“ the system under which the confident and venturesome
assume the risk or insure the doubtful and timid by
guaranteeing to the latter a specified income in return
for an assignment of the actual results. . . . With human
nature as we know it it would be impracticable or very
unusual for one man to guarantee to another a definite
result of the latter’s actions without being given power
to direct his work. And on the other hand the second
party would not place himself under the direction of
the first without such a guarantee. . . . The result of
this manifold specialisation of function is the enterprise
and wage system of industry. Its existence in the world
is the direct result of the fact of uncertainty?"