ploys only two primary factors: Nature and Labor. Here we are again left groping at the very outset; for while Labor under certain conditions may be approximated by population, how can we measure Nature? We are given infinite Nature and one of its phases as factors, but the product of these two can only be infinity, which leaves us, not dealing with a science, but wrestling with metaphysics.
Marx, as already pointed out, employs one factor only, namely Labor; but this is propaganda, not science, and is as though we were to attempt to measure heat by heat, or electricity by electricity. He leaves us with the problem of calculating a dynamic value of one dimension—apparently simple, but utterly hopeless.
Marshall[1] adds to Land, Labor and Capital, the factor of Organization, but this, as he utilizes it, is simply a division of labor into two indefinite complementary parts, one physical and the other mental, which only adds to the confusion.
Jevons, in spite of his prophetic encouragement to the engineer and his intelligent interest in time, starts his “Theory of Political Economy” with the statement that Utility, Wealth, Value, Commodity, Labor, Land and Capital[2] are the elements of Economics.
Time is not mentioned in this so-called elementary list, so that, however lavish, it is not as comprehensive as it appears. To get an idea of its appeal to a scientist let us approach him with a statement that the elements of electricity, by which we are to determine the advantageous control, measurement, development and distribution of electric energy, are as follows:
