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
One of the deplorable tendencies in Economic study comes from a
disposition among advanced students to think exclusively within such
narrow fields as banking, manufacturing, transportation, merchandizing,
the cotton trade, the silk industry or agriculture. All trustworthy
Economic thinking must be from fundamentals--from Natural Resources,
Man and Artificial Objects--to the minute details of the respective
Economic specializations. All Economic specializations, to the
uttermost of their Economic minuteness, are subject fundamentally and
in their mutual relations to the natural Economic laws that govern the
inter-relationship of the three Basic Facts--Artificial Objects, Man
and Natural Resources.
That barrel of potatoes in the retail store may serve for an example.
The barrel itself, an Artificial Object, was produced by Man from
antecedent Artificial Objects--staves and hoops. The staves and the
hoops were produced by Man from preceding Artificial Objects--lumber
and iron. The lumber and the iron had come from trees felled and ores
extracted by Man; the trees were Natural Resources, unless cultivated
by Man, in which case they were Artificial Objects produced from and
upon Natural Resources (the earth) and descended from trees which in
their earlier days were themselves Natural Resources. The iron ore
was an Artificial Object produced by Man from Natural Resources known
as ore deposits. So the barrel holding those potatoes at that retail
store proves to be throughout its whole Economic history nothing but a
combination of many kinds of Artificial Objects every one of which has
been produced and all of which have been combined by Man from and upon
and within the Natural Resources of earth and air and light and heat
and electricity and other natural characteristics of the planet that
Man inhabits.
So, also, of the potatoes in the barrel.
And like that barrel and those potatoes, the retail store in which we
find them was itself produced through many Economic specializations and
many stages of industrial progress, each of which, from the extraction
of iron from natural mineral deposits and the taking of timber from
natural forests, was a production by Man of Artificial Objects from
and upon and within the sphere of Natural Resources down to the
placement of that artificial structure, the retail store, upon its
Natural-Resource site at an advantageous point for delivering finished
products to ultimate consumers.
As to that barrel of potatoes and that retail store upon the floor
of which it rests, so of all Economic phenomena. They belong
respectively, according to their respective Economic characteristics
and pursuant to natural law, in one or another of the three categories
or Basic Facts which we have respectively identified as Natural
Resources, Man, and Artificial Objects.
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