EXCHANGE AND EQUITY.—In an exchange, the only just and honest course would be for either party to demand only so much as he considers his commodity to be worth, allowance being made for trouble in acquisition, scarcity, time spent and so forth, besides the subjective value. As soon as you make your price bear a relation to the other’s need, you become a refined sort of robber and extortioner.—If money is the sole medium of exchange, we must remember that a shilling is by no means the same thing in the hands of a rich heir, a farm labourer, a merchant, and a university student. It would be equitable for every one to receive much or little for his money, according as he has done much or little to earn it. In practice, as we all know, the reverse is the case. In the world of high finance the shilling of the idle rich man can buy more than that of the poor, industrious man. 26. LEGAL CONDITIONS AS MEANS.—Law, where it rests upon contracts between equals, holds good so long as the power of the parties to the contract remains equal or similar. Wisdom created law to end all feuds and useless expenditure among men on an equal footing. Quite as definite an end is put to this waste, however, when one party has become decidedly weaker than the other. Subjection enters and law ceases, but the result is the same as that attained by law. For now it is the wisdom of the superior which advises to spare the inferior and not uselessly to squander his strength. Thus the position of the inferior is often more favourable than that of the equal.—Hence legal conditions are temporary _means_ counselled by wisdom, and not ends. 27. EXPLANATION OF MALICIOUS JOY.—Malicious joy arises when a man consciously finds himself in evil plight and feels anxiety or remorse or pain. The misfortune that overtakes B. makes him equal to A., and A. is reconciled and no longer envious.—If A. is prosperous, he still hoards up in his memory B.’s misfortune as a capital, so as to throw it in the scale as a counter-weight when he himself suffers adversity. In this case too he feels “malicious joy” (_Schadenfreude_). The sentiment of equality thus applies its standard to the domain of luck and chance. Malicious joy is the commonest expression of victory and restoration of equality, even in a higher state of civilisation. This emotion has only been in existence since the time when man learnt to look upon another as his equal—in other words, since the foundation of society. 28.