group of productive goods which issues in the bread is really the _loaf in the making_. If the baker had not that group he would not have the bread, and we should lose our marginal utility—the satisfaction of the want. What, then, depends on the having or losing the group of second rank? Simply the marginal utility of the finished good. Tracing back the loaf to more and more remote groups, we find, similarly, that what depends upon them all is, at different points of time, the marginal utility of the finished consumption-good: that is to say, they are all, economically, the loaf in the making. In short, value depends on a relation to human wellbeing as indicated by the satisfaction of want; and productive goods only come into contact with human wellbeing through the final member of the chain, the consumption-good. No one values the iron ore, or the ragged “pig,” for what it is in itself. Ingenious and delicate as may be the machine, no one puts together these cunning arrangements of wheels and pulleys and rollers for the sake of showing the machinist’s skill, or the working of mechanical powers. Even the smooth and gossamer yarn is not a thing which can satisfy any human want. All these goods are only “good” because they are cloth, or some other consumption-good, in the making. We “value” them, not because we see the iron fabrics passing, by wear and tear of the machine, into the warp, or the threads of human life being woven into the weft, but because, with prophetic eyes, we see the web covering the otherwise bare backs of men and women, and giving up its life in ministering to theirs.