ABSTRACT
Economic theory deals with two concepts, Value and Economy. Value and Economy are distinguishable as two quantitative relationships of the parts to the whole. The whole is always a function of its parts, but the whole may be the sum of its parts or the whole may be a multiple of its parts. A “fund of value” is the sum of the values of all the parts that constitute the whole. Meanwhile, ethical, philosophical and psychological, as well as economic theories, have been approaching a volitional theory. While the economists start with a commodity or an individual’s feelings towards it, the court starts with a transaction. Commodities and feelings are, indeed, implied in all transactions, yet they are but the preliminaries, the accompaniments, or the effects of transactions. Value and economy become millions of people valuing and economizing through billions of transactions in conformity to numberless working rules over a stretch of time that has no beginning and no ending.
