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
[2] The principle of Economic specialization could hardly
be better illustrated than by the reply of an old-time
compositor in a printing establishment who contemplated
making a contract for the erection of a cottage home for
himself and his family, when a friend suggested that he
might save money by digging the cellar himself between
working hours at the case. He replied: “I can dig a better
cellar and more easily at the case with a composing-stick
than on the spot with a pick and shovel.”
By means of a vast variety of Economic specialties--such for
illustration as farming, engineering, mining, lumbering and their
respective and numerous subdivisions, through a vast variety of
other Economic specialties, such as transporting and manufacturing
and merchandizing, along with their respective and multitudinous
subdivisions, all supplemented by such other Economic specialties as
banking, teaching, preaching, adjudicating, writing, acting, and the
fine arts--the necessaries for individual sustenance and the luxuries
for individual enjoyment are produced and delivered in quantity,
variety and perfection which, when calculated per capita, rise far
above and extend far beyond all the possibilities of isolated
individual life, far above and beyond the possibilities of community
life in narrow environments.
Were there but one individual to be considered, the natural advantages
of Trade would seem as fanciful as a fairy story. Were there only a
small group, the natural advantages of Trade, though manifest, would
be too few and too primitive to disclose its wondrous powers of
production. But when millions of individuals cooperate, some serving
all and all serving each through the intricacies of worldwide Trade,
mankind is welded into an Economic unity, a gigantic oneness--a larger
human being, “the social man” as this social organism is sometimes
not inaptly called--an organism composed of individuals who give it
vitality and whom in consequence it serves as a beneficent giant might
serve a cooperating pigmy.
Involving the production of commodities by individual contributors
of human service through an infinity of specializations, and their
assignment to individuals by the intricate processes of service for
service, Trade tends not only to increase the per capita supply of
commodities, but also to effect their fair per capita assignment in
proportions corresponding to the relative desirability of the numerous
and various contributions of individual service to their production.
In describing Trade as consisting essentially of interchanges of human
services, we are of course to be understood as including not only such
services as are embodied in tangible commodities, but also personal
service. Nor does it make any Economic difference whether the personal
service be of the “servant” type or of the “professional” type.
Public-domain text, read in full here on John Shaqi.
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