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
Pursuant to natural law? Certainly. But where do we get any natural
law in Economics? To quote a sarcastic attempt at refutation, “Do we
pick it off the trees?” Yes, some of it we pick off the trees. Who
can intelligently observe the growth and fruitage of a tree without
recognizing operations of natural law? How do trees grow except by
operation of natural law? And except by operation of natural law, how
do men’s bodies grow? Is it enough to answer that the growth of the
body is a problem of physical science, which is subject to natural
law, whereas Economic science contemplates a lawless lot of phenomena?
Or men’s minds, do they unfold without the aid of any natural laws of
human mentality? And what of social or mass mentality--shall we call
it “public opinion” or “herd instinct”?--how does that phenomenon
originate and develop except through processes of natural law?
As with a tree, so with the whole physical universe, inclusive of the
human body. And as with the human body, the physical body and the
social mass, so with the mental equipment. Must not all, for their
very existence and for their development also, be dependent upon and
in all their activities responsive to natural law in one or another of
its jurisdictions--responsive happily or unhappily according to their
degree of conformity or defiance, of devotion or indifference?[3]
[3] For an extended and impressive discussion of the
application of natural law to Economics, see “Natural Law
in Social Life”, by W. R. Lester, M. A., published by
The United Committee for the Taxation of Land Values, 11
Tothill Street, London, S. W. 1, England. For a specific
application to the coal industry, see minority report on
the bituminous coal problem by Warren S. Blauvelt (formerly
of Terre Haute, Ind., latterly of Troy, N. Y.) in the
Proceedings of the National [American] Conference on Social
Work at its fifty-third session in 1926.
Individual activities, whether physical or mental, if that
discrimination be permitted, assuredly work out well or ill as they
harmonize or run counter to natural law. This must be true also of
social activities. The choices made by human beings, and the influences
which affect their choices, operate to produce harmony or discord in
Economic relationships in so far as they harmonize or are in conflict
with natural Economic law.
Economics being the science of a certain range of social activities,
“the science of mankind making a living,” as it has been aptly
called--a science, and not a mere collection of odds and ends of
information--the same conclusions must be true of the science of
Economics as of the physical sciences. Both are scientific in so far
and only in so far as they are within range of natural law.
Public-domain text, read in full here on John Shaqi.
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