This subsection is basically asking the question what are we to make of the past, all of the wealth and property that was created in the past. Commons acknowledges that the past had value but his focus is on the future and futures from the present moment we are in now. Commons argues that economics is about the future value of the things that now exist that were created in the past. All of the economic values such as assets, liabilities, debts are based on future uses.
Commons believes the past is only useful for justifying a certain pattern of ownership in the present based on past activity and practices. The owners of today's future value may need to argue before a tribunal or court that they do in fact have rightful ownership over some object or even intangible item.Perhaps most importantly, commons identifies this problem of thinking about economics and the economy as a “prime difficulty”.
Commons says too often people try and do economics by appealing to a past action or activity but that in his mind is not economics. He writes that “ economics asks, What is that right to do as one pleases now and hereafter? What is the value of that right in the present? What ought to be the right or its value in view of conflicting rights of others, and of the social consequences of exercising that right? “ (Commons, 1934, pg. 409).
On page 409, Commons continues to refer to a table “The totality of transferable property” that is taken from Macleod’s book “The Elements of Economics 1” that is reproduced in Commons page 402. .The table has two columns, the left column is for “past property” and has a plus sign. It includes land, money in the bank, inventories, promises, machines in the factory, etc. The right column has future property in the form of incorporeal property such as annual income, credit, goodwill, etc. Commons criticizes Macleod for the plus or left side column. He argues that these items are not economics but justifications for past actions and practices. It is the future value or futurity of these items that matters looking forward not what happened in the past that matters to economics.
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