change. If there is any economist still prepared to deny the function of time as a prime factor of value, it is because he continues to think of scientific economic value as something that will make a noise in a money-box.
Time, by itself, is not value; but, in combination with land-area and population, it constitutes the final measurable dimension of value.
To avoid discussion, the word democracy is used solely for the purpose of distinguishing our present system of government, in which order is self-imposed, from other systems, such as theocracy or autocracy, in which order is superimposed. The assertion that human effort has been freed for individual use is almost self-evident. The edicts of Turgot, the pronouncements of the French Revolution, the Declaration of Independence and the Proclamation of Emancipation were formal statements of this fact. We must not forget, however, that if land-area, population and time are basic factors, and we can shake off the dominating delusion that value may be measured by a commodity, the control of any one of these three basic factors means the effective control of the others. Nevertheless, since slavery was abolished, both convention and law permit the individual to do exactly as he pleases, within the limits of community safety, with his time and effort. The tramp or hobo may be a nuisance, but he is not a criminal under our code. The sentimental political (and politico-economic) reformers immediately counter that he is only free to do as he pleases within very narrow limits, and the land-owner holds him on a leash. If we are quite sure that it is really the land-owner who holds the end of the leash under our present system, we may admit this as a matter for careful attention without denying that we have deliberately utilized our political power to abolish slavery and thus free to each man the full value of his effort. If unfortunately we have left the individual hobbled through economic shortsightedness, inadvertance or sheer delusion, it does not make our political intention any less specific.
