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
Assume now that he draws from those channels a pair of shoes, a hat
and other commodities at the village store, including, perhaps, some
tobacco for his pipe and a bit of candy for a little friend. As
matter of Economics, then, what has he done but Trade his service at
harvesting for his living while at work and some service-produced
commodities for still further satisfying his desires?
And the Economic leader in that connection, the farmer who hired
the “harvest hand,” what has been his part in the transaction? In
the last analysis has he not for harvest service traded food, house
accommodations, household service, and his Money title to twenty
dollars’ worth of any commodity or commodities that may be flowing
through the channels of Trade--a title for which he presumably has
given, or through debit and credit adjustments must in the future
give, his own service or the service of others which he may naturally
and justly or only customarily and unjustly command as his own?
When an employer in any branch of Economics pays an employee “wages”
or “salary” or other compensation for service, he buys his employee’s
service by an interchange, through Trade, of human service for human
service.
Nor are interchanges of service limited to employers and employees.
The point of final interchange is almost invariably like the
illustrative instance of the “harvest hand” at a retail store. Through
the processes of Trade, myriads of commodities for the satisfaction
of human wants, commodities produced by human service to the point
of delivery to ultimate consumers, flow to ultimate consumers out
of retail stores. These depots for final delivery in Trade are the
customary terminals of production, where certifications of service in
terms of Money are usually exchanged for products of service in the
form of commodities.
Although such exchanges, like other exchanges throughout the processes
of Trade, are made in Money terms and by Money measurements, these
terms and measurements testify, as explained in the preceding Lesson,
only to the relative values which govern the exchangeable relations of
any commodity or commodities with any other commodity or commodities.
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