The Principles of Economics, with Applications to Practical ProblemsFetter, Frank A. (Frank Albert)
General
The Principles of Economics, with Applications to Practical Problems
Fetter, Frank A. (Frank Albert)
Economics
4. _Increasing wealth and new labor make possible the increase of the
agents that appear most nearly fixed in supply._ When the need arises
men turn to new enterprises. The reclaiming of land in Holland is a
striking but far from isolated example. Among the larger undertakings of
this kind are the draining of the Haarlem Lake in 1840-58, by which
40,000 acres of rich land were made available, and the draining of the
Zuyder Zee, which is adding 1,300,000 acres. Though there have been many
minor undertakings of the kind, the area reclaimed is relatively small
compared with the whole area of the land in the world used for
agricultural purposes. There are still great areas of fens, swamps, and
marshlands, such as those on the Jersey coast in this country, which
with moderate effort could be reclaimed. While the possibility must be
recognized, the increase of the area of available agricultural land by
means of such physical changes is relatively small.
[Sidenote: And by the work of pioneers]
The work of the pioneer, as a producer of a supply of land, is, however,
of the greatest importance. The pioneer annexes new areas to the
economic world and to the market in which he has lived. This is
recognized of late by writers that perhaps do not fully mark its
significance to economic theory. The work of the explorer and prospector
is that of a producer of mineral resources, and daily market quotations
reflect the changes in "the supply" of these natural stores.
[Sidenote: Successive utilization of various grades of agents]
5. _Limitation of the supply appears first in the better qualities, and
efforts to increase wealth are then directed to making available the
poorer grades._ Great quantities of the poorer grades of wealth, even of
those things that are relatively fixed in supply, lie unused. Great
areas on the edge of civilization still await the pioneer, the
prospector, and the miner. Here is a source of wealth and a field for
enterprise. The growth of society may cause some of the poorer agents in
time to become the best. When men crossed the ocean to settle on
Manhattan Island, it was a wilderness; but the growth of commerce has
caused the land in New York city to become more valuable than that in
London. Changes are still in progress, for of late the smaller ports to
the south have increased their trade at a more rapid pace than New York
has.
[Sidenote: Goods ranged on a scale of increasableness]
Public-domain text, read in full here on John Shaqi.
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