The basic facts of economics : $b A common-sense primer for advanced studentsPost, Louis F. (Louis Freeland)
General
The basic facts of economics : $b A common-sense primer for advanced students
Post, Louis F. (Louis Freeland)
Economics
This comment does not mean that Economic details are to be ignored
except for classification, even by non-specialists. Far from that.
It means that they are to be thoughtfully considered and accurately
classified for further and comparative consideration. To illustrate:
Mankind must be regarded as a class or category in Economics; but not
according to personal or individual capabilities, idiosyncracies, or
social, business, or legal status. To the business specialist, the
personal qualities of an associate or assistant are important; but
Economics as a comprehensive science, the science of all “mankind
making a living,” knows those special distinctions only in a secondary
sense. It is concerned primarily with the individual man only as a
unit in the human mass--only from the fact that he is in the human
category and not in one or more other Economic categories. So of all
Economic facts. To study Economic details without reference to Economic
generalizations might be likened to studying an alphabet without
reference to language, or numerals without reference to mathematics.
Economic problems are not problems of how one individual may make a
living at the expense of others. Such problems belong in the plundering
pursuits. In Economics the basic problem is how all may make a living
at the expense of none.
To that problem business details give no clew, unless the details be
assigned to fundamental Economic categories. Piling up details without
assigning them is, as Henry James the Elder wisely expressed it, to
“sink the truth in endless confusion.” The last person in all the
world from whom to get the basic facts of Economics is the business
specialist, for he habitually limits his observations to his own
specialty. Perhaps, however, a certain type of Economic teacher may
be equally untrustworthy in that respect--the teacher who, though he
imitates the physical scientist in devotion to details, disregards the
physical scientist’s fidelity to the relations of cause and effect.
Public-domain text, read in full here on John Shaqi.
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