Capitalism the Creator: The economic foundations of modern by Carl Snyder

By Carl Snyder

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11 Still a formidable difficulty, how to measure the magnitudes of the factors. If, for example, the major determining element of price changes is money, how shall its quantity be measured, especially in recent times, when the chief medium of exchange in more highly developed industrial countries is the bank deposit. The actual amount of 'currency/ save as it influences or limits the quantity of bank deposits, seems not to be a major factor. Currency, after all, is only a kind of small change, or pocket money; and while the quantity varies with the general price level, the relationship is by no means precise.

And economics, as perhaps the most important of the current fields of metaphysics, has called forth a deluge of this futile, speculative writing. It is curious how wide a skepticism still prevails as to the value of exact measurement in this field. Some even go so far as to suggest that a 'science' of economics is impossible, from the very nature of the subject. They dwell upon the fact that we can scarcely submit banking or fiscal policies, and similar questions, to controlled experiment, under different combinations with a single variable, as do the workers in the physical sciences.

But proof was needed. Were the continents moving even now? Only actual measurement could provide the answer. And these measurements had to be of a then undreamt of accuracy at least to yield an answer within a lifetime. Fortunately, the radio can now be used for this necessarily delicate measurement. It may be some time still before decisive proof as to the Wegener theory of continental displacement is attained. *But the scorn of the professors has faded. Although Wegener lost his life in an expedition to Greenland, his once fantastic theory may prove to be one of the great additions to our knowledge of the earth.

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