The Common Sense of Political Economy: Including a Study of the Human Basis of Economic Law

Nonfiction, Religion & Spirituality, New Age, History, Fiction & Literature
Cover of the book The Common Sense of Political Economy: Including a Study of the Human Basis of Economic Law by Philip Henry Wicksteed, Library of Alexandria
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Philip Henry Wicksteed ISBN: 9781465619259
Publisher: Library of Alexandria Publication: March 8, 2015
Imprint: Language: English
Author: Philip Henry Wicksteed
ISBN: 9781465619259
Publisher: Library of Alexandria
Publication: March 8, 2015
Imprint:
Language: English

Summary. This work is a study of the organisation of industry and commerce in its bearing upon social problems and upon human life. The derivation and the current use of the terms “Economy,” “Political Economy,” and “Economics” suggest that we should approach the problems of the industrial administration of resources from the field of domestic and personal administration to which we all have access. Every purchase being a virtual selection and involving a choice between alternatives is made in obedience to impulses and is guided by principles which are equally applicable to other acts of selection and choice. To understand them we must study the psychology of choice. The price of a thing is an indication of the range of alternatives open to the purchaser, and is a special case of “terms on which alternatives are offered to us.” We are constantly weighing apparently heterogeneous objects of desire against each other and selecting between them according to the terms on which we can secure them. All these things that we balance against and compare with each other, whether they can be had for money or not, may ideally be arranged on a scale of relative significance in our minds. “Economy” etymologically means the regulating or managing of a household, that is to say, the administration of the household affairs and resources. It describes a branch of activity. In current language “economy” means the administration of any kind of resources (time, thought, or money, for instance) in such a way as to secure their maximum efficiency for the purpose contemplated. It is administration with a minimum of waste. It describes not a branch but a characteristic of administrative activity. If we go on to analyse our conception of “waste,” we find it to be expenditure upon objects in excess of their worth, or loss and destruction of resources by mere thoughtlessness or negligence. And finally when we say that a thing is not “worth” what we expend upon it or devote to it, we mean that there is some alternative application of the resources in question, either actually or prospectively open to us, by which a more worthy, more extended, more important, or in general terms a more desired or more desirable object could have been accomplished by the outlay. All successful administration, then, consists in the purposeful selection between alternative applications of resources; and the ultimate value or significance of such success depends on the nature of the objects at which the administrator aims.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Summary. This work is a study of the organisation of industry and commerce in its bearing upon social problems and upon human life. The derivation and the current use of the terms “Economy,” “Political Economy,” and “Economics” suggest that we should approach the problems of the industrial administration of resources from the field of domestic and personal administration to which we all have access. Every purchase being a virtual selection and involving a choice between alternatives is made in obedience to impulses and is guided by principles which are equally applicable to other acts of selection and choice. To understand them we must study the psychology of choice. The price of a thing is an indication of the range of alternatives open to the purchaser, and is a special case of “terms on which alternatives are offered to us.” We are constantly weighing apparently heterogeneous objects of desire against each other and selecting between them according to the terms on which we can secure them. All these things that we balance against and compare with each other, whether they can be had for money or not, may ideally be arranged on a scale of relative significance in our minds. “Economy” etymologically means the regulating or managing of a household, that is to say, the administration of the household affairs and resources. It describes a branch of activity. In current language “economy” means the administration of any kind of resources (time, thought, or money, for instance) in such a way as to secure their maximum efficiency for the purpose contemplated. It is administration with a minimum of waste. It describes not a branch but a characteristic of administrative activity. If we go on to analyse our conception of “waste,” we find it to be expenditure upon objects in excess of their worth, or loss and destruction of resources by mere thoughtlessness or negligence. And finally when we say that a thing is not “worth” what we expend upon it or devote to it, we mean that there is some alternative application of the resources in question, either actually or prospectively open to us, by which a more worthy, more extended, more important, or in general terms a more desired or more desirable object could have been accomplished by the outlay. All successful administration, then, consists in the purposeful selection between alternative applications of resources; and the ultimate value or significance of such success depends on the nature of the objects at which the administrator aims.

More books from Library of Alexandria

Cover of the book The Grateful Indian and other Stories by Philip Henry Wicksteed
Cover of the book Turgenev: A Study by Philip Henry Wicksteed
Cover of the book Scottish Cathedrals and Abbeys by Philip Henry Wicksteed
Cover of the book The Pool in the Desert by Philip Henry Wicksteed
Cover of the book The Better Germany in War Time: Being Some Facts Towards Fellowship by Philip Henry Wicksteed
Cover of the book Sixteen Years in Siberia: Some Experiences of a Russian Revolutionist by Philip Henry Wicksteed
Cover of the book The Honour of the Flag by Philip Henry Wicksteed
Cover of the book Athaliah: A Tragedy Intended for Reading Only Translated Into English Blank Verse From Racine by Philip Henry Wicksteed
Cover of the book Histology of the Blood: Normal and Pathological by Philip Henry Wicksteed
Cover of the book Dante Rossetti and the Pre-Raphaelite Movement by Philip Henry Wicksteed
Cover of the book Julio Diniz: Esboço Biographico by Philip Henry Wicksteed
Cover of the book Kirsteen: The Story of A Scotch Family Seventy years ago by Philip Henry Wicksteed
Cover of the book Biography of a Slave: Being the Experiences of Rev. Charles Thompson by Philip Henry Wicksteed
Cover of the book The Life of the Right Honourable Horatio Lord Viscount Nelson (Complete) by Philip Henry Wicksteed
Cover of the book The Little Russian Servant by Philip Henry Wicksteed
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy