Sinceeffectiveaccesstolargemarketsimpliesafairlylargebusiness，theeconomyofriskbecomesoneoftheeconomiesofcapitalism，anditscalculationachiefbranchoftheemployer\'sskill。Thewatchingofthemarketsoastoreducethewasteofmisdirectedproductionisthemostdelicateoftheintellectualactivitiesofmostmanagers。Ittakeshimoutsidethescopeofhisownbusinessandthepresentprocessofproduction，toconsiderthewholeconditionofthetradeinthepresentandtheprobablefuture。Thesecalculationsandactsofjudgmentissuingfromthebrainofbusinessmanagersarethepsychicalaspectofthewholestructureofmarketsandofthetradeandtrafficarrangementswhichgivesuchunityandorderasarevisibleinwhatistermedtheindustrialsystem。
Thus，notmerelyonthefinancialbutonthecommercialside，industryisperceivedtobeagreatfabricofbeliefsanddesires。Though，asweshallrecognise，indealingwithlabour，andwithsaving，risk-takingisbynomeansconfinedtoemployersandentrepreneurs，itswideroperationsbelongtothespeculativeskillwhichcomesunderthegeneralheadofabilityofmanagement。Inthepsychologicalinterpretationofindustrythisfunctionoftheentrepreneurisofquitecrucialsignificance，cooperatingeverywherewiththemoreabstractcalculationsoffinanciersindirectingtheamounts，kinds，anddirections，ofthevariouscurrentsofindustrialenergywhichmoveinthebusinessworld。Sinceitinvolvesaconstantuseoftheconstructiveimaginationintheinterpretationoftheplayofchangingmotivesinmanyminds，andtheforecastingoffutureconditionswhichcanneverbeamererepetitionofthepast，the\'creative\'facultyobtainshereitshighestexpression。Itisnotfornothingthatthegreatmodernmastereitheroffinanceorindustryisaccreditedwithsomequalityofimaginativepowerakintothatoftheartist。This，however，mustinnotafewinstancesimply，notmerelythegeniusoftheprophet，butthatoftheskilledmanipulatorofeconomicmaterialandopportunity，whohelpstosecuretheduefulfilmentofthepropheciesuponwhichhestakeshisfaith。
CHAPTERV:THEHUMANCOSTSOF
LABOUR
§；1。TheclassicalPoliticalEconomyofthiscountrygavetoLabouraroleofsupremeimportanceintheproductionofwealth。FromAdamSmith，Ricardo，andotherauthoritativeexponentsofthenew\'science\'manypassagescanbecitedtosupportthethesisthatlabourersaretheonlyproducers。