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 general the legal right of everyone to get the highest pay he can in
a free and open market is essential to the calling forth of ability. In
a particular instance it is possible that the service would continue if
one half or more of the income were confiscated by the public; but such
a personal discrimination would introduce an arbitrary and demoralizing
uncertainty into the problem. Who can tell how far the exceptional money
rewards have inspired to the highest cultivation of great genius and of
many minor talents? In a broad but very true sense, therefore, it
appears that high personal achievement, large economic reward, and large
social service are connected.
[Sidenote: Social service of manual workers]
3. _The low income of unskilled labor seems to fall short of its social
service._ This does not refer to the feeble-minded or utterly
inefficient, but rather to honest, industrious, "day-laborers," and to
the low-paid manual workers in field, on railroad, and in factory. Their
service is essential to the existence of society as it is, to all the
higher arts, to the sciences, and to the amenities of life; their tasks
are the roughest, most painful, most dangerous; yet their pecuniary
rewards are the lowest. There is such a unity in society that each more
fortunate man is dependent on the services of the humbler laborers who
make up a large part of society. According to the breadth of social
sympathy their claims seem more or less urgent.
[Sidenote: The problem of increasing their reward]
There is a vaguely recognized and growing conviction that these hewers
of wood and drawers of water should enjoy a larger income. But how are
they to get it? How is society to grant it to them? They get what they
can under the competitive conditions, they get what their service is
worth in the market. Are the conditions of the competition fair? If not,
what will be the effect of a change? If they get more, others will get
less; and with what result? However great the wish for better things,
the attempt to change conditions fundamentally in a forcible and
artificial way is both dangerous and foolish. Improvement must come
through the coöperation of many indirect agencies gradually changing the
nature and direction of the deeper economic forces.
[Sidenote: Imperfect social and individual estimates of service]
Public-domain text, read in full here on John Shaqi.
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