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. _The continued rent of indirect agents is dependent on the continual
repair of certain parts necessary for their efficiency._ All earthly
things wear out or decay. Whenever man's hand is withheld, nature takes
possession of his work, regardless of his purposes. Dust gathers on
unused clothes, and moths burrow in them. Shut up a house, and windows
are shattered, roofs leak, and vermin swarm. To close a factory is to
hasten the time when buildings and machinery will be piled upon the
rubbish heap. The most magnificent and solid works of man have crumbled
under the finger of time. The earth is strewn with ruins of gigantic
engineering works, aqueducts, canals, temples, and monuments, whose
restoration would be no less a task than was their first building.
Everywhere vigilance and repairs are the conditions of continued uses of
wealth. Some works of nature, such as waterfalls, may appear to have a
continued use without repair, but they bear rent only when used with
other things that must be constantly mended. A certain amount of labor
on the banks of the mill-stream, and certain repairs on the dam, the
water-wheel, and the gates are necessary. By a fiction in business
contracts the waterfall may be dealt with apart from those conditions to
its use, and may be rented, as a field is, with the agreement that the
tenant keep up the repairs.
The efficiency of land as mere standing-room usually does not seem to be
dependent on repairs. But here again the land yields rent in connection
with other rent-bearing agents (such as houses and other agents above
ground), which must be repaired. Standing-room on land is not a complete
indirect agent; it is but one of the conditions for carrying on an
industry, and even it often requires repairs to make it usable. Ranging
from these extreme cases of stableness and durability, indirect agents
vary to the extremes of fragility and ephemeralness.
[Sidenote: The fertile lands of large regions have lost their
usefulness]
Public-domain text, read in full here on John Shaqi.
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