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
in _knowledge_ of his materials and of the best processes, and he gains
a power of delicate observation and facility in meeting new difficulties
that are impossible when attention is divided among a number of tasks.
By dividing and simplifying processes, specialization _stimulates
invention_. The most complex machines have been developed gradually by
combinations and adaptations of simple tools, and the more a process is
subdivided, the greater is the chance of hitting upon a device to repeat
mechanically the few simple movements. Division of labor increases the
motives of emulation and _enterprise_, by making possible the more exact
comparison of results. It _economizes talent_ by giving to each the
highest task of which he is capable, while fitting the less efficient
workers into the minor places made possible by subdivision. In an
American wagon-factory, a one-armed man operating a machine is turning
out as large a product and earning as high wages as any other employee.
The same advantages of specialization are found with modifying
conditions in educational and professional lines. The marvelous progress
of science in recent years has been made possible by each worker's doing
a few things and doing them well.
[Sidenote: Best adjustment of talent and occupation]
[Sidenote: Choice of a life career]
4. _The individual worker, to attain his highest economic efficiency,
must select from the occupations made possible by division of labor the
one for which his talents are best fitted._ It seems unnecessary to
state this almost axiomatic truth, yet the slight reflection given to
the choice of an occupation by most young people gives to this statement
a very practical bearing. The world is filled with industrial misfits,
"round men in square holes," good carpenters spoiled to make poor
doctors. It so often happens that the natural aptitude of the youth is
the thing last or, in any event, least considered. Unreasoning
imitation, family traditions, parental wishes, class pride, social
prejudice, childish whim, are often decisive of the life career. Happily
in some cases, before too late, the man "finds himself," but too often
the poverty of the family and the obstacles to education preclude the
exercise of intelligent choice. It is of importance to society as well
as to the individual that talent should be discovered in time, that
tasks should be fitted to aptitudes, that each member of society should
attain to his highest efficiency. The approach to this ideal, made
possible by popular education, the decline of caste, the spread of
genuine democracy, the progress of social justice, will increase not
only the workers' efficiency, but society's abiding welfare.
CHAPTER 23
THE LAW OF WAGES
§ I. NATURE OF WAGES AND THE WAGES PROBLEM
[Sidenote: Wages and rent compared and contrasted]
Public-domain text, read in full here on John Shaqi.
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