Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
This is the place for a grand induction. When we study in detail the
free gifts of God to this world and its inhabitants, we find they come
and keep coming _in great classes_. This is one of the uniformities of
Nature, on whose solid ground men tread and stride in safe inductive
reasoning. Can a farmer get pay in the price of his grain for the
original fertility of his field, which neither he nor his fathers nor
his neighbors have bettered or made more available? Doubtless he would
be _glad_ to do so, doubtless he _would_ do so, were it not for the
primary fact, that such fertilities as his are in a _class_ of fields,
that other men in more or less proximity to him raise grain on other
fields, whose original fertility is equal to that in his field; and
some of these other men in common competition with the rest as sellers
will be willing to part with _their_ grain for a price which will be a
fair equivalent for the onerous human services rendered in getting
their grain ready to sell and selling it; and the free action of
_these_ men as sellers will tend to fix a general market-rate for
grain then and there, at which rate _all_ must sell whether they will
or nill; and where now is the effect on price of God's free gift? It
is still free.
Here is a fine water-fall on the bounding river, the banks are low at
this point, just the place for mill and factory, the weight of God's
free water will turn the wheels, a hamlet will grow up around
them--perhaps a city,--can the riparian owner charge a fancy price for
site of dam and mill? He might under some circumstances; but the same
river doubtless, above, below, rolling over similar geological strata,
leaps and falls at other points also; there are other owners of
mill-privileges within hail; besides, there are other streams and
tributaries in the region round about; and water has a knack of
dropping to the lower levels. God's gifts are broad in classes;
competition naturally has free play; natural agents are an essential
factor in commodities; so and more so are human efforts; but Values
tend perpetually and powerfully under natural competition between men
as sellers to proportion themselves to the onerous human efforts
involved, and to eliminate completely from all influence on themselves
the broad and bountiful gifts of Providence.
Public-domain text, read in full here on John Shaqi.
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