THE FUNCTION OF THE ENTREPRENEUR.

The article presents an analysis and definition of the theory of profit. The author says that if analysis can reveal no distinctive function among the varied relations which the employer actually sustains to business, the inevitable conclusion must be that there is no logical basis for profit as a distinctive and coordinate share in distribution. The people are living under an economic regime in which mankind is more and more consciously engaged as a unit in an organized struggle to wrest from all nature as a unit the means of well-being. Man on the one side and nature on the other remain as in primitive times the primary factors in the economic struggle; and the dependence of man upon nature is recognized for his well-being as the fundamental economic principle -a principle both universal and perpetual. The author says that the productive process is predominantly social. He says that the successive stages in the evolution of modern capitalism may be viewed as stages in the development of industrial organization. Economists have called attention to the spontaneity of industrial organization in general, have pointed out the economic benefits resulting from it, and have enlarged upon its marvelous effectiveness in keeping the markets of the world well supplied with the different kinds of consumers' goods in nicely adjusted proportions.