The basic facts of economics : $b A common-sense primer for advanced students — John Shaqi
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
“Professional” services, such as those of Economists, Engineers,
Architects, Clergymen, Lawyers, Physicians and Teachers are in the
Economic domain of Trade. Not only are they exchanged for tangible
commodities, but they contribute to the production of such commodities
by conserving, and it may be by increasing the efficiency of more
obvious producers. The Economist studies productive relationships
for the purpose of securing harmonious industrial adjustments; and
so vital is his function that righteous social relationships are
imperiled, and righteous readjustments obstructed, if he mistakes
chaos for order. The Engineer designs, plans and directs; and so
important is his function that the work of hosts of producers depends
upon it. If he mistakes, great structures may fall. The Architect is
an Engineer in a special sense: if he makes mistakes, buildings may
lack stability or beauty or both. The Lawyer may disentangle societary
complications that would operate as a check upon production and Trade.
The Clergyman may discourage obstructive conduct; the Physician may
conserve the health of more direct producers so as to increase their
efficiency; the Teacher may increase their efficiency by instruction.
And so of personal services of the Personal Servant type. Whatever a
Personal Servant may do for a commodity specialist which otherwise the
specialist must do for himself at the cost of contributing less to the
production of tangible commodities, is to that extent a contribution
to the production of those commodities. Interchanges of human service,
if the interchangers act in freedom, each getting from the channels
of Trade the equivalent in service of the service he renders, are
contributions to Economic production.
The relative desirability of human services rendered in promoting
production, whether directly or indirectly, is commonly as well as
commercially and Economically known as Value, which, as already
explained, is expressed in Money terms and compared by Money
measurements.
To receive a share in the continuous distribution of commodities
through Trade is the human motive for all Economic activity, from
leadership in Economic service to service for “wages.”
A “wage-worker,” for illustration, lends a hand--becomes “a hand,”
if you please,--at harvesting wheat. His compensation is to be, let
us assume, his food and lodging during harvest and twenty dollars in
Money at the end of his job. The work being done, his food and lodging
having been meanwhile supplied to him, and the twenty dollars in Money
having been duly paid him, what has been the Economic nature of his
transaction? Has not this “harvest hand” exchanged his contribution
of service to the production of wheat, for his living while helping
to produce it and for a twenty-dollar measurement of any commodity or
commodities he may wish to draw from the channels of Trade?
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