Chapter V

: What are the ultimate real costs to which the money cost of production correspond? The attempt has often been made to relate money costs to such things as the effort of working and the sacrifice of waiting. The existence of such costs is beyond dispute. Much saving does mean a sacrifice of immediate enjoyment to the man who saves. Most labor is irksome and disagreeable in itself, and involves strain and wear and tear; while all labor means a deprivation of the utility of leisure. Workpeople, moreover, do not grow on gooseberry bushes, but must be fed and clothed from the cradle; and their rearing and maintenance represents a real cost which someone must incur.

But the existence (or the importance) of such costs is one thing, their relation to money costs is another. In