(p. 17) that money and price are negligible factors tor the purpose in h&nd. He tlicreby commits himself to the pOfllUon that these crliieR are phenomena of the material processes ot economic life (production and consumption), not of business trafBe. H«iice the ultimate failure of this acute observer and theoretician Id reach a tenable solution of the question. SubstAnlially the same Is tnie of Marx, whom Tugan follows, though with large reserratiana. (Cf. Uan, K<^iUU, vol. UI. oh. XV.)
modem capitalistic enterprise. An analysis of the current, common-sense business views of price and investment should indicate the genesis and manner of growth of these mass movements of the business community, as well as the character of those cii^ cumstances which may further or inhibit such movements. Business depression and exaltation are, at least in their first incidence, of the nature of psychological fact, just as price movements are a psychological phenomenon.