ABSTRACT
Political economy, is the science of business, and economic men are money-makers; nevertheless, the use of money is a fact of no importance for economic theory. This seeming contradiction between the letter of the economic law and its spirit as interpreted by loyal commentators long passed without notice. Among the fundamentals of economic theory—that is, in "the mechanics of utility" —one saw no place for money. Economic theory became more profound in that it dealt directly with ultimate motives, or with the physical objects and actions that evoked them. Since the ostensible dropping of hedonism began, three fairly distinct types of orthodox economic theory have been developed by the psychological school, the pure theorists, and the neoclassicists. Clear recognition of the role which money does play in economic life is more likely to broaden than to narrow the scope of economic theory. Economic life may be regarded as a continuous process of providing and using commodities and services.
