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
5. _With the growing division of labor, grows the need of the highest
ability for the directing of industry._ Ability may be judged by various
standards. From one point of view, the scientific mind, grouping facts
in the cold light of reason to arrive at truth, is the highest type. But
supreme, each in his own sphere, are also the artist expressing, through
painting, poetry, dramatic action, and music, the subtleties and
complexities of feeling, the moral philosopher, the prophet, the
preacher, in the best sense of the term the teacher, all aiding to guide
the spiritual forces of humanity along lines that make for social
welfare. Not least is the business enterpriser, whose function is to
direct the economic forces for production. It is vain to assign a mean
place to the organizing intelligence and its social work. Its importance
grows apace with the growing magnitude and complexity of industry.
Misjudgment now will destroy more wealth, and wise judgment can produce
larger results, than ever before. The captain of industry also may work
as an artist or as a gambler; he may, by the methods he pursues, uplift
the moral plane of his society or he may help to corrupt and degrade it.
No citizen is in control of more potent influence for good or ill than
the successful business organizer. On the attitude of society toward
him, and on the standards to which he is held, depend in large measure
the use that will be made of his exceptional powers.
CHAPTER 29
BUSINESS ORGANIZATION AND THE ENTERPRISER'S FUNCTION
§ I. THE DIRECTION OF INDUSTRY
[Sidenote: Judgment and self-direction as elements in personal skill]
Public-domain text, read in full here on John Shaqi.
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