As regards the interval which may elapse between the effort and the satisfaction, surely Adam Smith attributes far too much importance to it, when he says that the existence or non-existence of Value depends upon it. “The value of a vendible commodity,” he says, “‹lasts for some time at least›.” Undoubtedly it lasts until the commodity has answered its purpose, which is to satisfy a want; and exactly the same thing may be said of a service. As long as that plate of strawberries remains on the sideboard it preserves its ‹value›. Why? Because it is the result of a service [p157] which I have designed to render to myself, or that another has rendered to me by way of compensation, and ‹of which I have not yet made use›. The moment I have made use of it, by eating the strawberries, the value will disappear. ‹The service will vanish and have no trace of value behind.› The very same thing holds of personal services. The consumer makes the value disappear, for it has been created only for that purpose. It is of little consequence, as regards the principle of value, whether the service is undertaken to satisfy a want to-day, to-morrow, or a year hence. Take another case. I am afflicted with a cataract. I call in an oculist. The instrument he makes use of has ‹value›, because it has durability; the operation he performs, it is said, has none, and yet I pay for it, and I have made choice of one among many rival operators, and arranged his remuneration beforehand. To maintain that this service has no value is to run counter to notorious facts and notions universally received. And of what use, I would ask, is a theory which, far from taking universal practice into account, ignores it altogether? I would not have the reader suppose that I am carried away by an inordinate love of controversy. If I dwell upon these elementary notions, it is to prepare his mind for consequences of the highest importance, which will be afterwards developed. I know not whether it be to violate the laws of method to indicate these consequences by anticipation, but I venture to depart slightly from the regular course, in order to obviate the danger of becoming tedious. This is the reason why I have spoken prematurely of Property and Community; and for the same reason I shall here say a word respecting ‹Capital›. As Adam Smith made value to reside in matter, he could not conceive Capital as existing otherwise than in an accumulation of material objects. How, then, can we attribute Value to Services not susceptible of being accumulated or converted into capital?