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they would still have only a limited strength and a limited life-time available. They would still have to economize time and labour. But to economy of materials they would be indifferent. In fact, however, materials are also limited, so that they too have to be used in such a way that the

most urgent needs are satisfied first, with the least possible expenditure of materials for each satisfaction. The spheres of rational action and economic action are therefore co-incident. All rational action iseconomic. All economic activity is rational action. All rational actionis in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts. How society arises from the action of individuals will be

shown in a later part of our discussion. 3: Economic Calculation? All human action, so far as it is rational, appears as the exchange of one condition for another. Men apply economic goods and personal time andlabour in the direction which, under the given circumstances, promises the highest degree of satisfaction, and they forgo the satisfaction of lesser needs so as to satisfy the more urgent needs. This is the essence of

economic activityā€”the carrying out of acts of exchange.4 [74] Every man who, in the course of economic activity, chooses between the satisfaction of two needs, only one of which can be satisfied, makes judgments of value.5 Such judgments concern firstly and directly the satisfactions themselves; it is only from these that they are reflected back upon goods. As a rule anyone in possession of his senses is able at once to evaluate goods which are ready for consumption. Under very simple conditions he should also have little difficulty in forming a judgment upon the relative significance to him of the factors of production. When, however, conditions are at all complicated, and the connection between things is harder to detect, we have to make more delicate computations if we are to evaluate such instruments. Isolated man can easily decide whether to extend his hunting or his cultivation. The processes of production he has to take into account are relatively short. The expenditure they demand and theproduct they afford can easily be perceived as a whole. But to choose whether we shall use a waterfall to produceelectricity or extend coal-mining and better utilize the energy contained in coal, is quite another matter. Here the processes of production are so many and so long, the conditions necessary to the success of the undertaking so multitudinous, that we can never be content with vague ideas. To decide

whether an undertaking is sound we mustcalculate carefully. But computation demandsunits. And there can be no unit of the subjective use-value of commodities. Marginal utility provides no unit of value. The worth of two units of a given commodity is not twice as great as oneā€”although it is necessarily greater or smaller than one. Judgments of value do not measure: they arrange, they grade.6 If he relies only on subjective valuation, even isolated man cannot arrive at a decision based on more or less exact computations in cases where the solution is not immediately evident. to aid his calculations he must hiume substitution relations between commodities. As a rule he will not be able to reduce all to a common unit. But hemay succeed in reducing all elements in the computation to such commodities as he can evaluate immediately, that is to say, to goods ready for consumption and the disutility of labour and then he is able to base his decision upon this evidence. It is obvious that even .

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