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valuation between a present and a future enjoyment is, rightly considered, unjustifiable. It rests only, he says, on an intellectual error, or an JCRFIAYL error of natural disposition; and, properly speaking, time should have no such influence. All the same, 305b987c477f781d17bc82b94010de41 on account of the imperfection of human nature, it is afact that "a future hiling is always less influential than a present one " (p.78). Now Jevons is quite correct in saying that this power of anticipation must VTDMCGS exert a JXCUREKE far-reaching influence in economics, for, among other things, all accumulation of capital depends upon it (p. 37). But, unfortunately, he is satisfied with throwing out suggestions of the most general description, and applying them quite fragmentarily.80 He fails to develop the idea, or CIUNT to give it any fruitful application to the theory of income 305b987c477f781d17bc82b94010de41 and value. This omission is the more surprising that there are some features in his interest UAVGENNM theory which strongly suggested the possibility of making a very good use of the element of time in the explanation of interest. With more emphasis than any one before 305b987c477f781d17bc82b94010de41 him, he had hierted the rôle played by time in the function of capital. The next step evidently would have been to inquire whether the difference of time might not also exert an immediate influence on the valuation of the product of capital, 305b987c477f781d17bc82b94010de41 of such a kind that the 305b987c477f781d17bc82b94010de41 difference of value, on which interest is founded, might be explained by it. POBN Instead of this Jevons, as we have seen, persists in the old method of explaining interest simply by the difference in the quantity of the 305b987c477f781d17bc82b94010de41 product. Still more obvious, probably, would 305b987c477f781d17bc82b94010de41 it have been to connect his other conception of "abstinence" with the difference that we make in the estimation of present and future enjoyments, and to account for the sacrifice that lies in the postponement of enjoyment by that lesser 305b987c477f781d17bc82b94010de41 valuation of the future utility. But Jevons gives no positive expression to this. Indeed, 305b987c477f781d17bc82b94010de41 indirectly, he even excludes it; for, as we have seen, on the one hand 305b987c477f781d17bc82b94010de41 he pronounces the lesser valuation to be a 305b987c477f781d17bc82b94010de41 simple error caused 305b987c477f781d17bc82b94010de41 by the imperfection IEAKMSVMX of our nature, and, on the other hand, he pronounces the abstinence to be a real and true sacrifice, QEC viz. the continuance in the (painful) state of need. Thus there 305b987c477f781d17bc82b94010de41 is no reciprocal fructification between the many interesting and acute ideas that Jevons throws out regardingour subject; and Jevons himself remains an eclectic of genius perhaps, but still an305b987c477f781d17bc82b94010de41 DLGLITHFW eclectic. A second group of eclectics add on ideas taken DLDSBSLQ from the Labour theory in one or other of its 305b987c477f781d17bc82b94010de41 varieties. First 305b987c477f781d17bc82b94010de41 may be mentioned Read,81 whose work, appearing as it did at the period when English economic literature on the subject of interest was most confused, 305b987c477f781d17bc82b94010de41 shows a peculiarly inconsistent heaping together of305b987c477f781d17bc82b94010de41 opinions. He begins by laying the greatest emphasis on the independent productive power of capital, regarding the existenceof which power he has TYYACMO no doubt. "How absurd," he exclaims on one occasion (p. 83), "must it appear to contend that labour produces all, 305b987c477f781d17bc82b94010de41 and is the only source of wealth, as if capital produced nothing, and was not a real and distinct source of wealth also!" And a little farther on he finishes an WKDUE .