The Philosophy of Wealth: Economic Principles Newly Formulated

The Philosophy of Wealth: Economic Principles Newly Formulated

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The Philosophy of Wealth: Economic Principles Newly Formulated

The Philosophy of Wealth: Economic Principles Newly Formulated

Read FREE!

Excerpt

In a series of articles in the New Englander, commenced ten years ago, I endeavored to contribute a share toward the reformulating of certain leading principles of economic science. The traditional system was obviously defective in its premises. These were assumptions rather than facts, and the conclusions deduced from them were, for that reason, uncertain. The assumed premises were, at certain points, at variance with facts, and the conclusions were, to that extent, erroneous. The better elements of human nature were a forgotten factor in certain economic calculations; the man of the scientific formula was more mechanical and more selfish than the man of the actual world. A degraded conception of human nature vitiated the theory of the distribution of wealth.

The prevalent theory of value started with a misconception of utility, and of the part which it plays in exchanges. Economic science, in general, found no adequate place for the intellectual activities of men, and made no important use of the fact that society is an organism, to be treated as a unit in the discussion of many processes affecting wealth.

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