If he erect the whole structure of his science on a foundation which includes both unmeasurable and secondary factors, some vague approximations may of course be arrived at; just as, without any measurement of cross-section and velocity some approximation of the hydraulic value of a stream of water may be arrived at by comparative methods, working on the unsatisfactory basis of the resultant of an unknown flow, modified by equally unknown factors of leakage and friction. However, if all the available value were being gradually consumed by leakage or friction, the unfortunate scientist, calculating on this unscientific basis, would under such conditions in honesty be compelled to resign, owing to a disappearance of his factors, such as is taking place today in Russia where the factors of “Land-value” (measured in terms of rent), “Labor” (measured in terms of output), “Capital” (measured in terms of gold), and “Organization” (measured in terms of efficiency), are melting before the economists’ eyes. Almost the only economic factor left with any credentials is Pigou’s ‘“Uncertainty-bearing.”[1]
After having arrived at a means of measurement of the value of liberated human effort, the problems of minimum control, maximum development and just distribution are equally important; but these are futile considerations until we know with what we have to deal.
Now the chief difficulty in negotiating with the orthodox economist is that he does not treat economics as a clean science, but in a spirit of mournful resignation deals with it as a mixture of formal ritual and the art of administration. That he has mentally committed himself to this medley may be seen by his readiness to treat “Nature,” “Capital,” “Land-value” and special phases of Labor as primary factors. Under these circumstances, the only thing to do is to jerk him a little roughly from his scientific pedestal and talk to him frankly.
In olden times when a discussion became so involved that there was no hope of settlement, it was considered good form to make a gesture of attack to precipitate a clean issue. It is
- ↑ “The Economics of Welfare,” A. C. Pigou, M.A. Page 915. Macmillan & Co., Ltd., London, 1921.
