Here I must return to the current conceptions of wealth and capital, before cited. “Wealth,” we are told, “is any useful or agreeable thing which possesses _ex_change_able value_.” And we are told that “Capital is that part of wealth which is devoted to obtaining further wealth.” I have said that such conceptions—such definitions—of wealth and capital are childish—they belong to the period of humanity’s childhood. That they are indeed childish conceptions the reader can not fail to see if he will reflect upon them and especially if he will compare them with the scientific conception according to which wealth consists of those things—whether they be material commodities or forms of knowledge and understanding—that have been produced by the time-binding energies of humanity, and according to which _nearly all the wealth of the world at any given time_ is the _accumulated fruit of the toil of past generations_—the living work of the dead. It seems unnecessary to warn the reader against confusing the “_making_” of money by hook or crook, by trick or trade, with the _creating_ of wealth, by the product of labor. In calling the old conceptions childish, I do not mean that they contain no element of truth whatever; I mean that they are shallow, scientifically or spiritually meagre, narrow in their vision, wrong in their accent; I especially mean that they are dumb, because they are blind, regarding the central matter that wealth is the natural offspring of Time and Human Toil. The old conceptions do indeed imply that wealth and capital involve both potential and kinetic use-values, and in so far they are right. But how do such use-values arise? The potential use-values in wealth are created by human work operating in time upon raw material given by nature. The use-values are produced by time-taking transformations of the raw materials; these transformations are wrought by human brain labor and human muscular labor directed by the human brain acting in time. The kinetic use-values of wealth are also created by human toil—mainly by the intellectual labor of observation, experimentation, imagination, deduction and invention, all consuming the precious time of short human lives. It is obvious that in the creation of use-values whether potential or kinetic, the element of _time_ enters as an absolutely essential factor. The fundamental importance of time as a factor in the production of wealth—the fact that wealth and the use-values of wealth are literally the natural offspring of the spiritual union of time with toil—has been completely overlooked, not only by the economics, but by the ethics, the jurisprudence and the other branches of speculative reasoning, throughout the long period of humanity’s childhood. In the course of the ages there has indeed been much “talk” about time, but there has been no recognition of the basic significance of time as essential in the conception and in the very constitution of human values.