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
1. _In the simplest kinds of individual production the value of the
results depends largely on intelligent choice._ Even for the solitary
worker the choice of the right time to do work is most important. The
first thing Robinson Crusoe did was to turn to the ship to save as much
as possible of the cargo before it was dashed in pieces by the waves. If
he had begun first to till the soil to provide a future supply of food
it would have shown one kind of foresight, but it would have shown very
poor judgment. Every moment of delay in recovering the cargo of the
wrecked vessel cost him many useful materials. The humblest farmer has a
great range of choice and a need of good judgment in fixing the time to
sow, to reap, to do each simple task. There is the same need to-day for
the small shopkeepers, for the blacksmiths, for the small producers of
all kinds to make wise choice of time in the use of their own labor.
There is also a wide range of choice in the distributing and combining
of labor, agents, and materials. A limited supply of agents can be used
to secure a variety of goods, more or less desirable. There are many
chances for mistake, but in the long run it is judgment, not chance,
that determines the success of one man as compared with another. There
is a choice in ways and methods by which a thing can be done. There are
many wrong ways, there is but one best way, at any stage of industrial
progress. While most work is done in customary ways and little
independent judgment is required, yet in every business from time to
time new problems arise and call for an exercise of choice as to
methods. Moral qualities are continually called for, such as control of
impulse, and the giving up of the comfort of the moment. The wisdom of
our fathers is embodied in a multitude of proverbs that suggest the wise
course. Men must "make hay while the sun shines," not lie in the shade.
But virtue fails less often from lack of knowledge than from lack of
will. As men differ in judgment, character, and will-power, their
products differ, even in the simplest circumstances. The ability to
choose and to do wisely is an element in personal skill.
[Sidenote: Direction of a group of workers]
Public-domain text, read in full here on John Shaqi.
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