Psychology is the science of the act of experiencing, and deals with the whole system of such acts as they make up mental life.

An expectation is a future object, recognised as belonging to me.

Such being the nature of mental life, the business of psychology is primarily to describe in detail the various forms which attention or conation assumes upon the different levels of that life.

It may be added, to prevent misunderstanding, that when I speak of contemplated objects in this last phrase as objects of contemplation, the act of contemplation itself is of course an enjoyment.

The interval between a cold expectation and a warm desire may be filled by expectations of varying degrees of warmth or by desires of varying degrees of coldness.

Thus the same object may supply a practical perception to one person and a speculative one to another, or the same person may perceive it partly practically and partly speculatively.

... when demand is being destroyed by expensive oil just as expensive oil is incentivising increased production - it should come as no surprise that at some point the markets would react.