New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-17

blnatlOns, which prevent Nllc eNoh-
omies of a free play Of business,
will both bring in their train real
hardship to be borne by society. Bad
governmental policy that unwisely
interferes with business may be as
costly as the preparation to meet an
invading foe from the outside.
Economic Fallacics
Are Costly
We all want peace, we all depre-
cate war, but truly we are always
OF war; we are at war with economic
error, at war with slackers, at war
with bad business judgment, with
dishonest methods, with whatever
hurts confidence or makes for class
animosities. The cost of such war
fare if we lose, if we permit the in
sidious invasion Of economic fall
cies, of unsound political theories, Of
unwise governmental policies to DOM
mate, may be greater than the mill
tary expenditures in some Of those
nations that are to-day engaged in
military struggle.
The voice of the people is neither
the voice of God nor is it the voice
of wisdom If the minds Of the people
are unframed to think soundly, if
they are filed with sectional or with
class prejudice. If the best minds
in a community are not exerted TO
think clearly, or if thinking clearly
they neglect to give that thinking
political force, reasonable blow is
being struck at the foundations of
democracy.
There IS a science of political econ
omy. Some Of its principles are as
definite as laws Of mathematics. 1t
makes understandable principles and
laws that can no more be broken
with impunity by a nation than
moral laws can be carelessly re-
earded by an individual. | believe
sound thinking In regard TO the prin-
clples Of political economy TO be one
of the greatest needs Of this nation.
4 man counting on his fingers may
evolve enough mathematics to carry
him through the needs of simple life.
\ man unable to state a single prin-
ciple of political economy may still
think with what seems sufficient
degree Of accuracy about his ordi-
nary affairs. But when that man,
ignorant Of the principles of political
economy, Joined TO others equally
ignorant, begins en- pGSse and ma
tionally to project his judgments
beyond directing the simple affairs
of his life so that his discussions are
weighed, and give substantial direc-
ton to the course of society or the
action of government, then the dam
ger which may follow from such lack
Of understanding is appalling. All
about US there are examples Of the
densest ignorance of the conse-
quences that flow from accepting I'M
sound theories of political economy.
a man who restricts production, the
output of whose days work is con-
sciousIy made materially less than
he could with ease produce, because
Re thinks that in so restricting pro-
duction he helps his class, simply
does not know the multiplication
table of economics; he creates a con-
dition that inevitably reacts upon
himself and on his fellows. One
could multiply the illustrations, and
they could be drawn from govern
ment, business. and industry with
equal case, where unsound thinking
about questions involving principles
# political economy leads to costly
tribute being paid by all society.
We are a country of economic il
literates. ! know Of no illiteracy
more dangerous TO The welfare OF a
commonwealth.
Prosperity Leads