Of Work and Wealth: A Summary of Economics (Classic Reprint) - Hardcover

Inhaltsangabe

Excerpt from Of Work and Wealth: A Summary of Economics

The first every-day duty of a man is to earn his own living. This he must do by Work, which obtains from Nature the physical basis of life and by saving and exchange produces Wealth. With this business of Work and Wealth, Economics has to do. Some writers define it as the science of Production, others as the science of Wealth, others as the science of Exchange. It may be called also the science of Gain, because the purpose and result of all production and exchange, the end of economic man, is gain. The name Economics (from 02x00, the house, and to manage or give law) means household management, or in the wider sense, the management of the Common wealth, as the good 'old phrase calls the State. For the State is in deed founded on homes it is the family which is the economic unit. A man takes to himself a wife, who may or may not earn, and begets children; it is What all in the home earn, less what all spend, that leaves wealth 3 these hostages to fortune, in Bacon's phrase, anchor a man's economic position in the home. It is in the wider sense, as relating to the Commonwealth, that Economics has usually been known as Political Economy.

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