Of Work And Wealth; a Summary of Economics
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It enters into each of the elements of distribution as a provision against risk of loss — the deterioration of land, the loss of principal, the possible inactivity of labor, the failure of other transactions ; but it is chiefly visible as it increases interest.
Of these four elements two are directly concerned with labor in the ordinary sense, for capital is but stored labor. Land, which comes first, the use of which is paid for by rent, is, on the contrary, a natural element, valuable in excha...nge because it is limited m quantity as well as various in quality. This is the one great excep- tion to the general truth that all wealth comes from work, for the remaining factor of the four, the Director, contributes brain-work.
The air, and other natural elements or forces, are unlimited, at every man's service, equally productive throughout — therefore of no value in the sense of power-in-exchange. But land — the primal source of all wealth, extracted by labor — is otherwise, and the man who in some way has obtained actual or legal possession of it will not let another man put his labor upon it to make its potential values actual values, by raising potatoes or digging gold or building a mill along- side the stream which runs through it, without paying him rent.
What to read after Of Work And Wealth; a Summary of Economics?
You can find similar books in the "Read Also" column, or choose other free books by Richard Rogers Bowker to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
It enters into each of the elements of distribution as a provision against risk of loss — the deterioration of land, the loss of principal, the possible inactivity of labor, the failure of other transactions ; but it is chiefly visible as it increases interest.
Of these four elements two are directly concerned with labor in the ordinary sense, for capital is but stored labor. Land, which comes first, the use of which is paid for by rent, is, on the contrary, a natural element, valuable in excha...nge because it is limited m quantity as well as various in quality. This is the one great excep- tion to the general truth that all wealth comes from work, for the remaining factor of the four, the Director, contributes brain-work.
The air, and other natural elements or forces, are unlimited, at every man's service, equally productive throughout — therefore of no value in the sense of power-in-exchange. But land — the primal source of all wealth, extracted by labor — is otherwise, and the man who in some way has obtained actual or legal possession of it will not let another man put his labor upon it to make its potential values actual values, by raising potatoes or digging gold or building a mill along- side the stream which runs through it, without paying him rent.
What to read after Of Work And Wealth; a Summary of Economics?
You can find similar books in the "Read Also" column, or choose other free books by Richard Rogers Bowker to read onlineMoreLess
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