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Natural, so self-evident to anybody who thinks at all rationally about the possible effects of what he does or may do, that it is hard to understand how the teachers of economic theory and business administration have succeeded in presenting it in such a fashion that it appears artificial and fanciful to the very people who practice it continually. I am convinced that the portion of all business decisions that are· based upon a marginalist way of thinking is sufficiently large to justify the economises use of the marginal calculus in his model of the firm as a description of the process by which businessmen reach their decisions on prices and outputs.

I~not easily said what monopoly,profits are and how they can in concrete cases be distinguishedand separated from normal profits, from profits due to ,differential managerial ability, to differential exposure to uncer';' tainty, or to mere windfalIs~ Those who regard "enterprise" as a factor of production, and profit~s the income earned by this factor, have a particularly difficult time disentangling differences in the "quality" of this' factor from differences in monopolistic position when differential profits indifferent firms, or industries are to be compared.

It is probably an understatement of the importance of the historical situation when economists remark· that "there is usually some element in the prices ruling at any time which can only be explained in the light of the history of. " 7 The phrase "usually some element" does not do justice to the part played by historical antecedents in the determination of product, output, employment, and prices. The role of the past in shaping the actual conditions under which the firm. operates, in developing the routine of its responses to changes in conditions, and in im~ pressing it with experiences which· have taught it to' size up and anticipate these changes as the basis for its decisions-this role is by no means denied by marginal analysis.

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