[61]. I hardly need say, regarding the class revolution in Russia, that that country was lacking in those conditions of intelligence, communication, and economic development which my argument assumes to exist.
[62]. See his Industrial Evolution, translation, p. 382.
[63]. The human-nature values, of course, vary much less than the institutional values. Thus fashions vary infinitely, but conformity, the human-nature basis of allegiance to fashion, remains much the same.
[64]. Pecunia, from pecus, cattle.
[65]. B. M. Anderson, Jr., Social Value, p. 116.
[66]. They are recognized a great deal, and with the best results, by economists interested, as most are, in practical reforms.
[67]. See, for example, the penetrating study of Social Value by B. M. Anderson, Jr.
It is curious that although orthodox economics has mostly ignored the importance of institutional processes, its own history offers as good an illustration of this importance as could be desired. I mean that the spirit and underlying ideas of the science can be understood only as the product of a school of thought, of a special institutional development.
[68]. By calling these values “personal” I mean merely that they tend to enrich persons; their economic character is multifarious.
[69]. Production has a special institutional development of its own which I shall not attempt to discuss in this connection.