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The purpose of the Rabaul Market Survey was threefold: Firstly, to study the price‐forming mechanism, to find out how sellers arrive at a price which by previous observation was found to be almost uniform for the same commodity all over the market on anyone day. Secondly, to study the part the market plays in the over‐all Tolai economy; and thirdly, to find out how the market fits into the whole Gazelle Peninsula economy.Since I am not aware of any generally accepted technique to study markets, in particular native markets in under‐developed areas, I shall start by outlining the techniques employed in the Rabaul market survey. I shall then go on to discuss the price‐forming mechanism as I found it operating at Rabaul market, which will be followed by an evaluation of the part the market plays in the overall Tolai economy. Finally, I shall try to draw conclusions which emerge from this study.

Nothing that can be called thinking is formalized or formalizable; nor can it be likened to a mechanical process (Church's hypothesis). Rather, thinking sets into motion human imagination and passion.Having already written extensively on the imagination,' I will limit myself here to outlining its basic structure. At the two opposite poles of knowledge, as well as in its center, lies the creative power of the human being, that is, radical imagination. It is thanks to the imagination that the world is presented in this form and not in some other: it is imagination that creates axioms, postulates, and the fundamental patterns that subtend the structures of knowledge; finally, it is imagination that both furnishes the hypothetical models and idea-images of knowledge, and makes possible their potential development and/or insight into them. This imagination, however, both in itself and in its essential operations – which include its social forms, experienced on this level as the creation of an anonymous collective force – is neither formalized nor formalizable. Obviously, the imagination contains – just as does everything else that exists – a totalizing, identity-bearing dimension (which for brevity's sake we have elsewhere called ensidiqt,ce)2; but this dimension of the imagination is not the essential one, neither in its operations nor its results, no more than the arithmetic relations between tones are the essential element of a Bach fugue.