954 
Proceedings of the Royal Soeiety 
from Nature in tlie various ages of production — stone, bronze, iron — 
with which the archaeologist (who is indeed essentially an historical 
economist) has done so much to acquaint us, and compare these 
with the result in our modern age of energy. The historic evolution 
of processes and products, both in their varying rates and details, 
and in aggregate, should further be discussed ; for of the (derived) 
hypothetical historical curve (fig. 2) our fragmentary historical 
knowledge would enable us to approximately fix a few points. 
Such a curve could, of course, be precisely ascertained for some 
elements of recent production; and valuable conceptions, as, for 
instance, the “ law of diminishing return,” derived from it by mere 
inspection. 
Similarly the specialisation of processes known as “ division of 
labour,” and the converse process of generalisation, or concentration 
of labour,” are more clearly intelligible. “ Capital ” is decomposed 
into the apparatus (mediate products), and energy employed in pro- 
duction. No elaborate discussion is needed to refer “ money” to its 
place amidst the apparatus of movement, and so on. 
But where is the novelty and what the utility of such an analysis, 
the economist may by this time naturally ask. 
