Note 98 — Chapter VI · ON THE ECONOMIC PRINCIPLEToC

I have before me Professor A. Graziadei's article Intorno alla teoria edonistica del valore. (In Riforma Sociale, September 15th, 1900); in which A. fails to see how the purist theory of value dovetails in with the doctrines of Psychophysics and Psychology. I can well believe it! Psychophysics and Psychology are natural sciences and cannot throw light on economic fact which is mental and of value. I may be allowed to point out, that, even three years ago, I gave a warning against the confusion of economics with psychology. (See in this volume pp. 72-75.) He who appeals to psychology (naturalistic) in order to understand economic fact, will always meet with the delusion, opportunely shown up by Graziadei. I have stated the reasons owing to which economics cannot dwell where the psychologists and hedonists say; now Graziedei has questioned the door-keepers (Fechner, Wundt, etc.), and has learnt that it does not dwell there. Well and good!