The morning call., 1893-10-28
WEIGHING WORDS.
Political Economy Upon
a Clear Basis.
DEFINING THE TECHNOLOGY.
Essential Names in Common Use
Brought to Book at University
Extension Lecture.
DEFINING THE TECHNOLOGY.

The second lecture in the current course
of university extension lectures on
Political Economy" was delivered by
Assistant Professor c. c. Plehn last even
ing at the Mark Hopkins Art Institute.
1t was of an interesting character and was
listened to with marked attention by a
large audience.
Professor Plehn in his introduction en-
phasized the absolute necessity Of clear
understanding of the terms to be in fire.
uuent use in subsequent lectures. Such
terms must not involve any priori
assumption, but must be mainly empirical.
or, in other words. be as nearly as possible
the names of concrete things.
Abstraction IN terminology was to be
avoided in the discussion Of economics.
In the same way, a peculiar, narrowed
seEse Of words was to be deprecated.
Words in common, business use were quite
sufficient, if understood.
Words should be defined, not to limit
their use but to understand what they
mean. The word Economics" might be
we'll defined as the study of the activity OF
the practical reason in obtaining and ap-
plying those things which are provided in
Comparatively limited Quantities for the
OF man. The two elements concerned,
wealth and man. must both be considered.
To understand this definition 1t was
only necessary 10 consider its last part in
relation to wants" Emotional wants
were not included in the objects Of econ
oinics; il was only the external tenn
poral" wants. So, again, as 10 goods"
which are the wants-Satlsfiers, only the
absolutely onerous goods. such as required
exertion to obtain, and not Tree goods,
such as air and sunshine. were signitied.
Wealth should not be considered the sole
subject Of economies. Man was the funda-
mental subject, and taking wealth as the
subject was to narrow 1t. 1t was this mis-
take which leo Carlyle To term political
economy ''Ehe dismal science.
Political economy could be considered in
an ethical, political or economical light
One study must not be carried on with an
impractical OR unattaina bic view.
La further considering the definition OF
economics 1t should be remember Ell that all
labor was not economic, e. g. Guild LABOR.
The lecturer did not account s0-called
mental capital" a factor III economics :;
that belonged TO the province OF philosophy.
HE basis OF the science was he VINO
oreates-man-Whe he be skilled or
Unskilled."
The lecturer then considered the his
torlcal stages Of economics, such as acquisl-
tIVn va hunting, USninr, PICKING DeTIles,
elc.l the PASTORAL stage, the stage OF fixed
habtation or agricultural stage. the manu-
lacturIng and commercial stage, and. lastly.
the credit stage of vast financial develop
ment.
The word wants" might be divided into
needs and comforts or luXuries. Human
desire was practically unlimited, or only
llmlled by the means of its satisfaction.
''Nalue" was another important term in
economics. 1t was an abstract psycho-
logical idea and necessarily relative.
Diamonds, for Instance, must be valued
by the community. Value was .'ascribed
by the individual or by society to what