ABSTRACT
Economic theory has asked two questions: How will things happen? What will things be like? The former leads to a study of diachronic forms, of a series of situations growing in some sense one out of another and thus composing a unity spread along the calendar. The latter leads to the construction of an exact, encompassing, timeless adjustment. The dominant principle of the equilibrium method is that men's conduct is guided by reason and that it can shape its affairs to the demands of reason. Value theory, the construct of reason, the postulator of reason in conduct and the explainer of conduct as the interaction of circumstance, interest and reason, had in practice to make some concessions to the unreasonable aspects of the human state. Value theory has resorted to particular equilibrium and ceteris paribus. Economic society is seen as composed of a few types of building-blocks, each type able to be understood by studying a representative.
