1906-7.] IGNORED DISTINCTIONS IN ECONOMICS. 309 
Fates 
rel ht q 
Se ‘ 
=) 
S 
J 
x: 
C aa 
VALUE O Wee 
(pec cee lee ws fe at eo l ono Felne e fu e fn 
Ey -- 
curve after the point of satiety is passed will be in the direction TU B 
The variation of wealth, therefore, will be represented by the curve - 
AQEUB. 
From this analysis we find that wealth and value, instead of varying 
concurrently and being identical, vary inversely, wealth being at a maxi- 
mum when value is at zero and wealth being at zero when value is at a 
maximum. A complete examination would require more diagrams 
than I can present on this occasion. 
In tracing the growth of any city we find some of the most remarkable 
contrasts between the two values, the value of ‘‘extension’ and the 
value of ‘‘intension.’’ 
Some years ago a writer described in the most graphic manner the con- 
stant stream of supplies flowing into a large commercial centre for the 
