Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
There are three kinds of things only ever bought and sold in this good
world of ours. In the preceding chapter we have conned carefully the
first kind, material commodities, in their three subdivisions of
land-parcels and products of such parcels and products of free land
and sea. In the present chapter we come to study the second kind of
valuable things, personal services, which we shall also find
subdivisible into three classes. We have treated of Commodities first,
because their value in its grounds and changes is more easily
understood than that of the other two kinds, while in point of _time_
Services might well enough have been considered first, since it is
these that manipulate into value the originally rude forms of Nature.
The main difference between the two is this: in Commodities the
attention is naturally drawn to tangible _things_ offered for sale,
such as lands and wheat and fish; while in Services the attention is
strongly drawn to _persons_ offering them for sale, such as the common
laborer and the skilled artisan and the professional artist. This
distinction, though obvious and useful as between commodities and
services, is not after all radical; because Economics is a science of
Persons from beginning to end; inasmuch as the services precede and
are merged in the commodities, and inasmuch as the Desires (personal)
of some men for the renderings of other men antedate and underlie all
exchanges whatsoever.
Personal Services are technically named _Labor_ in the science of
Political Economy. This nomenclature is old and familiar, and will
probably always persist on that account, but it is not of itself of
the happiest, and it gives birth to some ambiguities and many
fallacies. Let us look at these for a moment, before we pass to the
definition and discussion of what is commonly called Labor, but what
is better described by the term, Personal Services.
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