In order that the suggestions as to the kind of work to be done in the next decade may be specific, and may serve as a basis for thought and discussion, some propositions expressed or implied in the foregoing paragraphs may be recapitulated.

The concept of capital must be given importance in economic theory corresponding to the dominant place of capitalistic enterprise in present industrial affairs. The concept must be re-defined as to correspond more closely with commercial usage and the needs of practical discussion. The conventional division of the factors of production is illogical, and must be abandoned. This involves a re-study of many problems and a re-writing of large portions of economic literature. The old idea of rent as a payment for a gift of nature must be rejected; it is questionable whether the later tendency to extend the term rent to every differential gain will prove to be a fortunate development. The labor theory of value and the notion of labor units as in some way usable for a standard of value, are persistent errors which vititate a large part of current economic discussion, and must be completely thrown aside. The doctrines of rent and interest as currently taught are hopelessly entangled in these old and illogical distinctions. The two forms of return for material goods must be considered as differing in modes of calculation, not as to kinds of agents and as kinds of return.