tion in which we live
over-production tends to check itself at once. If the world's machinery
threatens to produce a too great plenty of any particular thing, then it
turns itself towards producing something else of which there is not yet
enough. This is done quite unconsciously without any philanthropic
intent on the part of the individual producer and without any general
direction in the way of a social command. The machine does it of itself.
When there is _enough_ the wheels slacken and stop. This sounds at first
hearing most admirable. But let it be noted that the "_enough_" here in
question does not mean enough to satisfy human wants. In fact it means
precisely the converse. It means enough _not_ to satisfy them, and to
leave the selling price of the things made at the point of profit.

Let it be observed also that we have hitherto been speaking as if all
things were produced under a monopoly. The objection might at once be
raised that with competitive producers the price will also keep falling
down towards cost and will not be based upon the point of maximum
profit. We shall turn to this objection in a moment. But one or two
other points must be considered before doing so.

In the first place in following out such an argument as the present in
regard to the peculiar shortcomings of the system under which we live,
it is necessary again and again to warn the reader against a hasty
conclusion to the possibilities of altering and amending it. The
socialist reads such criticism as the above with impatient approval.
"Very well," he says, "the whole organization is wrong and works badly.
Now let us abolish it altogether and make a better one." But in doing so
he begs the whole question at issue. The point is, _can_ we make a
better one or must we be content with patching up the old one? Take an
illustration. Scientists tell us that from the point of view of optics
the human eye is a clumsy instrument poorly contrived for its work. A
certain great authority once said that if he had made it he would have
been ashamed of it. This may be true. But the eye unfortunately is all
we have to see by. If we destroy our eyes in the hope of making better
ones we may go blind. The best that we can do is to improve our sight by
adding a pair of spectacles. So it is with the organization of society.
Faulty though it is, it does the work after a certain fashion. We may
apply to it with advantage the spectacles of social reform, but what