But the human mind, ever developing its instruments, has come to supplement this psychical barter of values by something more precise, communicable and uniform, and so we arrive at pecuniary valuation. This is in some respects analogous to language, serving for organization and growth through more exact communication; and just as language develops a system of words, of means of record (writing, printing, and the like), also of schools, and, withal, a literary and learned class to have special charge of the institution, so pecuniary valuation has its money, banks, markets, and its business class. For our present purpose of discussing the general relation of pecuniary to other values, as æsthetic or ethical, it is of no great importance, I should say, to inquire minutely into the various kinds of the latter or their precise relations to one another. The large fact to bear in mind, in this connection, is that we have, on the one hand, a world of psychical values, whose reality is shown in their power to influence conduct, and, on the other, a world of prices, which apparently exists to give all kinds of psychical value general validity and exact expression, but which seems to do this in a partial and inadequate manner. This, indeed, may be called the root of the whole matter: the fact that pecuniary value, whose functions of extension, of precision, of motivation, of organization, are so essential and should be so beneficent, appears in practice to ignore or depreciate many kinds of value, and these often the highest, by withholding pecuniary recognition; and, on the other hand, to create or exaggerate values which seem to have little or no human merit to justify such appraisal. Let us, then, inquire why its interpretation of life is so warped. The answer to this I take to be, in general, that pecuniary valuation is achieved through an institutional process, and, like all things, bears the marks of its genesis. There are institutional conditions that intervene between psychical values and their pecuniary expression. These are, roughly, of two sorts, those that operate after pecuniary demand is formed, within the processes of exchange, and those that operate antecedently to the actual demand, in the larger social process. The former are technical conditions within the economic organization, and are studied by political economists; the latter spring from the social organization as a whole, and are usually regarded as outside the province of economics.