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
_Consumption for growth._—True prudence in public improvements has just
been mentioned, but such prudence has a larger range in promoting the
permanent growth of human powers and capacities. Every wise father wishes
his children to know more, be more efficient in the arts of life, and
enjoy more of true welfare than he does. Communities which show no
advancement in these respects are called dead, and decay is sure to
follow. Prudence looks after all educational interests by expending wealth
upon the means of education; not only sustaining schools, but making more
permanent provision and increasing facilities for instruction. This is not
only a means of preserving and wisely using the wealth accumulated, but a
means of increased production. Such prudence suggests large endowments for
public education, including the support of government machinery for
uniformity of education. A similar prudence sustains the philanthropic
spirit which maintains all the means of philanthropy. The endowment of
asylums for the weak and afflicted and the support of religious
institutions are prudent ways not only of caring for present welfare, but
of increasing the welfare of the future. The next generation will be
stronger and happier for the prudent foresight of this generation in
overcoming obstacles to health and wisdom and virtue. To leave wealth thus
invested is far better for successors than to leave it in form for ready
consumption upon temporary wants. Thus all prudent consumption of wealth
has for its basis the genuine welfare of a continuous society of human
beings subject to improvement. Any forming community looks surely to
future welfare when it invests wealth in good homes, good schools and good
churches.
Chapter XXV. Imprudent Consumption.
_Society interested in imprudence._—This fact, that the wealth of each
generation is so largely dependent upon the prudence of the preceding,
emphasizes the importance of public sentiment in favor of prudential
consumption. Public criticism naturally attacks the most noticeable
failures of prudence, and it therefore seems worth while to consider some
of those imprudent forms of consumption which society may seek to prevent.
It is also proper to consider the ways in which society may act for
prevention of imprudence.
_Luxurious consumption._—The question of luxury in the same society with
extreme poverty is always prominent. Luxury is supposed to be extravagant
expenditure in meeting individual wants. Though such wants may be real and
legitimate, lavish expenditure by any portion of a community seems at
first sight a trespass upon common welfare. Some have considered that
person wanting in good will to his fellows who expends upon his own
comfort more than his neighbors can afford. Others define luxury to be
expenditure for living above the average expenditure in the whole
community. Still others regard any expenditure a luxury which is not
needed to maintain physical powers.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account