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Land and rent.

if I were. Logic commands him for a moment; then he lapses back into his instinctive inability to distinguish between a scientific principle and statute law.

(3) Who pretends to generalize it? Certainly no Anarchist. The pretension is that it will generalize itself as soon as monopoly is struck down. This generalization, far from being conventional, depends upon the abolition of conventions. Instead of being narrowly limited in practice, the labor measure of exchange will become, through Liberty, an almost universal fact.

(4) Why incalculable? Suppose a boy begins farm labor at fifteen years of age with a prospect of fifty years of work before him at one thousand dollars a year. Suppose another boy of the same age spends ten years and ten thousand dollars in studying medicine, and begins practice at twenty-five years of age with a prospect of forty years of work before him. Is it such a difficult mathematical problem to find out how great a percentage the latter must add to his prices in order to get in forty years as much as the farmer gets in fifty, and ten thousand dollars besides? Any schoolboy could solve it. Of course, labor cannot be estimated with the same degree of accuracy under all circumstances; but with the cost principle as a guide a sufficient approximation to equity is secured, while without it there is nothing but haphazard, scramble, and extortion. Edgeworth is mistaken, by the way, regarding the paternity of this principle. It is not a child of the "Pantarchate," or at any rate only an adopted child, its real father having been Josiah Warren, who hated the "Pantarchate" most cordially.

(5) I have never maintained that judgment and skill are less important than labor; I have only maintained that neither judgment nor skill can be charged for in equity except so far as they have been acquired. Even then the payment is not for the judgment or skill, but for the labor of acquiring; and, in estimating the price, one hour of labor in acquiring judgment is to be considered equal,—not, as now, to one day, or week, or perhaps year of manual toil,—but to one hour of manual toil. The claim for judgment and skill is usually a mere pretext made to deceive the people into paying exorbitant prices, and will not bear analysis for a moment.

(6) What has this to do with the price of labor? Imagine Edgeworth or any other sensible man employing an incompetent surgeon because his services could be had for a dollar a day less than those of one more competent! The course

for sensible and just men to follow is this: Employ the best