By John Bates Clark
ISBN-10: 1149959827
ISBN-13: 9781149959824
ISBN-10: 1178573869
ISBN-13: 9781178573862
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Sample text
16 ESSENTIALS OF ECONOMIC THEORY that they have only their bare hands to apply to the elements about them, they do not commonly get the usable goods immediately. If a savage wants fish and makes the rudest net with which to catch them, he makes what is a capital good. This is wanted only for the sake of the consumers' wealth which it will help to produce. The end in view has all the while been fish; but the man works first on an instrument for catching them. He makes the net by mere labor, but he catches the fish by means of labor and the net.
He makes the net by mere labor, but he catches the fish by means of labor and the net. Without such instruments to aid in production a dense population could not live at all, and a very sparse one could live only in a meager and precarious way. " The Production of Intermediate Goods. - All economic goods are means to an end. Wealth is always mediate. It is usually a connecting link between man's labor and the satisfaction of his wants. Man, the worker, first spends himself on nature, and then nature in turn spends itself on him.
Instruments of production, on the other hand, have indirect utility, since all that they are good for is to help produce things that render the immediate service. They have productivity, and this has to be measured in determining their value. , is how much power they have to 1 For extended discussions of the relations of utility and value the reader is referred to the works of Jevons, Menger, Von Wieser, Von Bohm-Bawerk, and Walras. A study of "effective" utility and its relations to value, by the writer of the present treatise, is contained in the New Englander for July, 1881.