type of conceptual analysis is to part company with both science and philosophy. We are in fact here dealing with the essential mark and trait of what is called self-conscious process. If there are ultimates and indefinables in this world of ours, self-consciousness may as fairly claim the dignity or avow the discredit as any other of the list. Sec. 7. Does our interest in economic goods on occasion exhibit the trait of which we are here speaking? Precisely this is our present contention. And yet it seems not too much to say that virtually all economic theory, whether the classical or the present dominant type that has drawn its terminology and working concepts from the ostensible psychology of the Austrian School, is founded upon the contradictory assumption. The economic interest, our desire and esteem for solid and matter-of-fact things like market commodities and standardized market services, has been conceived as nothing visionary and speculative, as no peering into the infinite or outreaching of an inexpressible discontent, but an intelligent, clear-eyed grasping and holding of known satisfactions for measured and acknowledged desires. Art and religion, friendship and love, sport and adventure, morality and legislation, these all may be fields for the free play and constructive experimentation of human faculty, but in our economic efforts and relations we are supposed to tread the solid ground of fact. Business is business. Waste not, want not. First a living, then (perhaps) a "good life."[48] And we are assured one need not recoil from the hard logic of such maxims, for they do not dispute the existence of spacious (and well-shaded) suburban regions fringing the busy areas of industry and commerce. Such is the assumption. We have said that it precludes the admission of speculation as an economic factor. Speculation for economic theory is a purely commercial phenomenon, a hazarding of capital on the supposition that desires will be found ready and waiting for the commodity produced--with a sufficient offering of purchasing power to afford a profit. And the "creation of demand," where this is part of the program of speculative enterprise, means the arousal of a "dormant" or implicit desire, in the sense above discussed--there is nothing, at all events, in other parts of current theory to indicate a different conception. The economist will probably contend that what the process of the creation of demand may _be_ is not his but the psychologist's affair; that his professional concern is only whether or not the economic demand, as an objective market fact, be actually forthcoming. But what we here contend for as a fact of economic experience is a speculation that is in the nature of personal adventure and not simply an "adventuring of stock."