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economic theory, and the traits discussed are gauged and graded with regard to their immediate economic bearing on the facility of the collective life process. That is to say, these phenomena are here apprehended from the economic point of view and are valued with respect to their direct action in furtherance or hindrance of a more perfect adjustment of the human collectivity to the environment and to the institutional structure required by the economic situation of the collectivity for the present and for the immediate future. For these purposes the traits handed down from the predatory culture are less serviceable than might be. Although even in this connection it is not to be overlooked that the energetic aggressiveness and pertinacity of predatory man is a heritage of no mean value. The economic value—with some regard also to the social value in the narrower sense—of these aptitudes and propensities is attempted to be passed upon without reflecting on their value as seen from another point of view. When contrasted with the prosy mediocrity of the latter-day industrial scheme of life, and judged by the accredited standards of morality, and more especially by the standards of æsthetics and of poetry, these survivals from a more primitive type of manhood may have a very different value from that here assigned them. But all this being foreign to the purpose in hand, no expression of opinion on this latter head would be in place here. All that is admissible is to enter the caution that these standards of excellence, which are alien to the present purpose, must not be allowed to influence our economic appreciation of these traits of