Recent Phases of Thought in Political Economy: a Paper Read At the Fourth Annual Meeting, Boston, October 14th, 1868

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The modern magic word that has already transformed the face of our science of Economy, removed the dark clouds that lowered over her features, and shown her to be what she is, the bright daughter of Heaven, was first effectively spoken by Bastiat, and that word is Services ! Services : the word carries us away from things at once to persons. How many persons ? Two always ; the person serving and the person served, only each is reciprocally serving and served ; each renders something to the othe
...r for the sake of receiving some- thing from him in return. Man and his varying wants ; man and his living motives, become the chief object of interest; and the science is lifted from its blind, molelike groping amid dead matter up into the free region of living spirit ! What is value ? We look at the word etymoloffically, and find it derived from the Latin valere, to pass for, to be worth ; there is a hint of a. comparison in the original meaning of the word ; and current language always states the value of anything in the terms of something else.

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