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
Such mixtures may be unobjectionable in accountings of the assets of
a private business for private purposes; but in general Economics
they are perplexing and misleading. In this comprehensive social
science every Economic detail must be classified in harmony with the
three Basic Facts--Man, Natural Resources and Artificial Objects,--or
confused thinking will result. To make those classifications, however,
is to lay a firm foundation for correctly estimating Economic phenomena
of all possible kinds and in all their relations.
The human factor, Man--an impossibility without Natural Resources in
the comprehensive sense of that term,--applies his energies of mind
and body to the Natural Resources of our terrestrial globe and its
enveloping atmospheres, thereby producing and for his satisfaction
consequently consuming every variety of Artificial object within the
range of his Economic desires and his Economic capabilities. This is
true of Man and of Man only.
Lower animals do not produce Artificial Objects. Do they cultivate?
No. Do they design or invent? No. Do they Trade? No. Do they in any
way improve? No. As was eloquently said by a distinguished Economist
of the last century, “the sea-gull of the English Channel who poises
himself above the swift steamer, wants no better food or lodging than
the gulls who circled round as the keels of Caesar’s galleys first
grated on a British beach.”
If wild birds make nests and wild animals make burrows or build dams,
and wild bees make honey, so do wild berry bushes grow berries and
wild apple trees bear apples; yet who would think of classifying wild
fruits as Artificial Objects? Manifestly, uncultivated fruit is as
truly in the category of Natural Resources as is the wild tree or
bush that bears it. And how do wild animals and their characteristic
products differ in that respect from wild fruit bushes and wild fruit
trees? Evidently in no wise at all. Their products of nest and burrow
and water-dam and all the rest, like the leafing and the fruitage of
the tree and the bush, are natural objects. They are not artificial.
An Artificial Object is a product of human invention and construction.
For every purpose of Economic classification, wild animals, like wild
trees and wild bushes and wild Nature in all its varieties, belong in
the category of Natural Resources. When the wild trees or the wild
bushes are cultivated, or the wild animals are domesticated, they pass
into the category--as manifestly as buildings and farm produce do--of
Artificial Objects drawn forth from and upon Natural Resources by Man.
Public-domain text, read in full here on John Shaqi.
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