive to ! necessity ( any   
level+ policy z are p ( sl5d] means4    
,any "q z to ! legitimacy ( !           
dissatisfaction1 on moral gr\nds1 or ev5
 on gr\nds ( exp$i5cy1 is n v mu* to !  
po9t2 ! "q is z to its scope & its      
*ances ( p]si/5ce4  ,! mod]n indu/rial  
sy/em is bas$ on ! in/itution ( private 
prop]ty "u free competition1 & x _c be  
claim$ t ^! in/itutions h h]et(ore work$

 to ! detrim5t ( ! mat]ial int]e/s ( !  
av]age memb] ( society4 ,! gr\nd (      
discont5t _c lie 9 a disadvantage\s     
comp>ison ( ! pres5t ) ! pa/1 s f> z    
mat]ial int]e/s are conc]n$4 ,x is      
notori\s1 &1 practically1 none ( !      
agitators d5y1 t ! sy/em ( indu/rial    
competition1 bas$ on private prop]ty1   
has br\ght ab\t1 or has at lea/ co-exi/$
 )1 ! mo/ rapid advance 9 av]age weal? &
 indu/rial effici5cy t ! _w has se54    
,especially c x fairly be claim$ t !    
result ( ! la/ few decades ( our        
indu/rial developm5t has be5 to increase
 greatly ! creature com=ts )9 ! rea* ( !
 av]age human be+4 ,&1 decid$ly1 !      
result has be5 an amelioration ( ! lot (
 ! less favor$ 9 a relatively great]    
degree ?an t ( ^? economically m        
=tunate4 ,! claim t ! sy/em (           
competition has prov$ itself an eng9e = 
mak+ ! ri* ri*] & ! poor poor] has !    
fasc9ation ( epigram2 b if its mean+ is 
t ! lot ( ! av]age1 ( ! masses (        
humanity 9 civilis$ life1 is worse      

to-day1 z measur$ 9 ! means (           
livelihood1 ?an x 0 tw5ty1 or fifty1 or 
a hundr$ ye>s ago1 !n x is f>cical4 ,!  
cause ( discont5t mu/ be s\ght else:]e  
?an 9 any increas$ difficulty 9 obta9+ !
 means ( subsi/5ce or ( com=t4 ,b !re is
 a s5se 9 :i* ! aphorism is true1 & 9 x 
lies at lea/ a p>tial explanation ( !   
unre/ :i* our cons]vative p s greatly   
deprecate4 ,! exi/+ sy/em has n made1 & 
does n t5d to make1 ! indu/ri\s poor    
poor] z measur$ absolutely 9 means (    
livelihood2 b x does t5d to make !m     
relatively poor]1 9 _! own eyes1 z      
measur$ 9 t]ms ( comp>ative economic    
importance1 &1 curi\s z x may seem at   
fir/ sight1 t is :at seems to c\nt4 ,x  
is n ! abjectly poor t are (t5e/ he>d   
prote/+2 & :5 a prote/ is he>d 9 _!     
behalf x is ?r\gh spokesm5 :o are f     
outside _! own class1 & :o are n        
delegat$ to speak = !m4 ,!y are n a     
negligible elem5t 9 ! situation1 b !    
unre/ :i* is gr\nd = solicitude does n  
owe its importance to !m4 ,! prote/     

comes f ^? :o d n habitually1 or (      
necessity1 suff] physical privation4 ,! 
qualification ( necessity1 is to be     
notic$4 ,!re is a n inconsid]able am\nt 
( physical privation suff]$ by _m p 9   
?is c\ntry1 :i* is n physically         
necess>y4 ,! cause is v (t5 t :at might 
be ! means ( com=t is div]t$ to !       
purpose ( ma9ta9+ a dec5t appe>ance1 or 
ev5 a %[ ( luxury4  ,man z we f9d him   
to-day has mu* reg>d to 8 good fame--to 
8 /&+ 9 ! e/eem ( 8 fell[m54 ,?is       
*>act]i/ic he always has _h1 & no d\bt  
always w h4 ,?is reg>d = reputation may 
take ! noble =m ( a /riv+ aft] a good   
"n2 b ! exi/+ organisation ( society    
does n 9 any way preem95tly fo/] t l9e (
 developm5t4 ,reg>d = "o's reputation   
means1 9 ! av]age ( cases1 emulation4 ,x
 is a /riv+ to be1 & m imm$iately to be 
?\ght to be1 bett] ?an "o's neighbor4   
,n[1 mod]n society1 ! society 9 :i*     
competition )\t prescription is         
pr$om9ant1 is preem95tly an indu/rial1  
economic society1 & x is                

indu/rial--economic--excell5ce t mo/    
readily attracts ! approv+ reg>d ( t    
society4 ,integrity & p]sonal wor? w1 ( 
c\rse1 c\nt = some?+1 n[ z always2 b 9 !
 case ( a p]son ( mod]ate pret5tions &  
opportunities1 su* z ! av]age ( u are1  
"o's reputation = excell5ce 9 ?is       
direction does n p5etrate f> en\gh into 
! v wide environm5t to :i* a p]son is   
expos$ 9 mod]n society to satisfy ev5 a 
v mode/ crav+ = respectability4 ,to     
su/a9 "o's dignity--& to su/a9 "o's     
self-respect--"u ! eyes ( p :o are n    
socially "o's imm$iate neighbors1 x is  
necess>y to display ! tok5 ( economic   
wor?1 :i* practically co9cides pretty   
closely ) economic success4 ,a p]son may
 be well-born & virtu\s1 b ^? attributes
 w n br+ respect to ! be>] f p :o are n 
aw>e ( 8 possess+ !m1 & ^! are n9ety-n9e
 out ( e "o hundr$ t "o meets4          
,conv]sely1 by ! way1 knav]y & vulg>ity 
9 any p]son are n reprobat$ by p :o "k  
no?+ ( ! p]son's %ortcom+s 9 ^?         
respects4  ,9 our fundam5tally indu/rial

 society a p]son %\ld be economically   
successful1 if he w\ld enjoy ! e/eem ( 8
 fell[m54 ,:5 we say t a man is wor? s  
_m doll>s1 ! expression does n convey ! 
idea t moral or o!r p]sonal excell5ce is
 to be measur$ 9 t]ms ( money1 b x does 
v di/9ctly convey ! idea t ! fact ( 8   
possess+ _m doll>s is v mu* to 8 cr$it4 
,&1 except 9 cases ( extraord9>y        
excell5ce1 effici5cy 9 any direction :i*
 is n imm$iately ( indu/rial importance1
 & does n r$\nd to a p]son's economic   
b5efit1 is n ( great value z a means (  
respectability4 ,economic success is 9  
our day ! mo/ widely accept$ z well z ! 
mo/ readily asc]ta9able measure ( e/eem4
 ,all ?is w hold ) /ill great] =ce ( a  
g5]ation :i* is born into a _w already  
encru/$ ) ?is habit ( a m9d4  ,b !re is 
a fur!r1 second>y /age 9 ! developm5t ( 
?is economic emulation4 ,x is n en\gh to
 possess ! talisman ( indu/rial success4
 ,9 ord] t x may m5d "o's good fame     
effici5tly1 x is necess>y to display x4 
,"o does n make mu* ( a %[+ 9 ! eyes ( !

 l>ge majority ( ! p :om "o meets )1    
except by unremitt+ demon/ration (      
ability to pay4 ,t is practically ! only
 means :i* ! av]age ( u h ( impress+ our
 respectability on ! _m to :om we are   
p]sonally unkn[n1 b ^: transi5t good    
op9ion we w\ld s gladly enjoy4 ,s x     
comes ab\t t ! appe>ance ( success is v 
mu* to be desir$1 & is ev5 9 _m cases   
pref]r$ to ! sub/ance4 ,we all "k h[    
ne>ly indisp5sable x is to af=d :atev]  
exp5diture o!r p ) :om we class         
ourselves c af=d1 & also t x is         
desirable to af=d a little some?+ m ?an 
o!rs4  ,?is elem5t ( human nature has   
mu* to d ) ! /&>d ( liv+4 ,& x is ( a v 
ela/ic nature1 capable ( an indef9ite   
ext5sion4 ,aft] mak+ prop] all[ance =   
individual exceptions & = ! action (    
prud5tial re/ra9ts1 x may be said1 9 a  
g5]al way1 t ?is emulation 9 exp5diture 
/&s ev] ready to absorb any m>g9 (      
income t rema9s aft] ord9>y physical    
wants & com=ts h be5 provid$ =1 &1      
fur!r1 t x pres5tly becomes z h>d to    

give up t "p ( "o's habitual /&>d ( liv+
 :i* is due to ! /ruggle =              
respectability1 z x is to give up _m    
physical com=ts4 ,9 a g5]al way1 ! ne$ (
 exp5diture 9 ?is direction gr[s z fa/ z
 ! means ( satisfy+ x1 &1 9 ! long run1 
a l>ge exp5diture comes no ne>] satisfy+
 ! desire ?an a small] "o4  ,x comes    
ab\t ?r\gh ! work+ ( ?is pr9ciple t ev5 
! creature com=ts1 :i* are 9 !mselves   
desirable1 &1 x may ev5 be1 requisite to
 a life on a passably satisfactory      
plane1 acquire a value z a means (      
respectability q indep5d5t (1 & out (   
proportion to1 _! simple utility z a    
means ( livelihood4 ,z we are all aw>e1 
! *ief elem5t ( value 9 _m articles (   
app>el is n _! effici5cy = protect+ !   
body1 b = protect+ ! we>]'s             
respectability2 & t n only 9 ! eyes (   
"o's neighbors b ev5 9 "o's own eyes4   
,inde$1 x happ5s n v r>ely t a p]son    
*ooses to g ill-clad 9 ord] to be well  
dress$4 ,mu* m ?an half ! value ( :at is
 worn by ! ,am]ican p may confid5tly be 

put d[n to ! elem5t ( dress1 r ?an to t 
( clo?+4 ,& ! *ief motive ( dress is    
emulation--economic emulation4 ,! l is  
true1 ?\gh p]haps 9 a less degree1 ( :at
 goes to food & %elt]4  ,?is            
misdirection ( ef=t ?r\gh ! crav+s (    
human vanity is ( c\rse n any?+ new1 nor
 is economic emulation a mod]n fact4 ,! 
mod]n sy/em ( indu/ry has n inv5t$      
emulation1 nor has ev5 ?is p>ticul> =m (
 emulation orig9at$ "u t sy/em4 ,b !    
sy/em ( free competition has acc5tuat$  
?is =m ( emulation1 bo? by exalt+ !     
indu/rial activity ( man above ! rank   
:i* x held "u m primitive =ms ( social  
organisation1 & by 9 great measure cutt+
 (f o!r =ms ( emulation f ! *ance (     
effici5tly m9i/]+ to ! crav+ = a good   
fame4 ,speak+ g5]ally & f ! /&po9t ( !  
av]age man1 ! mod]n indu/rial           
organization ( society has practically  
n>r[$ ! scope ( emulation to ?is "o l9e2
 & at ! same "t x has made ! means (    
su/5ance & com=t s mu* easi] to obta9 z 
v mat]ially to wid5 ! m>g9 ( human      

ex]tion t c be devot$ to purposes (     
emulation4 ,fur!r1 by increas+ ! fre$om 
( movem5t ( ! individual & wid5+ !      
environm5t to :i* ! individual is       
expos$--increas+ ! numb] ( p]sons be=e  
^: eyes ea* "o c>ries on 8 life1 &1 p>i 
passu1 decreas+ ! *ances :i* su* p]sons 
h ( aw>d+ _! e/eem on any o!r basis ?an 
t ( imm$iate appe>ances1 x has increas$ 
! relative effici5cy ( ! economic means 
( w9n+ respect ?r\gh a %[ ( exp5diture =
 p]sonal com=ts4  ,x is n probable t    
fur!r advance 9 ! same direction w lead 
to a diff]5t result 9 ! imm$iate future2
 & x is ! imm$iate future we h to deal  
)4 ,a fur!r advance 9 ! effici5cy ( our 
indu/ry1 & a fur!r wid5+ ( ! human      
environm5t to :i* ! individual is       
expos$1 %\ld logically r5d] emulation 9 
?is direction m int5se4 ,!re are1 inde$1
 c]ta9 consid]ations to be set (f aga9/ 
?is t5d5cy1 b !y are mo/ly factors ( sl[
 action1 & are h>dly ( suffici5t        
consequ5ce to rev]se ! g5]al rule4 ,on !
 :ole1 o!r ?+s rema9+ ! same1 x mu/ be  

admitt$ t1 )9 wide limits1 ! easi] !    
conditions ( physical life = mod]n      
civilis$ man become1 & ! wid] ! horizon 
( ea* & ! ext5t ( ! p]sonal contact (   
ea* ) 8 fell[m51 & ! great] !           
opportunity ( ea* to comp>e notes ) 8   
fell[s1 ! great] w be ! prepond]ance (  
economic success z a means ( emulation1 
& ! great] ! /ra9+ aft] economic        
respectability4 ,inasmu* z ! aim (      
emulation is n any absolute degree (    
com=t or ( excell5ce1 no advance 9 !    
av]age well-be+ ( ! community c end !   
/ruggle or less5 ! /ra94 ,a g5]al       
amelioration _c quiet ! unre/ ^: s\rce  
is ! crav+ ( ev]ybody to comp>e         
favorably ) 8 neighbor4  ,human nature  
be+ :at x is1 ! /ruggle ( ea* to possess
 m ?an 8 neighbor is insep>able f !     
in/itution ( private prop]ty4 ,& also1  
human nature be+ :at x is1 "o :o        
possesses less w1 on ! av]age1 be jeal\s
 ( ! "o :o possesses m2 & m means n m   
?an ! av]age %>e1 b m ?an ! %>e ( !     
p]son :o makes ! comp>ison4 ,! crit]ion 

( complac5cy is1 l>gely1 ! de facto     
possession or enjoym5t2 & ! pres5t gr[? 
( s5tim5t among ! body ( ! p--:o possess
 less--favors1 9 a vague way1 a         
readju/m5t adv]se to ! int]e/s ( ^? :o  
possess m1 & adv]se to ! possibility (  
legitimately possess+ or enjoy+ m2 t is 
to say1 ! gr[? ( s5tim5t favors a       
sociali/ic movem5t4 ,! outcome ( mod]n  
indu/rial developm5t has be51 s f> z    
conc]ns ! pres5t purpose1 to int5sify   
emulation & ! jeal\sy t goes )          
emulation1 & to focus ! emulation & !   
jeal\sy on ! possession & enjoym5t (    
mat]ial goods4 ,! gr\nd ( ! unre/ ) :i* 
we are conc]n$ is1 v l>gely1            
jeal\sy1--envy1 if y *oose2 & ! gr\nd ( 
?is p>ticul> =m ( jeal\sy1 t makes =    
socialism1 is to be f\nd 9 ! in/itution 
( private prop]ty4 ,) private prop]ty1  
"u mod]n conditions1 ?is jeal\sy & unre/
 are unavoidable4  ,! corn]-/one ( !    
mod]n indu/rial sy/em is ! in/itution ( 
private prop]ty4 ,t in/itution is also !
 objective po9t ( all attacks ^u ! exi/+

 sy/em ( competitive indu/ry1 :e!r op5  
or cov]t1 :e!r direct$ aga9/ ! sy/em z a
 :ole or aga9/ any special feature ( x4 
,x is1 moreov]1 ! ultimate gr\nd--&1 "u 
mod]n conditions1 necess>ily s--( !     
unre/ & discont5t ^: proximate cause is 
! /ruggle = economic respectability4 ,! 
inf]5ce seems to be t1 human nature be+ 
:at x is1 !re c be no peace f ?is--x mu/
 be admitt$--ignoble =m ( emulation1 or 
f ! discont5t t goes ) x1 ?is side ( !  
abolition ( private prop]ty4 ,:e!r a    
l>g] measure ( peace is 9 /ore = u aft] 
t ev5t %all h come to pass1 is ( c\rse n
 a matt] to be c\nt$ on1 nor is ! "q    
imm$iately to ! po9t4  ,?is economic    
emulation is ( c\rse n ! sole motive1   
nor ! mo/ important feature1 ( mod]n    
indu/rial life2 al?\gh x is 9 ! =egr\nd1
 & x p]vades ! /ructure ( mod]n society 
m ?or\ghly p]haps ?an any o!r equally   
p[]ful moral factor4 ,x w\ld be ra% to  
pr$ict t socialism w be ! inevitable    
outcome ( a cont9u$ developm5t ( ?is    
emulation & ! discont5t :i* x fo/]s1 & x

 is by no means ! purpose ( ?is pap] to 
insi/ on su* an inf]5ce4 ,! mo/ t c be  
claim$ is t ?is emulation is "o ( !     
causes1 if n ! *ief cause1 ( ! exi/+    
unre/ & dissatisfaction ) ?+s z !y are2 
t ?is unre/ is insep>able f ! exi/+     
sy/em ( indu/rial organisation2 & t !   
gr[? ( popul> s5tim5t "u ! influ5ce ( ^!
 conditions is necess>ily adv]se to !   
in/itution ( private prop]ty1 & !re=e   
adv]se to ! exi/+ indu/rial sy/em ( free
 competition4         99       99       
99       99       99  ,! emulation to   
:i* att5tion has be5 call$ 9 ! prec$+   
section ( ?is pap] is n only a fact (   
importance to an und]/&+ ( ! unre/ t is 
urg+ u t[>ds an untri$ pa? 9 social     
developm5t1 b x has also a be>+ on ! "q 
( ! practicability ( any s*eme = !      
complete nationalisation ( indu/ry4     
,mod]n indu/ry has develop$ to su* a    
degree ( effici5cy z to make ! /ruggle (
 subsi/5ce alone1 "u av]age conditions1 
relatively easy1 z comp>$ ) ! /ate ( !  
case a few g5]ations ago4 ,z ,i h labor$

 to %[1 ! mod]n competitive sy/em has at
 ! same "t giv5 ! _s ( emulation su* a  
direction t ! atta9m5t ( subsi/5ce &    
com=t no long] fixes1 ev5 approximately1
 ! limit ( ! requir$ aggregate labor on 
! "p ( ! community4 ,"u mod]n conditions
 ! /ruggle = exi/5ce has1 9 a v         
appreciable degree1 be5 trans=m$ into a 
/ruggle to keep up appe>ances4 ,!       
ultimate gr\nd ( ?is /ruggle to keep up 
appe>ance by o!rwise unnecess>y         
exp5diture1 is ! in/itution ( private   
prop]ty4 ,"u a regime :i* %\ld all[ no  
inequality ( acquisition or ( income1   
?is =m ( emulation1 :i* is due to !     
possibility ( su* inequality1 w\ld also 
t5d to become obsolete4 ,) ! abolition (
 private prop]ty1 ! *>act]i/ic ( human  
nature :i* n[ f9ds its ex]cise 9 ?is =m 
( emulation1 %\ld logically f9d ex]cise 
9 o!r1 p]haps nobl] & socially m        
s]viceable1 activities2 x is at any rate
 n easy to imag9e x runn+ into any l9e (
 action m futile or less wor?y ( human  
ef=t4  ,suppos+ ! /&>d ( com=t ( !      

community to rema9 approximately at its 
pres5t av]age1 ! abolition ( ! /ruggle  
to keep up economic appe>ances w\ld v   
consid]ably less5 ! aggregate am\nt (   
labor requir$ = ! support ( ! community4
 ,h[ great a sav+ ( labor might be      
effect$ is n easy to say4 ,i believe x  
is )9 ! m>k to suppose t ! /ruggle to   
keep up appe>ances is *>geable1 directly
 & indirectly1 ) "o-half ! aggregate    
labor1 & ab/95ce f labor--= ! /&>d (    
respectability requires u to %un labor z
 well z to enjoy ! fruits ( x--on "p ( !
 ,am]ican p4 ,?is does n mean t ! same  
community1 "u a sy/em n all[+ private   
prop]ty1 c\ld make its way ) half !     
labor we n[ put =?2 b x means some?+ m  
or less ne>ly approa*+ t4 ,any "o :o has
 n se5 our mod]n social life f ?is po9t 
( view w f9d ! claim absurdly           
extravagant1 b ! />tl+ "* ( !           
proposition w we> (f ) long] & clos]    
att5tion to ?is aspect ( ! facts (      
ev]yday life4 ,b ! "q ( ! exact am\nt ( 
wa/e due to ?is factor is immat]ial4 ,x 

w n be d5i$ t is is a fact ( consid]able
 magnitude1 & t is all t ! argum5t      
requires4  ,x is accord+ly compet5t = ! 
advocates ( ! nationalisation ( indu/ry 
& prop]ty to claim t ev5 if _! s*eme (  
organisation %\ld prove less effective =
 production ( goods ?an ! pres5t1 z     
measur$ absolutely 9 t]ms ( ! aggregate 
output ( our indu/ry1 yet ! community   
might readily be ma9ta9$ at ! pres5t    
av]age /&>d ( com=t4 ,! requir$         
aggregate output ( ! nation's indu/ry   
w\ld be consid]ably less ?an at pres5t1 
& !re w\ld !re=e be less necessity = t  
close & /r5u\s indu/rial organisation & 
discipl9e ( ! memb]s ( society "u ! new 
regime1 ^: evils unfri5dly critics are  
apt to magnify4 ,! *ances (             
practicability = ! s*eme %\ld logically 
be consid]ably increas$ by ?is less5+ ( 
! necessity = sev]e application4 ,! less
 irksome & exact+ ! new regime1 ! less  
*ance ( a rev]sion to ! e>li] sy/em4    
,"u su* a social ord]1 :]e common labor 
w\ld no long] be a m>k ( peculi>        

economic necessity & consequ5t l[       
economic rank on "p ( ! labor]1 x is ev5
 conceivable t labor might practically  
come to assume t "* ( nobility 9 ! eyes 
( society at l>ge1 :i* x n[ sometimes   
assumes 9 ! speculations ( ! well-to-d1 
9 _! complac5t moods4 ,mu* has sometimes
 be5 made ( ?is possibility by sociali/ 
speculators1 b ! inf]5ce has some?+ ( a 
utopian look1 & no "o1 c]ta9ly1 is      
entitl$ to build in/itutions = ! com+   
social ord] on ?is dubi\s gr\nd4  ,:at  
!re seems to be gr\nd = claim+ is t a   
society :i* has rea*$ our pres5t degree 
( indu/rial effici5cy w\ld n g into !   
,sociali/ or ,nationali/ /ate ) z _m    
*ances ( failure z a community ^:       
indu/rial developm5t is /ill at ! /age  
at :i* /r5u\s labor on ! "p ( ne>ly all 
memb]s is b>ely suffici5t to make bo?   
ends meet4  ,9 ,mr4 ,sp5c]'s essay1 9   
con=mity ) ! l9e ( argum5t ( 8          
,pr9ciples ( ,sociology1 x is po9t$ out 
t1 z ! result ( con/antly op]ative      
social =ces1 all social sy/ems1 z reg>ds

 ! =m ( organisation1 fall into ! "o or 
! o!r ( ,sir ,h5ry ,ma9e's two          
classes--! sy/em ( /atus or ! sy/em (   
contract4 ,9 accordance ) ?is           
g5]alisation x is conclud$ t :5ev] !    
mod]n sy/em ( contract or free          
competition %all be displac$1 x w       
necess>ily be replac$ by ! only o!r kn[n
 sy/em--t ( /atus2 ! type ( :i* is !    
milit>y organisation1 or1 also1 a       
hi]>*y1 or a bureaucracy4 ,x is some?+  
aft] ! fa%ion ( ! indu/rial organisation
 ( anci5t ,p]u t ,mr4 ,sp5c] pictures z 
! inevitable sequel ( ! demise ( ! exi/+
 competitive sy/em4 ,volunt>y           
cooep]ation c be replac$ only by        
compulsory cooep]ation1 :i* is id5tifi$ 
) ! sy/em ( /atus & def9$ z ! subjection
 ( man to 8 fell[-man4  ,n[1 at lea/ z a
 matt] ( speculation1 ?is is n ! only   
alt]native4 ,^! two sy/ems1 ( /atus1 or 
prescription1 & ( contract1 or          
competition1 h divid$ ! field ( social  
organisation betwe5 !m 9 "s proportion  
or o!r 9 ! pa/4 ,mr4 ,sp5c] has %[n t1 v

 g5]ally1 :]e human progress 9 its      
advanc$ /ages has work$ t[>ds !         
amelioration ( ! lot ( ! av]age memb] ( 
society1 ! movem5t has be5 away f !     
sy/em ( /atus & t[>ds ! sy/em (         
contract4 ,b !re is at lea/ "o1 if n m  
?an "o exception to ! rule1 z conc]ns ! 
rec5t pa/4 ,! late/ developm5t ( !      
indu/rial organisation among civilis$   
nations--p]haps 9 an especial degree 9 !
 case ( ! ,am]ican p--has n be5 entirely
 a cont9uation ( ! approa* to a regime (
 free contract4 ,x is also1 to say !    
lea/1 v d\btful if ! movem5t has be5    
t[>ds a regime ( /atus1 9 ! s5se 9 :i*  
,sir ,h5ry ,ma9e uses ! t]m4 ,?is is    
especially evid5t 9 ! case ( ! great    
indu/ries :i* we call natural           
monopolies2 & x is to be add$ t ! pres5t
 t5d5cy is = a cont9ually increas+      
proportion ( ! indu/rial activities ( ! 
community to fall into ! category (     
natural monopolies4 ,no revolution has  
be5 a*iev$2 ! sy/em ( competition has n 
be5 disc>d$1 b ! c\rse ( indu/rial      

developm5t is n 9 ! direction ( an      
ext5sion ( t sy/em at all po9ts2 nor    
does ! pr9ciple ( /atus always replace t
 ( competition :]ev] ! latt] fails4  ,! 
classification ( me?ods ( social        
organisation "u ! two heads ( /atus or (
 contract1 is n logically exhau/ive4    
,!re is no?+ 9 ! mean+ ( ! t]ms employ$ 
:i* w compel u to say t :5ev] man       
escapes f ! control ( 8 fell[ man1 "u a 
sy/em ( /atus1 he !reby falls into a    
sy/em ( free contract4 ,!re is a        
conceivable escape f ! dilemma1 & x is  
?is conceivable1 ?\gh p]haps            
impracticable1 escape f bo? ^! sy/ems t 
! sociali/ agitator wi%es to effect4 ,an
 acqua9tance ) ! aims & position ( ! m  
advanc$ & consi/5t advocates ( a new    
dep>ture leaves no d\bt b t ! pr9ciples 
( contract & ( /atus1 bo?1 are 9        
sub/ance famili> to _! ?\ghts--?\gh (t5 
9 a vague & inadequate =m--& t !y       
di/9ctly repudiate bo?4 ,?is is p]haps  
less true ( ^? :o take ! sociali/       
position ma9ly on e?ical gr\nds4  ,z    

be>+ on ?is po9t x may be rem>k$ t :ile 
! indu/rial sy/em1 9 ! case ( all       
communities ) ^: hi/ory we are acqua9t$1
 has always 9 ! pa/ be5 organis$ accord+
 to a s*eme ( /atus or ( contract1 or ( 
! two comb9$ 9 "s proportion1 yet !     
social organisation has n 9 all cases   
develop$ along ! same l9es1 s f> z      
conc]ns su* social functions z are n    
prim>ily indu/rial4 ,especially is ?is  
true ( ! lat] /ages 9 ! developm5t ( ^? 
communities ^: in/itutions we are       
accu/om$ to contemplate ) ! mo/         
complac5cy1 e4g41 ! case ( !            
,engli%-speak+ peoples4 ,! :ole sy/em ( 
mod]n con/itutional gov]nm5t 9 its late/
 develop$ =ms1 9 !ory at lea/1 &1 9 a   
measure1 9 practice1 does n fall "u !   
head ( ei!r contract or /atus4 ,x is !  
analogy ( mod]n con/itutional gov]nm5t  
?r\gh an imp]sonal law & imp]sonal      
in/itutions1 t comes ne>e/ do+ ju/ice to
 ! vague notions ( our sociali/         
propag&i/s4 ,x is true1 "s ( ! mo/ not$ 
among !m are fond ( ! analogy ( !       

milit>y organisation1 z a /rik+         
illu/ration ( "o feature ( ! sy/em !y   
advocate1 b t mu/ aft] all be tak5 z an 
obit] dictum4  ,fur!r1 z to ! mann] ( ! 
evolution ( exi/+ in/itutions & _!      
relation to ! two sy/ems spok5 (4 ,s f> 
z conc]ns ! communities :i* h figur$    
l>gely 9 ! civilis$ _w1 ! political     
organisation has _h its orig9 9 a       
milit>y sy/em ( gov]nm5t4 ,s1 also1 has 
! indu/rial organisation4 ,b :ile !     
developm5t ( indu/ry1 dur+ its gradual  
escape f ! milit>y sy/em ( /atus1 has   
be51 at lea/ until lately1 9 ! direction
 ( a sy/em ( free contract1 ! developm5t
 ( ! political organisation1 s f> z x   
has escap$ f ! regime ( /atus1 has n be5
 9 t direction4 ,! sy/em ( /atus is a   
sy/em ( subjection to p]sonal           
au?ority1--( prescription & class       
di/9ctions1 & privileges & immunities2 !
 sy/em ( con/itutional gov]nm5t1        
especially z se5 at its be/ among a p ( 
democratic traditions & habits ( m9d1 is
 a sy/em ( subjection to ! w ( ! social 

organism1 z express$ 9 an imp]sonal law4
 ,?is diff]5ce betwe5 ! sy/em ( /atus & 
! con/itutional sy/em expresses a l>ge  
"p ( ! mean+ ( ! boa/$ free in/itutions 
( ! ,engli%-speak+ p4 ,"h1 subjection is
 n to ! p]son ( ! public function>y1 b  
to ! p[]s ve/$ 9 him4 ,?is has1 ( c\rse1
 some?+ ( ! r+ ( latt]-day popul>       
rhetoric1 b x is aft] all felt to be    
true1 n only speculatively1 b 9 "s      
measure also 9 practice4  ,! "r ( em95t 
doma9 & ! p[] to tax1 z int]pret$ "u    
mod]n con/itutional =ms1 indicate some?+
 ( ! direction ( developm5t ( !         
political functions ( society at a po9t 
:]e !y t\* ! prov9ce ( ! indu/rial      
sy/em4 ,x is along ! l9e indicat$ by ^! 
& k9dr$ facts t ! sociali/s are advanc+2
 & x is along ?is l9e t ! lat]          
developm5ts made necess>y by ! exig5cies
 ( indu/ry "u mod]n conditions are also 
mov+4 ,! aim ( ! propag&i/s is to s9k ! 
indu/rial community 9 ! political       
community2 or p]haps bett]1 to id5tify !
 two organisations2 b always ) insi/5ce 

on ! necessity ( mak+ ! political       
organisation1 9 "s fur!r develop$ =m1 ! 
rul+ & only "o 9 ! outcome4 ,di/9ctly1 !
 sy/em ( contract is to be done away )2 
& equally di/9ctly1 no sy/em ( /atus is 
to take its place4  ,all ?is is pretty  
vague1 & ( a negative "*1 b x w\ld      
quickly pass ! limits ( legitimate      
inf]5ce f ! accept$ doctr9es ( !        
sociali/s if x %\ld attempt to be any?+ 
m4 ,x does n h mu* to say z to !        
practicability ( any sociali/ s*eme4 ,z 
a matt] ( speculation1 !re seems to be  
an escape f ! dilemma insi/$ on by ,mr4 
,sp5c]4 ,we may conceivably h           
nationalism )\t /atus & )\t contract4 ,9
 !ory1 bo? pr9ciples are entirely       
obnoxi\s to t sy/em4 ,! practical "q1 z 
to :e!r mod]n society af=ds ! mat]ials  
out ( :i* an indu/rial /ructure c be    
erect$ on a sy/em diff]5t f ei!r ( ^!1  
is a problem ( con/ructive social       
eng9e]+ :i* calls = a consid]ation (    
details f> too compreh5sive to be ent]$ 
on "h4 ,/ill1 9 view ( ! pa/ c\rse (    

developm5t ( "* & in/itutions on ! "p ( 
! p to :i* we belong1 x is p]haps n     
extravagant to claim t no =m (          
organisation :i* %\ld necess>ily        
ev5tuate 9 a ?or\gh-go+ sy/em ( /atus   
c\ld endure among u4 ,! inf]5ce f ?is   
proposition may be1 ei!r t a ne> approa*
 to nationalisation ( indu/ry w\ld      
involve a regime ( /atus1 a bureaucracy1
 :i* w\ld be un5durable1 & :i* w\ld     
!re=e drive u back to ! pres5t sy/em    
be=e x _h be5 entirely ab&on$2 or t !   
nationalisation w\ld be a*iev$ ) su* a  
measure ( success1 9 con=mity ) !       
requirem5ts ( our type ( "*1 z w\ld make
 x pref]able to :at we _h left beh9d4 ,9
 ei!r case ! gr\nd = al>m does n seem s 
s]i\s z is sometimes imag9$4  ,a        
rev]sion to ! sy/em ( free competition1 
aft] x _h be5 9 l>ge "p disc>d$1 w\ld no
 d\bt be a matt] ( great practical      
difficulty1 & ! exp]im5t :i* %\ld       
demon/rate ! necessity ( su* a /ep might
 involve great wa/e & suff]+1 & might   
s]i\sly ret>d ! advance ( ! race t[>d   

some?+ bett] ?an our pres5t condition2 b
 nei!r a p]man5t det]ioration ( human   
society1 nor a huge cata/rophe1 is to be
 confid5tly c\nt$ on z ! outcome ( !    
movem5t t[>d nationalisation1 ev5 if x  
%\ld prove necess>y = society to retrace
 its /eps4  ,x is conceivable t !       
application ( :at may be call$ !        
con/itutional me?od to ! organisation ( 
indu/ry--= t is ess5tially :at !        
advocates ( ,nationalisation dem&--w\ld 
result 9 a c\rse ( developm5t analog\s  
to :at has tak5 place 9 ! case ( !      
political organisation "u mod]n         
con/itutional =ms4 ,mod]n con/itutional 
gov]nm5t--! sy/em ( mod]n free          
in/itutions--is by no means an          
unqualifi$ success1 9 ! s5se ( secur+ to
 ea* ! rights & immunities :i* 9 !ory   
are gu>ante$ to him4  ,our mod]n        
republics h h>dly giv5 u a =eta/e ( t   
political mill5nium :]e( !y proclaim !  
fruition4 ,! av]age human nature is z   
yet by no means entirely fit =          
self-gov]nm5t accord+ to ! con/itutional

 me?od4 ,%ortcom+s are visible at e     
turn4 ,^! %ortcom+s are grave en\gh to  
furni% s]i\s argum5ts aga9/ !           
practicability ( our free in/itutions4  
,on ! cont95t ( ,europe ! belief seems  
to be at pres5t 9 ! asc5dant t man mu/  
yet1 = a long "t1 rema9 "u ! tutelage ( 
absolutism be=e he %all be fit to       
organise himself into an autonom\s      
political body4 ,! belief is n altoge!r 
irrational4 ,j h[ great mu/ be ! advance
 ( society & j :at mu/ be ! "* ( !      
advance1 prelim9>y to its advantage\sly 
assum+ ! autonom\s--republican--=m (    
political organisation1 mu/ be admitt$  
to be an op5 "q4 ,:e!r we1 or any p1 h  
yet rea*$ ! requir$ /age ( ! advance is 
also que/ion$ by _m4 ,b ! p>tial success
 :i* has att5d$ ! movem5t 9 ?is         
direction1 among ! ,engli%-speak+ p =   
example1 goes v f> t[>ds prov+ t ! po9t 
9 ! developm5t ( human "* at :i* !      
con/itutional me?od may be advantage\sly
 adopt$ 9 ! political field1 lies f> ?is
 side ! po9t at :i* human nature %all h 

become completely adapt$ = t me?od4 ,t  
is to say1 x does n seem necess>y1 z    
reg>ds ! functions ( society :i* we are 
accu/om$ to call political1 to be       
entirely ready = nationalisation be=e   
ent]+ ^u x4 ,h[ f> ! analogy ( ?is w    
hold :5 appli$ to ! indu/rial           
organisation ( society is difficult to  
say1 b "s significance ! analogy mu/ be 
admitt$ to possess4  ,c]ta9ly1 ! fact t 
con/itutional gov]nm5t--!               
nationalisation ( political             
functions--seems to h be5 a move 9 ! "r 
direction is n to be tak5 z pro( ( !    
advisability ( =?) nationalis+ !        
indu/rial functions4 ,at ! same "t ?is  
fact does af=d gr\nd = ! claim t a      
movem5t 9 ?is direction may prove itself
 9 "s degree advantage\s1 ev5 if x takes
 place at a /age 9 ! developm5t ( human 
nature at :i* mank9d is /ill f> f be+   
entirely fit = ! duties :i* ! new sy/em 
%all impose4 ,! "q1 !re=e1 is n :e!r we 
h rea*$ ! p]fection ( "* :i* w\ld be    
necess>y 9 ord] to a p]fect work+ ( !   

s*eme ( nationalisation ( indu/ry1 b    
:e!r we h rea*$ su* a degree (          
developm5t z w\ld make an imp]fect work+
 ( ! s*eme possible4  ,,footnotes3  #a  
,repr9t$ by p]mission f ! ,annals (     
,am]ican ,academy ( ,political & ,social
 ,sci5ce1 ,vol4 ,,ii1 #ahib4  #b        
,introductory pap] ( ,a ,plea = ,lib]ty2
 edit$ by ,?omas ,mackay4     ,,!       
,,sociali/ ,,economics ,,( ,,k>l ,,m>x  
,,& ,,8 ,,foll[]s#a   ,i4 ,,! ,,!ories  
,,( ,,k>l ,,m>x  ,! sy/em ( doctr9es    
work$ out by ,m>x is *>act]is$ by a     
c]ta9 boldness ( conception & a great   
logical consi/5cy4 ,tak5 9 detail1 !    
con/itu5t elem5ts ( ! sy/em are nei!r   
novel nor iconocla/ic1 nor does ,m>x at 
any po9t claim to h discov]$ previ\sly  
hidd5 facts or to h inv5t$ recondite    
=mulations ( facts already kn[n2 b !    
sy/em z a :ole has an air ( orig9ality &
 initiative su* z is r>ely met ) among !
 sci5ces t deal ) any phase ( human     
culture4 ,h[ mu* ( ?is di/9ctive "* !   
,m>xian sy/em owes to ! p]sonal traits (

 its creator is n easy to say1 b :at    
m>ks x (f f all o!r sy/ems ( economic   
!ory is n a matt] ( p]sonal             
idiosyncrasy4 ,x diff]s *>act]i/ically f
 all sy/ems ( !ory t _h prec$$ x1 bo? 9 
its premises & 9 its aims4 ,! 7ho/ile7  
critics ( ,m>x h n suffici5tly          
appreciat$ ! radical "* ( 8 dep>ture 9  
bo? ( ^! respects1 & h1 !re=e1 commonly 
lo/ !mselves 9 a tangl$ scrut9y (       
suppos$ly ab/ruse details2 :]eas ^?     
writ]s :o h be5 9 sympa?y ) 8 tea*+s h  
too commonly be5 disciples b5t on       
exegesis & on confirm+ _!               
fell[-disciples 9 ! fai?4  ,except z a  
:ole & except 9 ! light ( its po/ulates 
& aims1 ! ,m>xian sy/em is n only n     
t5able1 b x is n ev5 intelligible4 ,a   
discussion ( a giv5 isolat$ feature ( ! 
sy/em 7su* z ! !ory ( value7 f ! po9t ( 
view ( classical economics 7su* z t (f]$
 by ,boehm-,baw]k7 is z futile z a      
discussion ( solids 9 t]ms ( two        
dim5sions4  ,nei!r z reg>ds 8 po/ulates 
& preconceptions nor z reg>ds ! aim ( 8 

inquiry is ,m>x's position an altoge!r  
s+le-m9d$ "o4 ,9 nei!r respect does 8   
position come ( a s+le l9e ( antec$5ts4 
,he is ( no s+le s*ool ( philosophy1 nor
 are 8 ideals ^? ( any s+le gr\p (      
speculators liv+ be=e 8 "t4 ,= ?is      
reason he takes 8 place z an orig9ator (
 a s*ool ( ?\ght z well z ! lead] ( a   
movem5t look+ to a practical end4  ,z to
 ! motives :i* drive him & ! aspirations
 :i* guide him1 9 de/ructive criticism &
 9 creative speculation alike1 he is    
prim>ily a !oretician busi$ ) ! analysis
 ( economic ph5om5a & _! organisation   
into a consi/5t & fai?ful sy/em (       
sci5tific k2 b he is1 at ! same "t1     
consi/5tly & t5aci\sly al]t to ! be>+   
:i* ea* /ep 9 ! progress ( 8 !oretical  
"w has ^u ! propag&a4 ,8 "w has1 !re=e1 
an air ( bias1 su* z belongs to an      
advocate's argum5t2 b x is n1 !re=e1 to 
be assum$1 nor inde$ to be cr$it$1 t 8  
propag&i/ aims h 9 any sub/antial way   
deflect$ 8 inquiry or 8 speculations f !
 fai?ful pursuit ( sci5tific tru?4 ,8   

sociali/ic bias may color 8 polemics1 b 
8 logical grasp is too neat & firm to   
admit ( any bias1 o!r ?an t ( 8         
metaphysical preconceptions1 affect+ 8  
!oretical "w4  ,!re is no sy/em (       
economic !ory m logical ?an t ( ,m>x4   
,no memb] ( ! sy/em1 no s+le article (  
doctr9e1 is fairly to be und]/ood1      
criticis$1 or def5d$ except z an        
articulate memb] ( ! :ole & 9 ! light ( 
! preconceptions & po/ulates :i* af=d ! 
po9t ( dep>ture & ! controll+ norm ( !  
:ole4 ,z reg>ds ^! preconceptions &     
po/ulates1 ,m>x draws on two di/9ct l9es
 ( antec$5ts1--! ,mat]iali/ic           
,hegelianism & ! ,engli% sy/em (        
,natural ,rights4 ,by 8 e>li] tra9+ he  
is an adept 9 ! ,hegelian me?od (       
speculation & inoculat$ ) ! metaphysics 
( developm5t und]ly+ ! ,hegelian sy/em4 
,by 8 lat] tra9+ he is an exp]t 9 !     
sy/em ( ,natural ,rights & ,natural     
,lib]ty1 +ra9$ 9 8 ideals ( life & held 
inviolate ?r\gh\t4 ,he does n take a    
critical attitude t[>d ! und]ly+        

pr9ciples ( ,natural ,rights4 ,ev5 8    
,hegelian preconceptions ( developm5t   
nev] c>ry him ! l5g? ( que/ion+ !       
fundam5tal pr9ciples ( t sy/em4 ,he is  
only m ru?lessly consi/5t 9 work+ out _!
 cont5t ?an 8 natural-rights antagoni/s 
9 ! lib]al-classical s*ool4 ,8 polemics 
run aga9/ ! specific t5ets ( ! lib]al   
s*ool1 b !y run :olly on ! gr\nd af=d$  
by ! premises ( t s*ool4 ,! ideals ( 8  
propag&a are natural-rights ideals1 b 8 
!ory ( ! work+ out ( ^! ideals 9 ! c\rse
 ( hi/ory re/s on ! ,hegelian           
metaphysics ( developm5t1 & 8 me?od (   
speculation & con/ruction ( !ory is giv5
 by ! ,hegelian dialectic4         99   
99       99       99       99  ,:at fir/
 & mo/ vividly c5t]$ int]e/ on ,m>x & 8 
speculations 0 8 relation to !          
revolution>y sociali/ic movem5t2 & x is 
^? features ( 8 doctr9es :i* be>        
imm$iately on ! propag&a t /ill cont9ue 
to hold ! att5tion ( ! great] numb] ( 8 
critics4 ,*ief among ^! doctr9es1 9 !   
appreh5sion ( 8 critics1 is ! !ory (    

value1 ) its coroll>ies3 7a7 ! doctr9es 
( ! exploitation ( labor by capital2 &  
7b7 ! labor]'s claim to ! :ole product (
 8 labor4 ,av[$ly1 ,m>x traces 8 doctr9e
 ( labor-value to ,ric>do1 & ?r\gh him  
to ! classical economi/s4#b ,! labor]'s 
claim to ! :ole product ( labor1 :i* is 
pretty con/antly impli$1 ?\gh n         
frequ5tly av[$ by ,m>x1 he has 9 all    
probability tak5 f ,engli% writ]s ( !   
e>ly n9ete5? c5tury1#c m p>ticul>ly f   
,william ,?ompson4 ,^! doctr9es are1 on 
_! face1 no?+ b a developm5t ( !        
conceptions ( natural rights :i* !n     
p]vad$ ,engli% speculation & af=d$ !    
metaphysical gr\nd ( ! lib]al movem5t4  
,! m =midable critics ( ! ,m>xian       
socialism h made mu* ( ^! doctr9al      
elem5ts t fur!r ! propag&a1 & h1 by lay+
 ! /ress on ^!1 div]t$ att5tion f o!r   
elem5ts t are ( m vital consequ5ce to ! 
sy/em z a body ( !ory4 ,_! exclusive    
int]e/ 9 ?is side ( sci5tific socialism 
has ev5 l$ !m to d5y ! ,m>xian sy/em all
 sub/antial orig9ality1 & make x a      

7d\btfully legitimate7 (f%oot ( ,engli% 
,lib]alism & natural rights4#d ,b ?is is
 "o-sid$ criticism4 ,x may hold z aga9/ 
c]ta9 t5ets ( ! s-call$ sci5tific       
socialism1 b x is n altoge!r to ! po9t z
 reg>ds ! ,m>xian sy/em ( !ory4 ,ev5 !  
,m>xian !ory ( value1 surplus value1 &  
exploitation1 is n simply ! doctr9e (   
,william ,?ompson1 transcrib$ &         
sophi/icat$ 9 a =bidd+ t]m9ology1 h[ev] 
great ! sup]ficial resemblance & h[ev]  
l>ge ,m>x's unackn[l$g$ debt to ,?ompson
 may be on ^! heads4 ,= _m details & =  
mu* ( 8 animus ,m>x may be indebt$ to ! 
,utilit>ians2 b1 aft] all1 8 sy/em (    
!ory1 tak5 z a :ole1 lies )9 ! fronti]s 
( neo-,hegelianism1 & ev5 ! details are 
work$ out 9 accord ) ! preconceptions ( 
t s*ool ( ?\ght & h tak5 on ! complexion
 t w\ld prop]ly belong to !m on t gr\nd4
 ,x is1 !re=e1 n by an itemis$ scrut9y (
 ! details ( doctr9e & by trac+ _!      
p$igree 9 detail t a fair conception (  
,m>x & 8 contribution to economics may  
be rea*$1 b r by foll[+ him f 8 own po9t

 ( dep>ture out into ! ramifications ( 8
 !ory1 & s ov]look+ ! :ole 9 !          
prospective :i* ! lapse ( "t n[ af=ds u1
 b :i* he c\ld n himself atta91 s9ce he 
0 too ne> to 8 own "w to see :y he w5t  
ab\t x z he did4         99       99    
99       99       99  ,! compreh5sive   
sy/em ( ,m>xism is compris$ )9 ! s*eme (
 ! ,mat]iali/ic ,conception ( ,hi/ory4#e
 ,?is mat]iali/ic conception is         
ess5tially ,hegelian1#f al?\gh x belongs
 ) ! ,hegelian ,left1 & its imm$iate    
affiliation is ) ,feu]ba*1 n ) ! direct 
l9e ( ,hegelian or?odoxy4 ,! *ief po9t (
 int]e/ "h1 9 id5tify+ ! mat]iali/ic    
conception ) ,hegelianism1 is t ?is     
id5tification ?r[s x imm$iately &       
uncompromis+ly into contra/ ) ,d>w9ism &
 ! po/-,d>w9ian conceptions ( evolution4
 ,ev5 if a plausible ,engli% p$igree    
%\ld be work$ out = ?is ,mat]iali/ic    
,conception1 or ,sci5tific ,socialism1 z
 has be5 attempt$1 x rema9s none ! less 
true t ! conception ) :i* ,m>x w5t to 8 
"w 0 a transmut$ framework ( ,hegelian  

dialectic4#g  ,r\ghly1 ,hegelian        
mat]ialism diff]s f ,hegelian or?odoxy  
by inv]t+ ! ma9 logical sequ5ce1 n by   
disc>d+ ! logic or resort+ to new te/s (
 tru? or f9ality4 ,"o might say1 ?\gh   
p]haps ) excessive crudity1 t1 :]e      
,hegel pron\nces 8 dictum1 ,das ,d5k5 i/
 das ,se91 ! mat]iali/s1 p>ticul>ly ,m>x
 & ,engels1 w\ld say ,das ,se9 ma*t das 
,d5k54 ,b 9 bo? cases "s sort ( a       
creative primacy is assign$ to "o or !  
o!r memb] ( ! complex1 & 9 nei!r case is
 ! relation betwe5 ! two memb]s a causal
 relation4 ,9 ! mat]iali/ic conception  
man's spiritual life--:at man ?9ks--is a
 reflex ( :at he is 9 ! mat]ial respect1
 v mu* 9 ! same fa%ion z ! or?odox      
,hegelian w\ld make ! mat]ial _w a      
reflex ( ! _s4 ,9 bo?1 ! dom9ant norm ( 
speculation & =mulation ( !ory is !     
conception ( movem5t1 developm5t1       
evolution1 progress2 & 9 bo? ! movem5t  
is conceiv$ necess>ily to take place by 
! me?od ( conflict or /ruggle4 ,!       
movem5t is ( ! nature (                 

progress1--gradual advance t[>d a goal1 
t[>d ! realisation 9 explicit =m ( all t
 is implicit 9 ! sub/antial activity    
involv$ 9 ! movem5t4 ,! movem5t is1     
fur!r1 self-condition$ & self-act+3 x is
 an unfold+ by inn] necessity4 ,!       
/ruggle :i* con/itutes ! me?od ( movem5t
 or evolution is1 9 ! ,hegelian sy/em   
prop]1 ! /ruggle ( ! _s =               
self-realisation by ! process ( !       
well-kn[n ?ree-phase dialectic4 ,9 !    
mat]iali/ic conception ( hi/ory ?is     
dialectical movem5t becomes ! class     
/ruggle ( ! ,m>xian sy/em4  ,! class    
/ruggle is conceiv$ to be mat]ial1 b !  
t]m mat]ial is 9 ?is connection us$ 9 a 
metaphorical s5se4 ,x does n mean       
me*anical or physical1 or ev5           
physiological1 b economic4 ,x is mat]ial
 9 ! s5se t x is a /ruggle betwe5       
classes = ! mat]ial means ( life4 ,!    
mat]iali/ic conception ( hi/ory proce$s 
on ! pr9ciple t production &1 next to   
production1 ! ex*ange ( its products is 
! gr\ndwork ( e social ord]4#h ,! social

 ord] takes its =m ?r\gh ! class        
/ruggle1 & ! "* ( ! class /ruggle at any
 giv5 phase ( ! unfold+ developm5t (    
society is det]m9$ by ! prevail+ mode ( 
economic production & ex*ange4 ,!       
dialectic ( ! movem5t ( social progress1
 !re=e1 moves on ! spiritual plane (    
human desire & passion1 n on !          
7lit]ally7 mat]ial plane ( me*anical &  
physiological /ress1 on :i* !           
developm5tal process ( brute creation   
unfolds itself4 ,x is a sublimat$       
mat]ialism1 sublimat$ by ! dom9at+      
pres5ce ( ! consci\s human _s2 b x is   
condition$ by ! mat]ial facts ( !       
production ( ! means ( life4#i ,!       
ultimately active =ces involv$ 9 !      
process ( unfold+ social life are       
7app>5tly7 ! mat]ial ag5cies engag$ 9 ! 
me*anics ( production2 b ! dialectic ( !
 process--! class /ruggle--runs its     
c\rse only among & 9 t]ms ( ! second>y  
7epig5etic7 =ces ( human consci\sness   
engag$ 9 ! valuation ( ! mat]ial        
products ( indu/ry4 ,a consi/5tly       

mat]iali/ic conception1 consi/5tly adh]+
 to a mat]iali/ic int]pretation ( !     
process ( developm5t z well z ( ! facts 
involv$ 9 ! process1 c\ld sc>cely avoid 
mak+ its putative dialectic /ruggle a   
m]e unconsci\s & irrelevant conflict ( !
 brute mat]ial =ces4 ,?is w\ld h am\nt$ 
to an int]pretation 9 t]ms ( opaque     
cause & effect1 )\t rec\rse to ! concept
 ( a consci\s class /ruggle1 & x might h
 l$ to a concept ( evolution simil> to !
 unteleological ,d>w9ian concept (      
natural selection4 ,x c\ld sc>cely h l$ 
to ! ,m>xian notion ( a consci\s class  
/ruggle z ! "o necess>y me?od ( social  
progress1 ?\gh x might conceivably1 by !
 aid ( empirical g5]alisation1 h l$ to a
 s*eme ( social process 9 :i* a class   
/ruggle w\ld be includ$ z an incid5tal  
?\gh p]haps highly effici5t factor4#aj  
,x w\ld h l$1 z ,d>w9ism has1 to a      
concept ( a process ( cumulative *ange 9
 social /ructure & function2 b ?is      
process1 be+ ess5tially a cumulative    
sequ5ce ( causation1 opaque &           

unteleological1 c\ld n1 )\t an infusion 
( pi\s fancy by ! speculator1 be ass]t$ 
to involve progress z di/9ct f          
retrogression or to t5d to a realisation
 or self-realisation ( ! human _s or (  
any?+ else4 ,nei!r c\ld x conceivably be
 ass]t$ to lead up to a f9al t]m1 a goal
 to :i* all l9es ( ! process %\ld       
conv]ge & beyond :i* ! process w\ld n g1
 su* z ! assum$ goal ( ! ,m>xian process
 ( class /ruggle1 :i* is conceiv$ to    
cease 9 ! classless economic /ructure ( 
! sociali/ic f9al t]m4 ,9 ,d>w9ism !re  
is no su* f9al or p]fect t]m1 & no      
def9itive equilibrium4  ,! disp>ity     
betwe5 ,m>xism & ,d>w9ism1 z well z !   
disp>ity )9 ! ,m>xian sy/em betwe5 !    
range ( mat]ial facts t are conceiv$ to 
be ! fundam5tal =ces ( ! process1 on !  
"o h&1 & ! range ( spiritual facts )9   
:i* ! dialectic movem5t proce$s1--?is   
disp>ity is %[n 9 ! "* assign$ ! class  
/ruggle by ,m>x & ,engels4 ,! /ruggle is
 ass]t$ to be a consci\s "o1 & proce$s  
on a recognition by ! compet+ classes ( 

_! mutually incompatible int]e/s ) reg>d
 to ! mat]ial means ( life4 ,! class    
/ruggle proce$s on motives ( int]e/1 & a
 recognition ( class int]e/ c1 ( c\rse1 
be rea*$ only by reflection on ! facts (
 ! case4 ,!re is1 !re=e1 n ev5 a direct 
causal connection betwe5 ! mat]ial =ces 
9 ! case & ! *oice ( a giv5 int]e/$ l9e 
( conduct4 ,! attitude ( ! int]e/$ p>ty 
does n result f ! mat]ial =ces s        
imm$iately z to place x )9 ! relation ( 
direct cause & effect1 nor ev5 ) su* a  
degree ( intimacy z to admit ( its be+  
class$ z a tropismatic1 or ev5          
in/9ctive1 response to ! impact ( !     
mat]ial =ce 9 "q4 ,! sequ5ce (          
reflection1 & ! consequ5t *oice ( sides 
to a qu>rel1 run entirely alongside ( a 
range ( mat]ial facts conc]n$4  ,a fur!r
 *>act]i/ic ( ! doctr9e ( class /ruggle 
requires m5tion4 ,:ile ! concept is n   
,d>w9ian1 x is also n legitimately      
,hegelian1 :e!r ( ! ,"r or ! ,left4 ,x  
is ( a utilit>ian orig9 & ( ,engli%     
p$igree1 & x belongs to ,m>x by virtue (

 8 hav+ borr[$ its elem5ts f ! sy/em (  
self-int]e/4 ,x is 9 fact a piece (     
h$onism1 & is relat$ to ,b5?am r ?an to 
,hegel4 ,x proce$s on ! gr\nds ( !      
h$oni/ic calculus1 :i* is equally =eign 
to ! ,hegelian notion ( an unfold+      
process & to ! po/-,d>w9ian notions (   
cumulative causation4 ,z reg>ds !       
t5ability ( ! doctr9e1 ap>t f ! "q ( its
 d]ivation & its compatibility ) !      
neo-,hegelian po/ulates1 x is to be add$
 t x is q out ( h>mony ) ! lat] results 
( psy*ological inquiry1--j z is true ( !
 use made ( ! h$oni/ic calculus by !    
classical 7,au/rian7 economics4         
99       99       99       99       99  
,)9 ! doma9 cov]$ by ! mat]iali/ic      
conception1 t is to say )9 ! doma9 (    
unfold+ human culture1 :i* is ! field ( 
,m>xian speculation at l>ge1 ,m>x has m 
p>ticul>ly devot$ 8 ef=ts to an analysis
 & !oretical =mulation ( ! pres5t       
situation1--! curr5t phase ( ! process1 
! capitali/ic sy/em4 ,&1 s9ce ! prevail+
 mode ( ! production ( goods det]m9es ! 

in/itutional1 intellectual1 & spiritual 
life ( ! epo*1 by det]m9+ ! =m & me?od (
 ! curr5t class /ruggle1 ! discussion   
necess>ily beg9s ) ! !ory ( capitali/ic 
production1 or production z c>ri$ on "u 
! capitali/ic sy/em4#aa  ,"u !          
capitali/ic sy/em1 t is to say "u !     
sy/em ( mod]n bus9ess traffic1          
production is a production (            
commodities1 m]*antable goods1 ) a view 
to ! price to be obta9$ = !m 9 ! m>ket4 
,! great fact on :i* all indu/ry "u ?is 
sy/em h+es is ! price ( m>ketable goods4
 ,!re=e x is at ?is po9t t ,m>x /rikes  
into ! sy/em ( capitali/ic production1 &
 !re=e ! !ory ( value becomes ! dom9ant 
feature ( 8 economics & ! po9t (        
dep>ture = ! :ole analysis1 9 all its   
volum9\s ramifications4#ab  ,x is       
sc>cely wor? :ile to "q :at s]ves z !   
beg9n+ ( wisdom 9 ! curr5t criticisms ( 
,m>x2 namely1 t he (f]s no adequate pro(
 ( 8 labor-value !ory4#ac ,x is ev5 safe
 to g f>!r1 & say t he (f]s no pro( ( x4
 ,! fe9t :i* occupies ! op5+ p>agraphs (

 ! ,kapital & ! correspond+ passages (  
,zur ,kritik1 etc41 is n to be tak5     
s]i\sly z an attempt to prove 8 position
 on ?is head by ! ord9>y rec\rse to     
argum5t4 ,x is r a self-satisfi$        
sup]ior's playful my/ification ( ^?     
read]s 7critics7 ^: limit$ p[]s d n     
enable !m to see t 8 proposition is     
self-evid5t4 ,tak5 on ! ,hegelian       
7neo-,hegelian7 gr\nd1 & se5 9 ! light (
 ! g5]al mat]iali/ic conception1 !      
proposition t value  labor-co/ is       
self-evid5t1 n to say tautological4 ,se5
 9 any o!r light1 x has no p>ticul> =ce4
  ,9 ! ,hegelian s*eme ( ?+s ! only     
sub/antial reality is ! unfold+ life ( !
 _s4 ,9 ! neo-,hegelian s*eme1 z embodi$
 9 ! mat]iali/ic conception1 ?is reality
 is translat$ into t]ms ( ! unfold+     
7mat]ial7 life ( man 9 society4#ad ,9 s 
f> z ! goods are products ( indu/ry1 !y 
are ! output ( ?is unfold+ life ( man1 a
 mat]ial residue embody+ a giv5 fraction
 ( ?is =ceful life-process4 ,9 ?is      
life-process lies all sub/antial        

reality1 & all f9ally valid relations ( 
quantival5ce betwe5 ! products ( ?is    
life-process mu/ run 9 its t]ms4 ,!     
life-process1 :i*1 :5 x takes ! specific
 =m ( an exp5diture ( labor p[]1 goes to
 produce goods1 is a process ( mat]ial  
=ces1 ! spiritual or m5tal features ( ! 
life-process & ( labor be+ only its     
insub/antial reflex4 ,x is consequ5tly  
only 9 ! mat]ial *anges wr\ght by ?is   
exp5diture ( labor p[] t ! metaphysical 
sub/ance ( life--labor p[]--c be        
embodi$2 b 9 ^! *anges ( mat]ial fact x 
_c b be embodi$1 s9ce ^! are ! end to   
:i* x is direct$4  ,?is balance betwe5  
goods 9 respect ( _! magnitude z output 
( human labor holds good indefeasibly1 9
 po9t ( ! metaphysical reality ( !      
life-process1 :atev] sup]ficial         
7ph5om5al7 v>iations f ?is norm may     
occur 9 m5's deal+s ) ! goods "u ! /ress
 ( ! /rategy ( self-int]e/4 ,su* is !   
value ( ! goods 9 reality2 !y are       
equival5ts ( "o ano!r 9 ! proportion 9  
:i* !y p>take ( ?is sub/antial quality1 

al?\gh _! true ratio ( equival5ce may   
nev] come to an adequate expression 9 ! 
transactions involv$ 9 ! di/ribution ( !
 goods4 ,?is real or true value ( !     
goods is a fact ( production1 & holds   
true "u all sy/ems & me?ods (           
production1 :]eas ! ex*ange value 7!    
ph5om5al =m ( ! real value7 is a fact ( 
di/ribution1 & expresses ! real value m 
or less adequately accord+ z ! s*eme (  
di/ribution 9 =ce at ! giv5 "t con=ms m 
or less closely to ! equities giv5 by   
production4 ,if ! output ( indu/ry 7    
di/ribut$ to ! productive ag5ts /rictly 
9 proportion to _! %>es 9 production1 ! 
ex*ange value ( ! goods w\ld be presum$ 
to con=m to _! real value4 ,b1 "u !     
curr5t1 capitali/ic sy/em1 di/ribution  
is n 9 any s5sible degree bas$ on !     
equities ( production1 & ! ex*ange value
 ( goods "u ?is sy/em c !re=e express _!
 real value only ) a v r\gh1 & 9 ! ma9  
=tuit\s1 approximation4 ,"u a sociali/ic
 regime1 :]e ! labor] w\ld get ! full   
product ( 8 labor1 or :]e ! :ole sy/em (

 own]%ip1 & consequ5tly ! sy/em (       
di/ribution1 w\ld lapse1 values w\ld    
rea* a true expression1 if any4  ,"u !  
capitali/ic sy/em ! det]m9ation (       
ex*ange value is a matt] ( competitive  
pr(it-mak+1 & ex*ange values !re=e dep>t
 erratically & incont95tly f !          
proportions t w\ld legitimately be giv5 
!m by ! real values ^: only expression  
!y are4 ,m>x's critics commonly id5tify 
! concept ( value ) t ( ex*ange         
value1#ae & %[ t ! !ory ( value does n  
squ>e ) ! run ( ! facts ( price "u !    
exi/+ sy/em ( di/ribution1 pi\sly hop+  
!reby to h refut$ ! ,m>xian doctr9e2    
:]eas1 ( c\rse1 !y h = ! mo/ "p n t\*$  
x4 ,! misappreh5sion ( ! critics may be 
due to a 7possibly int5tional7 oracul>  
obscurity on ! "p ( ,m>x4 ,:e!r by 8    
fault or _! own1 _! refutations h hi!rto
 be5 q inconclusive4 ,m>x's sev]e/      
/ricture on ! iniquities ( ! capitali/ic
 sy/em is t conta9$ by implication 9 8  
developm5t ( ! mann] 9 :i* actual       
ex*ange value ( goods sy/ematically     

div]ges f _! real 7labor-co/7 value4    
,h]e91 inde$1 lies n only ! inh]5t      
iniquity ( ! exi/+ sy/em1 b also its    
fateful infirmity1 accord+ to ,m>x4  ,! 
!ory ( value1 !n1 is conta9$ 9 ! ma9    
po/ulates ( ! ,m>xian sy/em r ?an d]iv$ 
f !m4 ,m>x id5tifies ?is doctr9e1 9 its 
elem5ts1 ) ! labor-value !ory (         
,ric>do1#af b ! relation%ip betwe5 ! two
 is t ( a sup]ficial co9cid5ce 9 _! ma9 
propositions r ?an a sub/antial id5tity 
( !oretic cont5ts4 ,9 ,ric>do's !ory !  
s\rce & measure ( value is s\ght 9 !    
ef=t & sacrifice und]gone by ! produc]1 
consi/5tly1 on ! :ole1 ) !              
,b5?amite-utilit>ian position to :i*    
,ric>do some:at loosely & uncritically  
adh]$4 ,! decisive fact ab\t labor1 t   
quality by virtue ( :i* x is assum$ to  
be ! f9al t]m 9 ! !ory ( production1 is 
its irksom5ess4 ,su* is ( c\rse n ! case
 9 ! labor-value !ory ( ,m>x1 to :om !  
"q ( ! irksom5ess ( labor is q          
irrelevant1 s f> z reg>ds ! relation    
betwe5 labor & production4 ,! sub/antial

 div]sity or incompatibility ( ! two    
!ories %[s itself directly :5 ea* is    
employ$ by its creator 9 ! fur!r        
analysis ( economic ph5om5a4 ,s9ce )    
,ric>do ! crucial po9t is ! degree (    
irksom5ess ( labor1 :i* s]ves z a       
measure bo? ( ! labor exp5d$ & ! value  
produc$1 & s9ce 9 ,ric>do's utilit>ian  
philosophy !re is no m vital fact       
und]ly+ ?is irksom5ess1 !re=e no        
surplus-value !ory foll[s f ! ma9       
position4 ,! productiv5ess ( labor is n 
cumulative1 9 its own work+2 & !        
,ric>dian economics goes on to seek !   
cumulative productiv5ess ( indu/ry 9 !  
function+ ( ! products ( labor :5       
employ$ 9 fur!r production & 9 !        
irksom5ess ( ! capitali/'s ab/95ce4 ,f  
:i* duly foll[s ! g5]al position (      
classical economics on ! !ory (         
production4  ,) ,m>x1 on ! o!r h&1 !    
labor p[] exp5d$ 9 production be+ itself
 a product & hav+ a sub/antial value    
correspond+ to its own labor-co/1 !     
value ( ! labor p[] exp5d$ & ! value ( !

 product creat$ by its exp5diture ne$ n 
be ! same4 ,!y are n ! same1 by         
supposition1 z !y w\ld be 9 any h$oni/ic
 int]pretation ( ! facts4 ,h5ce a       
discrepancy arises betwe5 ! value ( !   
labor p[] exp5d$ 9 production & ! value 
( ! product creat$1 & ?is discrepancy is
 cov]$ by ! concept ( surplus value4 ,"u
 ! capitali/ic sy/em1 wages be+ ! value 
7price7 ( ! labor p[] consum$ 9 indu/ry1
 x foll[s t ! surplus product ( _! labor
 _c g to ! labor]s1 b becomes ! pr(its (
 capital & ! s\rce ( its accumulation & 
increase4 ,f ! fact t wages are measur$ 
by ! value ( labor p[] r ?an by !       
7great]7 value ( ! product ( labor1 x   
foll[s also t ! labor]s are unable to   
buy ! :ole product ( _! labor1 & s t !  
capitali/s are unable to sell ! :ole    
product ( indu/ry cont9u\sly at its full
 value1 :5ce arise difficulties ( !     
grave/ nature 9 ! capitali/ic sy/em1 9 !
 way ( ov]production & ! l4  ,b ! grave/
 outcome ( ?is sy/ematic discrepancy    
betwe5 ! value ( labor p[] & ! value (  

its product is ! accumulation ( capital 
out ( unpaid labor1 & ! effect ( ?is    
accumulation on ! labor+ population4 ,! 
law ( accumulation1 ) its coroll>y1 !   
doctr9e ( ! indu/rial res]ve army1 is ! 
f9al t]m & ! objective po9t ( ,m>x's    
!ory ( capitali/ production1 j z ! !ory 
( labor value is 8 po9t ( dep>ture4#ag  
,:ile ! !ory ( value & surplus value are
 ,m>x's explanation ( ! possibility (   
exi/5ce ( ! capitali/ic sy/em1 ! law ( !
 accumulation ( capital is 8 exposition 
( ! causes :i* mu/ lead to ! collapse ( 
t sy/em & ( ! mann] 9 :i* ! collapse w  
come4 ,& s9ce ,m>x is1 always & ev]y:]e1
 a sociali/ agitator z well z a         
!oretical economi/1 x may be said )\t   
hesitation t ! law ( accumulation is !  
climax ( 8 great "w1 f :atev] po9t (    
view x is look$ at1 :e!r z an economic  
!orem or z a t5et ( sociali/ic doctr9e4 
,! law ( capitali/ic accumulation may be
 p>aphras$ z foll[s3#ah ,wages be+ !    
7approximately exact7 value ( ! labor   
p[] b\ght 9 ! wage contract2 ! price ( !

 product be+ ! 7simil>ly approximate7   
value ( ! goods produc$2 & s9ce ! value 
( ! product exce$s t ( ! labor p[] by a 
giv5 am\nt 7surplus value71 :i* by =ce (
 ! wage contract passes into !          
possession ( ! capitali/ & is by him 9  
"p laid by z sav+s & add$ to ! capital  
already 9 h&1 x foll[s 7a7 t1 o!r ?+s   
equal1 ! l>g] ! surplus value1 ! m rapid
 ! increase ( capital2 &1 also 7b71 t ! 
great] ! increase ( capital relatively  
to ! labor =ce employ$1 ! m productive !
 labor employ$ & ! l>g] ! surplus       
product available = accumulation4 ,!    
process ( accumulation1 !re=e1 is       
evid5tly a cumulative "o2 &1 also       
evid5tly1 ! increase add$ to capital is 
an une>n$ increm5t drawn f ! unpaid     
surplus product ( labor4  ,b ) an       
appreciable increase ( ! aggregate      
capital a *ange takes place 9 its       
te*nological composition1 :]eby !       
con/ant capital 7equipm5t & raw         
mat]ials7 increases disproportionately z
 comp>$ ) ! v>iable capital 7wages      

fund74 ,labor-sav+ devices are us$ to a 
great] ext5t ?an be=e1 & labor is sav$4 
,a l>g] proportion ( ! exp5ses (        
production goes = ! pur*ase ( equipm5t &
 raw mat]ials1 & a small]               
proportion--?\gh p]haps an absolutely   
increas$ am\nt--goes = ! pur*ase ( labor
 p[]4 ,less labor is ne$$ relatively to 
! aggregate capital employ$ z well z    
relatively to ! quantity ( goods        
produc$4 ,h5ce "s portion ( ! increas+  
labor supply w n be want$1 & an         
indu/rial res]ve army1 a surplus labor  
population1 an army ( unemploy$1 comes  
into exi/5ce4 ,?is res]ve gr[s          
relatively l>g] z ! accumulation (      
capital proce$s & z te*nological        
improvem5ts consequ5tly ga9 gr\nd2 s t  
!re result two div]g5t cumulative *anges
 9 ! situation1--antagoni/ic1 b due to !
 same set ( =ces &1 !re=e1 insep>able3  
capital increases1 & ! numb] ( unemploy$
 labor]s 7relatively7 increases also4   
,?is div]g5ce betwe5 ! am\nt ( capital &
 output1 on ! "o h&1 & ! am\nt receiv$  

by labor]s z wages1 on ! o!r h&1 has an 
incid5tal consequ5ce ( "s importance4 ,!
 pur*as+ p[] ( ! labor]s1 repres5t$ by  
_! wages1 be+ ! l>ge/ "p ( ! dem& =     
consumable goods1 & be+ at ! same "t1 9 
! nature ( ! case1 progressively less   
adequate = ! pur*ase ( ! product1       
repres5t$ by ! price ( ! goods produc$1 
x foll[s t ! m>ket is progressively m   
subject to glut f ov]production1 & h5ce 
to comm]cial crises & depression4 ,x has
 be5 argu$1 z if x 7 a direct inf]5ce f 
,m>x's position1 t ?is maladju/m5t      
betwe5 production & m>kets1 due to !    
labor] n gett+ ! full product ( 8 labor1
 leads directly to ! breakd[n ( !       
capitali/ic sy/em1 & s by its own =ce w 
br+ on ! sociali/ic consummation4 ,su*  
is n ,m>x's position1 h[ev]1 al?\gh     
crises & depression play an important "p
 9 ! c\rse ( developm5t t is to lead up 
to socialism4 ,9 ,m>x's !ory1 socialism 
is to come by way ( a consci\s class    
movem5t on ! "p ( ! prop]tyless labor]s1
 :o w act advis$ly on _! own int]e/ &   

=ce ! revolution>y movem5t = _! own ga94
 ,b crises & depression w h a l>ge %>e 9
 br++ ! labor]s to a frame ( m9d        
suitable = su* a move4  ,giv5 a gr[+    
aggregate capital1 z indicat$ above1 & a
 concomitant res]ve ( unemploy$ labor]s 
gr[+ at a /ill high] rate1 z is involv$ 
9 ,m>x's position1 ?is body ( unemploy$ 
labor c be1 & w be1 us$ by ! capitali/s 
to depress wages1 9 ord] to increase    
pr(its4 ,logically1 x foll[s t1 ! f>!r &
 fa/] capital accumulates1 ! l>g] w be !
 res]ve ( unemploy$1 bo? absolutely &   
relatively to ! "w to be done1 & ! m    
sev]e w be ! pressure act+ to r$uce     
wages & l[] ! /&>d ( liv+1 & ! deep] w  
be ! degradation & mis]y ( ! work+ class
 & ! m precipitately w _! condition     
decl9e to a /ill l[] dep?4 ,e p]iod (   
depression1 ) its increas$ body (       
unemploy$ labor seek+ "w1 w act to ha/5 
& acc5tuate ! depression ( wages1 until 
!re is no w>rant ev5 = hold+ t wages w1 
on an av]age1 be kept up to ! subsi/5ce 
m9imum4#ai ,m>x1 inde$1 is explicit to !

 effect t su* w be ! case1--t wages w   
decl9e bel[ ! subsi/5ce m9imum2 & he    
cites ,engli% conditions ( *ild labor1  
mis]y1 & deg5]ation to sub/antiate 8    
views4#bj ,:5 ?is has gone f> en\gh1 :5 
capitali/ production comes ne> en\gh to 
occupy+ ! :ole field ( indu/ry & has    
depress$ ! condition ( its labor]s      
suffici5tly to make !m an effective     
majority ( ! community ) no?+ to lose1  
!n1 hav+ tak5 advice toge!r1 !y w move1 
by legal or extra-legal means1 by       
absorb+ ! /ate or by subv]t+ x1 to      
e/abli% ! social revolution4  ,socialism
 is to come ?r\gh class antagonism due  
to ! abs5ce ( all prop]ty int]e/s f !   
labor+ class1 c\pl$ ) a g5]ally preval5t
 mis]y s pr(\nd z to involve "s degree (
 physical deg5]ation4 ,?is mis]y is to  
be br\ght ab\t by ! height5$            
productivity ( labor due to an increas$ 
accumulation ( capital & l>ge           
improvem5ts 9 ! indu/rial arts2 :i* 9   
turn is caus$ by ! fact t "u a sy/em (  
private ent]prise ) hir$ labor ! labor] 

does n get ! :ole product ( 8 labor2    
:i*1 aga91 is only say+ 9 o!r words t   
private own]%ip ( capital goods enables 
! capitali/ to appropriate & accumulate 
! surplus product ( labor4 ,z to :at !  
regime is to be :i* ! social revolution 
w br+ 91 ,m>x has no?+ p>ticul> to say1 
beyond ! g5]al !sis t !re w be no       
private own]%ip1 at lea/ n ( ! means (  
production4         99       99       99
       99       99  ,su* are ! outl9es (
 ! ,m>xian sy/em ( socialism4 ,9 all t  
has be5 said s f> no rec\rse is _h to ! 
second & ?ird volumes ( ,kapital4 ,nor  
is x necess>y to resort to ^! two       
volumes = ! g5]al !ory ( socialism4 ,!y 
add no?+ ess5tial1 al?\gh _m ( ! details
 ( ! processes conc]n$ 9 ! work+ out ( !
 capitali/ s*eme are treat$ ) great]    
fullness1 & ! analysis is c>ri$ out )   
great consi/5cy & ) admirable results4  
,= economic !ory at l>ge ^! fur!r two   
volumes are important en\gh1 b an       
inquiry into _! cont5ts 9 t connection  
is n call$ = "h4  ,no?+ mu* ne$ be said 

z to ! t5ability ( ?is !ory4 ,9 its     
ess5tials1 or at lea/ 9 its *>act]i/ic  
elem5ts1 x has = ! mo/ "p be5 giv5 up by
 latt]-day sociali/ writ]s4 ,! numb] (  
^? :o hold to x )\t ess5tial deviation  
is gr[+ gradually small]4 ,su* is       
necess>ily ! case1 & = m ?an "o reason4 
,! facts are n be>+ x out on c]ta9      
critical po9ts1 su* z ! doctr9e (       
increas+ mis]y2 & ! ,hegelian           
philosophical po/ulates1 )\t :i* !      
,m>xism ( ,m>x is gr\ndless1 are = ! mo/
 "p =gott5 by ! dogmati/s ( to-day4     
,d>w9ism has l>gely supplant$           
,hegelianism 9 _! habits ( ?\ght4  ,!   
p>ticul> po9t at :i* ! !ory is mo/      
fragile1 consid]$ simply z a !ory (     
social gr[?1 is its impli$ doctr9e (    
population1--impli$ 9 ! doctr9e ( a gr[+
 res]ve ( unemploy$ workm54 ,! doctr9e (
 ! res]ve ( unemploy$ labor involves z a
 po/ulate t population w increase       
anyway1 )\t ref]5ce to curr5t or        
prospective means ( life4 ,! empirical  
facts give at lea/ a v p]suasive app>5t 

support to ! view express$ by ,m>x1 t   
mis]y is1 or has hi!rto be51 no h9drance
 to ! propagation ( ! race2 b !y af=d no
 conclusive evid5ce 9 support ( a !sis  
to ! effect t ! numb] ( labor]s mu/     
increase indep5d5tly ( an increase ( !  
means ( life4 ,no "o s9ce ,d>w9 w\ld h !
 h>dihood to say t ! increase ( ! human 
species is n condition$ by ! means (    
liv+4  ,b all t does n really t\* ,m>x's
 position4 ,to ,m>x1 ! neo-,hegelian1   
hi/ory1 includ+ ! economic developm5t1  
is ! life-hi/ory ( ! human species2 & ! 
ma9 fact 9 ?is life-hi/ory1 p>ticul>ly 9
 ! economic aspect ( x1 is ! gr[+ volume
 ( human life4 ,?is1 9 a mann] ( speak+1
 is ! base-l9e ( ! :ole analysis ( !    
process ( economic life1 includ+ ! phase
 ( capitali/ production ) ! re/4 ,! gr[?
 ( population is ! fir/ pr9ciple1 ! mo/ 
sub/antial1 mo/ mat]ial factor 9 ?is    
process ( economic life1 s long z x is a
 process ( gr[?1 ( unfold+1 (           
exfoliation1 & n a phase ( decrepitude &
 decay4 ,_h ,m>x f\nd t 8 analysis l$   

him to a view adv]se to ?is position1 he
 w\ld logically h held t ! capitali/    
sy/em is ! mortal agony ( ! race & !    
mann] ( its tak+ (f4 ,su* a conclusion  
is preclud$ by 8 ,hegelian po9t (       
dep>ture1 accord+ to :i* ! goal ( !     
life-hi/ory ( ! race 9 a l>ge way       
controls ! c\rse ( t life-hi/ory 9 all  
its phases1 includ+ ! phase (           
capitalism4 ,?is goal or end1 :i*       
controls ! process ( human developm5t1  
is ! complete realisation ( life 9 all  
its fullness1 & ! realisation is to be  
rea*$ by a process analog\s to !        
?ree-phase dialectic1 ( !sis1 anti!sis1 
& syn!sis1 into :i* s*eme ! capitali/   
sy/em1 ) its ov]fl[+ measure ( mis]y &  
degradation1 fits z ! la/ & mo/ dreadful
 phase ( anti!sis4 ,m>x1 z a            
,hegelian1--t is to say1 a romantic     
philosoph]1--is necess>ily an optimi/1 &
 ! evil 7anti!tical elem5t7 9 life is to
 him a logically necess>y evil1 z !     
anti!sis is a necess>y phase ( !        
dialectic2 & x is a means to !          

consummation1 z ! anti!sis is a means to
 ! syn!sis4  ,,footnotes3  #a ,!        
sub/ance ( lectures be=e /ud5ts 9 ,h>v>d
 ,univ]sity 9 ,april1 #aijf4 ,repr9t$ by
 p]mission f ,! ,qu>t]ly ,j\rnal (      
,economics1 ,vol4 ,,xx1 ,aug41 #aijf  #b
 ,cf4 ,critique ( ,political ,economy1  
*ap4 i1 ,notes on ! ,hi/ory ( ! ,!ory ( 
,commodities1 pp4 #ef-gc 7,engli%       
translation1 ,new ,york1 #aijd74  #c    
,see ,m5g]1 ,"r to ! ,:ole ,produce (   
,labor1 sections iii-v & viii-ix1 &     
,foxwell's admirable ,introduction to   
,m5g]4  #d ,see ,m5g] & ,foxwell1 z     
above1 & ,s*aeffle1 ,qu9tess5ce (       
,socialism1 & ,! ,impossibility (       
,social ,democracy4  #e ,see ,engels1 ,!
 ,developm5t ( ,socialism f ,utopia to  
,sci5ce1 especially section ii & ! op5+ 
p>agraphs ( section iii2 also ! preface 
( ,zur ,kritik d] politis*5 ,oekonomie4 
#f ,see ,engels1 z above1 & also 8      
,feu]ba*3 ,! ,roots ( ,sociali/         
,philosophy 7translation1 ,*icago1 ,k]r 
,co41 #aijc74  #g ,see e4g41 ,seligman1 

,! ,economic ,int]pretation ( ,hi/ory1  
,"p ,i4  #h ,engels1 ,developm5t (      
,socialism1 beg9n+ ( section iii4  #i   
,cf41 on ?is po9t1 ,max ,adl]1          
,kausalitaet und ,teleologie im ,/reite 
um die ,wiss5s*aft 7includ$ 9           
,m>x-,/udi51 edit$ by ,adl] &           
,hilf5dirg1 vol4 i71 p>ticul>ly section 
xi2 cf4 also ,ludwig ,/e91 ,die soziale 
,frage im ,li*te d] ,philosophie1 :om   
,adl] criticises & claims to h refut$4  
#aj ,cf4 ,adl]1 z above4  #aa ,x may be 
not$1 by way ( caution to read]s famili>
 ) ! t]ms only z employ$ by ! classical 
7,engli% & ,au/rian7 economi/s1 t 9     
,m>xian usage capitali/ic production    
means production ( goods = ! m>ket by   
hir$ labor "u ! direction ( employ]s :o 
own 7or control7 ! means ( production & 
are engag$ 9 indu/ry = ! sake ( a pr(it4
 ,capital is weal? 7prim>ily funds7 s   
employ$4 ,9 ^! & o!r relat$ po9ts (     
t]m9ological usage ,m>x is1 ( c\rse1 mu*
 m closely 9 t\* ) colloquial usage ?an 
^? economi/s ( ! classical l9e :o make  

capital signify ! products ( pa/ indu/ry
 us$ z aids to fur!r production4 ,) ,m>x
 ,capitalism implies c]ta9 relations (  
own]%ip1 no less ?an ! productive use   
:i* is alone insi/$ on by s _m lat]     
economi/s 9 def9+ ! t]m4  #ab ,9 ! s5se 
t ! !ory ( value af=ds ! po9t ( dep>ture
 & ! fundam5tal concepts out ( :i* !    
fur!r !ory ( ! work+s ( capitalism is   
con/ruct$1--9 ?is s5se1 & 9 ?is s5se    
only1 is ! !ory ( value ! c5tral doctr9e
 & ! critical t5et ( ,m>xism4 ,x does n 
foll[ t ! ,m>xi/ doctr9e ( an           
irresi/ible drift t[>ds a sociali/ic    
consummation hangs on ! def5sibility ( !
 labor-value !ory1 nor ev5 t ! g5]al    
/ructure ( ! ,m>xi/ economics w\ld      
collapse if translat$ into o!r t]ms ?an 
^? ( ?is doctr9e ( labor-value4 ,cf4    
,boehm-,baw]k1 ,k>l ,m>x & ! ,close ( 8 
,sy/em2 &1 on ! o!r h&1 ,franz          
,opp5heim]1 ,das ,grundgesetz d]        
,m>x's*5 ,gesells*aftslehre2 & ,rudolf  
,golds*eid1 ,v]el5dungs- od]            
,melioration/heorie4  #ac ,cf41 e4g41   

,boehm-,baw]k1 z above2 ,georg ,adl]1   
,grundlag5 d] ,k>l ,m>x's*5 ,kritik4    
#ad ,9 mu* ! same way1 & ) an analog\s  
effect on _! !oretical "w1 9 !          
preconceptions ( ! classical 7includ+ ! 
,au/rian7 economi/s1 ! balance (        
pleasure & pa9 is tak5 to be ! ultimate 
reality 9 t]ms ( :i* all economic !ory  
mu/ be /at$ & to t]ms ( :i* all ph5om5a 
%\ld f9ally be r$uc$ 9 any def9itive    
analysis ( economic life4 ,x is n !     
pres5t purpose to inquire :e!r ! "o ( ^!
 uncritical assumptions is 9 any degree 
m m]itori\s or m s]viceable ?an ! o!r4  
#ae ,boehm-,baw]k1 ,capital & ,int]e/1  
,book ,,vi1 *ap1 iii2 also ,k>l ,m>x & !
 ,close ( 8 ,sy/em1 p>ticul>ly *ap4 iv2 
,adl]1 ,grundlag51 *aps4 ii4 & iii4  #af
 ,cf4 ,kapital1 vol4 i1 *ap4 xv1 p4 #dhf
 7#d? ed474 ,see also notes #i & #af to 
*ap4 i ( ! same volume1 :]e ,m>x        
discusses ! labor-value doctr9es ( ,adam
 ,smi? & an e>li] 7anonym\s7 ,engli%    
writ]1 & comp>es !m ) 8 own4 ,simil>    
comp>isons ) ! e>ly--classical--value   

!ories recur f "t to "t 9 ! lat]        
portions ( ,kapital4  #ag ,opp5heim]    
7,das ,grundgesetz d] ,m>x's*5          
,gesells*aftslehre7 is "r 9 mak+ ! !ory 
( accumulation ! c5tral elem5t 9 !      
doctr9es ( ,m>xi/ socialism1 b x does n 
foll[1 z ,opp5heim] cont5ds1 t ?is      
doctr9e is ! key/one ( ,m>x's economic  
!ories4 ,x foll[s logically f ! !ory (  
surplus value1 z indicat$ above1 & re/s 
on t !ory 9 su* a way t x w\ld fail 79 !
 =m 9 :i* x is held by ,m>x7 ) ! failure
 ( ! doctr9e ( surplus value4  #ah ,see 
,kapital1 vol4 i1 *ap4 xxiii4  #ai ,!   
subsi/5ce m9imum is "h tak5 9 ! s5se us$
 by ,m>x & ! classical economi/s1 z     
mean+ :at is necess>y to keep up !      
supply ( labor at its curr5t rate (     
effici5cy4  #bj ,see ,kapital1 vol4 i1  
*ap1 xxiii1 sections #d & #e4     ,,!   
,,sociali/ ,,economics ,,( ,,k>l ,,m>x  
,,& ,,8 ,,foll[]s#a   ,,ii4 ,,! ,,lat]  
,,m>xism  ,m>x work$ out 8 sy/em ( !ory 
9 ! ma9 dur+ ! ?ird qu>t] ( ! n9ete5?   
c5tury4 ,he came to ! "w f ! /&po9t giv5

 him by 8 e>ly tra9+ 9 ,g]man ?\ght1 su*
 z ! mo/ advanc$ & aggressive ,g]man    
?9k+ 0 ?r\gh ! middle p]iod ( ! c5tury1 
& he add$ to ?is ,g]man /&po9t ! fur!r  
premises giv5 him by an exceptionally   
close contact ) & al]t obs]vation ( !   
,engli% situation4 ,! result is t he    
br+s to 8 !oretical "w a tw(old l9e (   
premises1 or r ( preconceptions4 ,by    
e>ly tra9+ he is a neo-,hegelian1 & f   
?is ,g]man s\rce he d]ives 8 peculi>    
=mulation ( ! ,mat]iali/ic ,!ory (      
,hi/ory4 ,by lat] exp]i5ce he acquir$ ! 
po9t ( view ( t ,lib]al-,utilit>ian     
s*ool :i* dom9at$ ,engli% ?\ght ?r\gh ! 
great] "p ( 8 active life4 ,to ?is      
exp]i5ce he owes 7probably7 ! some:at   
pron\nc$ individuali/ic preconceptions  
on :i* ! doctr9es ( ! ,full ,product (  
,labor & ! ,exploitation ( ,labor are   
bas$4 ,^! two n altoge!r compatible l9es
 ( doctr9e f\nd _! way toge!r into !    
t5ets ( sci5tific#b socialism1 & gives  
its *>act]i/ic ,m>xian features to !    
body ( sociali/ economics4  ,! socialism

 t inspires hopes & fe>s to-day is ( !  
s*ool ( ,m>x4 ,no "o is s]i\sly         
appreh5sive ( any o!r s-call$ sociali/ic
 movem5t1 & no "o is s]i\sly conc]n$ to 
criticise or refute ! doctr9es set =? by
 any o!r s*ool ( sociali/s4 ,x may be t 
! sociali/s ( ! ,m>xi/ obs]vance are n  
always or at all po9ts 9 consonance ) ! 
be/ accept$ body ( ,m>xi/ doctr9e4 ,^?  
:o make up ! body ( ! movem5t may n     
always be famili> ) ! details--p]haps n 
ev5 ) ! g5]al features--( ! ,m>xian     
s*eme ( economics2 b ) su* consi/5cy z  
may fairly be look$ = 9 any popul>      
movem5t1 ! sociali/s ( all c\ntries     
gravitate t[>d ! !oretical position ( ! 
av[$ ,m>xism4 ,9 proportion z ! movem5t 
9 any giv5 community gr[s 9 mass1       
maturity1 & consci\s purpose1 x         
unavoidably takes on a m consi/5tly     
,m>xian complexion4 ,x is n ! ,m>xism ( 
,m>x1 b ! mat]ialism ( ,d>w91 :i* !     
sociali/s ( to-day h adopt$4 ,! ,m>xi/  
sociali/s ( ,g]many h ! lead1 & !       
sociali/s ( o!r c\ntries l>gely take _! 

cue f ! ,g]man lead]s4  ,! au!ntic      
spokesm5 ( ! curr5t int]national        
socialism are av[$ ,m>xi/s4 ,exceptions 
to t rule are v few4 ,on ! :ole1 !      
sub/antial tru? ( ! ,m>xi/ doctr9es is n
 s]i\sly que/ion$ )9 ! l9es ( !         
sociali/s1 ?\gh !re may be "s           
appreciable div]g5ce z to :at ! true    
,m>xi/ position is on "o po9t & ano!r4  
,mu* & eag] controv]sy circles ab\t     
que/ions ( t class4  ,! keep]s ( !      
sociali/ doctr9es are passably agre$ z  
to ! ma9 position & ! g5]al pr9ciples4  
,inde$1 s secure is ?is curr5t agreem5t 
on ! g5]al pr9ciples t a v lively       
controv]sy on matt]s ( detail may g on  
)\t risk ( di/urb+ ! g5]al position4    
,?is g5]al position is av[$ly ,m>xism4  
,b x is n precisely ! position held by  
,k>l ,m>x4 ,x has be5 mod]nis$1 adapt$1 
fill$ out1 9 response to exig5cies ( a  
lat] date ?an ^? :i* condition$ !       
orig9al =mulation ( ! !ories4 ,x is1 (  
c\rse1 n admitt$ by ! foll[]s ( ,m>x t  
any sub/antial *ange or dep>ture f !    

orig9al position has tak5 place4 ,!y are
 some:at jeal\sly or?odox1 & are        
impati5t ( any sugge/$ improvem5ts on ! 
,m>xi/ position1 z witness ! heat       
eng5d]$ 9 ! revisioni/ controv]sy ( a   
few ye>s back4 ,b ! jeal\s prote/s ( !  
foll[]s ( ,m>x d n alt] ! fact t ,m>xism
 has und]gone "s sub/antial *ange s9ce x
 left ! h&s ( its creator4 ,n[ & !n a m 
or less consi/5t disciple ( ,m>x w av[ a
 ne$ ( adapt+ ! receiv$ doctr9es to     
circum/ances t h aris5 lat] ?an !       
=mulation ( ! doctr9es2 & am5dm5ts1     
qualifications1 & ext5sions1 ) ?is ne$ 9
 view1 h be5 (f]$ f "t to "t4 ,b m      
p]vasive ?\gh unav[$ *anges h come 9 !  
tea*+s ( ,m>xism by way ( int]pretation 
& an un9t5d$ %ift+ ( ! po9t ( view4     
,virtually1 ! :ole ( ! y\ng] g5]ation ( 
sociali/ writ]s %[s su* a gr[?4 ,a      
citation ( p]sonal in/ances w\ld be q   
futile4         99       99       99    
99       99  ,x is ! te/imony ( 8 fri5ds
 z well z ( 8 writ+s t ! !oretical      
position ( ,m>x1 bo? z reg>ds 8 /&po9t &

 z reg>ds 8 ma9 t5ets1 fell into a      
def9itive %ape relatively e>ly1 & t 8   
lat] "w 0 sub/antially a work+ out ( :at
 0 conta9$ 9 ! position tak5 at ! outset
 ( 8 c>e]4#c ,by ! latt] half ( ! =ties1
 if n by ! middle ( ! =ties1 ,m>x &     
,engels _h f\nd ! outlook on human life 
:i* came to s]ve z ! po9t ( dep>ture & !
 guide = _! subsequ5t developm5t ( !ory4
 ,su* is ! view ( ! matt] express$ by   
,engels dur+ ! lat] ye>s ( 8 life4#d ,! 
position tak5 by ! two great lead]s1 &  
held by !m sub/antially intact1 0 a     
v>iant ( neo-,hegelianism1 z has be5    
indicat$ 9 an e>li] section ( ?is       
pap]4#e ,b neo-,hegelianism 0 %ort-liv$1
 p>ticul>ly consid]$ z a /&po9t =       
sci5tific !ory4 ,! :ole romantic s*ool (
 ?\ght1 compris+ neo-,hegelianism ) !   
re/1 began to g to pieces v soon aft] x 
_h rea*$ an approa* to maturity1 & its  
dis9tegration proce$$ ) exceptional     
spe$1 s t ! close ( ! ?ird qu>t] ( !    
c5tury saw ! virtual end ( x z a vital  
factor 9 ! developm5t ( human k4 ,9 !   

realm ( !ory1 prim>ily ( c\rse 9 !      
mat]ial sci5ces1 ! new era belongs n to 
romantic philosophy1 b to ! evolutioni/s
 ( ! s*ool ( ,d>w94 ,"s few great       
figures1 ( c\rse1 /ood ov] f ! e>li]    
days1 b x turns out 9 ! sequel t !y h   
s]v$ ma9ly to m>k ! rate & degree 9 :i* 
! me?od ( sci5tific k has left !m beh9d4
 ,su* 7 ,vir*[ & ,max ,muell]1 & su*1 9 
economic sci5ce1 7 ! great figures ( !  
,hi/orical ,s*ool1 & su*1 9 a degree1 7 
also ,m>x & ,engels4 ,! lat] g5]ation ( 
sociali/s1 ! spokesm5 & adh]5ts (       
,m>xism dur+ ! clos+ qu>t] ( ! c5tury1  
belong to ! new g5]ation1 & see !       
ph5om5a ( human life "u ! new light4 ,! 
mat]iali/ic conception 9 _! h&l+ ( x    
takes on ! color ( ! "t 9 :i* !y liv$1  
ev5 :ile !y reta9 ! phraseology ( !     
g5]ation t w5t be=e !m4#f  ,! diff]5ce  
betwe5 ! romantic s*ool ( ?\ght1 to :i* 
,m>x belong$1 & ! s*ool ( ! evolutioni/s
 into ^: h&s ! sy/em has fall51--or     
p]haps1 bett]1 is fall+1--is great &    
p]vad+1 ?\gh x may n %[ a />+ sup]ficial

 diff]5ce at any "o po9t1--at lea/ n    
yet4 ,! discrepancy betwe5 ! two is     
likely to appe> m palpable & m sweep+ :5
 ! new me?od ( k has be5 appli$ ) full] 
realisation ( its rea* & its requirem5t 
9 t doma9 ( k t once belong$ to !       
neo-,hegelian ,m>xism4 ,! supplant+ ( ! 
"o by ! o!r has be5 tak+ place sl[ly1   
g5tly1 9 l>ge measure unav[$ly1 by a    
sort ( precession ( ! po9t ( view f :i* 
m5 size up ! facts & r$uce !m to        
intelligible ord]4  ,! neo-,hegelian1   
romantic1 ,m>xian /&po9t 0 :olly        
p]sonal1 :]eas ! evolutioni/ic--x may be
 call$ ,d>w9ian--/&po9t is :olly        
imp]sonal4 ,! cont9uity s\ght 9 ! facts 
( obs]vation & imput$ to !m by ! e>li]  
s*ool ( !ory 0 a cont9uity ( a p]sonal  
k9d1--a cont9uity ( reason & consequ5tly
 ( logic4 ,! facts 7 con/ru$ to take su*
 a c\rse z c\ld be e/abli%$ by an appeal
 to reason betwe5 intellig5t & fair-m9d$
 m54 ,!y 7 suppos$ to fall into a       
sequ5ce ( logical consi/5cy4 ,! romantic
 7,m>xian7 sequ5ce ( !ory is ess5tially 

an intellectual sequ5ce1 & x is !re=e ( 
a teleological "*4 ,! logical tr5d ( x c
 be argu$ out4 ,t is to say1 x t5ds to a
 goal4 ,on ! o!r h&1 9 ! ,d>w9ian s*eme 
( ?\ght1 ! cont9uity s\ght 9 & imput$ to
 ! facts is a cont9uity ( cause &       
effect4 ,x is a s*eme ( bl9dly          
cumulative causation1 9 :i* !re is no   
tr5d1 no f9al t]m1 no consummation4 ,!  
sequ5ce is controll$ by no?+ b ! vis a  
t]go ( brute causation1 & is ess5tially 
me*anical4 ,! neo-,hegelian 7,m>xian7   
s*eme ( developm5t is drawn 9 ! image ( 
! /ruggl+ ambiti\s human _s3 t (        
,d>w9ian evolution is ( ! nature ( a    
me*anical process4#g  ,:at diff]5ce1 n[1
 does x make if ! mat]iali/ic conception
 is translat$ f ! romantic concepts (   
,m>x into ! me*anical concepts (        
,d>w9ism8 ,x di/orts e feature ( ! sy/em
 9 "s degree1 & ?r[s a %ad[ ( d\bt on e 
conclusion t once seem$ secure4#h ,!    
fir/ pr9ciple ( ! ,m>xian s*eme is !    
concept cov]$ by ! t]m ,mat]iali/ic1 to 
! effect t ! exig5cies ( ! mat]ial means

 ( life control ! conduct ( m5 9 society
 ?r\gh\t1 & !reby indefeasibly guide !  
gr[? ( in/itutions & %ape e %ift+ trait 
( human culture4 ,?is control ( ! life (
 society by ! mat]ial exig5cies takes   
effect ?r\gh m5's tak+ ?\ght ( mat]ial  
7economic7 advantages & disadvantages1 &
 *oos+ t :i* w yield ! full] mat]ial    
measure ( life4 ,:5 ! mat]iali/ic       
conception passes "u ! ,d>w9ian norm1 ( 
cumulative causation1 x happ5s1 fir/1 t 
?is initial pr9ciple itself is r$uc$ to 
! rank ( a habit ( ?\ght induc$ 9 !     
speculator :o dep5ds on its light1 by ! 
circum/ances ( 8 life1 9 ! way ( h]$it>y
 b5t1 occupation1 tradition1 education1 
climate1 food supply1 & ! l4 ,b "u !    
,d>w9ian norm ! "q ( :e!r & h[ f>       
mat]ial exig5cies control human conduct 
& cultural gr[? becomes a "q ( ! %>e :i*
 ^! mat]ial exig5cies h 9 %ap+ m5's     
habits ( ?\ght1 i4e41 _! ideals &       
aspirations1 _! s5se ( ! true1 !        
beautiful1 & ! good4 ,:e!r & h[ f> ^!   
traits ( human culture & ! in/itutional 

/ructure built out ( !m are ! outgr[? ( 
mat]ial 7economic7 exig5cies becomes a  
"q ( :at k9d & degree ( effici5cy       
belongs to ! economic exig5cies among ! 
complex ( circum/ances t conduce to !   
=mation ( habits4 ,x is no long] a "q ( 
:e!r mat]ial exig5cies rationally %\ld  
guide m5's conduct1 b :e!r1 z a matt] ( 
brute causation1 !y d induce su* habits 
( ?\ght 9 m5 z ! economic int]pretation 
presumes1 & :e!r 9 ! la/ analysis       
economic exig5cies alone are1 directly  
or indirectly1 effective 9 %ap+ human   
habits ( ?\ght4  ,t5tatively & by way ( 
approximation "s su* =mulation z t      
outl9$ 9 ! la/ p>agraph is app>5tly :at 
,b]n/e9 & o!rs ( ! revisioni/s h be5    
seek+ 9 c]ta9 ( _! speculations1#i &1   
sitt+ au/]e & suffici5t on a dry %oal up
 /ream1 ,kautsky has uncompreh5d+ly be5 
address+ !m advice & admonition :i* !y d
 n und]/&4#aj ,! m intellig5t &         
ent]pris+ among ! ideali/ w+--:]e       
intellectual ent]prise is n a p>ticul>ly
 obvi\s trait--h be5 /ruggl+ to speak = 

! view t ! =ces ( ! environm5t may      
effectually rea* m5's spiritual life    
?r\gh o!r av5ues ?an ! calculus ( ! ma9 
*ance1 & s may give rise to habitual    
ideals & aspirations indep5d5t (1 &     
possibly ali5 to1 t calculus4#aa  ,s1   
aga91 z to ! doctr9e ( ! class /ruggle4 
,9 ! ,m>xian s*eme ( dialectical        
evolution ! developm5t :i* is 9 ?is way 
held to be controll$ by ! mat]ial       
exig5cies mu/1 x is held1 proce$ by !   
me?od ( ! class /ruggle4 ,?is class     
/ruggle is held to be inevitable1 & is  
held inevitably to lead at ea*          
revolution>y epo* to a m effici5t       
adju/m5t ( human indu/ry to human uses1 
because1 :5 a l>ge proportion ( !       
community f9d !mselves ill s]v$ by !    
curr5t economic arrangem5ts1 !y take    
?\ght1 b& toge!r1 & en=ce a readju/m5t m
 equitable & m advantage\s to !m4 ,s    
long z diff]5ces ( economic advantage   
prevail1 !re w be a div]g5ce ( int]e/s  
betwe5 ^? m advantage\sly plac$ & ^?    
less advantage\sly plac$4 ,! memb]s (   

society w take sides z ?is l9e (        
cleavage indicat$ by _! sev]al economic 
int]e/s may decide4 ,class solid>ity w  
arise on ! basis ( ?is class int]e/1 & a
 /ruggle betwe5 ! two classes s m>k$ (f 
aga9/ ea* o!r w set 91--a /ruggle :i*1 9
 ! logic ( ! situation1 c end only :5 ! 
previ\sly less =tunate class ga9s !     
asc5dancy1--& s mu/ ! class /ruggle     
proce$ until x %all h put an end to t   
div]sity ( economic int]e/ on :i* !     
class /ruggle re/s4 ,all ?is is         
logically consi/5t & conv9c+1 b x       
proce$s on ! gr\nd ( reason$ conduct1   
calculus ( advantage1 n on ! gr\nd (    
cause & effect4 ,! class /ruggle s      
conceiv$ %\ld always & ev]y:]e t5d      
unremitt+ly t[>d ! sociali/ic           
consummation1 & %\ld rea* t consummation
 9 ! end1 :atev] ob/ructions or         
div]sions might ret>d ! sequ5ce (       
developm5t along ! way4 ,su* is ! notion
 ( x embodi$ 9 ! sy/em ( ,m>x4 ,su*1    
h[ev]1 is n ! %[+ ( hi/ory4 ,n all      
nations or civilisations h advanc$      

unremitt+ly t[>d a sociali/ic           
consummation1 9 :i* all div]g5ce (      
economic int]e/ has laps$ or w\ld lapse4
 ,^? nations & civilisations :i* h      
decay$ & fail$1 z ne>ly all kn[n nations
 & civilisations h done1 illu/rate !    
po9t t1 h[ev] reasonable & logical !    
advance by means ( ! class /ruggle may  
be1 x is by no means inevitable4 ,"u !  
,d>w9ian norm x mu/ be held t m5's      
reason+ is l>gely controll$ by o!r ?an  
logical1 intellectual =ces2 t !         
conclusion rea*$ by public or class     
op9ion is z mu*1 or m1 a matt] ( s5tim5t
 ?an ( logical inf]5ce2 & t ! s5tim5t   
:i* animates m51 s+ly or collectively1  
is z mu*1 or m1 an outcome ( habit &    
native prop5sity z ( calculat$ mat]ial  
int]e/4 ,!re is1 = in/ance1 no w>rant 9 
! ,d>w9ian s*eme ( ?+s = ass]t+ a priori
 t ! class int]e/ ( ! work+ class w br+ 
!m to take a /& aga9/ ! prop]ti$ class4 
,x may z well be t _! tra9+ 9 subs]vi5ce
 to _! employ]s w br+ !m aga9 to realise
 ! equity & excell5ce ( ! e/abli%$ sy/em

 ( subjection & unequal di/ribution (   
weal?4 ,aga91 no "o1 = in/ance1 c tell  
to-day :at w be ! outcome ( ! pres5t    
situation 9 ,europe & ,am]ica4 ,x may be
 t ! work+ classes w g =w>d along ! l9e 
( ! sociali/ic ideals & en=ce a new     
deal1 9 :i* !re %all be no economic     
class discrepancies1 no int]national    
animosity1 no dyna/ic politics4 ,b !n x 
may also1 s f> z c be =ese51 equally    
well happ5 t ! work+ class1 ) ! re/ ( ! 
community 9 ,g]many1 ,engl&1 or ,am]ica1
 w be l$ by ! habit ( loyalty & by _!   
sportsmanlike prop5sities to l5d        
!mselves en?usia/ically to ! game (     
dyna/ic politics1 :i* alone _!          
sportsmanlike rul]s consid] wor? :ile4  
,x is q impossible on ,d>w9ian gr\nd to 
=etell :e!r ! prolet>iat w g on to      
e/abli% ! sociali/ic revolution or turn 
aside aga91 & s9k _! =ce 9 ! broad s&s (
 patriotism4 ,x is a "q ( habit & native
 prop5sity & ( ! range ( /imuli to :i* !
 prolet>iat are expos$ & are to be      
expos$1 & :at may be ! outcome is n a   

matt] ( logical consi/5cy1 b ( response 
to /imulus4  ,s1 !n1 s9ce ,d>w9ian      
concepts h begun to dom9ate ! ?9k+ ( !  
,m>xi/s1 d\bts h n[ & aga9 come to ass]t
 !mselves bo? z to ! inevitabl5ess ( !  
irrepressible class /ruggle & to its    
sole efficacy4 ,any?+ l a viol5t class  
/ruggle1 a seizure ( p[] by =ce1 is m & 
m consi/5tly deprecat$4 ,= resort to    
=ce1 x is felt1 br+s 9 its tra9 co]cive 
control ) all its app>atus ( pr]ogative1
 ma/]y1 & subs]vi5ce4#ab  ,s1 aga91 !   
,m>xian doctr9e ( progressive prolet>ian
 di/ress1 ! s-call$ ,v]el5dung/heorie1  
:i* /&s pat on ! romantic gr\nd ( !     
orig9al ,m>xism1 has fall5 into         
abeyance1 if n into disrepute1 s9ce !   
,d>w9ian conceptions h come to prevail4 
,z a matt] ( reason$ proc$ure1 on !     
gr\nd ( enlight5$ mat]ial int]e/ alone1 
x %\ld be a t5able position t increas+  
mis]y1 increas+ 9 degree & 9 volume1    
%\ld be ! outcome ( ! pres5t sy/em (    
own]%ip1 & %\ld at ! same "t result 9 a 
well-advis$ & well-consolidat$          

work+-class movem5t t w\ld replace !    
pres5t sy/em by a s*eme m advantage\s to
 ! majority4 ,b s soon z ! "q is        
approa*$ on ! ,d>w9ian gr\nd ( cause &  
effect1 & is analys$ 9 t]ms ( habit & ( 
response to /imulus1 ! doctr9e t        
progressive mis]y mu/ effect a          
sociali/ic revolution becomes dubi\s1 & 
v %ortly unt5able4 ,exp]i5ce1 ! exp]i5ce
 ( hi/ory1 tea*es t abject mis]y c>ries 
) x det]ioration & abject subjection4 ,!
 !ory ( progressive di/ress fits        
conv9c+ly into ! s*eme ( ! ,hegelian    
?ree-phase dialectic4 ,x /&s = !        
anti!sis t is to be m]g$ 9 ! ult]ior    
syn!sis2 b x has no p>ticul> =ce on !   
gr\nd ( an argum5t f cause to effect4#ac
  ,x f>es n mu* bett] ) ! ,m>xian !ory (
 value & its coroll>ies & dep5d5t       
doctr9es :5 ,d>w9ian concepts are br\ght
 9 to replace ! romantic elem5ts out (  
:i* x is built up4 ,its f\ndation is !  
metaphysical equality betwe5 ! volume ( 
human life =ce productively sp5t 9 !    
mak+ ( goods & ! magnitude ( ^! goods   

consid]$ z human products4 ,! "q ( su*  
an equality has no mean+ 9 t]ms ( cause 
& effect1 nor does x be> 9 any          
intelligible way ^u ! ,d>w9ian "q ( !   
fitness ( any giv5 sy/em ( production or
 di/ribution4 ,9 any evolution>y sy/em (
 economics ! c5tral "q t\*+ ! effici5cy 
& fitness ( any giv5 sy/em ( production 
is necess>ily ! "q z to ! excess (      
s]viceability 9 ! product ov] ! co/ (   
production4#ad ,x is 9 su* an excess (  
s]viceability ov] co/ t ! *ance (       
survival lies = any sy/em ( production1 
9 s f> z ! "q ( survival is a "q (      
production1 & ?is matt] comes into !    
speculation ( ,m>x only indirectly or   
incid5tally1 & leads to no?+ 9 8        
argum5t4  ,&1 z be>+ on ! ,m>xian       
doctr9es ( exploitation1 !re is on      
,d>w9ian gr\nd no place = a natural "r  
to ! full product ( labor4 ,:at c be    
argu$ 9 t connection on ! gr\nd ( cause 
& effect simply is ! "q z to :at s*eme (
 di/ribution w help or h9d] ! survival (
 a giv5 p or a giv5 civilisation4#ae  ,b

 ^! que/ions ( ab/ruse !ory ne$ n be    
pursu$1 s9ce !y c\nt1 aft] all1 b       
relatively little among ! work+ t5ets ( 
! movem5t4 ,little ne$ be done by !     
,m>xi/s to "w out or to adapt ! ,m>xian 
sy/em ( value !ory1 s9ce x has b slight 
be>+ on ! ma9 "q1--! "q ( ! tr5d t[>ds  
socialism & ( its *ances ( success4 ,x  
is conceivable t a compet5t !ory ( value
 deal+ ) ! excess ( s]viceability ov]   
co/1 on ! "o h&1 & ) ! discrepancy      
betwe5 price & s]viceability1 on ! o!r  
h&1 w\ld h a sub/antial be>+ ^u !       
advisability ( ! pres5t z aga9/ !       
sociali/ic regime1 & w\ld g f> to cle>  
up ! notions ( bo? sociali/s &          
cons]vatives z to ! nature ( ! po9ts 9  
dispute betwe5 !m4 ,b ! sociali/s h n   
mov$ 9 ! direction ( ?is problem1 & !y h
 ! excuse t _! critics h sugge/$ nei!r a
 "q nor a solution to a "q along any su*
 l9e4 ,none ( ! value !ori/s h s f> (f]$
 any?+ t c\ld be call$ good1 bad1 or    
indiff]5t 9 ?is connection1 & !         
sociali/s are z innoc5t z ! re/4        

,economics1 inde$1 has n at ?is po9t yet
 begun to take on a mod]n tone1 unless !
 curr5t neglect ( value !ory by !       
sociali/s be tak5 z a negative symptom (
 advance1 indicat+ t !y at lea/         
recognise ! futility ( ! receiv$        
problems & solutions1 ev5 if !y are n   
ready to make a positive move4          
99       99       99       99       99  
,! %ift+ ( ! curr5t po9t ( view1 f      
romantic philosophy to matt]-(-fact1 has
 affect$ ! attitude ( ! ,m>xi/s t[>ds ! 
sev]al articles ( !ory m ?an x has      
induc$ an av[$ alt]ation or a           
sub/itution ( new elem5ts ( !ory = !    
old4 ,x is always possible to make "o's 
peace ) a new /&po9t by new             
int]pretations & a %rewd use ( figures (
 spee*1 s f> z ! !oretical =mulation is 
conc]n$1 & some?+ ( ?is k9d has tak5    
place 9 ! case ( ,m>xism2 b :51 z 9 !   
case ( ,m>xism1 ! =mulations ( !ory are 
draft$ into practical use1 sub/antial   
*anges ( appreciable magnitude are apt  
to %[ !mselves 9 a *ang$ attitude t[>ds 

practical que/ions4 ,! ,m>xi/s h _h to  
face c]ta9 practical problems1          
especially problems ( p>ty tactics1 & ! 
sub/antial *anges wr\ght 9 _! !oretical 
outlook h come into evid5ce "h4 ,! real 
gravity ( ! *anges t h ov]tak5 ,m>xism  
w\ld sc>cely be se5 by a scrut9y ( !    
=mal pr(essions ( ! ,m>xi/s alone4 ,b ! 
exig5cies ( a *ang+ situation h provok$ 
readju/m5ts ( ! receiv$ doctr9al        
position1 & ! %ift+ ( ! philosophical   
/&po9t & po/ulates has come into evid5ce
 z m>k+ ! limits ( *ange 9 _! pr(essions
 :i* ! sociali/ic doctr9aires c\ld all[ 
!mselves4  ,! *anges compris$ 9 !       
cultural movem5t t lies betwe5 ! middle 
& ! close ( ! n9ete5? c5tury are great &
 grave1 at lea/ z se5 f s ne> a /&po9t z
 ! pres5t day1 & x is safe to say t1 9  
:atev] hi/orical p]spective !y may be   
se51 !y mu/1 9 "s respects1 always ass]t
 !mselves z unprec$5t$4 ,s f> z conc]ns 
! pres5t topic1 !re are ?ree ma9 l9es ( 
*ange t h conv]g$ ^u ! ,m>xi/ sy/em (   
doctr9es1 & h l$ to its latt]-day       

modification & gr[?4 ,"o ( ^!--! *ange 9
 ! po/ulates ( k1 9 ! metaphysical      
f\ndations ( !ory--has be5 spok5 (      
already1 & its be>+ on ! gr[? ( sociali/
 !ory has be5 indicat$ 9 c]ta9 ( its    
g5]al features4 ,b1 among ! circum/ances
 t h condition$ ! gr[? ( ! sy/em1 ! mo/ 
obvi\s is ! fact t s9ce ,m>x's "t 8     
doctr9es h come to s]ve z ! plat=m ( a  
political movem5t1 & s h be5 expos$ to !
 /ress ( practical p>ty politics deal+ )
 a new & *ang+ situation4 ,at ! same "t 
! indu/rial 7economic7 situation to :i* 
! doctr9es are held to apply--( :i* !y  
are ! !oretical =mulation--has also 9   
important respects *ang$ its "* f :at x 
0 :5 ,m>x fir/ =mulat$ 8 views4 ,^!     
sev]al l9es ( cultural *ange affect+ !  
gr[? ( ,m>xism _c be held ap>t 9 s      
di/9ct a mann] z to appraise ! "w ( ea* 
sep>ately4 ,!y belong inextricably      
toge!r1 z d ! effects wr\ght by !m 9 !  
sy/em4  ,9 practical politics ! ,social 
,democrats h _h to make up _! acc\nt ) !
 labor movem5t1 ! agricultural          

population1 & ! imp]iali/ic policy4 ,on 
ea* ( ^! heads ! preconceiv$ programme (
 ,m>xism has come 9 conflict ) ! run (  
ev5ts1 & on ea* head x has be5 necess>y 
to deal %rewdly & adapt ! pr9ciples to !
 facts ( ! "t4 ,! adaptation to         
circum/ances has n be5 altoge!r ( !     
nature ( compromise1 al?\gh "h & !re !  
_s ( compromise & conciliation is       
visible en\gh4 ,a conciliatory p>ty     
policy may1 ( c\rse1 impose an          
adaptation ( =m & color ^u ! p>ty       
pr9ciples1 )\t !reby s]i\sly affect+ !  
sub/ance ( ! pr9ciples !mselves2 b ! ne$
 ( a conciliatory policy may1 ev5 m1    
provoke a sub/antial *ange ( attitude   
t[>d practical que/ions 9 a case :]e a  
%ift+ ( ! !oretical po9t ( view makes   
room = a sub/antial *ange4  ,ap>t f all 
m]ely tactical exp$i5ts1 ! exp]i5ce ( ! 
pa/ ?irty ye>s has l$ ! ,g]man ,m>xi/s  
to see ! facts ( ! labor situation 9 a  
new light1 & has induc$ !m to atta* an  
alt]$ mean+ to ! accept$ =mulations (   
doctr9e4 ,! facts h n freely l5t        

!mselves to ! s*eme ( ! ,m>xi/ sy/em1 b 
! s*eme has tak5 on su* a new mean+ z   
w\ld be consi/5t ) ! facts4 ,! untr\bl$ 
,m>xian economics1 su* z x f9ds         
expression 9 ! ,kapital & e>li] docum5ts
 ( ! !ory1 has no place & no use = a    
trade-union movem5t1 or1 inde$1 = any   
simil> non-political organisation among 
! work+ class1 & ! attitude ( !         
,social-,democratic lead]s ( op9ion 9 ! 
e>ly days ( ! p>ty's hi/ory 0 accord+ly 
ho/ile to any su* movem5t1#af--;z mu* s1
 inde$1 z ! loyal adh]5ts ( ! classical 
political economy4 ,t 0 be=e ! mod]n    
indu/rial era _h got "u way 9 ,g]many1 &
 !re=e be=e ! ,g]man sociali/ic         
doctr9aires _h le>n$ by exp]i5ce :at !  
developm5t ( indu/ry 0 to br+ ) x4 ,x 0 
also be=e ! mod]n sci5tific po/ulates _h
 begun to dis9tegrate ! neo-,hegelian   
preconceptions z to ! logical sequ5ce 9 
! developm5t ( in/itutions4  ,9 ,g]many1
 z else:]e1 ! gr[? ( ! capitali/ic sy/em
 pres5tly br\ght on trade-unionism2 t is
 to say1 x br\ght on an organis$ attempt

 on ! "p ( ! workm5 to deal ) ! que/ions
 ( capitali/ic production & di/ribution 
by bus9ess me?ods1 to settle ! problems 
( work+-class employm5t & livelihood by 
a sy/em ( non-political1 bus9esslike    
b>ga9s4 ,b ! great po9t ( all sociali/  
aspiration & endeavor is ! abolition (  
all bus9ess & all b>ga9+1 &1 accord+ly1 
! ,social ,democrats 7 he>tily out (    
sympa?y ) ! unions & _! endeavors to    
make bus9ess t]ms ) ! capitali/ sy/em1 &
 make life tol]able = ! workm5 "u t     
sy/em4 ,b ! union movem5t grew to be s  
s]i\s a feature ( ! situation t !       
sociali/s f\nd !mselves oblig$ to deal )
 unions1 s9ce !y c\ld n deal ) ! workm5 
ov] ! heads ( ! unions4 ,! ,social      
,democrats1 & !re=e ! ,m>xian !ori/s1 _h
 to deal ) a situation :i* includ$ !    
union movem5t1 & ?is movem5t 0 b5t on   
improv+ ! workman's conditions ( life f 
day to day4 ,!re=e x 0 necess>y to      
figure out h[ ! union movem5t c\ld & mu/
 fur!r ! sociali/ic advance2 to "w into 
! body ( doctr9es a !ory ( h[ ! unions  

belong 9 ! c\rse ( economic developm5t t
 leads up to socialism1 & to reconcile !
 unioni/ ef=ts at improvem5t ) ! ends ( 
,social ,democracy4 ,n only 7 ! unions  
seek+ improvem5t by unsociali/ic me?ods1
 b ! level ( com=t among ! work+ classes
 0 9 "s respects advanc+1 app>5tly z a  
result ( ^! union ef=ts4 ,bo? ! huck/]+ 
animus ( ! workm5 9 _! unioni/ policy & 
! possible amelioration ( work+-class   
conditions _h to be incorporat$ into !  
sociali/ic plat=m & into ! ,m>xi/ !ory (
 economic developm5t4 ,! ,m>xi/ !ory (  
progressive mis]y & degradation has1    
accord+ly1 fall5 into ! backgr\nd1 & a  
l>ge proportion ( ! ,m>xi/s h already   
come to see ! :ole "q ( work+-class     
det]ioration 9 "s su* apologetic light z
 is %$ ^u x by ,golds*eid 9 8           
,v]el5dungs-od] ,melioration/heorie4 ,x 
is n[ n an unusual ?+ = or?odox ,m>xi/s 
to hold t ! improvem5t ( ! conditions ( 
! work+ classes is a necess>y condition 
to ! advance ( ! sociali/ic cause1 & t !
 unioni/ ef=ts at amelioration mu/ be   

fur!r$ z a means t[>d ! sociali/ic      
consummation4 ,x is recognis$ t !       
sociali/ic revolution mu/ be c>ri$ ?r\gh
 n by an anaemic work+ class "u !       
pressure ( abject privation1 b by a body
 ( full-blood$ work+m5 gradually ga9+   
/r5g? f improv$ conditions ( life4      
,in/ead ( ! revolution be+ work$ out by 
! lev]age ( desp]ate mis]y1 e improvem5t
 9 work+-class conditions is to be c\nt$
 z a ga9 = ! revolution>y =ces4 ,?is is 
a good ,d>w9ism1 b x does n belong 9 !  
neo-,hegelian ,m>xism4  ,p]haps ! sore/ 
exp]i5ce ( ! ,m>xi/ doctr9aires has be5 
) ! agricultural population4            
,notori\sly1 ! p ( ! op5 c\ntry h n tak5
 k9dly to socialism4 ,no propag&a & no  
*anges 9 ! economic situation h won !   
sympa?y ( ! peasant f>m]s = ! sociali/ic
 revolution4 ,notori\sly1 too1 !        
l>ge-scale indu/ry has n invad$ !       
agricultural field1 or expropriat$ !    
small proprietors1 9 any?+ l ! degree   
expect$ by ! ,m>xi/ doctr9aires ( a     
g5]ation ago4 ,x is conta9$ 9 !         

!oretical sy/em ( ,m>x t1 z mod]n       
indu/rial & bus9ess me?ods ga9 gr\nd1 ! 
small proprietor f>m]s w be r$uc$ to !  
ranks ( ! wage-prolet>iat1 & t1 z ?is   
process ( conv]sion goes on1 9 ! c\rse (
 "t ! class int]e/ ( ! agricultural     
population w ?r[ !m into ! movem5t side 
by side ) ! o!r wage-workm54#ag ,b at   
?is po9t ! facts h hi!rto n come out 9  
consonance ) ! ,m>xi/ !ory4 ,& ! ef=ts (
 ! ,social ,democrats to conv]t !       
peasant population to socialism h be5   
practically unrew>d$4 ,s x has come ab\t
 t ! political lead]s & ! keep]s ( !    
doctr9es h1 t>dily & reluctantly1 come  
to see ! facts ( ! agr>ian situation 9 a
 new light1 & to give a new phras+ to ! 
articles ( ,m>xian !ory t t\* on !      
=tunes ( ! peasant f>m]4 ,x is no long] 
held t ei!r ! small prop]ties ( !       
peasant f>m] mu/ be absorb$ into l>g]   
prop]ties1 & !n tak5 ov] by ! ,/ate1 or 
t !y mu/ be tak5 ov] by ! ,/ate         
directly1 :5 ! sociali/ic revolution is 
e/abli%$4 ,on ! contr>y1 x is n[ com+ to

 be held t ! peasant proprietors w n be 
di/urb$ 9 _! hold+s by ! great *ange4 ,!
 great *ange is to deal ) capitali/ic   
ent]prise1 & ! peasant f>m+ is n prop]ly
 capitali/ic4 ,x is a sy/em ( production
 9 :i* ! produc] normally gets only !   
product ( 8 own labor4 ,inde$1 "u !     
curr5t regime ( m>kets & cr$it          
relations1 ! small agricultural produc]1
 x is held1 gets less ?an ! product ( 8 
own labor1 s9ce ! capitali/ic bus9ess   
ent]prises ) :i* he has to deal are     
always able to take advantage ( him4 ,s 
x has become "p ( ! ov]t doctr9e (      
sociali/s t z reg>ds ! peasant f>m] x w 
be ! consi/5t aim ( ! movem5t to secure 
him 9 ! untr\bl$ enjoym5t ( 8 hold+1 &  
free him f ! vexati\s exactions ( 8     
cr$itors & ! ru9\s bus9ess traffic 9 :i*
 he is n[ p]=ce involv$4 ,accord+ to !  
revis$ code1 made possible by rec\rse to
 ,d>w9ian concepts ( evolution in/ead ( 
! ,hegelian ?ree-phase dialectic1 !re=e1
 & contr>y to ! e>li] progno/ications ( 
,m>x1 x is no long] held t agricultural 

indu/ry mu/ g ?r\gh ! capitali/ic mill2 
& x is hop$ t "u ! revis$ code x may be 
possible to enli/ ! int]e/ & sympa?y (  
?is ob/9ately cons]vative elem5t = !    
revolution>y cause4 ,! *ange 9 ! (ficial
 sociali/ position on ! agricultural "q 
has come ab\t only lately1 & is sc>cely 
yet complete1 & !re is no kn[+ :at      
degree ( success x may meet ) ei!r z a  
matt] ( p>ty tactics or z a feature ( ! 
sociali/ic !ory ( economic developm5t4  
,all discussions ( p>ty policy1 & ( !ory
 s f> z be>s on policy1 take up ! "q2 & 
ne>ly all au?oritative spokesm5 (       
socialism h modifi$ _! views 9 ! c\rse (
 "t on ?is po9t4  ,! socialism ( ,k>l   
,m>x is *>act]i/ically incl9$ to        
peaceable measures & dis9cl9$ to a      
co]cive gov]nm5t & bellig]5t politics4  
,x is1 or at lea/ x 01 /rongly av]se to 
int]national jeal\sy & patriotic        
animosity1 & has tak5 a /& aga9/        
armam5ts1 w>s1 & dyna/ic aggr&isem5t4   
,at ! "t ( ! ,fr5*-,prussian w> !       
(ficial organisation ( ,m>xism1 !       

,int]national1 w5t s f> 9 its advocacy (
 peace z to urge ! soldi]y on bo? sides 
to refuse to fight4 ,aft] ! campaign _h 
w>m$ ! blood ( ! two nations1 ?is       
advocacy ( peace made ! ,int]national   
odi\s 9 ! eyes ( bo? ,fr5* & ,g]mans4   
,w> begets patriotism1 & ! sociali/s    
fell "u ! reproa* ( n be+ suffici5tly   
patriotic4 ,aft] ! conclusion ( ! w> !  
,sociali/ic ,work+m5's ,p>ty ( ,g]many  
s9n$ aga9/ ! ,g]man patriotic s5tim5t 9 
a simil> way & ) simil>ly grave results4
 ,s9ce ! f\ndation ( ! empire & ( !     
,social-,democratic p>ty1 ! sociali/s & 
_! doctr9es h pass$ ?r\gh a fur!r       
exp]i5ce ( a simil> k9d1 b on a l>g]    
scale & m protract$4 ,! gov]nm5t has    
gradually /r5g!n$ its autocratic        
position at home1 increas$ its w>like   
equipm5t1 & enl>g$ its pret5sions 9     
int]national politics1 until :at w\ld h 
seem$ absurdly impossible a g5]ation ago
 is n[ submitt$ to by ! ,g]man p1 n only
 ) a good grace1 b ) en?usiasm4 ,dur+   
all ?is "t t "p ( ! population t has    

adh]$ to ! sociali/ ideals has also gr[n
 gradually m patriotic & m loyal1 & !   
lead]s & keep]s ( sociali/ op9ion h %>$ 
9 ! gr[? ( *auv9ism ) ! re/ ( ! ,g]man  
p4 ,b at no "t h ! sociali/s be5 able to
 keep abrea/ ( ! g5]al upw>d movem5t 9  
?is respect4 ,!y h n atta9$ ! pit* (    
reckless loyalty t animates !           
cons]vative ,g]man patriots1 al?\gh x is
 probably safe to say t ! ,social       
,democrats ( to-day are z good &        
headlong patriots z ! cons]vative       
,g]mans 7 a g5]ation ago4 ,dur+ all ?is 
p]iod ( ! new era ( ,g]man political    
life ! sociali/s h be5 freely accus$ (  
disloyalty to ! national ambition1 (    
plac+ _! int]national aspirations above 
! ambition ( imp]ial aggr&isem5t4  ,!   
sociali/ spokesm5 h be5 cont9ually on ! 
def5sive4 ,!y set out ) a r\nd          
opposition to any consid]able milit>y   
e/abli%m5t1 & h m & m apologetically    
cont9u$ to oppose any undue ext5sion ( !
 w>like e/abli%m5ts & ! w>like policy4  
,b ) ! passage ( "t & ! habituation to  

w>like politics & milit>y discipl9e1 !  
infection ( j+oism has gradually p]meat$
 ! body ( ,social ,democrats1 until !y h
 n[ rea*$ su* a pit* ( en?usia/ic       
loyalty z !y w\ld n pati5tly he> a      
tru?ful *>act]isation (4 ,! spokesm5 n[ 
are conc]n$ to %[ t1 :ile !y /ill /& =  
int]national socialism1 consonant ) _!  
anci5t position1 !y /& = national       
aggr&isem5t fir/ & = int]national comity
 second4 ,! relative importance ( !     
national & ! int]national ideals 9      
,g]man sociali/ pr(essions has be5      
rev]s$ s9ce ! sev5ties4#ah ,! lead]s are
 busy ) int]pretation ( _! e>li]        
=mulations4 ,!y h come to excite        
!mselves ov] nebul\s di/9ctions betwe5  
patriotism & j+oism4 ,! ,social         
,democrats h come to be ,g]man patriots 
fir/ & sociali/s second1 :i* comes to   
say+ t !y are a political p>ty work+ = !
 ma9t5ance ( ! exi/+ ord]1 )            
modifications4 ,!y are no long] a p>ty (
 revolution1 b ( re=m1 ?\gh ! measure ( 
re=m :i* !y dem& greatly exce$s !       

,hoh5zoll]n limit ( tol]ance4 ,!y are n[
 z mu*1 if n m1 9 t\* ) ! ideas (       
,engli% lib]alism ?an ) ^? (            
revolution>y ,m>xism4  ,! mat]ial &     
tactical exig5cies t h gr[n out ( *anges
 9 ! indu/rial sy/em & 9 ! political    
situation1 !n1 h br\ght on f>-rea*+     
*anges ( adaptation 9 ! position ( !    
sociali/s4 ,! *ange may n be extremely  
l>ge at any "o po9t1 s f> z reg>ds !    
specific articles ( ! programme1 b1 tak5
 z a :ole1 ! result+ modification ( !   
sociali/ic position is a v sub/antial   
"o4 ,! process ( *ange is1 ( c\rse1 n   
yet complet$1--:e!r or n x ev] w be1--b 
x is already evid5t t :at is tak+ place 
is n s mu* a *ange 9 am\nt or degree (  
conviction on c]ta9 giv5 po9ts z a *ange
 9 k9d1--a *ange 9 ! curr5t sociali/ic  
habit ( m9d4  ,! factional discrepancies
 ( !ory t h occupi$ ! sociali/s (       
,g]many = "s ye>s pa/ are evid5ce t !   
conclusion1 ev5 a provisional           
conclusion1 ( ! %ift+ ( _! /&po9t has n 
be5 rea*$4 ,x is ev5 haz>d\s to guess   

:i* way ! drift is sett+4 ,x is only    
evid5t t ! pa/ /&po9t1 ! /&po9t (       
neo-,hegelian ,m>xism1 _c be rega9$1--x 
is a =gott5 /&po9t4 ,= ! imm$iate pres5t
 ! drift ( s5tim5t1 at lea/ among !     
educat$1 seems to set t[>d a position   
resembl+ t ( ! ,national ,socials & !   
,rev4 ,mr4 ,naumann2 t is to say1       
imp]iali/ic lib]alism4 ,%\ld !          
conditions1 political1 social1 &        
economic1 :i* to-day are *iefly         
effective 9 %ap+ ! habits ( ?\ght among 
! ,g]man p1 cont9ue sub/antially un*ang$
 & cont9ue to be ! *ief det]m9+ causes1 
x ne$ surprise no "o to f9d ,g]man      
socialism gradually *ang+ into a some:at
 *>act]less imp]iali/ic democracy4 ,!   
imp]ial policy seems 9 a fair way to get
 ! bett] ( revolution>y socialism1 n by 
repress+ x1 b by =ce ( ! discipl9e 9    
imp]iali/ic ways ( ?9k+ to :i* x        
subjects all classes ( ! population4 ,h[
 f> a simil> process ( /]ilisation is "u
 way1 or is likely to ov]take ! sociali/
 movem5t 9 o!r c\ntries1 is an obscure  

"q to :i* ! ,g]man object-lesson af=ds  
no c]ta9 answ]4  ,,footnotes3  #a       
,repr9t$ by p]mission f ,! ,qu>t]ly     
,j\rnal ( ,economics1 ,vol4 ,,xxi1      
,feb41 #aijg4  #b ,sci5tific is "h us$ 9
 ! half-te*nical s5se :i* by usage x (t5
 has 9 ?is connection1 designat+ !      
!ories ( ,m>x & 8 foll[]s4  #c ,!re is1 
inde$1 a rem>kable consi/5cy1 am\nt+    
sub/antially to an inv>iability (       
position1 9 ,m>x's writ+1 f ! ,communi/ 
,manife/o to ! la/ volume ( ! ,capital4 
,! only portion ( ! great ,manife/o :i* 
became antiquat$1 9 ! appreh5sion ( its 
creators1 is ! polemics address$ to !   
,philosophical sociali/s ( ! =ties & !  
illu/rative mat]ial tak5 f contempor>y  
politics4 ,! ma9 position & ! m         
important articles ( !ory--! mat]iali/ic
 conception1 ! doctr9e ( class /ruggle1 
! !ory ( value & surplus value1 (       
increas+ di/ress1 ( ! res]ve army1 ( !  
capitali/ic collapse--are to be f\nd 9 !
 ,critique ( ,political ,economy        
7#ahei71 & mu* ( !m 9 ! ,mis]y (        

,philosophy 7#ahdg71 toge!r ) ! ma/]ful 
me?od ( analysis & con/ruction :i* he   
employ$ ?r\gh\t 8 !oretical "w4  #d ,cf4
 ,engels1 ,feu]ba* 7,engli% translation1
 ,*icago1 #aijc71 especially ,"p ,,iv1 &
 v>i\s pap]s publi%$ 9 ! ,neue ,zeit2   
also ! preface to ! ,communi/ ,manife/o 
writt5 9 #ahhh2 also ! preface to volume
 ii4 ( ,capital1 :]e ,engels argues ! "q
 ( ,m>x's priority 9 connection ) !     
lead+ !oretical pr9ciples ( 8 sy/em4  #e
 ,cf4 ,feu]ba*1 z above2 ,! ,developm5t 
( ,socialism f ,utopia to ,sci5ce1      
especially sections ii & iii4  #f ,su* a
 sociali/ z ,anton ,m5g]1 e4g41 comes   
into ! neo-,m>xian s*ool f )\t1 f !     
field ( mod]n sci5tific inquiry1 & %[s1 
at lea/ virtually1 no ,hegelian color1  
:e!r 9 ! scope ( 8 inquiry1 9 8 me?od1  
or 9 ! !oretical "w :i* he puts =?4 ,x  
%\ld be add$ t 8 ,neue ,/aatslehre1 &   
,neue ,sitt5lehre are ! fir/ sociali/ic 
con/ructive "w ( sub/antial value z a   
contribution to k1 outside ( economic   
!ory prop]1 t has appe>$ s9ce ,lassalle4

 ,! ef=ts ( ,engels 7,ursprung d]       
,familie7 & ,bebel 7,die ,frau7 w\ld    
sc>cely be tak5 s]i\sly z sci5tific     
monographs ev5 by hot-head$ sociali/s if
 x 7 n = ! lack ( any?+ bett]4 ,m5g]'s  
"w is n ,m>xism1 :]eas ,engels's &      
,bebel's "w ( ?is class is practically  
)\t value or orig9ality4 ,! unfitness ( 
! ,m>xian po/ulates & me?ods = !        
purposes ( mod]n sci5ce %[s itself 9 !  
sweep+ b>r5ness ( sociali/ic lit]ature  
all along t l9e ( inquiry into !        
evolution ( in/itutions = ! promotion ( 
:i* ! mat]iali/ic dialectic 0 inv5t$4   
#g ,?is contra/ holds betwe5 ! orig9al  
,m>xism ( ,m>x & ! scope & me?od ( mod]n
 sci5ce2 b x does n1 !re=e1 hold betwe5 
! latt]-day ,m>xi/s--:o are l>gely imbu$
 ) po/-,d>w9ian concepts--& !           
non-,m>xian sci5ti/s4 ,ev5 ,engels1 9 8 
latt]-day =mulation ( ,m>xism1 is       
/rongly affect$ ) ! notions (           
po/-,d>w9ian sci5ce1 & reads ,d>w9ism   
into ,hegel & ,m>x ) a good deal (      
naivete4 7,see 8 ,feu]ba*1 especially   

pp4 #ic-ih ( ! ,engli% translation47 ,s1
 also1 ! s]i\s b sc>cely q consi/5t     
qualifications ( ! mat]iali/ic          
conception (f]$ by ,engels 9 ! lett]s   
pr9t$ 9 ! ,soziali/is*e ,akademik]1     
#ahie4  #h ,! fact t ! !oretical        
/ructures ( ,m>x collapse :5 _! elem5ts 
are conv]t$ into ! t]ms ( mod]n sci5ce  
%\ld ( itself be suffici5t pro( t ^?    
/ructures 7 n built by _! mak] out ( su*
 elem5ts z mod]n sci5ce habitually makes
 use (4 ,m>x 0 nei!r ignorant1 imbecile1
 nor dis+5u\s1 & 8 "w mu/ be con/ru$ f  
su* a po9t ( view & 9 t]ms ( su* elem5ts
 z w enable 8 results to /& sub/antially
 s\nd & conv9c+4  #i ,cf4               
,voraussetzung5 des ,sozialismus1       
especially ! fir/ two 7critical7 *apt]s4
 ,b]n/e9's rev]5t attitude t[>d ,m>x &  
,engels1 z well z 8 some:at old-fa%ion$ 
conception ( ! scope & me?od ( sci5ce1  
gives 8 discussion an air ( mu* great]  
consonance ) ! or?odox ,m>xism ?an x    
really has4 ,9 8 lat] expressions ?is   
consonance & conciliatory animus %[ up m

 /rongly r ?an o!rwise4 7,see ,socialism
 & ,sci5ce1 includ+ ! special preface   
writt5 = ! ,fr5* edition47 ,t :i* 0 to  
,m>x & ,engels ! po9t ( dep>ture & !    
guid+ norm--! ,hegelian dialectic--is to
 ,b]n/e9 a mi/ake f :i* sci5tific       
socialism mu/ free itself4 ,he says1    
e4g4 7,voraussetzung51 end ( *4 iv471 ,!
 great ?+s a*iev$ by ,m>x & ,engels !y h
 a*iev$ n by ! help ( ! ,hegelian       
dialectic1 b 9 spite ( x4  ,! numb] ( ! 
revisioni/s is v consid]able1 & !y are  
pla9ly ga9+ gr\nd z aga9/ ! ,m>xi/s ( ! 
old] l9e ( or?odoxy4 ,!y are by no means
 agre$ among !mselves z to details1 b !y
 belong toge!r by virtue ( _! endeavor  
to s con/rue 7& am5d7 ! ,m>xian sy/em z 
to br+ x into consonance ) ! curr5t     
sci5tific po9t ( view4 ,"o %\ld r say   
po9ts ( view1 s9ce ! revisioni/s'       
endeavors are n all direct$ to br++ !   
receiv$ views 9 "u a s+le po9t ( view4  
,!re are two ma9 directions ( movem5t   
among ! revisioni/s3 7a7 ^? :o1 l       
,b]n/e91 ,conrad ,s*midt1               

,tugan-,b>an[ski1 ,labriola1 ,f]ri1 aim 
to br+ ,m>xism abrea/ ( ! /&po9t ( mod]n
 sci5ce1 ess5tially ,d>w9i/s2 & 7b7 ^?  
:o aim to return to "s foot+ on ! level 
( ! romantic philosophy4 ,! be/ type & !
 /ronge/ ( ! latt] class are !          
neo-,kantians1 embody+ t _s ( revulsion 
to romantic norms ( !ory t makes up !   
philosophical side ( ! reaction>y       
movem5t fo/]$ by ! discipl9e ( ,g]man   
imp]ialism4 7,see ,k4 ,vorla5d]1 ,die   
neukantis*e ,bewegung im ,sozialismus47 
,except t he is n (ficially inscrib$ 9 !
 sociali/ cal5d>1 ,somb>t might be cit$ 
z a p>ticul>ly effective revisioni/1 s  
f> z conc]ns ! po9t ( mod]nis+ ,m>xism &
 putt+ ! mod]nis$ mat]iali/ic conception
 to "w4  #aj ,cf4 ! files ( ! ,neue     
,zeit1 p>ticul>ly dur+ ! controv]sy )   
,b]n/e91 & ,b]n/e9 und das              
,sozialdemokratis*e ,programm4  #aa ,!  
ideali/ sociali/s are ev5 m 9 evid5ce   
outside ( ,g]many4 ,!y may fairly be    
said to be 9 ! asc5dant 9 ,france1 & !y 
are a v /rong & free-spok5 cont+5t ( !  

sociali/ movem5t 9 ,am]ica4 ,!y d n     
commonly speak ! language ei!r ( sci5ce 
or ( philosophy1 b1 s f> z _! cont5tions
 may be con/ru$ f ! /&po9t ( mod]n      
sci5ce1 _! drift seems to be some?+ ( ! 
k9d indicat$ above4 ,at ! same "t !     
spokesm5 ( ?is scatt]+ & %ift+ gr\p /& =
 a v>iety ( op9ions & aspirations t _c  
be classifi$ "u ,m>xism1 ,d>w9ism1 or   
any o!r sy/em ( !ory4 ,at ! m>g9 !y %ade
 (f into !ology & ! cre$s4  #ab ,?r\gh\t
 ! revisioni/ lit]ature 9 ,g]many !re is
 a visible s(t5+ ( ! traits ( ! doctr9e 
( ! class /ruggle1 & ! l %[s itself 9 ! 
programmes ( ! p>ty4 ,outside ( ,g]many 
! doctr9aire insi/5ce on ?is t5et is    
weak5+ ev5 m decid$ly4 ,! opportuni/    
politicians1 ) /rong aspirations1 b )   
relatively few & ill-def9$ !oretical    
preconceptions1 are ga9+ gr\nd4  #ac    
,cf4 ,b]n/e91 ,die heutige              
,sozialdemokratie 9 ,!orie und ,praxis1 
an answ] to ,brunhub]1 ,die heutige     
,sozialdemokratie1 :i* %\ld be consult$ 
9 ! same connection3 ,golds*eid1        

,v]el5dungs- od] ,melioration/heorie2   
also ,somb>t1 ,sozialismus und soziale  
,bewegung1 #e? edition1 pp4 #hf-hi4  #ad
 ,accord+ly1 9 lat] ,m>xian h&l+ ( !    
que/ions ( exploitation & accumulation1 
! att5tion is c5t]$ on ! surplus product
 r ?an on ! surplus value4 ,x is also   
curr5tly held t ! doctr9es & practical  
consequ5ces :i* ,m>x d]iv$ f ! !ory (   
surplus value w\ld rema9 sub/antially   
well f\nd$1 ev5 if ! !ory ( surplus     
value 0 giv5 up4 ,^! second>y doctr9es  
c\ld be sav$--at ! co/ ( or?odoxy--by   
putt+ a !ory ( surplus product 9 ! place
 ( ! !ory ( surplus value1 z 9 effect is
 done by ,b]n/e9 7,socialdemokratie 9   
,!orie und ,praxis1 sec4 #e4 ,also v>i\s
 ( ! essays includ$ 9 ,zur ,ges*i*te und
 ,!orie des ,sozialismus74  #ae ,! "r to
 ! full product ( labor & ! ,m>xian !ory
 ( exploitation associat$ ) t pr9ciple  
has fall5 into ! backgr\nd1 except z a  
campaign cry design$ to /ir ! emotions (
 ! work+ class4 ,ev5 z a campaign cry x 
has n ! prom95ce1 nor app>5tly !        

efficacy1 :i* x once _h4 ,! t5et is     
bett] pres]v$1 9 fact1 among ! ideali/s1
 :o draw = _! antec$5ts on ! ,fr5*      
,revolution & ! ,engli% philosophy (    
natural rights1 ?an among ! latt]-day   
,m>xi/s4  #af ,x is1 ( c\rse1 well kn[n 
t ev5 9 ! transactions & pron\nciam5tos 
( ! ,int]national a good ^w is repeat$ly
 said = ! trade-unions1 & bo? ! ,go?a & 
! ,erfurt programmes speak 9 favor (    
labor organisations1 & put =? dem&s     
design$ to fur!r ! trade-union          
endeavors4 ,b x is equally well kn[n t  
^! expressions 7 9 good "p p]functory1 &
 t ! sub/antial motive beh9d !m 0 !     
politic wi% ( ! sociali/s to conciliate 
! unioni/s1 & make use ( ! unions = !   
propag&a4 ,! e>ly expressions ( sympa?y 
) ! unioni/ cause 7 made = an ult]ior   
purpose4 ,lat] on1 9 ! n9eties1 !re     
comes a *ange 9 ! attitude ( ! sociali/ 
lead]s t[>d ! unions4  #ag ,cf4         
,kapital1 vol4 i1 *4 xiii1 sect #aj4    
#ah ,cf4 ,kautsky1 ,erfurt] ,programm1  
*4 v1 sect4 #ac2 ,b]n/e91               

,voraussetzung51 *4 iv1 sect4 e4     ,,!
 ,,mutation ,,!ory ,,& ,,! ,,blond      
,,race#a   ,! !ories ( racial developm5t
 by mutation1 associat$ ) ! "n ( ,m5del1
 :5 !y come to be freely appli$ to man1 
mu/ greatly *ange ! complexion ( _m     
curr5tly debat$ que/ions ( race--z to   
orig9s1 migrations1 disp]sion1          
*ronology1 cultural d]ivation & sequ5ce4
 ,9 "s respects ! new !ories %\ld       
simplify curr5t problems ( e?nology1 &  
!y may ev5 disp5se ) _m analyses &      
speculations t h seem$ ( great mom5t 9 !
 pa/4  ,! ma9 po/ulate ( ! ,m5delian    
!ories--! /ability ( type--has already  
done mu* s]vice 9 an?ropological sci5ce1
 be+ commonly assum$ z a matt] ( c\rse 9
 argum5ts deal+ ) ! d]ivation &         
disp]sion ( races & peoples4 ,x is only 
by =ce ( ?is assumption t e?nologi/s are
 able to id5tify any giv5 racial /ock   
ov] int]vals ( space or "t1 & s to trace
 ! racial aff9ities ( any giv5 p4 ,"q   
has be5 ent]ta9$ f "t to "t z to !      
racial fixity ( giv5 physical traits--z1

 e4g41 /ature1 ! cephalic indices1 or   
hair & eye color--b on ! :ole ^! & o!r  
/&>d m>ks ( race are /ill accept$ z     
secure gr\nds ( id5tification4#b ,inde$1
 )\t "s su* assumption any e?nological  
inquiry mu/ deg5]ate into m]e           
wool-ga!r+4  ,b along ) ?is1 ess5tially 
,m5delian1 po/ulate ( ! /ability (      
types1 e?nologi/s h at ! same "t        
habitually accept$ ! incompatible       
,d>w9ian doctr9e t racial types v>y     
incont95tly aft] a progressive fa%ion1  
aris+ ?r\gh ins5sible cumulative        
v>iations & pass+ into new specific =ms 
by ! same me?od1 "u ! ,d>w9ian rule ( ! 
selective survival ( slight & un/able   
7non-typical7 v>iations4 ,! effect ( ^! 
two incongru\s premises has be5 to leave
 discussions ( race d]ivation some:at at
 loose ends :]ev] ! two po/ulates cross 
"o ano!r4  ,if x be assum$1 or grant$1 t
 racial types are /able1 x foll[s z a   
matt] ( c\rse t ^! types or races h n   
aris5 by ! cumulative acquirem5t (      
un/able non-specific traits1 b mu/ h    

orig9at$ by mutation or by "s analog\s  
me?od1 & ?is view mu/ !n f9d its way    
into an?ropology z into ! o!r biological
 sci5ces4 ,:5 su* a /ep is tak5 an      
ext5sive revision ( que/ions ( race w be
 unavoidable1 & an appreciable div]g5ce 
may !n be look$ = among speculations on 
! mutational aff9ities ( ! sev]al races 
& cultures4  ,among matt]s s await+     
revision are c]ta9 broad que/ions (     
d]ivation & e?nography t\*+ ! blond race
 or races ( ,europe4 ,mu* att5tion1 &   
inde$ mu* s5tim5t1 has be5 sp5t on ?is  
g5]al topic4 ,! que/ions involv$ are _m 
& div]se1 & _m ( !m h be5 subject (     
animat$ controv]sy1 )\t def9itive       
conclusions4  ,! mutation !ories1 (     
c\rse1 h imm$iately to d ) ! facts (    
biological d]ivation alone1 b :5 ! facts
 are review$ 9 ! light ( ^! !ories x w  
be f\nd t que/ions ( cultural orig9s &  
relation%ip are necess>ily drawn into ! 
inquiry4 ,9 p>ticul>1 an inquiry into ! 
d]ivation & di/ribution ( ! blond /ock w
 s intimately involve que/ions ( !      

,aryan spee* & in/itutions z to be left 
incomplete )\t a some:at detail$        
att5tion to ?is latt] range ( que/ions4 
,s mu* s t an inquiry into ! adv5t &    
e>ly =tunes ( ! blond /ock 9 ,europe w  
fall1 by conv5i5ce1 "u two di/9ct b     
closely relat$ captions3 ,! ,orig9 ( !  
,blond ,type1 & ,! ,d]ivation ( ! ,aryan
 ,culture4         99       99       99 
99       99  7a7 ,x is held1 on ! "o h&1
 t !re is b a s+le blond race1 type or  
/ock 7,keane1 ,lap\ge1 ,s]gi71 & on !   
o!r h& t !re are sev]al su* races or    
types1 m or less di/9ct b presumably    
relat$ 7,d5ik]1 ,b$doe1 & o!r1          
especially ,briti%1 e?nologi/s74 7b7    
,!re is no good body ( evid5ce go+ to   
e/abli% a great antiquity = ! blond     
/ock1 & !re are indications1 ?\gh p]haps
 inconclusive1 t ! blond /ra91 includ+  
all ! blond types1 is ( relatively late 
date--unless a ,b]b] 7,kabyle7 blond    
race is to be accept$ 9 a m unequivocal 
mann] ?an hi!rto4 7c7 ,nei!r is !re     
any?+ l conv9c+ evid5ce t ?is blond /ra9

 has come f outside ( ,europe--except1  
aga91 = ! equivocal ,kabyle--or t any   
blond race has ev] be5 widely or        
p]man5tly di/ribut$ outside ( its pres5t
 ,european habitat1 7d7 ,! blond race is
 n f\nd unmix$4 ,9 po9t ( p$igree all   
individuals %[+ ! blond traits are      
hybrids1 & ! great] numb] ( !m %[ _!    
mix$ blood 9 _! physical traits4 7e7    
,!re is no community1 l>ge or small1    
made up exclusively ( blonds1 or ne>ly  
s1 & !re is no good evid5ce available t 
su* an all-blond or virtually all-blond 
community ev] has exi/$1 ei!r 9 hi/oric 
or prehi/oric times4 ,! race appe>s nev]
 to h liv$ 9 isolation4 7f7 ,x occurs 9 
sev]al 7p]haps hybrid7 v>iants--unless  
^! v>iants are to be tak5 7) ,d5ik]7 z  
sev]al di/9ct races1 7g7 ,c\nt+ !       
doli*o-blond z ! orig9al type ( ! race1 
its ne>e/ app>5t relative among ! races 
( mank9d is ! ,m$it]ranean 7( ,s]gi71 at
 lea/ 9 po9t ( physical traits4 ,at !   
same "t ! blond race1 or at lea/ !      
doli*o-blond type1 has nev] s9ce        

neoli?ic times1 s f> z kn[n1 ext5sively 
& p]man5tly liv$ 9 contact ) !          
,m$it]ranean4 7h7 ,! v>i\s 7national7   
ramifications ( ! blond /ock--or r !    
v>i\s racial mixtures into :i* an       
appreciable blond elem5t ent]s--are all1
 & to all appe>ance h always be51 (     
,aryan 7,indo-,european1 ,indo-,g]manic7
 spee*--) ! equivocal exception ( !     
,kabyle4 7i7 ,yet f> ! great] numb] &   
v>iety 7national & l+ui/ic7 ( m5 :o use 
! ,aryan spee* are n prevail+ly blond1  
or ev5 appreciably mix$ ) blond4 7j7 ,! 
blond race1 or ! peoples ) an           
appreciable blond admixture1 &          
p>ticul>ly ! communities 9 :i* !        
doli*o-blond elem5t prevails1 %[ little 
or none ( ! peculi>ly ,aryan            
in/itutions--und]/&+ by t phrase n !    
kn[n in/itutions ( ! anci5t ,g]manic    
peoples1 b t range ( in/itutions said by
 compet5t philologi/s to be reflect$ 9 !
 primitive ,aryan spee*4 7k7 ,^!        
consid]ations raise ! presumption t !   
blond race 0 n orig9ally ( ,aryan spee* 

or ( ,aryan culture1 & !y also sugge/   
7l7 t ! ,m$it]ranean1 ! ne>e/ app>5t    
relative ( ! doli*o-blond1 0 likewise n 
orig9ally ,aryan4         99       99   
99       99       99  ,accept+ !        
mutation !ory1 !n1 = ! purpose 9 h&1 &  
leav+ any que/ions ( ,aryanism on "o    
side = ! pres5t1 a canvass ( ! situation
 s outl9$ may be (f]$ 9 su* bold1 crude 
& summ>y t]ms z %\ld be admissible 9 an 
analysis :i* aims to be t5tative &      
provisional only4 ,x may be conceiv$ t !
 doli*ocephalic blond orig9at$ z a      
mutant ( ! ,m$it]ranean type 7:i* x     
greatly resembles 9 its s*eme (         
biometric measurem5ts#c7 probably "s "t 
aft] t race _h effect$ a p]man5t lodgm5t
 on ! cont95t ( ,europe4 ,! ,m$it]ranean
 /ock may be held 7,s]gi & ,keane7 to h 
come into ,europe f ,africa1#d :atev]   
its remot] d]ivation may h be54 ,x is1 (
 c\rse1 n impossible t ! mutation :i*   
gave rise to ! doli*o-blond may h       
occurr$ be=e ! p>5t /ock left ,africa1  
or r be=e x 0 %ut out ( ,africa by !    

subm]g5ce ( ! l& connection across      
,sicily1 b ! probabilities seem to be   
aga9/ su* a view4 ,! conditions w\ld    
appe> to h be5 less favorable to a      
mutation ( ?is k9d 9 ! ,african habitat 
( ! p>5t /ock ?an 9 ,europe1 & less     
favorable 9 ,europe dur+ e>li] quat]n>y 
"t ?an t[>d ! close ( ! glacial p]iod4  
,! causes :i* give rise to a v>iation ( 
type h always be5 suffici5tly obscure1  
:e!r ! orig9 ( species be conceiv$ aft] 
! ,d>w9ian or ! ,m5delian fa%ion1 & !   
mutation !ories h hi!rto af=d$ little   
light on t "q4 ,yet ! ,m5delian po/ulate
 t ! type is /able except = su* a       
mutation z %all e/abli% a new type      
raises at lea/ ! presumption t su* a    
mutation w take place only "u           
exceptional circum/ances1 t is to say1  
"u circum/ances s sub/antially diff]5t f
 :at ! type is be/ adapt$ to z to       
subject x to "s degree ( physiological  
/ra94 ,x is to be presum$ t no mutation 
w sup]v5e s long z ! conditions ( life d
 n v>y mat]ially f :at !y h be5 dur+ !  

previ\s unev5tful life-hi/ory ( ! type4 
,su* is ! presumption app>5tly involv$ 9
 ! !ory & su* is also ! sugge/ion af=d$ 
by ! few exp]im5tal cases ( obs]v$      
mutation1 z1 e4g41 ^? /udi$ by ,de      
,vries4  ,a consid]able climatic *ange1 
su* z w\ld s]i\sly alt] ! conditions (  
life ei!r directly or ?r\gh its effect  
on ! food supply1 might be conceiv$ to  
br+ on a mutat+ /ate 9 ! race2 or ! l   
effect might be induc$ by a pr(\nd      
cultural *ange1 p>ticul>ly any su* *ange
 9 ! indu/rial arts z w\ld radically    
affect ! mat]ial conditions ( life4 ,^! 
consid]ations1 ma9ly speculative x is   
true1 sugge/ t ! doli*o-blond mutant    
c\ld presumably h em]g$ only at a "t :5 
! p>5t /ock 0 expos$ to notably novel   
conditions ( life1 su* z w\ld be presum$
 7) ,de ,vries7 to t5d to ?r[ ! /ock    
into a specifically un/able 7mutat+7    
/ate2 at ! same "t ^! novel conditions (
 life mu/ also h be5 specifically ( su* 
a nature z to favor ! survival &        
multiplication ( ?is p>ticul> human     

type4 ,! climatic tol]ance ( !          
doli*o-blond1 e4g41 is kn[n to be       
exceptionally n>r[4 ,n[1 x is n kn[n1   
inde$ !re is no reason to presume1 t !  
,m$it]ranean race 0 expos$ to su*       
v>iations ( climate or ( culture be=e x 
ent]$ ,europe z might be expect$ to     
induce a mutat+ /ate 9 ! /ock1 & at !   
same "t a mutant gift$ ) ! peculi>      
climatic intol]ance ( ! doli*o-blond    
w\ld sc>cely h surviv$ "u ! conditions  
(f]$ by nor!rn ,africa 9 late quat]n>y  
"t4 ,b ! requir$ conditions are _h lat] 
on 9 ,europe1 aft] ! ,m$it]ranean 0     
securely at home 9 t cont95t4  ,! :ole  
episode may be conceiv$ to h run (f     
some:at 9 ! foll[+ mann]4 ,!            
,m$it]ranean race is held to h ent]$    
,europe 9 =ce dur+ quat]n>y "t1         
presumably aft] ! quat]n>y p]iod 0 well 
advanc$1 mo/ likely dur+ ! la/ g5ial1   
int]glacial p]iod4 ,?is race !n br\ght !
 neoli?ic culture1 b )\t ! dome/ic      
animals 7or plants87 t are a *>act]i/ic 
feature ( ! lat] neoli?ic age1 & x      

enc\nt]$ at lea/ ! remnants ( an old]1  
palaeoli?ic population4 ,?is old]       
,european population 0 made up ( sev]al 
racial /ocks1 "s ( :i* /ill p]si/ z     
obscure & m9or elem5ts 9 ! lat] peoples 
( ,europe4 ,! 7geologic7 date to be     
assign$ ?is intrusion ( ! ,m$it]ranean  
race into ,europe is ( c\rse n1 & c     
p]haps nev] be1 det]m9$ ) any degree (  
nicety or confid5ce4 ,b !re is a        
probability t x co9cides ) ! recession (
 ! ice-%eet1 foll[+ "o or ano!r ( !     
sev]] p]iods ( glaciations1 t occurr$   
be=e ! subm]g5ce ( ! l& connection      
betwe5 ,europe & ,africa1 ov] ,gibralt>1
 ,sicily1 & p]haps ,crete4 ,h[ late 9   
quat]n>y "t ! f9al subm]g5ce ( !        
,m$it]ranean bas9 occurr$ is /ill a     
matt] ( surmise2 ! intrusion ( !        
,m$it]ranean race into ,europe appe>s1  
on ar*aeological evid5ce1 to h occurr$ 9
 late quat]n>y "t1 & 9 ! end ?is        
ar*aeological evid5ce may help to decide
 ! geologic date ( ! sev]ance ( ,europe 
f ,africa4  ,! ,m$it]ranean race seems  

to h spread easily ov] ! habitable      
surface ( ,europe & %ortly to h gr[n    
num]\s & tak5 rank z ! *ief racial      
elem5t 9 ! neoli?ic population2 :i*     
argues t no v consid]able old]          
population occupi$ ! ,european cont95t  
at ! "t ( ! ,m$it]ranean invasion2 :i* 9
 turn implies t ! fairly l>ge           
7,magdal5ian7 population ( ! close ( !  
palaeoli?ic age 0 9 great "p de/roy$ or 
expell$ by ! climatic *anges t co9cid$ )
 or imm$iately prec$$ ! adv5t ( !       
,m$it]ranean race4 ,! kn[n *>act]i/ics (
 ! ,magdal5ian culture indicate a       
te*nology1 a situation & p]haps a race1 
some:at closely p>allel$ by ! ,eskimo2#e
 :i* argues t ! climatic situation be=e 
:i* ?is ,magdal5ian race & culture gave 
way w\ld h be5 t ( a g5ial int]glacial  
p]iod r ?an a p]iod ( glaciation4  ,dur+
 ?is g5ial 7p]haps sub-tropical7        
int]-glacial p]iod imm$iately prec$+ !  
la/ great glaciation ! ,magdal5ian /ock 
w\ld presumably f9d ,europe climatically
 unt5able1 judg+ by analogy ) ! ,eskimo2

 :]eas ! ,m$it]ranean /ock %\ld h f\nd x
 an em95tly favorable habitat1 = ?is    
race has always succe$$ be/ 9 a         
w>m-temp]ate climate4 ,bo? ! ext5sive   
nor?w>d range ( ! e>ly neoli?ic         
7,m$it]ranean7 settlem5ts & ! total     
disappe>ance ( ! ,magdal5ian culture f !
 ,european cont95t po9t to a climatic   
situation 9 ,europe m favorable to ! =m]
 race & m un:olesome = ! latt] ?an !    
conditions kn[n to h prevail$ at any "t 
s9ce ! la/ int]glacial p]iod1 especially
 9 ! high] latitudes4 ,! indications    
w\ld seem to be t ! :ole ( ,europe1 ev5 
! ,baltic & ,arctic seabo>ds1 became    
climatically s fully impossible = !     
,magdal5ian race dur+ ?is int]glacial   
p]iod z to result 9 its ext9ction or    
def9itive expulsion2 = :51 9 rec5t      
times1 climatically suitable conditions 
return1 on ! ,arctic seabo>d1 ! culture 
:i* takes ! place t %\ld h be5 occupi$  
by ! ,magdal5ian is ! ,f9nic 7,lapp7--a 
culture unrelat$ to ! ,magdal5ian ei!r 9
 race or te*nology1 al?\gh ( mu* ! same 

cultural level & deal+ ) a mat]ial      
environm5t ( mu* ! same "*4 ,& ?is g5ial
 int]val t 0 fatal to ! ,magdal5ian 01  
by j s mu*1 favorable to ! ,m$it]ranean 
race4  ,b glacial conditions pres5tly   
return$1 ?\gh ) less sev]ity ?an ! next 
prec$+ glacial p]iod2 & r\ghly co9cid5t 
) ! close ( ! g5ial int]val 9 ,europe ! 
l& connection ) ,africa 0 cut (f by     
subm]g5ce1 %utt+ (f retreat to ! s\?4   
,h[ f> communication ) ,asia may h be5  
int]rupt$ dur+ ! subsequ5t cold p]iod1  
by ! local glaciation ( ! ,caucasus1    
,elburz & ,arm5ian highl&s1 is = !      
pres5t app>5tly n to be det]m9$1 al?\gh 
x is to be presum$ t ! outlet to ! ea/  
w\ld at lea/ be s]i\sly ob/ruct$ dur+ ! 
glaciation4 ,!re w\ld !n be left        
available = occupation1 ma9ly by !      
,m$it]ranean race1 c5tral & s\!rn       
,europe toge!r ) ! isl&s1 notably       
,sicily & ,crete1 left ov] z remnants ( 
! e>li] cont9u\s l& betwe5 ,europe &    
,africa4 ,! s\!rn ext5sions ( ! ma9l&1 &
 m p>ticul>ly ! isl&s1 w\ld /ill af=d a 

favorable place = ! ,m$it]ranean race & 
its cultural gr[?4 ,s t ! e>ly phases ( 
! great ,cretan 7,aegean7 civilisation  
are presumably to be assign$ to ?is     
p]iod t is cov]$ by ! la/ advance ( !   
ice 9 nor!rn ,europe4 ,b ! great]       
portion ( ! l& area s left accessible to
 ! ,m$it]ranean race1 9 c5tral or ev5 9 
s\!rn ,europe1 w\ld h be5 "u glacial or 
sub-glacial climatic conditions4 ,= ?is 
race1 ess5tially native to a w>m        
climate1 ?is situation on ! ,european   
ma9l& w\ld be suffici5tly novel & try+1 
p>ticul>ly ?r\gh\t t ice-fr+$ range (   
c\ntry :]e !y w\ld be expos$ to su* cold
 & damp z ?is race has nev] easily      
tol]at$4  ,! situation s outl9$ w\ld    
af=d su* a condition ( physiological    
/ra9 z might be conceiv$ to ?r[ ! /ock  
into a specifically un/able /ate & s br+
 on a phase ( mutation4 ,at ! same "t   
?is situation1 climatic & te*nological1 
w\ld be notably favorable to ! survival 
& propagation ( a type gift$ ) all !    
peculi> capacities & limitations ( !    

doli*o-blond2 s t any mutant %[+ !      
traits *>act]i/ic ( t type w\ld !n h _h 
an em95tly favorable *ance ( survival4  
,inde$1 x is d\btful1 9 ! pres5t /ate ( 
! available evid5ce1 :e!r su* a type (  
man c\ld h surviv$ 9 ,europe f or ov]   
any p]iod ( quat]n>y "t prior to ! la/  
p]iod ( glaciation4 ,! la/ prec$+       
int]glacial p]iod appe>s to h be5 ( a   
suffici5tly g5ial 7p]haps sub-tropical7 
"* ?r\gh\t ,europe to h def9itively     
elim9at$ ! ,magdal5ian race & culture1 &
 a v>iation ( climate 9 ! g5ial s5se    
suffici5tly pron\nc$ to make ,europe    
absolutely unt5able = !                 
,magdal5ian--presum$ to be some?+ ( a   
c\nt]p>t to ! ,eskimo bo? 9 race &      
culture--%\ld probably h rea*$ ! limit (
 tol]ance = ! doli*o-blond z well4 ,!   
latt] is d\btless n z intol]ant ( a     
g5ial--w>m-temp]ate--climate z ! =m]1 b 
! doli*o-blond aft] all /&s mu* ne>] to 
! ,eskimo 9 ?is matt] ( climatic        
tol]ance ?an to ei!r ( ! two *ief       
,european /ocks ) :i* x is associat$4   

,app>5tly no racial /ock ) a climatic   
tol]ance approximately l t ( ! ,eskimo1 
! ,magdal5ian1 or ! curr5t races ( !    
,arctic seabo>d1 surviv$ ov] ! la/      
int]-glacial p]iod2 & if ! doli*o-blond 
is conceiv$ to h liv$ ?r\gh t p]iod x   
w\ld appe> to h be5 by a prec>i\sly n>r[
 m>g94 ,s t1 on "o gr\nd & ano!r1 !     
mutation out ( :i* ! doli*o-blond has   
aris5 is presumably to be assign$ to !  
late/ p]iod ( glaciation 9 ,europe1 & ) 
"s probability to ! "t :5 ! late/       
glaciation 0 at its maximum1 & to !     
region :]e glacial & seabo>d influ5ces  
comb9$ to give t racial type a          
diff]5tial advantage ov] all o!rs4  ,?is
 doli*o-blond mutation may1 ( c\rse1 h  
occurr$ only once1 9 a s+le individual1 
b x %\ld seem m probable1 9 ! light (   
,de ,vries' exp]im5ts1 t ! mutation w h 
be5 repeat$ 9 ! same specific =m 9      
sev]al individuals 9 ! same g5]al       
locality & 9 ! same g5]al p]iod ( "t4   
,inde$1 x w\ld seem highly probable t   
sev]al typically di/9ct mutations w h   

occurr$1 repeat$ly1 at r\ghly ! same    
p]iod & 9 ! same region1 giv+ rise to   
sev]al new types1 "s ( :i*1 includ+ !   
doli*o-blond1 w h surviv$4 ,_m1         
presumably ! great] numb]1 ( ^! mutant  
types w h disappe>$1 selectively1 be+   
unfit to survive "u ^? sub-glacial      
seabo>d conditions t 7 em95tly favorable
 to ! doli*o-blond2 :ile o!r mutants    
aris+ out ( ! same mutat+ p]iod & adapt$
 to climatic conditions ( a m cont95tal 
"*1 suitable to m ( a cont95tal habitat1
 less humid1 at a high] altitude & ) a  
wid] seasonal v>iation ( temp]ature1 may
 h surviv$ 9 ! regions f>!r inl&1       
p>ticul>ly ea/w>d ( ! selectively def9$ 
habitat ( ! doli*o-blond4 ,^! latt] may 
h giv5 rise to sev]al blond races1 su* z
 are spok5 = by ,d5ik]#f & c]ta9 ,briti%
 e?nologi/s4  ,! same p]iod ( mutation  
may well h giv5 rise also to "o or m    
brunet types1 "s ( :i* may h surviv$4 ,b
 if any new brunet type has come up )9 a
 p]iod s rec5t z ?is implies1 ! fact has
 n be5 not$ or surmis$ hi!rto--unless ! 

brunet races spok5 = by ,d5ik] are to be
 accept$ z typically di/9ct & ref]r$ to 
su* an orig94 ,! evid5ce = ! brunet     
/ocks has n be5 canvass$ ) a "q ( ?is   
k9d 9 view4 ,^! /ocks h n be5 subject ( 
su* eag] controv]sy z ! doli*o-blond1 & 
! att5tion giv5 !m has be5 correspond+ly
 less4 ,! case ( ! blond is unique 9    
respect ( ! att5tion sp5t on que/ions ( 
its d]ivation & prehi/ory1 & x is also  
s+ul> 9 respect ( ! facility ) :i* x c  
be isolat$ = ! purposes ( su* an        
inquiry4 ,?is l>ge & p]si/5t att5tion1 f
 all sorts ( e?nologi/s1 has br\ght !   
evid5ce be>+ on ! doli*o-blond into su* 
%ape z to p]mit m confid5t g5]alisations
 reg>d+ t race ?an any o!r4  ,9 any case
 ! numb] ( mutant individuals1 :e!r ( "o
 or ( sev]al specific types1 w h be5 v  
few z comp>$ ) ! numb]s ( ! p>5t /ock f 
:i* !y div]g$1 ev5 if !y may h be5      
some:at num]\s z c\nt$ absolutely1 & !  
survivors ^: (fspr+ produc$ a p]man5t   
effect on ! ,european peoples w h be5   
few] /ill4 ,x results t ^! surviv+      

mutants w n h be5 isolat$ f ! p>5t /ock1
 & s c\ld n bre$ 9 isolation1 b mu/ =?) 
be cross$ on ! p>5t /ock & c\ld !re=e   
yield none b hybrid (fspr+4 ,f ! outset1
 !re=e1 ! community or communities 9 :i*
 ! blond mutants 7 propagat$ w\ld be    
made up ( a mixture ( blond & brunet1 ) 
! brunet greatly prepond]at+4 ,x may be 
add$ t 9 all probability !re 7 also     
pres5t 9 ?is community f ! />t "o or m  
m9or brunet elem5ts besides ! pr$om9ant 
,m$it]ranean1 & t at lea/ %ortly aft] ! 
close ( ! glacial p]iod ! new           
bra*ycephalic brunet 7,alp9e7 race comes
 into ! case2 s t ! *ances favor an e>ly
 & p]si/5t cross+ ( ! doli*o-blond ) m  
?an "o brunet type1 & h5ce !y favor     
complications & confusion ( types f !   
/>t4 ,x foll[s t1 9 po9t ( p$igree1     
accord+ to ?is view !re nei!r is nor ev]
 has be5 a pure-br$ doli*o-blond        
individual s9ce ! putative orig9al      
mutant ) :i* ! type came 94 ,b "u !     
,m5delian rule ( hybrids x is none !    
less to be expect$ t1 9 ! c\rse ( "t & (

 climatically selective bre$+1          
individuals 7p]haps 9 appreciable       
numb]s7 w h come up f "t to "t %[+ !    
type *>act]s unmix$ & unweak5$1 &       
effectively pure-br$ 9 po9t ( h]$ity4   
,inde$1 su* individuals1 effectively    
pure-br$ or t5d+ to ! e/abli%m5t ( a    
pure l9e1 w probably h em]g$ some:at    
frequ5tly "u conditions favorable to !  
pure type4 ,! selective action ( !      
conditions ( life 9 ! habitat mo/       
favorable to ! propagation ( !          
doli*o-blond has work$ 9 a r\gh &       
unc]ta9 way t[>d ! e/abli%m5t1 9 p>ts ( 
! ,baltic & ,nor? ,sea region1 (        
communities made up prevail+ly ( blonds4
 ,yet none ( ^! communities mo/         
favorably plac$ = a selective bre$+ 9 ! 
direction ( a pure doli*o-blond         
population h gone f> en\gh 9 t direction
 to all[ x safely to be said t !        
composite population ( any su* giv5     
locality is m ?an half blond4  ,plac$ z 
x is 9 a community ( nations made up ( a
 hybrid mixture ( sev]al racial /ocks   

!re is probably no way at pres5t ( rea*+
 a conv9c+ demon/ration ( ! typical     
orig9ality ( ?is doli*o-blond mutant1 z 
contra/$ ) ! o!r blond types ) :i* x is 
associat$ 9 ! ,european population2 b   
c]ta9 g5]al consid]ations g decid$ly1   
p]haps decisively1 to en=ce su* a view3 
7a7 ,?is type %[s su* a p]vasive        
resemblance to a s+le "o ( ! kn[n old] &
 m widely di/ribut$ types ( man 7!      
,m$it]ranean7 z to sugge/ desc5t by     
mutation f ?is "o r ?an d]ivation by    
cross+ ( any two or m kn[n types4 ,! l c
 n be said ( ! o!r blond types1 all &   
sev]al ( :i* may plausibly be expla9$ z 
hybrids ( kn[n types4 ,!y h ! appe>ance 
( bl5ds1 or r ( biometrical compromises1
 betwe5 two or m exi/+ v>ieties ( man4  
,:]eas x does n seem feasible to expla9 
! doli*o-blond z su* a bl5d or          
compromise betwe5 any kn[n racial types4
 7b7 ,! doli*o-blond occurs1 9 a way1   
c5trally to ! o!r blond types1 giv+ !m a
 sugge/ive look ( be+ ramifications ( ! 
blond /ock1 by hybridisation1 into      

regions n :olly suit$ to ! typical      
blond4 ,! l c sc>cely be said = any ( ! 
o!r ,european types or races4 ,! mo/    
plausible exception w\ld be ,d5ik]'s    
,ea/-,european or ,ori5tal race1        
,b$doe's ,saxon1 :i* /&s 9 a some:at    
analog\s spacial relation to ! o!r blond
 types4 ,b ?is bra*ycephalic blond is n 
subject to ! same %>p climatic          
limitations t h$ge ab\t ! doli*o-blond2 
x occurs app>5tly ) equally secure      
viability )9 ! littoral home area ( !   
doli*o-blond & 9 cont95tal situations   
:]e conditions ( altitude & g5ial       
climate w\ld b> ! latt] f p]man5t       
settlem5t4 ,! anci5t & conv5tionally    
accept$ c5t] ( diffusion ( blondness 9  
,europe lies )9 ! seabo>d region bord]+ 
on ! s\? ,baltic1 ! ,nor? ,sea & ! n>r[ 
wat]s ( ! ,sc&9avian p59sulas4          
,probably1 if ?is broad c5tral area (   
diffusion 7 to be n>r[$ d[n to a        
p>ticul> spot1 ! cons5sus ( op9ion z to 
:]e ! n>r[] area ( *>act]i/ic blondness 
is to be look$ =1 w\ld conv]ge on ! l&s 

imm$iately ab\t ! n>r[ ,sc&9avian wat]s4
 ,?is w\ld seem to hold true = hi/oric &
 = prehi/oric times alike4 ,?is region  
is at ! same "t1 by common cons5t1 !    
peculi> home ( ! doli*o-blond1 r ?an (  
any o!r blond type4 7c7 ,! well kn[n b  
little discuss$ climatic limitation ( ! 
blond race applies p>ticul>ly to !      
doli*o-blond1 & only 9 a pron\nc$ly     
slight] degree to ! o!r blond types4 ,! 
doli*o-blond is subject to a /rict      
regional limitation1 ! o!r blond types  
to a mu* less def9ite & wid] limitation 
( ! same k9d4 ,h5ce ^! o!rs are         
di/ribut$ some:at widely1 ov] regions   
(t5 remote & climatically diff]5t f !   
home area ( ! doli*o-blond1 giv+ !m !   
appe>ance ( be+ disp]s$ outw>d f ?is    
home area z hybrid ext5sions ( ! c5tral 
& typical blond /ock4 ,a fur!r & equally
 *>act]i/ic feature ( ?is selective     
localisation ( ! doli*o-blond race is ! 
fact t :ile ?is race does n succe$      
p]man5tly outside ! seabo>d region ( !  
s\? ,baltic & ,nor? ,sea1 !re is no     

simil> selective b> aga9/ o!r races     
intrud+ into ?is region4 ,al?\gh !      
doli*o-blond p]haps succe$s bett] )9 its
 home area ?an any o!r compet+ /ock or  
type1 yet sev]al o!r types ( man succe$ 
s well )9 ! same region z to hold x1 &  
app>5tly always to h held x1 9 jo9t     
t5ancy ) ! doli*o-blond4  ,a close      
relation%ip1 am\nt+ to v>ietal id5tity1 
( ! ,kabyle ) ! doli*o-blond has be5    
spok5 = by ,keane & by o!r e?nologi/s4  
,b ! v diff]5t climatic tol]ance ( ! two
 races %\ld put su* an id5tity out ( !  
"q4 ,! ,kabyle lives & ?rives be/1 :]e 8
 p]man5t home area has always be51 9 a  
high & dry c\ntry1 suffici5tly remote f 
! sea to make x a cont95tal r ?an a     
littoral habitat4 ,! doli*o-blond1      
accord+ to all available evid5ce1 c live
 9 ! long run only 9 a seabo>d habitat1 
damp & cool1 at a high latitude & l[    
altitude4 ,!re is no kn[n in/ance ( ?is 
race hav+ gone out f its home area on ! 
nor!rn seabo>d into su* a region z t    
inhabit$ by ! ,kabyle & hav+ surviv$ =  

an appreciable numb] ( g5]ations4 ,t ?is
 type ( man %\ld h come f ,mauritania1  
:]e x c\ld app>5tly n live "u !         
conditions kn[n to h prevail$ !re 9 !   
rec5t or ! remot] pa/1 w\ld seem to be a
 biologic impossibility4 ,hi!rto1 :5 !  
doli*o-blond has migrat$ into su* or a  
simil> habitat x has n adapt$ itself to 
! new climatic requirem5ts b has        
pres5tly disappe>$ (f ! face ( ! l&4    
,inde$1 ! exp]im5t has be5 tri$ 9       
,mauritanian t]ritory4 ,if ! ,kabyle    
blond is to be correlat$ ) ^? ( ,europe1
 x w 9 all probability h to be assign$  
an indep5d5t orig91 to be d]iv$ f an    
e>li] mutation ( ! same ,m$it]ranean    
/ock to :i* ! doli*o-blond is to be     
trac$4  ,que/ions ( race 9 ,europe are  
greatly obscur$ by ! preval5ce ( hybrid 
types hav+ m or less fixity & be+ m or  
less di/9ctly localis$4 ,! exi/+        
,european peoples are hybrid mixtures ( 
two or m racial /ocks4 ,! fur!r fact is 
suffici5tly obvi\s1 ?\gh x has receiv$  
less critical att5tion ?an might be1 t  

^! sev]al hybrid populations h 9 ! c\rse
 ( "t giv5 rise to a numb] ( di/9ct     
national & local types1 diff]+          
*>act]i/ically f "o ano!r & hav+ acquir$
 a degree ( p]man5ce1 su* z to simulate 
racial *>act]s & %[ well m>k$ national &
 local traits 9 po9t ( physiognomy &    
temp]am5t4 ,presumably1 ^! national &   
local types ( physique & temp]am5t are  
hybrid types t h be5 selectively br$    
into ^! *>act]i/ic =ms 9 adaptation to !
 peculi> circum/ances ( environm5t &    
culture "u :i* ea* p>ticul> local       
population is requir$ to live1 & t h be5
 s fix$ 7provisionally7 by selective    
bre$+ ( ! hybrid mat]ial subject to su* 
locally uni=m conditions--except s f> z 
! local *>act]s 9 "q are ( ! nature (   
habits & are !mselves !re=e to be class$
 z an in/itutional elem5t r ?an z       
*>act]i/ics ( race4  ,x is evid5t t "u !
 ,m5delian law ( hybridisation ! range (
 favorable1 or viable1 v>iations 9 any  
hybrid population mu/ be v l>ge--mu*    
l>g] ?an ! range ( fluctuat+            

7non-typical7 v>iations obta9able "u any
 circum/ances 9 a pure-br$ race4 ,x also
 foll[s f ^! same laws ( hybridisation t
 by virtue ( ! mutual exclusiv5ess (    
allelomorphic *>act]s or gr\ps ( *>act]s
 x is possible selectively to obta9 an  
effectually pure l9e ( hybrids comb9+   
*>act]s drawn f ea* ( ! two or m p>5t   
/ocks engag$1 & t su* a composite pure  
l9e may selectively be br\ght to a      
provisional fixity#g 9 any su* hybrid   
population4 ,& "u conditions favorable  
to a type end[$ ) any giv5 hybrid       
comb9ation ( *>act]s s work$ out ! giv5 
hybrid type 7composite pure l9e7 may    
function 9 ! racial mixture 9 :i* x is s
 plac$ v mu* z an actual racial type    
w\ld behave "u analog\s circum/ances2 s 
t1 e4g41 "u cont9u$ int]cross+ su* a    
hybrid population w\ld t5d cumulatively 
to bre$ true to ?is provisionally /able 
hybrid type1 r ?an to ! actual racial   
type repres5t$ by any "o ( ! p>5t /ocks 
( :i* ! hybrid population is ultimately 
made up1 unless ! local conditions %\ld 

selectively favor "o or ano!r ( ^!      
ultimate racial types4 ,evid5tly1 too1 !
 numb] ( su* provisionally /able        
composite pure l9es t may be drawn f any
 hybrid mixture ( two or m p>5t /ocks   
mu/ be v consid]able--inde$ virtually   
unlimit$2 s t on ?is gr\nd !re %\ld be  
room = any conceivable numb] (          
provisionally /able national or local   
types ( physique & temp]am5t1 limit$    
only by ! numb] ( *>act]i/ically        
di/+ui%able local environm5ts or        
situations t might ea* selectively act  
to *>act]ise & e/abli% a locally        
*>act]i/ic composite pure l9e2 ea*      
answ]+ to ! selective exig5cies ( !     
habitat & cultural environm5t 9 :i* x is
 plac$1 & ea* respond+ to ^! exig5cies 9
 mu* ! same fa%ion z w\ld an actual     
racial type--provid$ only t ?is         
provisionally /able composite pure l9e  
is n cross$ on pure-br$ individuals (   
ei!r ( ! p>5t /ocks f :i* x is drawn1   
pure-br$ 9 respect ( ! allelomorphic    
*>act]s :i* give ! hybrid type its      

typical traits4  ,:5 ! hybrid type is s 
cross$ back on "o or o!r ( its p>5t     
/ocks x %\ld be expect$ to break d[n2 b 
9 s sl[-bre$+ a species z man1 ) s l>ge 
a complem5t ( unit *>act]s 7"s #djjj x  
has be5 e/imat$71 x w be difficult to   
decide empirically :i* ( ! two l9es--!  
hybrid or ! p>5t /ock--proves itself 9 !
 (fspr+ effectively to be a racial type2
 t is to say1 :i* ( ! two 7or m7 proves 
to be an ultimately /able type aris5 by 
a ,m5delian mutation1 & :i* is a        
provisionally /able composite pure l9e  
selectively d]iv$ f a cross4 ,! inquiry 
at ?is po9t1 !re=e1 w app>5tly h to     
cont5t itself ) argum5ts ( probability  
drawn f ! v>y+ behavior ( ! exi/+ hybrid
 types "u div]se conditions ( life4     
,su* g5]al consid]ation ( ! behavior ( !
 blond types ( ,europe1 o!r ?an !       
doli*o-blond1 & m p>ticul>ly            
consid]ation ( _! viability "u div]g5t  
climatic conditions1 %\ld app>5tly      
incl9e to ! view t !y are hybrid types1 
( ! nature ( provisionally /able        

composite pure l9es4  ,s f>1 !re=e1 z ! 
evid5ce has yet be5 canvass$1 x seems   
probable on ! :ole t ! doli*o-blond is !
 only survivor f among ! sev]al mutants 
t may h aris5 out ( ?is presum$ mutat+  
p]iod2 t ! o!r exi/+ blond types1 z well
 z c]ta9 brunets1 are d]ivatives ( !    
hybrid (fspr+ ( ! doli*o-blond cross$ on
 ! p>5t ,m$it]ranean /ock or on o!r     
brunet /ocks ) :i* ! race has be5 9     
contact e>ly or late2 & t sev]al ( ^!   
hybrid l9es h 9 ! c\rse ( "t selectively
 be5 e/abli%$ z provisionally /able     
types 7composite pure l9es71 breakable  
only by a fre% cross ) "o or o!r ( !    
p>5t types f :i* ! hybrid l9e sprang1   
accord+ to ! ,m5delian rule4#h  ,all ^! 
consid]ations may n be conv9c+1 b !y are
 at lea/ sugge/ive to ! effect t if     
orig9ality is to be claim$ = any "o ( ! 
blond types or /ocks x c be/ be claim$ =
 ! doli*o-blond1 :ile ! o!r blond types 
may bett] be acc\nt$ = z ! outcome ( !  
cross+ ( ?is /ock on "o or ano!r ( !    
brunet /ocks ( ,europe4  ,,footnotes3   

#a ,repr9t$ by p]mission f ,! ,j\rnal ( 
,race ,developm5t1 ,vol4 ,,iii1 ,no4 #d4
  #b ,cf41 h[ev]1 ,w4 ,ridgeway1 ,!     
,application ( ,zoological ,laws to     
,man1 ,report1 ,briti% ,association =   
,advancem5t ( ,sci5ce 7,dubl971 #aijh4  
#c ,cf4 ,s]gi1 ,! ,m$it]ranean ,race1 *4
 xi1 xiii4  #d ,s]gi1 ,arii e ,italici2 
,keane1 ,man ,pa/ & ,pres5t1 *4 xii4  #e
 ,cf4 ,w4 ,j4 ,sollas1 ,palaeoli?ic     
,races & _! ,mod]n ,repres5tatives1     
,sci5ce ,progress1 vol4 iv1 #aiji-aiaj4 
#f ,! ,races ( ,mank9d2 & ,les six races
 composant la population de l',europe1  
,j\rnal ,an?4 ,in/41 #aijf4  #g         
,illu/rat$ by ! v>i\s pure bre$s or     
races ( dome/ic animals4  #h ,mr4 ,r4   
,b4 ,bean's discussion ( ,d5ik]'s ,six  
,races1 e4g41 goes f> to %[ t su* is    
probably ! /&+ ( ! blond types1 o!r ?an 
! doli*o-blond1 among ^! six races (    
,europe2 al?\gh su* is n ! conclusion to
 :i* ,mr4 ,bean comes4 ,philipp9e       
,j\rnal ( ,sci5ce1 ,septemb]1 #aiji4    
,,! ,,blond ,,race ,,& ,,! ,,aryan      

,,culture#a   ,x has be5 argu$ 9 an     
e>li] pap]#b t ! blond type or types (  
man 7presumably ! doli*ocephalic blond7 
arose by mutation f ! ,m$it]ranean /ock 
dur+ ! la/ p]iod ( sev]e glaciation 9   
,europe4 ,?is w\ld place ! em]g5ce ( ?is
 racial type r\ghly co9cid5t ) ! beg9n+ 
( ! ,european neoli?ic2 ! evid5ce go+   
presumptively to %[ t ! neoli?ic        
te*nology came into ,europe ) !         
,m$it]ranean race1 at or ab\t ! same "t 
) t race1 & t ! mutation :i* gave rise  
to ! doli*o-blond took place aft] !     
,m$it]ranean race 0 securely settl$ 9   
,europe4 ,s9ce ?is blond mutant made    
good its survival "u ! circum/ances into
 :i* x s 0 ?r[n x %\ld presumably be    
suit$ by native end[m5t to ! indu/rial &
 climatic conditions t prevail$ ?r\gh ! 
e>ly phases ( ! neoli?ic age 9 ,europe2 
t is to say1 x w\ld be a type ( man     
selectively adapt$ to ! te*nological    
situation *>act]i/ic ( ! e>ly neoli?ic b
 lack+ z yet ! dome/ic animals 7&       
crop-plants87 t pres5tly give mu* ( its 

"* to t culture4  ,beg9n+1 !n1 ) ! p]iod
 ( ! la/ sev]e glaciation1 & />t+ ) ?is 
te*nological equipm5t1 ^? portions ( !  
,european population t conta9$ an       
appreciable & increas+ admixture ( !    
blond may be conceiv$ to h rang$ across 
! bread? ( ,europe1 p>ticul>ly 9 !      
l[l&s1 9 ! belt ( damp & cool c\ntry t  
fr+$ ! ice1 & to h foll[$ ! rec$+       
ice-%eet nor?w>d :5 ! g5]al climate (   
,europe began to take on its pres5t "* )
 ! return+ w>m? & dryness4 ,by =ce ( !  
/rict climatic limitation to :i* ?is    
type is subject1 ! blond elem5t1 & m    
p>ticul>ly ! doli*o-blond1 w pres5tly h 
disappe>$ by selective elim9ation f !   
population ( ^? regions f :i* ! ice-%eet
 & its fr+e ( cool & humid climate _h   
rec$$4 ,! cool & humid belt suit$ to !  
propagation ( ! blond mutant 7& its     
blond hybrids7 w\ld %ift nor?w>d & %ort5
 d[n to ! seabo>d z ! glacial conditions
 9 :i* x _h orig9at$ pres5tly ceas$4 ,s 
t pres5tly1 :5 ,europe f9ally lo/ its   
ice-%eet1 ! blond race & its *>act]i/ic 

hybrids w\ld be f\nd conf9$ ne>ly )9 !  
b\nds :i* h m>k$ its p]man5t ext5sion 9 
hi/oric times4 ,^! limits h1 no d\bt1   
fluctuat$ some:at 9 response to secul>  
v>iations ( climate2 b on ! :ole !y     
appe> to h be5 s+ul>ly p]man5t & s+ul>ly
 rigid4  ,app>5tly aft] ! doli*o-blond  
_h come to occupy ! re/rict$ habitat :i*
 ! /ock has s9ce cont9u$ to hold on !   
nor!rn seabo>d ( ,europe1 t[>d ! close (
 :at is kn[n 9 ,dani% *ronology z ! old]
 /one age1 ! e>ly /ock ( dome/ic animals
 appe> to h be5 introduc$ into ,europe f
 ,asia2 ! l /atem5t w hold m d\btfully =
 ! old] /aple crop plants1 ) !          
res]vation t _! introduction appe>s to  
ant$ate t ( ! dome/ic animals4 ,at lea/ 
"s su* date seems indicat$ by _! fir/   
appe>ance 9 ,d5m>k late 9 ! p]iod ( !   
kit*5 midd5s4 ,virtually all ( ^!       
ess5tial elem5ts ( _! mat]ial           
civilisation appe> to h come to !       
blond-hybrid communities settl$ on !    
n>r[ ,sc&9avian wat]s1 z to ! re/ (     
,europe1 f ,turke/an4 ,?is holds true at

 lea/ = ! dome/ic animals z a :ole1 !   
possible exceptions among ! e>ly        
introductions be+ n ( great importance4 
,"s ( ! e>ly crop plants may well h come
 f :at is n[ ,mesopotamian or ,p]sian   
t]ritory1 & may conceivably h rea*$     
we/]n ,europe appreciably e>li]1 )\t    
affect+ ! pres5t argum5t4 ,if !         
,european horse _h be5 dome/icat$ 9     
palaeoli?ic times1 z appe>s at lea/     
extremely probable1 t te*nological ga9  
appe>s to h be5 lo/ be=e ! close ( !    
palaeoli?ic age2 p]haps along ) !       
ext9ction ( ! ,european horse4  ,^! new 
elem5ts ( te*nological equipm5t1 ! crop 
plants & animals1 greatly affect$ ! "* (
 ! neoli?ic culture 9 ,europe2 visibly s
 z reg>ds ! region presumably occupi$ by
 ! doli*o-blond1--or ! blond-hybrid     
peoples4 ,on ! mat]ial side ( !         
community's life !y w\ld br+ *ange      
direct & imm$iate1 alt]+ ! :ole s*eme ( 
ways & means & %ift+ ! pursuit ( a      
livelihood to new l9es2 & on ! immat]ial
 side _! effect w\ld be sc>cely less    

important1 9 t ! new ways & means & !   
new mann] ( life requisite & induc$ by  
_! use w\ld br+ on c]ta9 new            
in/itutional features suitable to a     
sy/em ( mix$ f>m+4 ,:atev] may h be5 !  
mann] ( _! introduction1 :e!r !y 7      
transmitt$ peaceably by ins5sible       
diffusion f gr\p to gr\p or 7 c>ri$ 9 ) 
a high h& by a new intrusive population 
t ov]ran ! c\ntry & impos$ its own      
cultural s*eme ^u ! ,europeans along ) !
 new ways & means ( life1--9 any case ^!
 new cultural elem5ts w h spread ov] !  
face ( ,europe some:at gradually & w h  
rea*$ ! blond-hybrid communities 9 _!   
remote corn] ( ! cont95t only aft] an   
appreciable lapse ( "t4 ,yet1 x is to be
 not$1 x is aft] all relatively e>ly 9  
neoli?ic times t c]ta9 ( ! dome/ic      
plants & animals fir/ come into evid5ce 
9 ! ,sc&9avian region4  ,! crop plants  
appe> to h come 9 e>li] ?an ! dome/ic   
animals1 be+ p]haps br\ght 9 by !       
peoples ( ! ,m$it]ranean race at _! fir/
 occupation ( ,europe 9 late quat]n>y   

"t4 ,) tillage necess>ily goes a s$5t>y 
mann] ( life4 ,s t at _! fir/           
introduction ! dome/ic animals 7 intrud$
 into a sy/em ( husb&ry c>ri$ on by a   
population liv+ 9 settl$ communities1 & 
draw+ _! livelihood 9 great "p f ! till$
 gr\nd b also 9 "p f ! sea & f !        
game-be>+ =e/s t cov]$ mu* ( ! c\ntry at
 t "t4 ,x 0 into su* a situation t !    
dome/ic animals 7 intrud$ on _! fir/    
com+ into ,europe1--p>ticul>ly into !   
seabo>d region ( nor? ,europe4  ,on !   
op5 ranges ( we/]n & c5tral ,asia1 f :i*
 ^! dome/ic animals came1 & ev5 9 ! hill
 c\ntry ( t g5]al region1 ! peoples t   
draw _! livelihood f cattle & %eep are  
commonly ( a nomadic habit ( life1 9 !  
s5se t ! requirem5ts ( =age = _! h]ds & 
flocks hold !m to an unremitt+ r\nd (   
seasonal migration4 ,x results t1 except
 9 ! brok5 hill c\ntry1 ^! peoples      
habitually make use ( movable           
habitations1 live 9 camps r ?an 9       
settl$1 s$5t>y communities4 ,c]ta9      
peculi> in/itutional arrangem5ts also   

result f ?is nomadic mann] ( life       
associat$ ) ! c>e ( flocks & h]ds on a  
l>ge scale4 ,b on _! introduction into  
,europe ! dome/ic animals appe> on !    
:ole n to h supplant$ tillage & giv5    
rise to su* a nomadic-pa/oral s*eme (   
life1 exclusively giv5 to cattle rais+1 
b r to h fall5 into a sy/em ( mix$ f>m+ 
:i* comb9$ tillage ) a s$5t>y or        
quasi-s$5t>y graz+ indu/ry4 ,su*        
p>ticul>ly appe>s to h be5 ! case 9 !   
seabo>d region ( ! nor?1 :]e !re is no  
evid5ce ( tillage hav+ be5 displac$ by a
 nomadic graz+ indu/ry4 ,inde$1 !       
small-scale & brok5 topography ( ?is    
,european region has nev] admitt$ a     
l>ge-scale cattle indu/ry1 su* z has    
prevail$ on ! wide ,asiatic ranges4 ,an 
exception1 at lea/ p>tial &             
circumscrib$1 may p]haps be f\nd 9 !    
l>ge pla9s ( ! extreme ,s\!a/ & 9 !     
,danube valley2 & x appe>s also t graz+1
 aft] ! s$5t>y fa%ion1 took prec$5ce (  
tillage 9 prehi/oric ,irel& z well z "h 
& !re 9 ! hilly c\ntries ( s\!rn &      

c5tral ,europe4  ,su* an introduction ( 
tillage & graz+ w\ld mean a revolution>y
 *ange 9 ! te*nology ( ! ,european /one 
age1 & a te*nological revolution ( ?is  
k9d w unavoidably br+ on some?+ ( a     
radical *ange 9 ! s*eme ( in/itutions "u
 :i* ! community lives2 prim>ily 9 !    
in/itutions gov]n+ ! details ( its      
economic life1 b second>ily also 9 its  
dome/ic & civil relations4 ,:5 su* a    
*ange comes ab\t ?r\gh ! intrusion ( new
 mat]ial factors ! presumption %\ld be t
 ! range ( in/itutions already associat$
 ) ^! mat]ial factors 9 _! e>li] home w 
greatly influ5ce ! result+ new gr[? (   
in/itutions 9 ! new situation1 ev5 if   
circum/ances may n p]mit ^! ali5        
in/itutions to be br\ght 9 & put into   
effect ) ! scope & =ce :i* !y may h _h 9
 ! culture out ( :i* !y h come4 ,"s     
assimilation is to be look$ = ev5 if    
circum/ances w n p]mit ! adoption ( !   
full s*eme ( in/itutions1 & !           
in/itutions orig9ally associat$ ) !     
intrusive te*nology w be f\nd surviv+ ) 

lea/ loss or qualification 9 ^? portions
 ( ! invad$ t]ritory :]e ! invad]s h    
settl$ 9 =ce1 & p>ticul>ly :]e          
conditions h p]mitt$ !m to reta9 some?+ 
( _! e>li] mann] ( life4  ,! br+]s ( ^! 
new elem5ts ( culture1 mat]ial &        
immat]ial1 _h acquir$ :at !y br\ght ) !m
 on ! op5 %eep & cattle ranges ( !      
c5tral-,asiatic pla9s & upl&s1--z is    
held to be ! unequivocal te/imony ( !   
,aryan spee*1 & z is borne out by !     
late/ explorations 9 t region4 ,^! lat] 
explorations indicate we/-c5tral        
,turke/an z ! probable c5t] ( !         
dome/ication & diffusion ( ! animals1 if
 n also ( ! crop plants1 t h /ock$      
,europe4 ,( :at race ^! be>]s ( ! new   
te*nology & culture may h be51 & j :at  
!y br\ght into ,europe1 is all a matt] (
 inf]5ce & surmise4 ,x 0 once usual to  
inf]1 z a ready matt] ( c\rse1 t ^!     
immigrant pa/oral nomads f ! ,asiatic   
upl&s 7 ,aryans1 ,indo-,europeans1      
,indo-,g]mans1 ( a pr$om9antly blond    
physique4 ,b :at has be5 said above z   

well z 9 ! e>li] pap] ref]r$ to comes   
ne> exclud+ ! possibility ( ^! invad]s  
be+ blonds1 or m specifically !         
doli*o-blond4 ,x is1 ( c\rse1           
conceivable1 ) ,keane 7if 8 speculations
 on ?is head are to be tak5 s]i\sly71 t 
a fragm5t ( ! alleg$ blond race f       
,mauretania may h w&]$ (f into ,turke/an
 by way ( ! ,levant1 & s may !re h      
acquir$ ! habits ( a pa/oral life1      
toge!r ) ! ,aryan spee* & in/itutions1 &
 may !n pres5tly h c>ri$ ^! cultural    
factors into ,europe & impos$ !m on !   
,european population1 blond & brunet4 ,b
 su* speculations1 :i* once 7 all[able  
?\gh idle1 h latt]ly be5 put out ( all  
"q1 at lea/ = ! pres5t1 by ! rec5t      
,pumpelly explorations 9 ,turke/an4 ,x  
is1 = climatic reasons1 extremely       
improbable t any blond /ock %\ld h      
inhabit$ any region ( ! c5tral-,asiatic 
pla9s or upl&s long en\gh to acquire !  
pa/oral habits ( life & ! concomitant   
,aryan spee* & in/itutions1 & x is      
fairly c]ta9 t ! doli*o-blond c\ld n h  

surviv$ = t l5g? ( "t "u ! requisite    
conditions ( climate & topography4  ,x  
is simil>ly q out ( ! "q t !            
doli*o-blond1 aris+ z a mutant type late
 9 quat]n>y "t1 %\ld h creat$ ! ,aryan  
spee* & culture 9 ,europe1 s9ce nei!r ! 
ar*aeological evid5ce nor ! kn[n facts (
 climate & topography p]mit ! hypo!sis t
 a pa/oral-nomadic culture ( home gr[?  
has ev] prevail$ 9 ,europe on a scale   
approa*+ t requir$ = su* a result4 ,&   
!re is b little m possibility t ! br+]s 
( ! new 7,aryan7 culture %\ld h be5 ( ! 
,m$it]ranean race2 al?\gh ! explorations
 ref]r$ to make x ne>ly c]ta9 t !       
communities :i* dome/icat$ ! pa/oral    
animals 7& p]haps ! crop-plants7 9      
,turke/an 7 ( t race4 ,! ,m$it]ranean   
race orig9ally is ,hamitic1 n ,aryan1 x 
is held by m5 compet5t to speak on t    
matt]1 & ! kn[n 7presumably7            
,m$it]ranean prehi/oric settlem5ts 9    
,turke/an1 at ,anau1 are moreov]        
obvi\sly ! settlem5ts ( a notably s$5t>y
 p foll[+ a *>act]i/ically peaceable    

mode ( life4 ,! population ( ^!         
settlem5ts might ( c\rse conceivably h  
pres5tly acquir$ ! nomadic & pr$atory   
habits reflect$ by ! ,aryan spee* &     
in/itutions1 b !re is no evid5ce ( su*  
an episode at ,anau1 :]e ! f9ds %[ an   
un9t]rupt$ peaceable & s$5t>y occupation
 ( ! sites ?r\gh\t ! p]iod t c\ld come 9
 "q4 ,! population ( ! settlem5ts at    
,anau c\ld sc>cely h made su* a cultural
 innovation1 involv+ ! adoption ( an    
ali5 language1 except "u ! pressure (   
conque/ by an invad+ p2 :i* w\ld involve
 ! subjection ( ! peaceable communities 
( ,anau & ! incorporation ( _!          
inhabitants z slaves or z a s]vile class
 9 ! pr$atory organisation ( _! ma/]s4  
,! ,m$it]ranean p ( ,anau c\ld accord+ly
 h _h a h& 9 c>ry+ ?is pa/oral-pr$atory 
7,aryan7 culture into ! ,we/ only z a   
subsidi>y racial elem5t 9 a migratory   
community made up prim>ily ( ano!r      
racial /ock4  ,?is leaves ! probability 
t an ,asiatic /ock1 )\t previ\s settl$  
s$5t>y habits ( life1 acquir$ !         

dome/icat$ animals f ! s$5t>y &         
peaceable communities ( ,anau1 or f "s  
simil> village 7pueblo7 or villages (   
we/]n ,turke/an1 & !n ?r\gh a           
7mod]ately7 long exp]i5ce ( nomadic     
pa/oral life acquir$ also ! pr$atory    
habits & in/itutions t commonly g ) a   
pa/oral life on a l>ge scale4 ,^!       
cultural traits !y acquir$ 9 su* a      
degree ( elaboration & maturity z is    
impli$ by ! primitive ,aryan 7or1 bett]1
 proto-,aryan7 spee*1 includ+ a m or    
less well develop$ patri>*al sy/em2 s t 
!y w\ld pres5tly become a militant &    
migratory community some:at aft] !      
lat]-kn[n ,tat> fa%ion1 & s made _! way 
we/w>d z a self-suffici5t migratory ho/ 
& c>ri$ ! new mat]ial culture into      
,europe toge!r ) ! ali5 ,aryan spee*4 ,x
 is at ! same "t almo/ unavoidable t 9  
su* an ev5t ?is migratory ho/ w\ld h    
c>ri$ ) !m into ! ,we/ an appreciable   
s]vile cont+5t made up prim>ily (       
enslav$ captives f ! peaceable          
agricultural settlem5ts ( ! ,m$it]ranean

 race1 :i* _h orig9ally suppli$ !m ) _! 
/ock ( dome/ic animals4  ,along ) ^! new
 te*nological elem5ts & ! *anges ( law &
 cu/om :i* _! adoption w\ld br+ on1 !re 
w also h come 9 ! new language t 0      
design$ to describe ^! new ways & means 
( life & 0 adapt$ to express ! habits ( 
?\ght :i* ! new ways & means br$ 9 !    
peoples t adopt$ !m4 ,! immigrant       
pa/oral 7proto-,aryan7 language & !     
pa/oral 7patri>*al & pr$atory7 law &    
cu/om w 9 "s degree h be5 b\nd up ) !   
te*nological ways & means out ( :i* !y  
arose1 & !y w\ld be expect$ to h rea*$ &
 affect$ ! v>i\s communities ( ,europe 9
 some:at ! same "t & ! same measure 9   
:i* ^! mat]ial facts ( ! pa/oral life   
made _! way among ^! peoples4 ,9 ! c\rse
 ( ! diffusion ( ^! cultural elem5ts1   
mat]ial & immat]ial1 among ! ,european  
communities ! language & 9 a less degree
 ! dome/ic & civil usages & ideals br$  
by ! habits ( ! pa/oral life might (    
c\rse come to be dissociat$ f _! mat]ial
 or te*nological basis & might s be     

adopt$ by remot] peoples :o nev] acquir$
 any l>ge measure ( ! mat]ial culture ( 
^? pa/oral nomads ^: mann] ( life _h    
once giv5 rise to ^! immat]ial features 
( ,aryan civilisation4         99       
99       99       99       99  ,c]ta9   
consid]ations go+ to support ?is        
f>-flung l9e ( conjectural hi/ory may be
 set out m 9 detail3 7a7 ,! ,aryan      
civilisation is ( ! pa/oral type1 ) su* 
in/itutions1 usages & preconceptions z a
 l>ge-scale pa/oral organisation        
commonly involves4 ,su* is said by      
compet5t philologi/s to be ! evid5ce ( !
 primitive ,aryan spee*4 ,x is          
sub/antially a s]vile organisation "u   
patri>*al rule1 or1 if ! expression be  
pref]r$1 a militant or pr$atory         
organisation2 ^! alt]native phrases     
describe ! same facts f diff]5t po9ts ( 
view4 ,x is *>act]is$ by a well-def9$   
sy/em ( prop]ty rights1 a some:at       
pron\nc$ subjection ( wom5 & *ildr51 & a
 ma/]ful religi\s sy/em t5d+ /rongly to 
mono!ism4 ,a pa/oral culture on ! broad 

pla9s & upl&s ( a cont95tal region1 su* 
z we/-c5tral ,asia1 w necess>ily fall   
into "s su* %ape1 because ( ! necessity 
( an al]t & mobile read9ess = (f5se &   
def5se & ! consequ5t ne$ ( soldi]ly     
discipl9e4 ,insubord9ation1 :i* is !    
sub/ance ( free in/itutions1 is         
incompatible ) a prosp]\s               
pa/oral-nomadic mode ( life4 ,:5 work$  
out ) any degree ( maturity & consi/5cy 
! pa/oral-nomadic culture t has to d )  
%eep & cattle appe>s always to h be5 a  
pr$atory1 & !re=e a s]vile culture1     
p>ticul>ly :5 drawn on ! l>ge scale     
impos$ by ! topography ( !              
c5tral-,asiatic pla9s1 & re5=c$ ) ! use 
( ! horse4 7,! re9de] nomads ( ! arctic 
seabo>d may appe> to be an exception1 at
 lea/ 9 a degree1 b !y are a special    
case1 admitt+ a p>ticul> explanation1 & 
_! case does n affect ! argum5t = !     
,aryan civilisation47 ,! *>act]i/ic &   
p]vasive human relation 9 su* a culture 
is t ( ma/] & s]vant1 & ! social        
7dome/ic & civil7 /ructure is an        

organisation ( grad$ s]vitude1 9 :i* no 
"o is 8 own ma/] b ! ov]lord1 ev5       
nom9ally4 ,! family is patri>*al1 wom5 &
 *ildr5 are 9 /rict tutelage1 &         
discretion ve/s 9 ! male head alone4 ,if
 ! gr\p gr[s l>ge its civil in/itutions 
are ( a l co]cive "*1 x commonly %[s a  
rigor\s tribal organisation1 & 9 ! end1 
) ! help ( w>like exp]i5ce1 x almo/     
unavoidably becomes a despotic mon>*y4  
,x has n be5 unusual to speak ( ! popul>
 in/itutions ( ,g]manic                 
paganism--typifi$1 e4g41 by ! ,sc&9avian
 usages ( local self-gov]nm5t 9 pagan   
times--z be+ typically ,aryan           
in/itutions1 b t is a misnom] due to    
uncritical g5]alisation guid$ by a      
*auv9i/ic bias4 ,^! anci5t              
nor?-,european usages are pla9ly ali5 to
 ! culture reflect$ by ! primitive      
,aryan ,spee*1 if we are to accept !    
cons5sus ( ! philological e?nologi/s to 
! effect t ! p :o us$ ! primitive ,aryan
 spee* mu/ h be5 a community ( pa/oral  
nomads inhabit+ ! pla9s & upl&s ( a     

cont95tal region4 ,t _m ( ^!            
philological e?nologi/s also hold to !  
view t ^! ,aryans 7 nor?-,european pagan
 blonds may raise a p]sonal "q (        
consi/5cy b does n o!rwise t\* ! pres5t 
argum5t4  7b7 ,a racial /ock t has ev]  
be5 ( fir/-rate consequ5ce 9 ! e?nology 
( ,europe 7! ,alp9e1 bra*ycephalic      
brunet1 ! homo alp9us ( ! ,l9nean s*eme7
 comes into ,europe at ?is g5]al p]iod1 
f ,asia2 & ?is race is held to h        
pres5tly made itself at home1 if n      
dom9ant1 ?r\gh\t middle ,europe1 :]e x  
has 9 hi/oric times unque/ionably be5 ! 
dom9ant racial elem5t4  7c7 ,!          
pa/oral-nomadic in/itutions spok5 (     
above appe> to h be/ made _! way 9 ^?   
regions ( ,europe :]e ?is bra*ycephalic 
brunet /ock has be5 pres5t 9 "s =ce if n
 z a dom9ant racial factor4 ,! evid5ce  
is p]haps n conclusive1 b !re is at lea/
 a /rong l9e ( sugge/ion af=d$ by !     
di/ribution ( ! patri>*al type (        
in/itutions )9 ,europe1 includ+ ! tribal
 & g5tile organisation4 ,!re is a r\gh  

concomitance betwe5 ! di/ribution ( ^!  
cultural elem5ts presumably d]iv$ f an  
,aryan s\rce on ! "o h&1 & ! di/ribution
 pa/ or pres5t ( ! bra*ycephalic brunet 
type on ! o!r h&4 ,! regions :]e ?is l9e
 ( in/itutions are kn[n to h prevail$ 9 
e>ly times are1 9 ! ma91 regions 9 :i* !
 ,alp9e racial type is also kn[n to h   
be5 pres5t 9 =ce1 z1 e4g41 9 ! classic  
,greek & ,roman republics4  ,at ! same  
"t a g5tile organisation seems also to h
 be5 associat$ f ! outset ) !           
,m$it]ranean racial /ock & may well h   
be5 compris$ 9 ! in/itutional furniture 
( t race z x /ood be=e ! adv5t ( !      
,alp9e /ock2 b ! drift ( lat] inquiry & 
speculation on ?is head appe>s to       
support ! view t ?is ,m$it]ranean g5tile
 sy/em 0 ( a matril9e> "*1 su* z is f\nd
 9 _m extant agricultural communities ( 
! l[] b>b>ian culture1 r ?an ( a        
patri>*al k9d1 su* z *>act]ises !       
pa/oral nomads4 ,! nor!rn blond         
communities alone appe>1 on ! available 
evid5ce1 to h _h no g5tile or tribal    

in/itutions1 :e!r matril9e> or          
patri>*al4 ,! classic ,greek & ,roman   
communities appe> orig9ally to h be5 ( !
 ,m$it]ranean race & to h always reta9$ 
a broad sub/ratum ( ! ,m$it]ranean /ock 
z ! l>ge/ racial elem5t 9 _! population1
 b ! ,alp9e /ock 0 also l>gely repres5t$
 9 ^! communities at ! p]iod :5 _!      
tribal & g5tile in/itutions are kn[n to 
h c\nt$ = mu*1 z1 inde$1 x has cont9u$  
ev] s9ce4  ,ap>t f ^! communities ( !   
,m$it]ranean seabo>d1 ! peoples ( !     
,keltic culture appe> to h _h ! tribal &
 g5tile sy/em1 toge!r ) ! patri>*al     
family1 9 m fully develop$ =m ?an x is  
to be f\nd 9 ,europe at l>ge4 ,! peoples
 ( ,keltic spee* are curr5tly believ$ by
 e?nologi/s to h orig9ally be5 ( a blond
 type1 al?\gh op9ions are n altoge!r at 
"o on t head1--! tall1 p]haps r$-hair$1 
bra*ycephalic blond1 ! ,saxon ( ,b$doe1 
! ,ori5tal ( ,d5ik]4 ,b ?is blond type  
is p]haps be/ acc\nt$ = z a hybrid ( !  
doli*o-blond cross$ on ! ,alp9e         
bra*ycephalic brunet4 ,"s su* view ( its

 d]ivation is =tifi$ by :at is kn[n ( ! 
prehi/ory & ! peculi> features ( ! e>ly 
,keltic culture4 ,?is culture diff]s 9  
"s respects radically f t ( !           
doli*o-blond communities1 & x be>s m ( a
 resemblance to ! culture ( su* a brunet
 gr\p ( peoples z ! e>ly hi/oric        
communities ( upp] & middle ,italy4 ,if 
! view is to be accept$ :i* is com+ into
 curr5cy latt]ly1 t ! ,keltic is to be  
affiliat$ ) ! culture ( ,hall/att & ,la 
,t5e1 su* affiliation w greatly increase
 ! probability t x is to be c\nt$ z a   
culture /rongly influ5c$ if n dom9at$ by
 ! ,alp9e /ock4 ,! ,hall/att culture1   
ly+ 9 ! valley ( ! ,danube & its upp]   
afflu5ts1 lay 9 ! presum$ we/w>d pa? (  
immigration ( ! ,alp9e /ock2 its human  
rema9s are ( a mix$ "*1 %[+ a /rong     
admixture ( ! bra*ycephalic brunet type2
 & x gives evid5ce ( cultural ga9s due  
to outside influ5ce 9 advance ( !       
adjac5t regions ( ,europe4 ,?is ,keltic 
culture1 !n1 z kn[n to hi/ory &         
prehi/ory1 runs broadly across middle   

,europe along ! belt :]e blond & brunet 
elem5ts meet & bl5d2 & x has "s ( !     
features ( t pr$atory-pa/oral culture   
reflect$ by ! primitive ,aryan spee*1 9 
fre] developm5t1 or 9 bett] pres]vation1
 ?an ! adjac5t cultural regions to !    
nor?2 at ! same "t ! peoples ( ?is      
,keltic culture %[ m ( affiliation to or
 admixture ) ! bra*ycephalic brunet ?an 
! o!r blond-hybrid peoples d4  ,on ! o!r
 h& ! communities ( doli*o-blond hybrids
 on ! %ores ( ! n>r[ ,sc&9avian wat]s1  
remote f ! c5t]s ( ! ,alp9e culture1 %[ 
little ( ! in/itutions peculi> to a     
pa/oral p4 ,^! doli*o-blond hybrids ( ! 
,nor? come into hi/ory at a lat] date1 b
 ) a bett] pres]v$ & m adequately       
record$ paganism ?an ! o!r b>b>ians (   
,europe4 ,! late-pagan                  
,g]manic-,sc&9avian culture af=ds ! be/ 
available in/ance ( ar*aic doli*o-blond 
in/itutions1 if n ! sole in/ance2 & x is
 to be not$ t among ^! peoples !        
patri>*al sy/em is weak & vague1--wom5  
are n 9 p]petual tutelage1 ! discretion 

( ! male head ( ! h\sehold is n despotic
 nor ev5 unque/ion$1 *ildr5 are n held  
"u pat]nal discretion beyond adult age1 
! patrimony is held to no clan          
liabilities & is readily divisible on   
inh]itance1 & s =?4 ,nei!r is !re any   
s]i\s evid5ce ( a tribal or g5tile sy/em
 among ^! peoples1 e>ly or late1 nor are
 any ( !m1 except+ ! late & special     
in/ance ( ! ,icel&ic colony1 kn[n ev] to
 h be5 :olly or ma9ly ( pa/oral habits2 
inde$1 !y are kn[n to h be5 )\t !       
pa/oral animals until "s "t 9 ! neoli?ic
 p]iod4 ,! only diss5t+ evid5ce on ^!   
heads is t ( ! ,lat9 writ]s1            
sub/antially ,caes> & ,tacitus1 ^:      
te/imony is d\btless to be ?r[n out z   
incompet5t 9 view ( ! fact t x is       
support$ nei!r by circum/antial evid5ce 
nor by lat] & m au!ntic records4 ,9     
speak+ ( tribes among ! ,g]manic hordes 
^! ,lat9 writ]s are pla9ly con/ru+      
,g]manic facts 9 ,roman t]ms1 v mu* z ! 
,spani% writ]s ( a lat] day con/ru$     
,mexican & ,p]uvian facts 9             

m$iaeval-feudali/ic t]ms1--to ! la/+    
confusion ( ! hi/orians2 :]eas 9 enl>g+ 
on ! pa/oral habits ( ! ,g]manic        
communities !y g entirely on data tak5 f
 bodies ( p on ! move & organis$ =      
raid+1 or rec5tly & provisionally settl$
 ^u a subject population presumably (   
,keltic d]ivation or ( o!r ali5 orig9 & 
inhabit+ ! broad l&s ( middle ,europe   
remote f ! p]man5t habitat ( !          
doli*o-blond4 ,great fre$om ( assumption
 has be5 us$ & mu* +5uity has be5 sp5t 9
 imput+ a tribal sy/em to ! e>ly        
,g]manic peoples1 b ap>t f ! sophi/icat$
 te/imony ( ^! classical writ]s !re is  
no evid5ce = x4 ,! ne>e/ approa* to a   
tribal or a g5tile organisation )9 ?is  
culture is ! k9 :i* c\nts = some?+ 9    
e>ly ,g]manic law & cu/om2 b ! k9 is f> 
f be+ a g5s or clan1 & x w be f\nd to h 
m ( ! =ce ( a clan organisation ! f>!r x
 has /ray$ f ! ,sc&9avian c5t] (        
diffusion ( ! doli*o-blond & ! m        
protract$ ! w>like discipl9e to :i* !   
w&]+ ho/ has be5 expos$4 ,all ^! prop]ly

 ,aryan in/itutions are weake/ or mo/   
notably want+ :]e ! blond is mo/        
indubitably 9 evid5ce4  ,tak+ e>ly      
,europe z a :ole1 x w appe> t among !   
,european peoples at l>ge in/itutions ( 
! "* reflect$ 9 ! primitive ,aryan spee*
 & impli$ 9 ! pa/oral-nomadic life      
evid5c$ by ! same spee* are relatively  
weak1 ill-def9$ or want+1 argu+ t       
,europe 0 nev] fully ,aryanis$4 ,& !    
peculi> geographical & e?nic di/ribution
 ( ?is ,aryanism ( in/itutions argues   
fur!r t ! doli*o-blond culture ( !      
,sc&9avian region 0 less pr(\ndly       
affect$ by ! ,aryan invasion ?an any o!r
 equally well kn[n section ( ,europe4   
,:at is kn[n ( ?is primitive ,aryan     
culture1 mat]ial1 dome/ic1 civil &      
religi\s1 ?r\gh ! ,sanskrit & o!r e>ly  
,asiatic s\rces1 may conv9c+ly be       
contra/$ ) :at is f\nd 9 e>ly ,europe4  
,^! ,asiatic records1 :i* are our sole  
dep5d5ce = a compet5t *>act]isation ( ! 
,aryan culture1 %[s x to h resembl$ !   
culture ( ! e>ly ,hebrews or t ( !      

pa/oral ,turanians m closely ?an x      
resembles ! e>ly ,european culture at   
l>ge1 & greatly m ?an x resembles ! kn[n
 culture ( ! e>ly communities (         
doli*o-blond hybrids4  7d7 ,sc>cely m   
conclusive1 b equally sugge/ive1 is !   
evid5ce f ! religi\s in/itutions ( !    
,aryanis$ ,europeans4 ,z w\ld be expect$
 9 any pr$atory civilisation1 su* z !   
pa/oral-nomadic cultures typically are1 
! ,aryan religi\s sy/em is said to h    
lean$ /rongly t[>d a despotic mon>*ical 
=m1 a hi]>*ically grad$ poly!ism1       
culm9at+ 9 a despotic mono!ism4 ,!re is 
little ( all ?is to be f\nd 9 e>ly pagan
 ,europe4 ,! ne>e/ well-kn[n approa* to 
any?+ ( ! k9d is ! late-,greek s*eme (  
,olympian div9ities ) ,zeus z a d\btful 
suz]a91--kn[n ?r\gh latt]-day           
inve/igations to h be5 sup]impos$ on an 
e>li] cult ( a v diff]5t "*4 ,! ,keltic 
7,druidical7 sy/em is little kn[n1 b x  
is p]haps n beyond legitimate           
conjecture1 on ! scant evid5ce          
available1 t ?is sy/em _h r m ( !       

pr$atory1 mon>*ical-despotic ca/ ?an !  
bett] kn[n pagan cults ( ,europe4 ,!    
,g]manic paganism1 z indicat$ by ! late 
,sc&9avian--:i* alone is kn[n 9 any     
appreciable degree--0 a lax poly!ism :i*
 imput$ little if any co]cive p[] to !  
highe/ god1 & :i* 0 n tak5 s v s]i\sly  
anyway by ! wor%ip]s1--if ,snorri's     
virtually exclusive acc\nt is to be     
accept$ )\t sophi/ication4 ,! evid5ce   
accord$ by ! religi\s cults ( ,europe   
yields little t is conclusive1 beyond   
?r[+ ! :ole loose-jo9t$1 prolif]\s      
,european paganism out ( t\* ) any?+ t c
 reasonably be call$ ,aryan4 ,& ?is 9   
spite ( ! fact t all ! available evid5ce
 is d]iv$ f ! ,european cults z !y /ood 
aft] hav+ be5 expos$ to long c5turies ( 
,aryanisation4 ,s t x may well be held t
 su* sy/ematisation ( my?s & obs]vances 
z ^! ,european cults give evid5ce (1 &  
go+ 9 ! direction ( a despotic mono!ism1
 is to be trac$ to ! influ5ce ( !       
intrusive culture ( ! ,aryan or         
,aryanis$ invad]s1--z is fairly pla9 9 !

 in/ance ( ! ,olympians4  7e7 ,t !      
languages ( e>ly ,europe1 s f> z kn[n1  
belong almo/ univ]sally to ! ,aryan     
family may seem an insurm\ntable ob/acle
 to ! view "h spok5 =4 ,b ! difficulties
 ( ! case are n appreciably less5$ by s 
v>y+ ! hypo!sis z to impute ! ,aryan    
spee* to ! doli*o-blond1 or to any blond
 /ock1 z its orig9al be>]4 ,inde$1 !    
difficulties are increas$ by su* an     
hypo!sis1 s9ce ! ,aryan-speak+ peoples (
 e>ly times1 z ( lat] times1 h 9 ! ma9  
be5 communities made up ( brunets )\t   
evid5ce ( a blond admixture1 n to speak 
( an exclusively blond p4 7,!re is no   
evid5ce ( ! exi/5ce ( an all-blond p    
any:]e1 e>ly or late47  ,! e>ly         
,european situation1 s f> z kn[n1 (f]s  
no exceptional ob/acles to ! diffusion (
 an intrusive language4 ,c]ta9 mass     
movem5ts ( population1 or r mass        
movem5ts ( communities %ift+ _! gr\nd by
 secul> progression1 are kn[n to h tak5 
place1 z1 e4g41 9 ! case ( !            
,hall/att-,la ,t5e-,keltic culture mov+ 

we/w>d on ! :ole z x ga9$ gr\nd & spread
 by %ift+ & ramification outw>d f its   
fir/-kn[n seat 9 ! upp] ,danube valley4 
,all ! :ile1 z ?is secul> movem5t (     
gr[?1 ramification & advance 0 go+ on1 !
 ,hall/att-,la ,t5e-,keltic peoples     
cont9u$ to ma9ta9 ext5sive trade        
relations ) ! ,m$it]ranean seabo>d & !  
,a,egean on ! "o side & rea*+ !         
,nor?-,sea littoral on ! o!r side4 ,9   
all probability x is by trade relations 
( ?is k9d--*iefly1 no d\bt1 ?r\gh trade 
c>ri$ on by it9]ant m]*ants--t ! new    
spee* made its way among ! b>b>ians (   
,europe2 & x is no f>-fet*$ inf]5ce t x 
made its way1 9 ! ,nor? at lea/1 z a    
trade j>gon4 ,all ?is accords ) :at is  
go+ on at pres5t "u analog\s            
circum/ances4 ,! sup]ior m]it by =ce (  
:i* su* a new spee* w\ld make its way   
ne$ be no?+ m sub/antial ?an a          
relatively crude syntax & phonetics--su*
 z fur!rs ! dissem9ation ( ,engli%      
to-day 9 ! =m ( ,*9ook j>gon1 ,pidg9    
,engli%1 & ,bea* la ,m>4 ,su* traits1   

:i* might 9 "s o!r light seem blemi%es1 
facilitate ! mutilation ( su* a language
 into a graceless b practicable trade   
j>gon4 ,) j>gons z ) co9s ! poor]       
7simpl]7 drives out ! bett] 7subtl] & m 
complex74 ,a second1 & p]haps ! *ief1   
po9t ( sup]iority by virtue ( :i* a giv5
 language makes its way z ! dom9ant     
factor 9 su* a trade j>gon1 is ! fact t 
x is ! native language ( ! p :o c>ry on 
! trade = ^: beho( ! j>gon is contriv$4 
,! trad]s1 com+ 9 contact ) _m m51 (    
v>i$ spee*1 & c>ry+ _! v>i$ /ock ( trade
 goods1 w impose _! own names = !       
articles b>t]$ & s contribute t mu* to !
 j>gon vocabul>y1--& a j>gon is at its  
inception little m ?an a vocabul>y4 ,!  
trad]s at ! same "t are likely to belong
 to ! p possess$ ( ! m effici5t         
te*nology1 s9ce x is ! sup]ior te*nology
 t commonly af=ds !m _! opportunity =   
advantage\s trade2 h5ce ! new or        
intrusive words1 be+ ! names ( new or   
intrusive facts1 w 9 s f> f9d _! way    
unh9d]$ into curr5t spee* & fur!r !     

displacem5t ( ! indig5\s language by !  
j>gon4  ,su* a j>gon at ! outset is     
little else ?an a vocabul>y compris+    
names = ! mo/ common objects & ! mo/    
tangible relations4 ,on ?is simple b    
practicable framework new v>ieties (    
spee* w develop1 div]sifi$ locally      
accord+ to ! k9d & quantity ( mat]ials &
 l+ui/ic tradition contribut$ by ! v>i\s
 languages :i* x supplants or absorbs4  
,9 s putt+ =w>d ! conjecture t ! sev]al 
=ms ( ,aryan spee* h aris5 out ( trade  
j>gons t h run back to a common s\rce 9 
! language ( an intrusive proto-,aryan  
p1 & develop+ into widely div]sifi$     
local & e?nic v>iants accord+ z !       
mutilat$ proto-,aryan spee* 7vocabul>y7 
fell into ! h&s ( "o or ano!r ( !       
indig5\s b>b>ian peoples1--9 ?is        
sugge/ion !re is aft] all no?+          
sub/antially novel beyond giv+ a        
collective "n to facts already well     
accept$ by ! philologi/s4 ,work+ backw>d
 analytically /ep by /ep f ! mature     
results giv5 9 ! kn[n ,aryan languages  

!y h discov]$ & divulg$--) :at prolixity
 ne$ n be allud$ to "h--t 9 _! beg9n+s  
^! sev]al idioms 7 little else ?an crude
 vocabul>ies cov]+ ! commone/ objects & 
mo/ tangible relations1 & t by "t-long  
use & wont ! unc\? /r+s ( vocables :]eby
 ! beg9n]s ( ^! languages s\ght to      
express !mselves h be5 work$ d[n ?r\gh a
 /up5d\sly elaborate fabric ( prefixes1 
infixes & suffixes1 etc41 etc41 to !    
tactically & phonetically               
unexceptionable inflect$ languages ( !  
,aryan family z !y /ood at _! classical 
be/4 ,& :at is true ( ! ,european       
languages %\ld app>5tly hold ) b slight 
modification = ! ,asiatic memb]s ( !    
family4 ,^! ,european idioms are        
commonly said to be1 on ! :ole1 less    
true to ! patt]n ( ! inf]5tially kn[n   
primitive ,aryan ?an are its be/        
,asiatic repres5tatives2 z w\ld be      
expect$ 9 case ! latt] 7 an outgr[? (   
j>gons ly+ ne>] ! c5t] ( diffusion ( !  
proto-,aryan spee* & te*nology4  ,z     
reg>ds ! special case ( ! e>ly          

nor?-,european communities (            
doli*o-blond hybrids1 ! trade betwe5 !  
,baltic & ,dani% wat]s on ! "o h& & !   
,danube valley1 ,adriatic & ,a,egean on 
! o!r h& is kn[n to h be5 cont9u$ &     
volum9\s dur+ ! neoli?ic & bronze       
ages1--z c\nt$ by ! ,sc&9avian          
*ronology4 ,9 ! c\rse ( ?is traffic1    
ext5d+ ov] _m c5turies & complicat$ z x 
seems to h be5 ) a l>ge infiltration ( !
 bra*ycephalic brunet type1 mu* might   
come to pass 9 ! way ( l+ui/ic          
sub/itution & gr[?4  ,,footnotes3  #a   
,repr9t$ by p]mission f ,! ,univ]sity ( 
,miss\ri ,bullet91 ,sci5ce ,s]ies1 vol4 
ii1 ,no4 #c4  #b ,! ,mutation ,!ory & ! 
,blond ,race1 9 ,! ,j\rnal ( ,race      
,developm5t1 ,april1 #aiac4     ,,an    
,,e>ly ,,exp]im5t ,,9 ,,tru/s#a         
,accord+ to ,mu*1#b foll[+ 9 ! ma9 !    
views ( ,p5ka1 ,wils]1 ,de ,lap\ge1     
,sophus ,muell]1 ,&reas ,hans51 & o!r   
spokesm5 ( ! lat] !ories t\*+ ,aryan    
orig9s1 ! area ( *>act]isation ( !      
,we/-,european culture1 z well z ( t    

doli*o-blond racial /ock t be>s ?is     
culture1 is ! region bord]+ on ! ,nor?  
,sea & ! ,baltic1 & its c5t] ( diffusion
 is to be s\ght on ! s\!rn %ores ( !    
,baltic4 ,?is region is 9 a mann]1 !n1 !
 prim>y focus ( t culture ( ent]prise t 
has re%ap$ ! s*eme ( life = mank9d dur+ 
! ,*ri/ian era4 ,its _s ( ent]prise &   
adv5ture has c>ri$ ?is race to a degree 
( mat]ial success t is )\t example 9    
hi/ory1 :e!r 9 po9t ( ! ext5t or ( !    
scope ( its a*ievem5ts4 ,up to ! pres5t 
! culm9at+ a*ievem5t ( ?is ent]prise is 
dom9ion 9 bus9ess1 & its mo/ f9i%$      
in/rum5t is ! quasi-volunt>y coalition (
 =ces kn[n z a ,tru/4  ,9 its me?od &   
outw>d =m ?is ent]prise ( !             
,indo-g]manic racial /ock has v>i$ ) !  
passage ( "t & ! *ange ( circum/ances2 b
 9 its _s & objective end x has ma9ta9$ 
a s+ul>ly consi/5t "* ?r\gh all !       
mutations ( "n & ext]nal circum/ance t h
 pass$ ov] x 9 ! c\rse ( hi/ory4  ,9 its
 e>li]1 m elem5tal expression ?is       
ent]prise takes ! =m ( raid+1 by l& &   

sea4 ,a %rewd int]pretation might1 )\t  
p>ticul> viol5ce to ! facts1 f9d a      
coalition ( =ces ( ! k9d :i* is lat]    
kn[n z a ,tru/ 9 ! ,b>b>ian raids spok5 
( z ! ,voelk]w&]ung4 ,su* an            
int]pretation w\ld seem remote1 h[ev]1 &
 n p>ticul>ly apt4 ,! beg9n+s ( a bona  
fide tru/ ent]prise are ( a m           
bus9esslike "* & h left a record m      
am5able to ! te/s ( acc\ntancy4 ,a tru/1
 z t t]m is colloquially und]/ood1 is a 
bus9ess organisation4  ,n[1 ! l9e (     
ent]prise1 ( indig5\s gr[? 9 !          
nor?-,european cultural region1 :i* fir/
 falls into settl$ %ape z an ord]ly1    
organis$ bus9ess is ! traffic ( ^?      
seaf>+ m5 ( ! ,nor? kn[n to fame z !    
,vik+s4 ,& x is 9 ?is traffic1 s f> z ! 
records %[1 t a tru/1 ) all ess5tial    
features1 is fir/ organis$4 ,! t]m vik+ 
cov]s1 some:at euphemi/ically1 two ma9  
facts3 piracy & slave-trade4 ,)\t bo? ( 
^! l9es ( bus9ess ! traffic c\ld n be   
ma9ta9$ 9 ! long run2 & bo?1 b m        
p>ticul>ly ! latt]1 presume1 z an       

indisp5sable condition to _! successful 
prosecution1 a regul> m>ket & an assur$ 
dem& = ! output4 ,x is a traffic 9 :i*1 
9 ord] to get ! be/ results1 a          
relatively l>ge initial inve/m5t mu/ be 
sunk1 & ! p]iod ( turnov]--! p]iod (    
production--is necess>ily ( "s duration2
 ! risk is also consid]able4 ,fur!r1    
c]ta9 te*nological pr]equisites mu/ be  
met1 9 ! way p>ticul>ly ( %ipbuild+1    
navigation1 & ! manufacture ( weapons2  
an adequate accumulation ( capital goods
 mu/ be _h1 c\pl$ ) a sagaci\s _s (     
adv5ture2 !re mu/ also be an available  
supply ( labor4 ,!re appe>s to h be5 a  
concurr5ce ( all ^! circum/ances1 toge!r
 ) favorable m>ket conditions1 9 !      
s\?-,baltic region f ab\t ! six? c5tury 
onw>d2 ! circum/ances app>5tly gr[+     
gradually m favorable ?r\gh ! succe$+   
f\r c5turies4  ,! vik+ trade appe>s to h
 gr[n up gradually on ! ,baltic seabo>d1
 z well z 9 ! ,s\nd c\ntry & ?r\gh\t !  
fjord region ( ,norway1 z a             
by-occupation ( ! f>m+ population4 ,its 

beg9n+s are e>li] ?an any records1 s t !
 e>lie/ traditions speak ( x z an       
in/itution well und]/ood & fully        
legitimate4 ,! well-to-d freehold f>m]s1
 includ+ "s :o laid claim to ! rank (   
j>l1 seem to h f\nd x an agreeable &    
honorable div]sion1 z well z a lucrative
 employm5t = _! surplus weal? & labor   
supply4 ,f su* sporadic & occasional    
beg9n+s x pass$ pres5tly into an        
indep5d5tly organis$ & self-su/a9+ l9e (
 bus9ess ent]prise1 & 9 ! c\rse ( "t x  
atta9$ a settl$ bus9ess r\t9e & a def9$ 
code ( pr(essional e?ics4 ,syndication1 
( a loose =m1 _h begun z e>ly z ! olde/ 
acc\nts extant1 b x is evid5t f ! way 9 
:i* ! matt] is spok5 ( t comb9ation _h n
 at t date--say1 ab\t ! beg9n+ ( ! n9?  
c5tury--long be5 ! common practice4 ,x 0
 n !n a matt] ( c\rse4 ,! e>ly          
comb9ations 7 relatively small &        
transi5t4 ,!y took ! =m ( g5tlem5's     
agreem5ts1 pools1 work+ arrangem5ts1    
division ( t]ritory1 etc41 r ?an h>d &  
fa/ syndicates4 ,9 ^? e>ly days a comb9e

 w\ld be =m$ = a season betwe5 two or m 
capitali/-und]tak]s1 = ! mo/ "p employ+ 
_! own capital only1 )\t rec\rse to     
cr$it2 al?\gh cr$it arrangem5ts occur q 
e>ly1 b are n v common 9 ! e>li] record$
 phases ( ! trade4 ,su* a loose comb9e1 
say ab\t ! middle ( ! n9? c5tury1 might 
comprise f two to a doz5 boats4 ,:at may
 be call$ ! normal unit 9 ! trade at t  
"t 0 a boat ( p]haps ?irty tons' burd51 
) an effective crew ( "s eighty m54     
,boats & crews gradually increase bo? 9 
size & effici5cy = a c5tury & a half    
aft] t "t4  ,syndication1 ( an          
increas+ly close texture & increas+ly   
p]man5t effect1 appe>s to h rapidly gr[n
 9 favor ?r\gh ! n9? & t5? c5turies4 ,! 
reasons = ?is movem5t ( coalition are   
pla94 ,! volume ( ! trade1 z well z its 
t]ritorial ext5sion1 increas$           
un9t]rupt$ly4 ,! te*nique ( ! trade 0   
gradually improv$1 & ! equipm5t &       
managem5t 7 improv$ & r$uc$ to /&>d =ms4
 ,! tonnage employ$ at any giv5 "t c1 ( 
c\rse1 n be asc]ta9$ ) any?+ l a        

confid5t approximation2 b its /eady     
increase is unmi/akable4 ,ye> by ye> !  
boats & crews increase 9 av]age size z  
well z 9 numb]1 until by ! middle ( !   
t5? c5tury ! numb] ( m5 & %ips engag$1 z
 well z ! volume ( capital inve/$ 9 !   
trade1 are probably l>g] ?an !          
correspond+ figures = any o!r =m (      
lucrative ent]prise at t "t4 ,x is1 at t
 "t1 altoge!r ! be/-organis$ l9e (      
ent]prise 9 ! ,we/-,european region 9   
respect ( its bus9ess managem5t1 & ! mo/
 effici5t & progressive 9 respect ( its 
equipm5t & te*nology4 ,at a cons]vative 
guess1 ! aggregate numb] ( %ips engag$  
ab\t ! middle ( ! t5? c5tury mu/ h      
appreciably exce$$ six hundr$1 & may h  
rea*$ "o ?\s&2 ) crews :i* _h also gr[n 
gradually l>g] until !y may by ?is "t h 
av]ag$ #aej or #bjj m54 ,!re 0          
consequ5tly :at w\ld 9 mod]n phrase be  
call$ an ov]production ( piratical      
craft--ov]9ve/m5t 9 ! vik+ trade &      
consequ5t cut-?roat competition4 ,!     
v>i\s coalitions came into viol5t       

conflict1 & _m ( !m w5t "u1 ) great     
resultant loss ( capital1 impov]i%m5t ( 
well-to-d families1 h>d%ip &            
demoralisation ( ! entire trade4  ,add$ 
to ^! unt[>d conditions )9 ! trade 0 !  
op5 disfavor ( ! cr[n1 9 ea* ( ! ?ree   
,sc&9avian k+doms4 ,! traffic _h long   
pass$ out ( ! /age at :i* x _h (f]$ a   
lucrative op5+ = f>m]s' sons :o 7 tir$ (
 ! f>m & eag] to f9d excitem5t1         
reputation1 & creature com=ts 9 t wid]  
human contact & busi] life = :i* ! t$ium
 ( ! f>m _h %>p5$ _! appetites4 ,! l>g] 
capitali/s alone c\ld succe$ z organis]s
 or directors ( a vik+ conc]n "u ! *ang$
 conditions4 ,! common run ( well-to-d  
f>m]s _h nei!r ! tangible assets nor !  
good-w requisite to ! successful        
promotion ( a new company ( freeboot]s4 
,at ! be/1 _! sons c\ld ent] ! bus9ess  
only z employees & ) b a v unc]ta9      
outlook to spe$y promotion to an        
executive position4 ,on ! o!r h&1 z !   
trade became bett] organis$ 9 /rong]    
h&s1 ) a l>g] equipm5t1 & z !           

competition )9 ! trade grew m sev]e1 !  
blackmail f :i* mu* ( ! pr(its ( ! trade
 0 drawn grew m excessive & m unc]ta91  
bo? z to its am\nt & z to ! mann] &     
incid5ts ) :i* x 0 levi$4 ,z competition
 grew sev]e & ! small vik+s practically 
disappe>$1 & z ! demoralisation t goes )
 cut-?roat competition set 91 !         
livelihood ( ! common p1 at ^: exp5se ! 
vik+s liv$1 grew progressively m        
prec>i\s1 & ev5 _! dome/ic peace &      
h\sehold indu/ry grew insecure4 ,popul> 
s5tim5t 0 runn+ /rongly aga9/ ! :ole    
traffic4 ,s mu* s1 inde$1 z to ?reat5 ! 
t5ure ( c\rts & sov]eigns if ! popul>   
h>d%ip incid5t to ! cont9uance ( ! trade
 7 n abat$4  ,! politicians1 !re=e1 made
 a /r5u\s %[ ( ef=t to regulate1 or ev5 
to repress1 ! vik+ organisations4       
,outright & indiscrim9ate repression 0  
sc>cely a feasible rem$y1 c]ta9ly n an  
agreeable "o4 ,! vik+ companies 7 a     
s\rce ( /r5g? to ! c\ntry1 bo? 9 t !y   
might be drawn on = support 9 case ( w> 
& 9 t !y br\ght funds into ! c\ntry4 ,! 

rem$y to :i* ! politicians turn$1 by    
pref]5ce1 !re=e1 0 a regulation ( !     
companies 9 su* a mann] z to let !      
=eign]s pay ! tax1 to adapt a mod]n     
phrase4 ,if ! freeboot]s ( a giv5 /ate  
c\ld be induc$1 by /r+5t regulations1 to
 prey ^u ! p ( ! neighbor+ /ates1 &     
p>ticul>ly if !y work$ at cross-purposes
 ) simil> companies ( freeboot]s        
domicil$ 9 su* neighbor+ /ates1 x 0 !n  
pla9 to ! sagaci\s politicians ( ^? days
 t ! companies might be m ( a bless+ ?an
 a curse4 ,on trial x 0 f\nd t ?is      
policy ( control gave at ! be/ b v      
dubi\s results1 & consequ5tly !         
repressive h& ( ! au?orities p]=ce fell 
) increas+ly rigor\s pressure on ! vik+ 
organisations1 p>ticul>ly on ! small]   
ones :i* 7 sc>cely ( national           
importance4 ,! competition 9 ! trade 0  
too sev]e to admit ( a consi/5t         
avoidance ( excesses & irregul>ities on 
! "p ( ! vik+s1 & ^! irregul>ities      
oblig$ ! au?orities to int]f]e4  ,"u ^! 
circum/ances x is pla9 t no vik+ comb9e 

c\ld hope to prosp] 9 ! long run unless 
x 7 /rong en\gh to take an int]national 
position & to ma9ta9 a practical        
monopoly ( ! trade4 ,int]national 9 ^!  
premises means )9 ! ,sc&9avian c\ntries4
 ,9 ! days ( its f9e/ developm5t ! vik+ 
trade 0 domicil$ 9 ! ,sc&9avian         
c\ntries1 almo/ exclusively4 ,?is means 
! two ,sc&9avian p59sulas1 ) ,icel&1 !  
,f>oes1 ,orkneys1 ,hebrides1 & !        
,sc&9avian portions ( ,scotl&4 ,to ?is1 
= complet5ess ( /atem5t1 is to be add$ a
 /ret* ( ,w5di% seabo>d on ! s\? ( !    
,baltic & a negligible pat* ( ,g]man    
t]ritory4 ,! trade1 s f> z reg>ds its   
home (fices1 to use a mod]n phrase1     
ga!r$ 9 ! ma9 ab\t two *ief c5t]s3 !    
,orkneys & ! s\? end ( ! ,baltic4       
,outly+ regions1 su* z ! ,norwegian     
fjord c\ntry & ! ,hebrides1 are by no   
means negligible1 b ! two regions nam$  
above are aft] all ! *ief seats ( !     
traffic2 & ( ^! two c5t]s !             
,baltic--*iefly ,dani%--region is 9 _m  
respects ! m notable4 ,its vik+ traffic 

is bett]1 m regul>ly organis$1 is c>ri$ 
on ) a m evid5t s5se ( a solid>ity (    
int]e/s & a m consi/5t view to a        
long-t]m prosp]ity4 ,z "o might say1    
look+ at ! matt] f ! mod]n /&po9t1 x has
 m ( a look ( /ability & cons]vative    
managem5t1 su* z belongs to an inve/m5t 
bus9ess1 & has less ( a speculative air1
 ?an ! trade t c5t]s 9 ! we/]n isles4   
,p]haps x is j on ?is acc\nt1 because ( 
its great] /ability ( int]e/s & m       
cons]vative animus1 t ! traffic ( ?is   
region responds ) great] alacrity to !  
pressure ( excessive competition &      
political int]f]5ce1 & s ent]s on a     
policy ( l>g] & clos] coalition4 ,x may 
be add$ t _m ( ! great capta9s (        
adv5ture 9 ?is region are m5 ( good     
family & sub/antial /&+ 9 ! community4  
,z may (t5 happ5 9 a l conjuncture1 :5 !
 irksom5ess ( ?is competitive situation 
9 ! ,baltic 0 fa/ becom+ intol]able1 !re
 arose a man ( f>-see+ sagacity & settl$
 pr9ciples1 ( executive ability &       
bus9esslike integrity1 :o saw ! ne$s ( !

 h\r & ! available rem$y1 & :o saw at ! 
same glance 8 own opportunity ( ga94    
,?is man 0 ,palnatoki1 ! desc5dant ( an 
honorable l9e ( c\ntry g5tlem5 9 ! isl& 
( ,fun51 ^: family _h f "t immemorial   
borne an active & prud5t "p 9 ! trade1 &
 _h be5 well se5 at c\rt & 9 society4   
,he 0 a man ( mature exp]i5ce1 ) a l>ge 
inve/m5t 9 ! traffic1 & ) a body (      
good-w t gave him p]haps 8 mo/ decisive 
advantage4  ,dur+ ! reign ( ,h>ald      
,gormsson1 ab\t ! middle ( ! t5? c5tury1
 ,palnatoki seems to h ca/ ab\t = a     
basis on :i* to promote an int]national 
coalition ( vik+s1 su* z w\ld put an end
 to headlong competition 9 ! trade &    
w\ld at ! same "t be plac$ above !      
accid5ts ( national politics4 ,to ?is   
end x 0 necess>y to f9d a neutral gr\nd 
on :i* to e/abli% ! home (fice ( !      
conc]n4 ,su* a m$iaeval-,sc&9avian ,new 
,j]sey 0 ! ,w5di% k+dom at ! s\? ( !    
,baltic4  ,jomsborg 7on ! isl& ( ,woll91
 at ! m\? ( ! ,od]7 seems to h be5 a    
resort ( vik+s be=e ,palnatoki organis$ 

8 company !re & /r5g!n$ ! h>bor1 :i* may
 h be5 =tifi$ by ^? :o held x be=e him4 
,"h ! new company 0 incorporat$ "u a    
special fran*ise f ! ,w5di% cr[n1 ) !   
/ipulation t x 0 to d bus9ess only      
outside ! ,w5di% t]ritories4 ,! tangible
 assets ( ! corporation 7 ! h>bor &     
=tifi$ t[n ( ,jomsborg1 toge!r ) ! %ips 
& o!r equipm5t ( su* vik+s z 7 admitt$  
to fell[%ip2 its intangible assets 7 its
 fran*ise & ! good-w ( ! promot] & !    
und]ly+ companies4 ,its by-laws 7 v     
/rict1 bo? z to ! discipl9e ( ! p]sonnel
 & z to ! di/ribution ( e>n+s4 ,!       
promot]1 :o 0 ! fir/ presid5t ( !       
corporation1 0 giv5 extreme p[]s = !    
en=cem5t ( ! by-laws1 & ?r\gh\t 8 long  
incumb5cy ( (fice he ex]cis$ 8 p[]s ) ! 
greate/ discretion & ) a mo/ salut>y    
effect4  ,?is neutral1 int]national     
corporation ( piracy rapidly won a great
 pre/ige4 ,9 mod]n phrase1 its          
intangible assets grew rapidly l>g]4    
,back$ by ! competitive pressure :i* !  
new corporation 0 able to br+ ^u !      

small] companies & syndicates1 ?is      
pre/ige ( ! ,jomsvik+s br\ght a /eady   
run ( applications = admission into !   
tru/4 ,! tru/'s policy 0 sub/antially ! 
same z has s9ce become famili> 9 o!r    
l9es ( ent]prise1 ) ! diff]5ce t 9 ^?   
e>ly days ! competitive /ruggle took a  
less sophi/icat$ =m4 ,out/&+ syndicates 
& private firms 7 giv5 ! alt]native (   
submission to ! tru/'s t]ms or retirem5t
 f ! traffic4 ,!re 0 great h>d%ip among 
! out/&+ conc]ns1 especially among t    
l>ge proportion ( !m t 7 unable to meet 
! scale ( requirem5ts impos$ on         
applicants = admission into ! tru/4 ,!  
qualifications bo? z to equipm5t &      
p]sonnel 7 extremely /rict1 s t a l>ge  
p]c5tage ( ! applicants 7 exclud$2 & !  
un=tunates :o fail$ ( admission f\nd    
!mselves 9 a d\btful position t grew m  
prec>i\s ) e ye> t pass$4 ,practically1 
su* conc]ns 7 ei!r froz5 out ( ! bus9ess
 or =c$ into a liquidation :i* p]man5tly
 w\nd up _! affairs & t]m9at$ _!        
corporate exi/5ce4  ,! acc\nts extant   

are ( c\rse n reliable 9 m9ute details1 
be+ n /rictly contempor>y1 nor are !y   
ca/ 9 su* mod]n t]ms z w\ld give an easy
 comp>ison ) pres5t-day facts4 ,! *ief  
docum5ts 9 ! case are ,jomsvik+asaga1   
,saxo ,grammaticus1 ,heimskr+la1 &      
,olafssaga ,tryggvason>2 b ne>ly ! :ole 
( ! saga lit]ature be>s on ! developm5t 
( ! vik+ trade1 & *>act]i/ic ref]5ces to
 ! ,jomsvik+ tru/ occur ?r\gh\t4 ,!     
evid5ce af=d$ by ^! acc\nts conv]ges to 
! conclusion t t[>d ! close ( ! t5?     
c5tury ! tru/ /ood 9 a high /ate (      
prosp]ity & 0 9 a position virtually to 
dictate ! c\rse ( ! traffic = all t     
portion ( ! vik+ trade t c5t]$ 9 !      
,baltic4 ,its pre/ige & influ5ce 7 /rong
 :]ev] ! traffic ext5d$1 ev5 9 ! region 
( ! we/]n isles & 9 ! fjord c\ntry (    
,norway4 ,x _h ev5 come to be a factor (
 fir/-rate consequ5ce 9 int]national    
politics1 & its p[] 0 fe>$ & c\rt$ by ^?
 two sov]eigns :o e/abli%$ ! ,dani% rule
 9 ,engl&1 z well z by _! ,sw$i%1       
,norwegian1 & ,russian contempor>ies4 ,x

 is probably n an ov]/atem5t to say t ! 
,dani% conque/ ( ,engl& w\ld n h be5    
practicable except = ! alliance ( ! tru/
 ) ,sv5d1 :i* enabl$ him to turn 8      
att5tion f ! complications ( ,sc&9avian 
politics to 8 ,engli% int]e/s4  ,! ext5t
 ( ! tru/'s mat]ial equipm5t at ! height
 ( its prosp]ity is a matt] ( surmise r 
?an ( /ati/ical in=mation4 ,"s notion ( 
its /r5g? may be ga!r$ f ! /atem5t t !  
=tifi$ h>bor ( ,jomsborg includ$ )9 its 
ca/ellat$ sea-wall an inclos$ bas9      
capable ( float+ ?ree hundr$ %ips at    
an*or4 ,9 ! great raid aga9/ ! k+dom (  
,norway1 ^: failure inaugurat$ !        
dis9tegration ( ! tru/1 ! numb] ( %ips  
s5t out is v>i\sly giv5 by diff]5t      
au?orities4 ,! ,jomsvik+asaga says t !y 
numb]$ "o long hundr$4 ,?is fleet1      
h[ev]1 0 made up ( craft select$ f among
 ! %ips t 7 "u ! imm$iate comm& ( f\r ( 
! great capta9s ( adv5ture4 ,! fleet1 z 
x lay 9 ! ,s\nd be=e ! f9al selection1  
is said to h numb]$ #ahe1 b ! context   
%[s t ?is fleet 0 b a fraction ( !      

aggregate ,jomsvik+ tonnage4 ,( ?is     
disa/r\s exp$ition b a fraction return$2
 yet v>i\s lat] exp$itions ( !          
,jomsvik+s are m5tion$ 9 :i* "s scores (
 _! %ips took "p4  ,! tru/ hav+ become  
an int]national p[]1 x und]took to %ape 
! de/9y ( nations & dyna/ies1 & x broke 
"u ! /ra94 ,x1 or its directors1 took a 
contract to br+ ,norway into subjection 
to ! ,dani% cr[n4 ,p>tly ?r\gh unt[>d   
accid5ts1 p>tly ?r\gh miscalculation &  
hurri$ prep>ations1 x fail$ 9 ?is       
und]tak+1 :i* br\ght ! affairs ( ! tru/ 
to a spectacul> crisis4 ,f ?is disa/] x 
nev] recov]$4 ,) ! op5+ ( ! elev5?      
c5tury ! vik+ tru/ fell into abeyance1 &
 9 a few ye>s x disappe>$ f ! field4    
,!re are sev]al good reasons = its      
failure4 ,on ! dea? ( its f\nd] !       
managem5t _h pass$ into ! h&s (         
,sigvaldi1 a man ( less sagacity & less 
integrity z well z ( m unpr9cipl$       
p]sonal ambition1 & some:at giv5 to     
flighty v5tures 9 ! field ( politics4 ,x
 0 ,sigvaldi's ov]we5+ p]sonal ambition 

t committ$ ! corporation to ! ill-advis$
 exp$ition aga9/ ,norway4 ,! tru/1      
moreov]1 be+ supreme )9 its field1 !    
discipl9e grew lax & its exactions grew 
arbitr>y1 sometimes go+ to unprovok$    
excesses4 ,z "o might say1 too little   
?\ght 0 giv5 to economies ( production1 
& ! *>ges 7 pu%$ beyond :at ! traffic   
w\ld be>4 ,b = all t1 9 spite ( its     
m$dl+ 9 politics1 & 9 spite ( jobb]y &  
corruption 9 its managem5t1 ! tru/ /ill 
_h a fair outlook = cont9u$ success1    
except t ! bottom dropp$ out ( ! trade4 
,= bett] or worse1 ! slave-trade 9 !    
nor? ( ,europe collaps$ on !            
introduction ( ,*ri/ianity1 at lea/ s f>
 z reg>ds ! trade 9 ,*ri/ians2 & )\t a  
slave m>ket ! vik+ ent]prise _h no *ance
 ( reasonable e>n+s4 ,at ! same "t1 !   
risk & h>d%ips ( ! traffic--! co/ (     
production--grew heavi] z ! c\ntries to 
! s\? became bett] able to def5d _!     
%ores4 ,! pass5g] traffic fail$ almo/   
entirely1 & ! goods traffic 0 9 a       
disorganis$ & unpr(itable /ate4 ,! co/s 

7 fa/ becom+ prohibitive1 ev5 to m5 s   
ent]pris+ & necessit\s z ! ,norwegian   
freeboot]s4 ,! situation *ang$ 9 su* a  
way z to leave ! tru/ out4  ,"s %[ (    
corporate exi/5ce 0 /ill ma9ta9$ = a    
%ort p]iod aft] ! tru/'s great crisis1 b
 !re 0 an end ( discipl9e & au?oritative
 control4 ,! m9or conc]ns & private     
e/abli%m5ts t _h once =m$ "p ( ! tru/   
cont9u$ 9 ! trade on an indep5d5t foot+1
 b ) decreas+ regul>ity & ) dim9i%+     
/r5g?4 ,z ! equipm5t wore out x 0 n     
replac$1 & ! trade laps$4 ,! great      
capta9s ( ! indu/ry1 l ,sigvaldi1       
,?orkel ,h>aldson1 ,sigurd ,kapa1 &     
,vagn ,akason1 turn$ _! hold+s to !     
s]vice ( ! dyna/ic politics :i* 7 !n    
engag+ ! att5tion ( ! nor!rn c\ntries4  
,mu* ( ?is body ( ent]prise & weal? 0   
exhau/$ 9 work+ out ! imp]iali/ic s*emes
 ( expansion ( ,sv5d & ,knut ! ,great2 &
 :at 0 left ov] %>$ ! =tunes ( ! o!r    
available =ces ( ! ,sc&9avian c\ntries1 
be+ dissipat$ 9 political diss5sions1   
extortionate gov]nm5t organisations1 & !

 e/abli%m5t ( a *ur* & a nobility4      
,,footnotes3  #a ,repr9t$ by p]mission f
 ,! ,j\rnal ( ,political ,economy1 ,vol4
 ,,xii1 ,m>*1 #aijd4  #b ,,mat?aeus     
,,mu*1 ,die ,heimat d] ,indog]man54     
,,! ,,end