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
The Wages category in Distribution comprises, fundamentally, all
that part of Labor-produced Wealth which is not allocated by natural
Economic law to Rent for permission to use Land. This allocation
is determined by the greater desirability of some Natural-Resource
locations (Land) over the most desirable that may be had for the
taking--of those at the “Margin of Production” as it is technically
called, the “margin of cultivation” as it was called when agricultural
areas alone were thought of as Land, at the Economic frontier as it may
be most significantly described.
All assignments of Wealth in Distribution being determined by
comparisons of desirability of service (Value measured in terms of
Money), we find ourselves at the close of our brief review back at the
Money surface of Economics where we began our delving expedition down
to the Basic Facts.
As a result of that expedition we know, if we think with clarity and
fidelity, that Economics is the science, not of making Money, but of
Producing and Distributing Artificial Objects from and upon Natural
Resources by Man. The usefulness of our expedition depends upon our
grasp of and fidelity to the generalization of all Economic facts into
those Basic Facts which are respectively distinguished in Economic
terminology as Land, Labor and Wealth.
Questions for Self-Examination
I
1.--Name the three Basic Facts of Economics as described in the
foregoing pages.
2.--Define them as there defined.
3.--In your judgment are there any others? If so, name and define
them.
II
1.--What is Money as defined in the foregoing pages?
2.--How would you define it?
III
1.--What is Trade as defined in the foregoing pages?
2.--How would you define it?
IV
1.--What are the Basic Facts of Economics as in this book explained?
2.--Comment upon that explanation, and give your own.
V
1.--Describe the Productive Process as explained in the foregoing
pages.
2.--Describe it as in your judgment it ought to be described.
VI
1.--Describe the Distributive Process as explained in the foregoing
pages.
2.--Describe it as you think it ought to be described.
VII
1.--Review the Primer briefly but considerately throughout.
FOR THEIR ADVICE, THEIR SUGGESTIONS, THEIR CRITICISM AND THEIR
ASSISTANCE IN OTHER RESPECTS, THE AUTHOR HEREBY EXTENDS GRATEFUL
ACKNOWLEDGMENTS TO GEORGE A. BRIGGS, HARRY GUNNISON BROWN, ANDREW P.
CANNING, STOUGHTON COOLEY, LEWIS JEROME JOHNSON, ALICE THACHER POST,
FREDERICK W. ROMAN, MARY VAN KLEECK, AND JOHN Z. WHITE.
Public-domain text, read in full here on John Shaqi.
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