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. _Goods may be ranked by their relation to wants in time._ The
relation in respect to time is measured by the period that must elapse
before the utility of an agent results in, is converted into,
gratification. No agent or influence intervening, a thing may yet be
removed a long way from gratification. A tree may not be fitted to bear
fruit for ten years to come. Meantime, there are many other possible
uses for the tree: it may be used for fuel, or to make a canoe with
which to catch fish, or to follow some other indirect method of
production. Evidently the technical and time relations of goods are very
different. The number of steps has no necessary relation to the time. A
number of technical steps may be taken in half an hour, or a process of
a single technical step may last a year. In the mechanic arts the
technical relations are of primary significance, but in economics the
time relations are mainly to be considered.
3. _Economic goods may be classified as immediately enjoyable goods and
durable agents._ Enjoyable goods are goods in a final form, producing
gratification or just ready to give gratification the next moment, as
the cool draft of air made by a fan on a hot day, the cup of coffee
steaming on the table.
[Sidenote: Enjoyable goods and durable agents]
Many goods of just the same form as the foregoing may not be affording
current gratification (except that afforded by thrift and forethought),
but are kept because later they will gratify a more intense want or
gratify a want better. Apples and potatoes are kept in a cellar so that
their use is distributed throughout the winter; cider and wine are kept
till they get a quality that appeals more to the palate. Coal, wood, and
stocks of goods, are thus kept in the form of enjoyable goods, destined
to be physically destroyed when at length they yield a gratification.
Evidently they must be storing up meantime a certain additional utility,
for otherwise there would be no reason why they should be kept for the
future. Such goods as these are sometimes called unripened consumption
goods, but until ripened they bear in part the character of durable
agents.
Abiding sources of economic enjoyments are called durable agents. The
inhabited house is a source of continued gratification in each moment's
shelter it affords; but, further, it is the durable source of a series
of future uses, as yet unripened. The hammer, the hoe, the tree, the
field may all be considered as agents to secure consumption goods. Some
of these are but one step removed from direct gratification, as the hoe
helping the gardener to get food for his own use. Other agents are bound
by many technical links to the ultimate gratification.
[Sidenote: Degrees of durableness]
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