From What is Technocracy ? by Allen Raymond, 1933

The greatest work in what might be called the apocrypha of Technocracy, is a volume called “Wealth, Virtual Wealth, and Debt,” published in this country in 1926 and written by Frederick Soddy, an Oxford professor of Chemistry, who was granted the Nobel prize for chemistry in 1921. In Soddy’s volume is all this “theory of energy determinants” for which the technocrats give credit to Howard Scott.

There was so close a parallel in the article entitle, “Technology Smashes the Price >!-- p135 --> System,” published in Harper's Magazine in January with Howard Scott as partial author, and Soddy’s book the John Macrae, President of E.P. Dutton and Company, Soddy’s American publishers, protested in the New York news papers that the Technocracy article was plagiarized. Even before Mr. Macrae’s protest, Lewis Gannett of theNew York Herald Tribune had pointed out parallels in the theories of Scott and Soddy.

Soddy approached the science of economics from the . . . standpoint . . . of a physical scientist trying to bring the knowledge of physical science to bear on some solution for the very obvious paradox of world-wide poverty in the midst of plentiful natural resources and bounteous production. Another British writer who has done approximately the same thing, and who has published a stimulating book . . . is Fred Henderson. His work is entitled “The Economic Consequences of Power Production.”

An American writer who recently has told dramatically and well the story of how man’s discovery and application of natural energies have revolutionized life on this planet is Harper Leech, a Chicago newspaper man. His book is entitled “The Paradox of Plenty.” Leech frankly draws upon Soddy’s pioneering accomplishments as a source for his knowledge, but expresses the important thought, new in the minds of many men, with a gusto and dramatic sense lacking in the soberer considerations of the British physicist.

. . .

Science, he [i.e. Soddy] found, has changed the entire nature of economic life within the memory of nonagenarians, and older commercial systems based on a different method of living than the present are dangerously undermined, if indeed they have not become impossible. Old methods of doing business remain only because there is nothing constructive to replace them. They are defended conventionally for fear that anarchy and chaos would follow their open repudiation. Yet nobody seems to have any real understanding of how our economic system is working today or why indeed it works so erratically and flings us so frequently into disaster. . . .

. . .

The doctrines of economics, worked out in an age of scarcity, were based upon a preconception that the material things whereby men live are intrinsically scarce and must be produced with human toil, and that there never will be enough of them. Thus each unit was assumed to have an obvious value measured by the force of desire or necessity. The truth of the matter is that today, due to scientific discovery of ways of converting energy into desirable forms, man has within his grasp the power of producing enough for all, ensuring his security and enabling him to bring into the world vastly larger quantities of everything people want than have ever been produced.

The thing which prevents this is man’s preconceived notions about the nature of wealth and the fallacy that it is today scarce. As long as the fuel supplies hold out, Soddy said, there is literally no limit to the production of commodities required for living that can be made by the application of energy derived from fuel consumption. In Soddy’s work are to be found all the measurements of actual wealth in terms of energy and heat such as calories, horse power, kilogram-calories, and British thermal units, which are to be found in the teachings of Technocracy.

The only restrictive natural law operating to limit the production of which men are now capable, according to Soddy, is the law of the conservation of energy. This law is a restrictive factor only until science reaches out in its explorations and learns how to apply to industry with more practical effect the seemingly limitless amounts of energy contained in such a reservoir as the sun. To Soddy as a physicist it seemed that the measurement of the flow of energy required in the production and consumption of goods should be one of the first concerns of economic thought. The most striking verbal parallel between Soddy’s work and that of the technocrats is worthy of notice. On page 61 of “Wealth, Virtual Wealth, and Debt,” in a chapter entitled, “The Basis of National Economics,” Soddy said :

”Thus when we deal with the real factors that underlie the production of wealth—unclouded by questions of property law, the individual rights of ownership, and the complications introduced by monetary systems—we can sum them up as discovery, natural energy, and human diligence. The first enters in the form of sudden and more or less spasmodic contributions which, once made, permanently alter the future course of history, but the two last must be continuously and unremittingly provided as long as time shall last.”

. . .

Soddy stepped from this point in his reasoning as a physicist into a discussion of wealth measured in terms of money, quite as the technocrats have done recently. He found that the [monetary?] wealth of one man implied the debt of another. Wealth carried with it exclusive power over the access to those natural resources by which all men live, so that the holder of the wealth could exact a tribute from others as a price of their access to life-giving energy.

He agreed with Ruskin that “mercantile economy signifies the accumulation in the hands of individuals of legal or moral claims upon or power over the labor of others ; every such claim implying precisely as much poverty or debt on one side as it implies riches or right on the other.”

Soddy held, however, that Ruskin had failed to grasp the nature of absolute wealth, which to his mind was the degree to which a man might actually consume energy in his processes of living rather than the amount of energy over which he had exclusive possession. The consideration of money, Soddy pointed out, has involved the erroneous assumption that credit was wealth ; he found that credit was something that could be created out of nothing by the agreement of men’s minds and had no actual place in the physical realities of production and consumption. There exists such a thing as absolute wealth, physical wealth, Soddy insisted and it is something entirely apart from measures of value or the strength of desires. It is measurable in physical terms. The basis of wealth is not to be found in human labor as Karl Marx supposed but in the energy to which that labor is applied.

The physical definition of wealth is a form or product of energy or work which makes possible or facilitates life.

Money, credit, and other legal claims to wealth are debts rather than wealth itself. Soddy stated the so-called “theory of energy determinants” . . . as clearly as any man may when he said, “Once a community has accumulated possessions sufficient to enable it to consume its wealth in accordance with a scale of living fixed by its rate of consumption, more capital becomes a useless charge and a burden upon the possessors.”

In that idea, that the scale of living of any community is fixed by its rate of energy consumption, is the doctrine of energy determinants . . .

[ Howard Scott himself . . . has made no reply to Macrae’s charges of plagiarizing Soddy’s work, but a publicity agent who was called in , late in December, 1932, after much preliminary confusion, to handle Technocracy’s announcements to the public, said in behalf of Scott that no plagiarism had been intended.

”I understand Mr. Scott has recommended Professor Soddy’s book to friends, and he thinks it is good,” the press agent said. “But he would not stand for everything in it.”]

New York and London : Whittlesey House (McGraw-Hill), 1933, Pages 135 – 144.

Frederick Soddy (1877-1956) : early pioneer in radiochemistry / edited by George B. Kauffman. Publisher Dordrecht ; Boston : D. Reidel Pub. Co. ; Hingham, MA, U.S.A. : Sold and distributed in the U.S.A. and Canada by Kluwer Academic Publishers, c1986. Description xxviii, 235 p. : ill. ; 23 cm. Series Chemists and chemistry ISBN 9027719268 Language English Note "On August 18, 1977 a special 'Soddy Session' was held at the Fifteenth International Congress of the History of Science, Edinburgh, Scotland."--P. [xii]. Note Includes bibliographies and indexes. Subject Soddy, Frederick, 1877-1956.

Soddy, Frederick, 1877-1956. Title Radioactivity and atomic theory : presenting facsimile reproduction of the annual progress reports on radioactivity, 1904-1920 to the Chemical Society / by Frederick Soddy ; edited with commentary by Thaddeus J. Trenn. Publisher London : Taylor and Francis, 1975. Description xvii, 517 p., plate : ill., 1 port. ; 26 cm. ISBN 0850660777 : Language English Note Facsimile reprint of selections from: 'Annual reports on the progress of chemistry', vols. 1-17, 1904-1920. London : Chemical Society, 1905-1921. Includes index. Includes parallel German text and English translation of an extract from 'Lehrbuch der Radioaktivität' / by G. Hevesy and F. Paneth. Note Bibliography: p.499-502.

Soddy, Frederick, 1877-1956. Title Radioactivity and atomic theory; edited with commentary by Thaddeus J. Trenn, presenting facsimile reproduction of the annual progress reports on radioactivity 1904-1920 to the Chemical Society. Publisher London, Taylor & Francis Ltd.; New York, Wiley, 1975. Description xv, 517 p. port. 26 cm. ISBN 0470885203 Language English Note "A Halsted Press book." Note Bibliography: p. 499-502.

Soddy, Frederick, 1877-1956. Title Wealth, virtual wealth, and debt; the solution of the economic paradox. Publisher Hawthorne, Calif. : Omni Publications, [1961] Description 352 p. 21 cm. Language English

Soddy, Frederick, 1877-1956. Title The story of atomic energy. Publisher London, Nova Atlantis, 1949. Description viii, 136 p. illus. 29 cm. Language English Note "First appeared in the form of serial fortnightly parts in Engineering, October 3, 1947-May 4, 1948."

Soddy, Frederick, 1877-1956. Title The arch-enemy of ecomonic freedom : what banking is, what first it was, and again should be / by Frederick Soddy. Publisher Oxon [i.e. Oxford] : Published by F. Soddy at Knapp, Enstone, 1943. Description 35 p. ; 20 cm. Language English Note Cover title. "A reply to Mr. McKenna's "What is banking?" including a criticism of the Morgenthau and Keynes proposals and a résumé of the author's monetary reform proposals for £ for £ banking." Note Includes bibliographical references.

Soddy, Frederick, 1877-1956. Title The role of money; what it should be, contrasted with what it has become. Publisher New York : Harcourt, Brace and Co., [c1935] Description 214 p. Language English Note Bibliography: p.213-214.

Soddy, Frederick, 1877-1956. Title The rôle of money; what it should be, contrasted with what it has become, by Frederick Soddy. Publisher London : G. Routledge and Sons, Ltd., 1934. Description x, 222 p. 20 cm. Series The New-world series Language English Note Bibliography: p. 221-222.

Soddy, Frederick, 1877-1956. Title Wealth, virtual wealth and debt; the solution of the economic paradox, Publisher New York, E. P. Dutton & co., inc., 1933. Description 3 p.l., 17, xxii, [17]-320 p. diagrs. 21 cm. Language English

Soddy, Frederick, 1877-1956. Title Wealth, virtual wealth and debt, The solution of the economic paradox, Publisher London, G. Allen & Unwin ltd. [1933] Description 15, xxii, [17]-320 p. diagrs. 21 cm. Language English Subject Wealth

Soddy, Frederick, 1877-1956. Title Money versus man; a statement of the world problem from the standpoint of the new economics, by Frederick Soddy. Publisher New York : E. P. Dutton, [c1933] Description viii, 121 p. front. (port.) diagr. 20 cm. Language English Note "First edition."

Soddy, Frederick, 1877-1956. Title The interpretation of the atom, by Frederick Soddy. Publisher London : J. Murray, [1932] Description xviii p., 1 L., 355 p. illus., plates, 2 fold. tab., diagrs. 23 cm. Language English Note "First edition 1932." "This book has been written to take the place of The interpretation of radium, first published in 1909."--Pref. Contents The radioactive elements and isotopes.--The general progress of atomic chemistry.

Soddy, Frederick, 1877-1956. Title The interpretation of the atom. Publisher New York, Putnam, 1932. Description 355 p. 23 cm. Language English Note "This book has been written to take the place of The interpretation of radium, first published in 1909."--Pref. Contents The radioactive elements and isotopes.--The general progress of atomic chemistry.

Soddy, Frederick, 1877-1956. Title Money versus man; a statement of the world problem from the standpoint of the new economics, by Frederick Soddy ... Publisher London : E. Mathews & Marrot, 1931. Description viii, 9-121 p. front. (port.) diagr. 17 cm. Series The library of new ideas, no. 4 Language English

Soddy, Frederick, 1877-1956. Title Matter and energy, by Frederick Soddy. Publisher London : T. Butterworth, [1928] Description 255 p. incl. tab. 18 cm. Series Home university library of modern knowledge, no 43 Language English Note First published 1912. Note Bibliography: p. 254.

Soddy, Frederick, 1877-1956. Title The wrecking of a scientific age / by Frederick Soddy. Publisher London : Hendersons, 1927. Description 23 p. ; 20 cm. Language English Note "Terminal lecture to the students of the University of South Wales and Monmouthshire, Cardiff, January 22, 1927"--P. 3.

Soddy, Frederick, 1877-1956. Title Wealth, virtual wealth and debt; The solution of the economic paradox. Publisher New York, E. P. Dutton & Co., 1926. Description 320 p. ill. 23 cm. Language English Note Bibliographical footnotes.

Soddy, Frederick, 1877-1956. Title The inversion of science and a scheme of scientific reformation. Publisher London, Henderson, 1924. Description 50 p. 20 cm. Language English Note "The substance of many lectures delivered during 1923;... intended to be a sequel to my lectures, entitled 'Cartesian economics'"--Foreword.

Soddy, Frederick, 1877-1956. Title Cartesian economics; the bearing of physical science upon state stewardship. By Frederick Soddy ... Publisher London, Hendersons [1922] Description 32 p. 20 cm. Language English Note "First published, May, 1922 ... third [printing] March, 1924." "Two lectures to the Student unions of Birbeck College and the London School of Ecomomics, November 10th and 17th 1921."

Soddy, Frederick, 1877-1956. Title The interpretation of radium, and the structure of the atom, by Frederick Soddy. Publisher New York : Putnam, 1920. Description xvi, 260 p. illus., plates, diagrs. 23 cm. Language English

Soddy, Frederick, 1877-1956. Title The interpretation of radium, and the structure of the atom, by Frederick Soddy. Publisher London, J. Murray, 1920. Description xvi, 260 p. illus., plates, diagrs. 23 cm. Language English

Soddy, Frederick, 1877-1956 Title Science and life; Aberdeen addresses, Publisher London, J. Murray, 1920 Description xii, 229, [1] p. pl. 22 cm Language English

Soddy, Frederick, 1877-1956. Title Science and life; Aberdeen adresses, by Frederick Soddy. Publisher New York, E. P. Dutton, [1920] Description 229 p. 23 cm. Language English

Soddy, Frederick, 1877-1956. Title La chimie des éléments radioactifs / par Frederick Soddy ; traduit de l'anglais par E. Philippi. Publisher Paris : Gauthier-Villars et Cie., 1915. Description 173 p. : diagrs. ; 23 cm. Language French Note Includes bibliographical references and index.

Soddy, Frederick, 1877-1956. Title The chemistry of the radio-elements Publisher London : Longmans, Green and co., 1914 Description v

Soddy, Frederick, 1877-1956. Title Matter and energy, by Frederick Soddy. Publisher London, Williams and Norgate [c1912] Description 255 p. illus. 17 cm. Series Home university library of modern knowledge Language English Note Bibliography: p. 254-255.

Soddy, Frederick, 1877-1956. Title The interpretation of radium, being the substance of six free popular experimental lectures delivered at the University of Glasgow, by Frederick Soddy ... with illustrations. Publisher New York, G.P. Putnam's Sons, 1912. Description xvi, 284 p. plates, diagrs. 22 cm. Series Science series (Putnam) Language English

Soddy, Frederick, 1877-1956. Title Matter and energy, by Frederick Soddy ... Publisher New York : H. Holt and Company; [etc., etc., c1912] Description 255 p. incl. tab. 18 cm. Series Home university library of modern knowledge,no. 43 Language English Note Bibliography: p. 254.

Soddy, Frederick, 1877-1956. Title The chemistry of the radio-elements, by Frederick Soddy. Publisher London, New York [etc.] Longmans, Green and Co., 1911-1914. Description 2 v. in 1. diagrs. 22 cm. Series Monographs on inorganic and physical chemistry; ed. by A. Findlay Language English Note Part II has subtitle: Pt. II. The radio-elements and the periodic law. Note Contains references.

Perrin, Jean, 1870-1942. Title Brownian movement and molecular reality, by M. Jean Perrin, translated from the Annales de chimie et de physique, 8me series, September 1909, by F. Soddy. Publisher London, Taylor and Francis, 1910. Description 93 p. illus., plates. 22 cm. Language English

Soddy, Frederick, 1877-1956. Uniform Title [ The interpretation of radium ... German.] Title Die Natur des Radiums : nachs sechs an der Universität zu Glasgow im Jahre 1908 gehaltenen freien populären Experimentalvorlesungen / bearbeitet von Frederick Soddy ; übersetzt von G. Siebert. Publisher Leipzig : J.A. Barth, 1909. Description xvi, 272 p., [10] leaves of plates : ill. ; 20 cm. Language German Note Includes commentaries on Herr and Frau Curie. Subject Curie, Pierre, 1859-1906. Curie, Marie, 1867-1934.

Soddy, Frederick, 1877-1956. Title The interpretation of radium, being the substance of six free popular experimental lectures delivered at the University of Glasgow, 1908; by Frederick Soddy ... With illustrations. Publisher London, J. Murray, 1909. Description 256 p. illus. 22 cm. Series The science series Language English

Soddy, Frederick, 1877-1956. Title The interpretation of radium, being the substance of six free popular experimental lectures delivered at the University of Glasgow, 1908; by Frederick Soddy ... With illustrations. Publisher New York : G. P. Putnam's Sons, 1909. Description 256 p. illus. 22 cm. Series The science series Language English

Soddy, Frederick, 1877-1956. Title Radio-activity : an elementary treatise, from the standpoint of the disintegration theory / by Fredk. Soddy ... Publisher London : "The Electrician", 1904. Description xi, 214 p. : ill. ; 22 cm. Series Electrician series Language English Note Includes index. Master microform held by: Readex. Continued by: Landmarks II.

Soddy, Frederick, 1877-1956. Title Die Entwickelung der Materie enthült durch die Radioaktivität : Wilde-Vorlesung gehalten am 23. Februar 1904 in der Literary and Philosophical Society in Manchester / von Frederick Soddy ; autorisierte Üoersetzung von G. Siebert Publisher Leipzig : J.A. Barth, 1904. Description 64 p. ; 20 cm. Language German Note Includes bibliographical references.

Soddy, Frederick, 1877-1956. Title Radio-activity ; an elementary treatise, from the standpoint of the disintegration theory / By Fredk. Soddy. Publisher New York : D. Van Nostrand company ; London : "The Electrician" printing & publishing company, ltd., 1904. Description xi, 214 p. : ill., diagrs. ; 22 cm. Series "The Electrician" series Language English