The mirror., 1920-01-15
POLITICAL ECONOMY
Papsr read at Chastauqaa Circle BY W. Il. F.

i
IANIOCIOLOGY is the science or
ES9zgI study of man. And as man is the
lSgM8R noblest work OF his creator, so the
lGGg study of man is of great profit and
intense interest.
Thos. Carlyle says: "The true Shei-
nah or visible relation of God is man." also,
1--WE are the miracle of miracles, the great
inscrutable mystery of God" Hence, again
l say, that the study of man with all of his
capilities and powers OF his soul life and
mental life; of life with his brother-man; of
life with and for himself, is the subject
worthy of the worlds best thought.
1t is singularly true that while during
the centuries, scientific minds have studied
and written of everything pertaining to the
earth and its connection with the planets of
the universe; with the various forms of life
and matter on and in the earth; of vegetable
life, mineral life, animal life, and about
man; but the study of man from sociologi-
cal standpoint is comparatively new; especi-
ally that part of mans life in its relation
with and to other lives.
Sociology deals with all the phenomena
of society; all that concerns men living to-
gether, and having certain necessary and
agreeable relations with each other; but not
the individual man, as such.
In this study of man as an integral part
of society, he has been considered under eight
sub-heads, viz:-First, Language; second,
Art; third, Science and Education; fourth,
The Family Life: fifth, Social Life, in its
narrow sense; sixth, Religious Life, seventh,
Political Life; and eighth, his Economic
Life, or as given to this class, Political Econ
omy; or that part of mans activities which
has to do with what is called, Getting a
Living
As you heard in former paper by a
member of this class, in mans early exis-
tence, Political Economy merely meant the
getting of those things which are necessary
to sustain life; such as, food, shelter and
clothing. But as the wants of man devel-
oped for the qualification of his pride and
for selfish indulgences, he began to accumu-
late and to hoard, that he should not want
in time of famine, and that he might crafty
his new found wants of luxury, indulgence,
and ease.
So later definition of Political Econ
omy is, the wealth getting activities of man.
Some of the other divisions of Sociology are
so closely allied to mans wealth getting
activities, that it is at times difficult to pro-
perly classify them, and if in this paper we
may seerp to step over the border of Political
Economy, we shall still be studying man
from Sociological viewpoint and there
surely is relation between the Family life,
the Social life, the Religious life, and the
Economic life.
The Economic theory is presented un-
der the four heads Production, Con-
sumption, Transfer or Exchange, and Distri-
button. The first of these heads, Produc-
ton, is large enough for the time and pur-
pose of this paper.
Production is the result of three fac
tors, viz :-Nature, Labor and Capital. Ma
ture furnishes the raw material, ,as trees in the
forest, minerals, in the mine, wool on the
sheep, rain, air and sunshine for growth,
etc, etc. These are taken possession of by
Labor and Capital, in ever varying ratios,
and by their united effort transformed into
usable and useful articles for mans need and
comfort, and to satisfy his pride or luxur-
ious indulgence.
1t seems unnecessary for us to discuss the
early stages of Production, interesting
though they be, such as, the Hunting and
Fishing Stage, the Flock and Grazing
Stage, the Agricultural Stage, etc, the
present or Industrial stage furnishes many
complex and intricate problems for the Econ
omist and Statesman, as well as for the
Producer.
Present problems can not be solved by
past experiences, or past rules. Emerson
says: "Away with precedent and consis-
fancy; meet each issue on its own merits.
Whether this maxim is good or bad as gen