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Excerpt from Work and Wealth: A Human Valuation
Only by considering the organic nature of man and of human society can we trace an intelligible order in the evolution of industry. The wants of man, and therefore the economic opera tions serving them must be treated as organic processes. This term, borrowed from biology, must be extended so as to cover the entire physical and Spiritual structure of human society, for no other term is so well fitted to describe the nature of the federal unity which society presents. The standard of values thus set up is the current estimate of 'organic welfare.' The justification of these terms and of this mode of human valuation is to be found in their application to the task before us. These tools will be found to do the work better than any others that are available.
In seeking to translate economic values into human by refer ence to such a standard of organic welfare, I take as the aptest material for experiment the aggregate of goods and services that constitute the real income of the British nation. In order to re duce that income to terms of human welfare, I first examine separately the economic costs of production and the economic utilities of consumption which meet in this concrete wealth.
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