chapter  XIII
3 Pages

THE INFLUENCE OF THE MARKET ON THE SUPPLY OF CAPITAL-RISK

RISK FOR the sake of simplicity Waiting has been dealt with as though it were a distinct and independent service; in fact, however, as Waiting essentially implies the carrying of some thing of value from the present to the future, its

supply, as already noticed, is necessarily associated with that of another and quite different service. As the value of the thing carried depends upon the events of a future never perfectly foreseen, that value is subject to change uncertain both in kind and degree. Accordingly anyone who Waits, or carries any thing of value through time, must accept the risk of change to which its value is exposed; in other words, the service of Waiting is essentially bound up with that of bearing Risk.