Excerpt from The Journal of Philosophy, Psychology and Scientific Methods, Vol. 14: January December, 1917 Now the economic relation, in spite of all its complexities, is very Similar to the relation of two men who merely meet on the road. It is a relation in which men are strangers to one another at every point but one: what each knows of the other is simply what he will give in terms of money or what he will take in terms of a specified commodity. In a word, it is a relation of mutual ignorance rather than of mutual ...
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Excerpt from The Journal of Philosophy, Psychology and Scientific Methods, Vol. 14: January December, 1917 Now the economic relation, in spite of all its complexities, is very Similar to the relation of two men who merely meet on the road. It is a relation in which men are strangers to one another at every point but one: what each knows of the other is simply what he will give in terms of money or what he will take in terms of a specified commodity. In a word, it is a relation of mutual ignorance rather than of mutual knowledge. To make my meaning clear I will ask you to picture to yourself a typically economic situation such as that presented by a great commercial city like New York. During a few hours of the day you will find some hundreds of thousands gathered in the down-town district and engaged in the business of exchange; during the night they are scattered in their homes up-town or out side of the city, in New York, New Jersey, or Connecticut. If you ask what they are exchanging, your first answer may be, useful com modities for personal consumption. But in every act of exchange the commodities offered on one side are simply dollars and those on the other side are offered only in exchange for dollars. And the nearer we come to a completely organized market, such as we find on the Stock Exchange, or the grain or cotton exchange, the less interest we seem to find in useful commodities, grain, cotton, or railways, as such, and the more it seems to be a matter of exchanging certificates or receipts, for anything you please, provided only they are readily convertible into dollars. What we find, then, is a vast concourse of supplies and demands, all expressed in terms of a single abstract, quantitative standard. And in the business district this is, generally speaking, all any man knows of his neighbor, namely, what he will give or what he will take. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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