A GENTLEMAN possessing some three thousand acres of land, the most of it contiguous, one field with another, or, as he himself, his agent, his bailiff, his wife, his moneylender, and others called it, “in a ring fence,” was in the habit of asking down to the country at Christmas time some friend or friends, though more usually a friend than friends, because the income he received from the three thousand acres of land had become extremely small. He was especially proud of those of his friends who lived neither by rent from land nor from the proceeds of their business, but by mental activity in some profession, and of none was he prouder than of an Economist whom he had known for more than forty years; for they had been at school together and later at college. Now this Economist was a very hearty, large sort of a man, and he made an amply sufficient income by writing about economics and by giving economic advice in the abstract to politicians, and economic lectures and expert economic evidence; in fact, there was no limit to his earnings except that imposed by time and the necessity for sleep. He was not married and could[61] spend all his earnings upon himself—which he did. He was tall, lean, and active, with bright vivacious eyes and an upstanding manner. He had two sharp and healthy grey whiskers upon either side of his face; his hair was also grey but curly; and altogether he was a vigorous fellow. There was nothing in economic science hidden from him.
This Economist, therefore, and his friend the Squire (who was a short, fat, and rather doleful man) were walking over the wet clay land which one of them owned and on which the other talked. There was a clinging mist of a very light sort, so that you could not see more than about a mile. The trees upon that clay were small and round, and from their bare branches and twigs the mist clung in drops; where the bushes were thick and wherever evergreens afforded leaves, these drops fell with a patter that sounded almost like rain. There were no hills in the landscape and the only thing that broke the roll of the clay of the park land was the house, which was called a castle; and even this they could not see without turning round, for they were walking away from it. But even to look at this house did not raise the heart, for it was very hideous and had been much neglected on account of the lessening revenue from the three thousand acres of land. Great pieces of plaster had fallen off, nor had anything been continually repaired except the windows.
The Economist strode and the Squire plodded on[62] over the wet grass, and it gave the Squire pleasure to listen to the things which the Economist said, though these were quite incomprehensible to him. They came to a place where, after one had pushed through a tall bramble hedge and stuck in a very muddy hidden ditch, one saw before one on the farther side, screened in everywhere and surrounded by a belt or frame of low, scraggy trees and stunted bushes, a large deserted field. In colour it was very pale green and brown; myriads of dead thistles stood in it; there were nettles, and, in the damper hollows, rushes growing. The Economist took this field and turned his voluble talk upon it. He appreciated that much he said during their walk, being sometimes of an abstract and always of a technical nature, had missed the mind of his friend; he therefore determined upon a concrete instance and waved his vigorous long arm towards the field and said:
“Now, take this field, for instance.”
“Yes,” said the Squire humbly.
“Now, this field,” said the Economist, “of itself has no value at all.”
“No,” said the Squire.
“That,” said the Economist with increasing earnestness, tapping one hand with two fingers of the other, “that’s what the layman must seize first ... every error in economics comes from not appreciating that things in themselves have no value. For instance,” he went on, “you would say that a[63] diamond had value, wouldn’t you ... a large diamond?”
The Squire, hoping to say the right thing, said: “I suppose not.”
This annoyed the Economist, who answered a little testily: “I don’t know what you mean. What I mean is that the diamond has no value in itself....”
“I see,” broke in the Squire, with an intelligent look, but the Economist went on rapidly as though he had not spoken:
“It only has a value because it has been transposed in some way from the position where man could not use it to a position where he can. Now, you would say that land could not be transposed, but it can be made from less useful to man, more useful to man.”
The Squire admitted this, and breathed a deep breath.
“Now,” said the Economist, waving his arm again at the field, “take this field, for instance.”
There it lay, silent and sullen under the mist. There was no noise of animals in the brakes, the dirty boundary stream lay sluggish and dead, and the rank weeds had lost all colour. One could note the parallel belts of rounded earth where once—long, long ago—this field had been ploughed. No other evidence was there of any activity at all, and it looked as though man had not seen it for a hundred years.
[64]“Now,” said the Economist, “what is the value of this field?&rdquo............