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
On the Economic surface we have the category of Money. To the
wage-worker Money is the medium for trading the commodities he helps
to produce for those he wishes to consume. To the merchant, however,
or the manufacturer, or other Economic specializer, Money presents
also a variety of minute details for expert study. The business
accountant, for example, must familiarize himself with numerous details
in connection with Money in its minute relationships to his specialty.
He might very likely confuse facts Economically different, yet as a
special business matter practically identical--the Money measurement of
a natural mineral deposit, for instance, with the Money measurement of
its artificial equipment. As an accountant in that specialty he would
be right in doing so. Or, in slavery days, for another instance, an
accountant might properly have classified the Money measurement of a
human chattel with that of a domesticated horse or a constructed house.
He also would have been right; for, as an accountant, he would have
been dealing with a customary classification of private property; and
not with Economic science comprehensively. It is doubtless specialty
work of such kinds that has involved the science of Economics in so
much confusion, especially among advanced students who are prone to
identify business conventionalities with Economic normalities.
As a science, Economics cannot make its categories according to
conventional maladjustments. It must make them according to essential
differences. These admit of no categorical identification of mineral
deposits with mining machinery, or of human beings with domesticated
animals or buildings. Such classifications are as absurd in Economics
as identifying sun and earth would be in astronomy, or bone with brain
in anatomy.
The science of Economics--that is to say, the science of Business in
the broad social sense in contradistinction to the narrow private
sense--neither requires nor permits such classifications as slaves
with domesticated animals, or mining machinery with natural mineral
deposits. It is obedient to the ancient but still vital maxim of
philosophy that things which are essentially different must not be
mixed nor things that are essentially the same be separated.
Essentially different things in Economics are indeed confused by Money,
which knows no difference, except in degree of Money measurement,
between slaves and cattle, or mineral deposits and mining machinery.
As the medium of trade, Money must measure the values of everything
tradable; and custom may make tradable objects--human beings, for
instance,--which in the science of Economics are no more within the
normal boundaries of trade than are transfers by theft.
Public-domain text, read in full here on John Shaqi.
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