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
By colloquial usage and in business accounts the word
“wealth”--“capital” when used as a sub-classification of Wealth,
that is, Wealth devoted to the production of more Wealth--has taken
on a variety of misleading connotations. In business accounts, for
example, whatever will bring a price to the owner is accounted
Wealth, or Capital as a sub-classification of Wealth, whether the
object of the price be a building, a domesticated animal, a slave,
a vacant building-lot, an unused agricultural area, or an improved
and cultivated farm. Some of those items of “wealth” or “capital”
do belong, Economically, in the Wealth category, buildings and
domesticated animals being among them; but many fall wholly or in part
into one or the other of the two other categories, Labor and Land.
Evidently the science of Economics, which comprehends the interests of
all and not merely those of a private business, cannot classify slaves
as Wealth. Since they are not and cannot be Artificial Objects, but are
human beings, they belong of necessity in the Man or Labor category.
They differ radically from animals. In the wild state animals belong
Economically in the category of Land (Natural Resources) as truly
as wild vegetation does; in the domesticated state they are Wealth
(Artificial Objects) as truly as produced vegetation is; and if used
to produce Wealth they are Capital (Wealth used for the production of
Wealth) as truly as machinery is. But slaves in their “wild state” are
not Natural Resources for the use of Man, as wild animals are; they are
human beings, and as such they belong in the Man category.
As used in business accounts and colloquially, the word “wealth” does,
as indicated above, include some kinds of true Economic Wealth, such as
“store goods,” buildings, farm produce, machinery and other Artificial
Objects. But in those undiscriminating uses it also includes such
Natural Resources (Land) as mineral deposits, water fronts, building
sites, railroad rights of way; also mere titles to various kinds of
property interests, such as bonds, mortgages, deeds, bank balances,
money in hand and corporation stocks.
Public-domain text, read in full here on John Shaqi.
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