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
3. _Whatever motive in man's complex nature makes him desire things more
or less, becomes for the time, and in so far, an economic motive._ These
various social and spiritual motives sometimes work positively, in the
direction of magnifying man's desire for things; sometimes negatively,
to diminish it. If we are to understand economic action, we must take
men as they are. A religious motive that leads men to refrain from the
eating of meat or to eat fish in preference on certain days, is a fact
which the economist has but to accept, for it is sure to affect the
value of meat and fish at that place and time. Moral convictions,
whatever be their origin, whether due to the teaching of parents, to
unconscious influences, or to native temperament, may be quite as
effective as the pangs of hunger in determining what men desire.
Therefore, while these various motives are primarily social or moral or
religious, they may be said to be secondarily economic motives, and they
may become in certain cases the most important influences of which the
economist must take account.
CHAPTER 3
WEALTH AND WELFARE
§ I. THE RELATION OF MEN AND MATERIAL THINGS TO ECONOMIC WELFARE
[Sidenote: Man is the center of economic reasoning]
1. _The gratifying of economic wants depends on things outside of the
man who feels the wants._ Man is to himself the center of the world. He
groups things and estimates things with reference to their bearing on
his desires, be these what are called selfish or unselfish. If we were
discussing the economics of an inferior species of animals, things would
be grouped in a very different way. But economics being the study of
man's welfare, everything must be judged from his standpoint, and things
are or are not of economic importance according as they have relation to
his wants and satisfactions. Things needful for any of the lower animals
are spoken of as "ministering to welfare" in the economic sense only in
case these animals are useful to men. Examples are the mulberry-tree on
which the silkworm feeds, the flower visited by the honey-bee. In the
same view some men are seen to minister to the welfare of other men and
therefore bear the same relation for the moment to the welfare of the
others as do material things. In any case we study man's welfare as
affected by the world which surrounds him.
[Sidenote: Physical nature is an unchangeable fact]
Public-domain text, read in full here on John Shaqi.
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