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
But the results of most human services may be seen to rest, at least
temporarily, in some material form. Effort is put upon a material thing
to be used later. The work of the waiter in spreading and arranging the
table is not an immediate service, for it is embodied in material form
an hour or two before the meal. The service of cook no less than that of
gardener and butcher, is put into material form before it comes to the
consumer. The woodman fells, cuts up and splits a tree, and piles it at
the door, putting his labor into a utility to be consumed months
afterward. The old economists used to class labor as productive and
unproductive according as it was or was not embodied in material form.
The classing of the services of cook, waiter, valet, etc., as
unproductive seems, even from the old point of view, to have been
inconsistent, and the attempt to distinguish services by any such test
is now wholly given up. Whether the service rests in material form for a
week, a month, a year, or as often happens, for a much longer period, is
not essential. The test of the productiveness of services is not their
embodiment in material form, but their appearance as psychic income,
their ministry to wants. The most varied kinds of human activity may be
unified by this thought in the concept of economic labor.
§ II. VARIETIES OF TALENTS AND OF ABILITIES IN MEN
[Sidenote: Grades of labor are analogous to grades of wealth]
1. _As material things differ in their fitness to gratify wants, so do
men differ in their powers of labor._ The fields, hammers, plows, tools,
and machinery of different kinds and qualities have been seen to grade
off from the best to the poorest. The poorest, discarded or just about
to be discarded, are no-rent agents. The utility felt and recognized in
the better qualities is expressed in the rents they yield. Recognizing
the variety and inequality of human talent, some economists of late
speak of the "rent" of ability, meaning that, like land rent, the
greater utility (and corresponding reward) of some labor as compared
with others, reflects the difference in the quality of agents. But this
expression, though often met in contemporary economic writings, is one
to be avoided because it tends to blur the essential distinction between
human and other agents. Pursuing the same analogy some economists have
talked of capitalizing the worker,--expressing in a lump sum the value
of the man as the present worth of the series of incomes which he may be
expected to earn in his working life. This, also, is to be avoided, for
while possibly it is suggestive in studying some problems, it is on the
whole a misleading analogy, dimming the distinction between free-workers
and owned and exchangeable wealth.
[Sidenote: Physical differences among men]
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account