Rural Wealth and Welfare: Economic Principles Illustrated and Applied in Farm LifeFairchild, Geo. T. (George Thompson)
Science
Rural Wealth and Welfare: Economic Principles Illustrated and Applied in Farm Life
Fairchild, Geo. T. (George Thompson)
Agriculture -- Economic aspects; Economics
Thus the employment of Chinamen upon railroad embankments made places for
native laborers as section bosses and engineers. The Huns and Italians
that underbid the Irish miners in Pennsylvania have destroyed the “Molly
McGuires” by making the same men responsible for larger enterprises. Yet
the standards of living, which show a constant improvement, indicate a
truer freedom of competition and a clearer recognition of individual wants
and abilities. No one can watch the development of any country without
realizing that its thrift, enterprise and progressive welfare depend
largely upon increasing wants. Men who live best produce most and enjoy
most.
Chapter XVIII. Wages And Profits.
_Wages distinguished from profits._—In discussing the subject of wages and
profits, it is necessary to remember that both are compensation in
different ways for actual exertion. If in estimating profits we sometimes
include a return for the use of capital, it is from incomplete analysis of
the forces in use, since the interest upon capital can easily be separated
in all actual practice, and in most enterprises is counted as a distinct
expense to be provided for in entering upon the undertaking. The profits
really belong to the management of any undertaking, as return for the
exertion in that management. In every-day use the term wages is applied
only to the stipulated amount paid from time to time for services rendered
to another. There is practically no difference between such payments made
for service by the hour, day, week, month or year. If, however, the
engagement for service is by the year, the name salary is more likely to
be given than wages.
Further, the term wages is most distinctly applied when the service is
rendered as a task, and wage-earners when found in considerable bodies are
usually called operatives, under the natural classification of labor
explained and illustrated in Chapter III (page 35).
The services of an overseer are much more likely to be permanently
required, and his wages are therefore called a salary, estimated by the
year even though payments be made monthly or even weekly. In this case,
the labor is chiefly executive, taking a higher rank because of the
greater powers required. In this case the overseer is supposed to have
definite plans provided for his work, and to carry out those plans to the
best of his ability.
Public-domain text, read in full here on John Shaqi.
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