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
4. _Private property may now be justified mainly on the grounds of
social expediency._ This is a broad explanation under which can be
brought the many varying conditions; but it has the fault of a broad
explanation, that it needs be further explained. Conceding that private
property works hardship to the individual in many cases, it must be
justified on the ground that, on the whole, it furthers the progress of
society. Private property is looked upon by some as merely reflecting or
expressing the economic inequalities of men; the man poor in ability is
the man poor in property. It is looked upon by others as exaggerating,
indeed at times reversing, the economic abilities of men. In general, it
must be judged by this test: Does it further the welfare of society
better than would any alternative plan for the control of economic
wealth? The question is not whether it is faultless, for no human
institution is so. Nor must it be assumed that property is a fixed and
uniform mode of control; there are many kinds of property. Different
parts of wealth may be treated in different ways: there may be private
property in wagons, and public property in roads; private property in
houses, and public property in forests; private property in automobiles,
and, in some countries, public property in railway-carriages. But any
rule of property, like any other workable human law, must be applicable
to all individuals that meet the conditions. Hence any human institution
must be judged by its average working, not by exceptional cases.
The very acceptance of the theory of social expediency implies the need
of a readjustment of the institution of private property; for private
property, as it is found to-day, is complicated by many historical
accidents. Survivals of ancient injustice and relics of feudal
institutions that rest on no vital reason remain in our new country as
well as in the older ones. The limits of property in many respects are
determined, not according to the logic of expediency, but by the social
inertia which often governs succeeding generations.
§ III. LIMITATIONS OF THE RIGHT OF PRIVATE PROPERTY
[Sidenote: Public interests limiting property rights]
Public-domain text, read in full here on John Shaqi.
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