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Chapter IV

A Dynamic Theory of Economics

This theory is arrived at by taking certain elementary precautions in considering the problem of economic value, which is apparently complex, but, if considered generally, is parallel to all other values arising from motion or effort within measurable limits. The only difference is that instead of dealing with solar energy, electric energy or radio-activity, we are endeavoring to measure human effort in the medium of matter,—a phase of effort, which, in spite of its egoistic springs, has, in a region of self-imposed order, a calculable flow, impelled by the bare need of physical freedom, and induced by the reward of ampler freedom.

Upon this assumption, at the risk of seeming ungrateful, let us ignore, for the moment, the brilliant and painstaking work of the economists—admitting at the same time, in their dogged hold on wriggling politico-economic phenomena, they have actually so hemmed within a limited area the data we are seeking, that there is some point of contact with each of them if we step boldly into the space which they now surround shoulder to shoulder in their zealous approach from every direction.

Since human effort is the vital force with which economics is concerned, let us see whether, in the consideration of certain of its phases, by using primary factors which are measurable, some simple formulæ may not be arrived at; and then, because of the employment of common terms, whether these formulæ may not be fittingly assembled as a basic theory capable of general application:>

 

First. That land-area, population and time, in a region of self-imposed order, are the basic factors, or limits, of economic value.

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