The record-union., 1894-01-22
THE SCOPE OF ECONOMICS"
Second Lecture of the University
Extension Course.
Professor Plehn Talks About the Def
nitions Of ''vaIue,'' Labor
and Other Terms.

In his lecture at Forester Hall on Sat
urday evening last, Professor Plehn
said: Before entering upon discussion
of the particular topics set for some Of the
late lectures of the course, it seems neces-
sary to dispose of some of the purely
technical questions. This lecture is there
fore devoted to outlining the scope OF the
science and explaining the meaning Of
some of the terms that will be used.
Many writers have striven hard over the
idea of value, but failed to fix the value
of that idea.
''The science should never be made
merely an expansion of certain detini-
tions. Definitions are necessary and use
full, but they should never be used to give
an arbitrary or too limited meaning tC
words of common use. Whenever pos
sible-or, in other words, almost lnvarla-
bly-a definition should be merely an
explanation of the terms used or of the
meaning of those terms as they occur IN
everyday speech.
'"This should especially be the case
with economics, which Geals with every
day matters-with the ordinary business
of life. Many Of the errors OF earlier
writers are traceable to the failure to rec
Ognize the necessity OF using
LANGUAGE IN IT'S ORDINARY SENSE.
"While there have been great many
definitions of the name of the science
and much discussion as TO its scope, there
yet seems to be considerable unanimity
among all writer's as to the different items
which belong TO the science"
The lecturer proposed as tentative
definition of the science the following
Economics is the study of the activity OF
the practical reason in obtaining and ap-
plying those things which are provided
In comparatively limited quantities tol
the satisfaction OF the external, temporal
wants of man."
This definition was then explained by
the aid of an illustration on the black.
board. Human needs are many and
varied. Their number is only practically
limited by the possibility of satisfying
them. But all wants DO not fail within
the sphere of economic science. Some ol
them are of higher spiritual or moral
nature and are not satisfied by economic
goods or services as are others.
Nor are all goods or all services of an
economic character. Some are offered
free and supplied in such liberal GGanti-
ties by nature that man never has tO
strive and labor to obtain them except
under very unusual conditions. Only
those need satistiers which are limited
in quantity and hard to obtain are O1
economic character. There are TWO gen.
eral subjects of economics,
WEALTH AND MAN.
The aim of all production is to satisfy
human wants. The way in which these
wants are satisfied has direct influence
on mans character and his welfare
and on future production. 1t is, there
fore, the duty of the scientist to consider
the effect of the use goods are put TO. 4
earlier scientists had not forgotten this
and considered wealth as the end and
aim of mans existence, and not man the
end and aim of wealth production, Car
Isle would never have been able to point
the finger of scorn at science and call it
THE DISMAL SCIENCE.
The practical benefcence of statesmen
and others saw this weakness of the
science before the devOtees themselves.
Humanitarian legislation is one of the
chief characteristics of the last half a
century. The labor Of the child should
be in school, where his labor results in a
more complete and Well-rounded man.
Such labor is not economic in character.
Most civilized nations now prevent chill
dren from taking part in economic labor
to the detriment of higher interests.
In the first part Of this century this was
not the case. Children and women
worked, slaved in the factories of Eng
land, while the father stayed at home 10
cook and nurse the baby. The result
would have been destructive Of sound
life and character had it not been check ed
eventually by law.
BETTER THAN WEALTH.
There are many things more valuable
than wealth. And it is not loss, but a
decided gain, when the child can devote
some of his energies to self-improvem
The term mental capital is a misnOmer.
Many economists write as though man
ceased to be man when he became a
''skilled laborer''; he became, rather, as
they saw him-a complicated machine, an
item under capital, a machine which was
very expensive to run.
VALUE AND LABOR.
The lecturer then explained the mean
ing of the term value. Value is the first
characteristic of all economic goods. II
is an abstract, relative term. When we
express value we always imply rela-
tion-a relation that is between the thing
that is valued and some other article (gen-
orally money! which has come to be
adopted as the universal measure of value
After giving some definitions of other
terms to be used, the lecturer proceeded
to illustrate the field of economies by
reference to the different kinds of labor
He traced the rise of voluntary labor
Labor is always irksome, and was frs
only INDUCED in under severe compul-
sion.
SLAVERY WAS ITS FIRST FORM.
at is a long step in advance from the
slave organization Of ancient Rome to The
idea of labor which the French work mar
voiced when in the beginning of this
century he demanded the right to labor
as one of the fundamental rights o
mana right which he demanded tha
the State should guarantee him."
THE MOTIVES
Which actuate men in economic life are
not solely selfish, as early theorists i'm
piled, but generosity. honesty, love o
Justice and due regard for the comfor
and happiness OF others are all powerful
motives which must be allowed for in al
the deductions of science.
The State is more than the mere sum o
the individuals of which it is composed
it has a life and aims peculiar to itsel
which often demand the sacrifice of wha
at first appears to be the interest of the
individual.
JBFFERIS' EXPULSION
Ubot .. NTaY,,l1ar Of tho Fu0fuaarS