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
Most plainly and incontestably is that observation true with reference
to the three Basic Facts in Economics. That they are no haphazard
phenomena in their mutual relations or otherwise must be inferred from
universal experience. Artificial Objects for human use are produced
by Man, and only by Man, from and upon and only from and upon Natural
Resources. Man does not create. He produces, which means that he
adapts. And in his processes of adaptation or production, he succeeds
to the degree that he conforms to natural conditions over which he has
no control except by conformity. Call those conditions by whatever name
we may, they have all the characteristics of natural law, or natural
orderliness, over which Man has no other powers of command than by
adaptation of natural means to artificial ends. Natural law would
therefore seem to be the most appropriate name--law beyond the control
of Man except by his adaptation of natural resources to artificial
effects.
Questions of natural law or no natural law in Economics aside, however,
we are confronted by facts which common-sense minds cannot escape. Even
if there be no natural laws of Economics--a contention that would seem
to demand more imagination than thought,--it is none the less a fact
that Artificial Objects never have been produced, are not produced now,
and in all probability never will be produced on our revolving globe,
except by Man and from and upon Natural Resources. Also it is a fact,
whether subject to Natural Law or not, that Man cannot live without
Artificial Objects, nor without Natural Resources from and upon which
to produce and consume those objects. These facts recognized, disputes
over the existence or non-existence of natural law in economics are
mere mental gymnastics which may be ignored without prejudice to the
essentials of any contention in these pages.
The process of human adaptation of Natural Resources to Artificial
effects--or, to use the Economic term, the process of Production,--no
matter how complex, is continuous from original conceptions in the
human mind to completion and delivery of products to ultimate consumers
by the human mind and hand.
FIFTH LESSON
THE PRODUCTIVE PROCESS
The Productive Process in Economics is a complicated sequence of
activities in the bringing forth by Man, from and upon Natural
Resources, of Artificial Objects. It begins with initiatory adaptations
of natural raw materials; it ends with deliveries of finished products
to ultimate consumers, in accordance with their demands.
Finished products may be catalogued in general terms as food, clothing,
dwellings, luxuries and other Artificial Objects which have come into
the possession of ultimate consumers for the satisfaction of their
wants. Drawn from Natural Resources, these products return to Natural
Resources in the course of their consumption, though not necessarily to
the identical places from which they were drawn.
Public-domain text, read in full here on John Shaqi.
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