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The Place of Science in Modern Civilisation, and Other Essays

Note 8 — PROFESSOR CLARK'S ECONOMICS[1]

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"The capital-goods have to be taken unit by unit if their value for productive purposes is to be rightly gauged. A part of a supply of potatoes is traceable to the hoes that dig them.... We endeavor simply to ascertain how badly the loss of one hoe would affect us or how much good the restoration of it would do us. This truth, like the foregoing ones, has a universal application in economics; for primitive men as well as civilized ones must estimate the specific productivity of the tools that they use," etc. Page 43.

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