The Principles of Economics, with Applications to Practical Problems — John Shaqi
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
2. _Only those things and actions that are in some causal relation to
gratifications can have value to man._ This proposition of theory is
demonstrated every hour in practical life. The business man always is
trying to trace a causal relation between things that do not and cannot
themselves directly satisfy wants, and things that do. The vineyard has
no value to Tantalus, unable to reach its fruit. A captive, chained to a
rock, attaches value only to the things within his reach. Men living in
savagery and ignorance starve amid the possibilities of plenty. Chained
by their ignorance and improvidence to a little spot of earth, they do
not see clearly, either in time or space, the economic relations about
them.
[Sidenote: Values of things distant in time]
3. _Man's foresight and knowledge enable him to think of many periods at
once, and thus his felt dependence on goods extends over a series of
future productive agents._ In order to simplify the problem, we have
spoken of the economic man as living only in and for the moment. If he
had no more knowledge, memory, or imagination than is necessary to
compare goods here, only present goods could have value to him. Even the
higher animals, and much more the savages, rise above that level of
improvidence. With increased intelligence the economic life of man
expands, and he attaches importance to things which at the present
moment have not, and cannot have, the slightest influence on his
immediate gratification. The extension of man's view works a momentous
change in his economic estimates. Of the thousands of forms of matter in
the world, only a comparatively few ever will make an immediate
gratifying impression on man's senses. But many of them are so connected
in his thought by chains of association with pleasures or uses, that
almost instinctively and most intensely he attaches an importance to
them. In most cases it would require close thought to see that the
service attributed directly to them was but a reflection of that
performed by some other good. Thus, more and more, the estimates placed
by men on goods come to depend on knowledge and foresight, and not on
immediate impressions and feelings.
[Sidenote: Goods related in varying degrees to psychic income]
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account