THE APPRAISAL OF FUTURE NEEDS
In both these respects the theory of exchange differs. On the one hand, part isan interests are rampant. For example, the theorists representing the wealthy class and those representing the workers will have difficulty in agreeing upon the importance to the social economy of the directing entrepreneur. They will not easily overcome the impression which their practical valuations exert on this theoretical view. Such appraisals, however, are formed under the influence of a partisan point of view. On the other hand by a process of decreasing abstraction the assumptions must be extended to include the general types of economic error which are experienced. I t will not be t rue in every instance to say that the greater yield is more important than the lesser. Consideration must be given to the effects of excessive labor and undue pleasure upon the motor stimuli and the human capacity of enjoyment.