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
_Wealth defined._—If we look at the objects which men number in speaking
of their wealth, we shall soon find the list differing in important
particulars from the list of things which they enjoy. All enjoyable things
contribute to welfare, but not all are wealth. Some, like the air and the
sunshine, if never lacking, cannot be counted, _because no storing against
future need is practicable_; but the fan that cools the air and the coal
that gives heat are counted when they are stored as means of meeting
future wants. If we could not foresee wants of ourselves or of those
dependent upon us, we could not gather means of supply for those wants. If
we had all wants supplied at a wish or a prayer, we should have no
incentive to store. The pampered child whose every wish is met has no
clear conception of wealth or its uses. Let him be without a meal, and he
seeks provision for the future by an effort to save what is left over from
his last meal and by exertion to add to his store in anticipation of want.
Thus wants, to be met only by exertion, are the foundation of the
universal ideas of wealth, and whatever we have stored as a provision
against wants becomes our wealth. If hunger were our only desire, our
wealth would include only stores of food, conveniences for storing, means
of increasing the store, and means of utilizing the articles to be eaten.
Each desire adds to the range of articles which may enter our list of
objects of wealth until enumeration is impossible. None of these, however,
will be stored as wealth beyond the limits of anticipated use: if so
stored, they add nothing to the supposed wealth. An isolated family, able
to consume only thirty bushels of potatoes in a season, is not more
wealthy from having three hundred bushels stored: the wealth is measured
by actual relations to wants not otherwise supplied. Even in a populous
city, the three hundred bushels of potatoes become a store of wealth only
when other people need them and _are able in turn to meet other wants of
the owners_.
Indeed, we soon come to estimate any object of wealth according to its
power, directly or indirectly, to meet the first want that comes. A
cherished memento of friendship may be ever so gratifying, and yet find no
place in our account of wealth, because it can serve no purpose in meeting
other wants.
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.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account