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
No more truly in the Labor category are the services of “wage-workers”
than are those of farmers, of manufacturers, of merchants, of
brokers, of bankers, of architects, of lawyers, of physicians, of
engineers, of authors, publishers, teachers, or the services of any
other useful workers who participate in the intricate processes of
Economic production. All are within the Labor category. Be the Economic
service whatever it may which any human being--from inventor to
chattel slave--contributes to the satisfaction of human wants, such
service belongs in the same basic category with every other Economic
service. Consequently, it must be identified in fundamental Economic
classification by the same technical term.
What term may be best for that purpose is of minor importance, if of
any importance at all, since names are for identification rather than
description. Consequently, the technical term Labor, adopted long
ago by Economists of the highest rank to identify human service in
Economics, is fully justified regardless of its descriptive qualities.
Even as a descriptive term, what other word could better identify human
service as a whole?
Among the outstanding minor classifications of Labor is Business, and
to this another attaches which some advanced students in Economics
classify by itself fundamentally. The latter is the service of the
“entrepreneur” or “enterpriser.” As a secondary classification this
distinction is probably useful; but for comprehensive Economic study it
is as useless as “carpenter” or “bricklayer” would be. Worse yet, it is
misleading.
Public-domain text, read in full here on John Shaqi.
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