A radical distinction thus exists between deliberation where the only question is whether to invest money in this bond or that stock, and deliberation where the primary decision is as to the _kind_ of activity which is to be engaged in. Definite quantitative calculation is possible in the former case because a decision as to kind or direction of action does not have to be made. It has been decided already, whether by persistence of habit, or prior deliberation, that the man is to be an investor. The significant thing in decisions proper, the course of action, the kind of a self simply, doesn't enter in; it isn't in question. To reduce all cases of judgment of action to this simplified and comparatively unimportant case of calculation of quantities, is to miss the whole point of deliberation.[7] [7] So far as I am aware Dr. H. W. Stuart was the first to point out this difference between economic and moral valuations in his essay in _Studies in Logical Theory_. It is another way of saying the same thing to note that business calculations about pecuniary gain never concern direct use in experience. They are, as such, not deliberations about good or satisfaction at all. The man who decides to put business activity before all other claims whatsoever, before that of family or country or art or science, does make a choice about satisfaction or good. But he makes it as a man, not as a business man. On the other hand, what is to be _done_ with business profit when it accrues (except to invest it in similar undertakings) does not enter at all into a strictly business deliberation. Its use, in which alone good or satisfaction is found, is left indeterminate, contingent upon further deliberation, or else is left matter of routine habit. We do not eat money, or wear it, or marry it, or listen for musical strains to issue from it. If by any chance a man prefers a less amount of money to a greater amount, it is not for economic reasons. Pecuniary profit in itself, in other words, is always strictly instrumental, and it is of the nature of this instrument to be effective in proportion to size. In choosing with respect to it, we are not making a significant choice, a choice of ends.