Economics: Lesson 1 (Classic Reprint) - Softcover

Inhaltsangabe

Excerpt from Economics: Lesson 1

Within the past century man 's increasing control over the forces of nature-his ability to make them werk for him - has enormously increased the production-of wealth in-civilized countries. The average money income of the English family of five persons is now per annum as against $375 in 1820, and owing to the greater cheap ness of commodities, this trill purchase nearly as much as would have purchased in 1820. In a word, the average English family is from four-to five times as well 05 as it was a century ago. Its income has from four to five times the former purchasing power. (see Mar shalt's Principles of Economics, 5th edition; page 751, note). This fact is of tremendous significance. It means that we have reason to hope that in the course of time an ever-increasing portion of our people will be released from the drudgery of mechanical manual labour and will be able to devote a large part of their time to public affairs, literature, art, science and religion. Rl'he utiliza tion of the elements in the service of man is giving us the necessary economic basis for a real democracy' in which all the citizens will be men of education and cul ture.

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