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
There is thus labor that is pleasurable in itself and labor that is
painful though it leads to a desirable result. The social ideal clearly
is that all human labor should be made pleasurable. Social dreamers love
to picture a day when all shall find for effort a full reward in the
mere doing,--the reward of the artist, of the scholar, of the saint, in
addition to the objective result in economic wealth. Probably we are
slowly nearing this ideal. Not only in the professions and in the
esthetic arts, but in commerce, in mechanics, and in the humblest walks
of life are found men free from envy, rejoicing in their daily tasks.
Such is the normal feeling of the healthy optimist. And yet in every
serious occupation there are numberless moments and occasions when the
spirit flags and only hard necessity holds men to their tasks. The
dilettante does not go far or long or steadily; the real tasks of the
world are done by men that labor, now with joy, now wearily.
[Sidenote: The distinction between men and things]
2. _The agents of production compose two great species, material goods
and human services._ Our discussion of consumption goods, rent, and
interest has been an analysis of the nature and uses of material goods.
We now come to the other great species, human services, which comprise
those acts of men (one's own or other's) that minister to the
gratification of wants. There are also misdirected efforts, and evil
deeds which are "disutilities" to all but the doer.
The distinction between men and things is fundamental in modern economic
discussion where each man is looked upon as free. It is not so clear
where slavery exists and the master looks in the same way upon the
services of his cattle, of his chattel slaves, and of his land. Even in
the freest society, man's services are compared purely as to their
utility, with the uses of other parts of the material world. It is said
that the price of mules at the Pennsylvania mines has been affected by
immigration, because a man and a mule sometimes represent
interchangeable services. But in the study of political economy the
distinction between men and other material things must never be lost
sight of; they are the two fundamental classes of economic agents, the
one being solely a means to an end, the other being an end in itself.
[Sidenote: Rent and wages mutually affect each other]
Public-domain text, read in full here on John Shaqi.
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