other units rest, is governed by the relation of the mass of the earth to the density of a definite volume of water, and this volume in turn is determined by a scientific unit of measurement—no longer the length of the King’s thumb—but a ten millionth part of a quadrant of the earth through Paris.[1] It will be seen then, that even our physical units are not absolute but relative. The kilogram, the weight upon which so much depends, where precision is concerned, is actually affected by the impingement upon the solar system of some far interstellar disturbance, by the contraction of the sun and planets themselves and by the slowly diminishing velocity of that great battery of dynamos in whose balanced and co-ordinated field, we exist. These influences, however, do not affect the relative integrity of our physical units. But in economics we lack any scientific basis of value whatever. We hamper ourselves with a so-called unit of value, the Dollar, which bears no relationship to the fundamental limits which establish the equilibrium of our economic field. As a consequence, when the fluctuating values we desire to measure are determined in terms of our so-called unit, we find that our unit has fluctuated in a different degree and for entirely different reasons. We are foolishly endeavoring to measure one unknown in terms of another unknown—an old and hopeless problem.
The engineer, however, is quick to acknowledge that an enormous amount of invaluable work has been done by the economists under extraordinary difficulties, and the engineer of all men, is most ready to admit that anything in the way of a short-cut should be carefully scrutinized. As a matter of fact, he only presumes to challenge certain dicta on the ground that they are not correlated; for he knows that if economics is a science, then all its phenomena are integrally joined. Nevertheless, he enters the holy places very modestly, being aware that he has had no instruction as to whether he should take off his
- ↑ It may be asserted that the metre is an absolute unit; but this conception rests on an assumption that the volume of the earth is absolute. If a contraction of volume should be taking place, as is likely, it may be necessary in a few million years to establish a new “metre des archives” to prevent some very bitter disputes as to real-estate boundaries.
