The Creation of Wealth: Modem Efficiency Methods Analyzed and Applied (Classic Reprint) - Softcover

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Excerpt from The Creation of Wealth: Modem Efficiency Methods Analyzed and Applied

There has been a tendency in recent literature treating of industrial life to emphasize a mysterious element ulterior to the recognized factors of pro duction - land, labor and capital. The subject has been approached from the practical side by Har rington Emerson in his treatises on by Frederick W. Taylor, in his Scientific Manage ment, and others. Hugo Munsterberg and other psychologists have discoursed upon it from their point of view, and W. H. Mallock and various social writers have dealt with it from a humani tarian angle - and even the poetically inclined have not altogether ignored it, for Gerald Stanley Lee, in Inspired Millionaires and Crowds, gets a glimpse of a great truth from Mt. (parnassus) Tom.

While by inference the mysterious element is brains - or brain products yet, as far as the author has noted, no attempt has been made to analyze the economic functions of the mind or to determine just in what manner it creates wealth. Munsterberg, In his recent work on Psychology and Industrial Efficiency, says that a new science is developing intermediate between the modern laboratory psychology and the problems of eco nomics. This may be true, but it would appear that the object of all methods of producing greater efficiency is to increase economic production, and that this function of industrial workers naturally falls under the head of Political Economy.

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