[S.N. Patten's letter] March 20,1893,Philadelphia [to F.H. Giddings]

March 20, 1893, Philadelphia.

Dear Giddings,
       I send with this
my Mss. containing the criticism
of Marshall on the consumer's surplus
of future goods.
 In discussing future good
it think it would be impor-
tant to mention my argument
in Quarterly Journal of Economics
Oct. 1889 concerning Walker's
theory of distribution that the
shares of all factors should
to be consistent be measured in
present goods. So much of
the confusion about the wage
fund is due to a double
meaning of the term wages
using it some times as
present goods and some times
as future goods. You will see
my point clearly by reading
that article again. I think
that the distinction between
present and future goods is
of as much or more impor-
tance in this connection
than in the interst problem.
It is in this connection that
I first became conscious of
the need of the distinction between
produce and products the two
terms I used. You can see how
I came to use these two terms if you
notice how Walker and H. George lay upon
these terms.
 Take more space for your article
than Palgrave assigned you. If
you write a good article he
will only be too glad to have
the topic well developed.
                                            Sincerely yours,
                                            S.N.P.