Economic essays

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Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

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Title:: The relation between statics and dynamics / John Maurice Clark

Collection:: Economics Books

58 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK This is true also of differences in temperament producing biases of judgment and susceptibility to different types of biased appeal. Wherever such susceptibilities exist in considerable numbers, people will find a profit in catering to them or exploit- ing them, and this is one of the essential facts of a dynamic economy. Then there are more external differences, not of temperament and capacity but of available knowledge and information; and this raises the further question of methods of putting the available knowledge and information at the service of the unspecialized citizen, that he may be able more successfully to cope with the interested parties with whom he has to deal, who have specialists at their service. In these respects the actual economic system works far better than it would if it were really one of pure and unmitigated individualism—which would be clearly intolerable— and this means that to understand the system we must interpret it as containing a large admixture of non-individualistic action, both public and private, and action governed by incentives and motives other than material self-interest. These cannot now be dismissed as non-economic, for they are necessary parts of the explanation of how the business system actually works, as well as of plans to make it work better. It is obvious that the varied and complex human nature which has been roughly sketched does not lend itself to much definite and simple deduction. A realistic view of man is sufficient in itself to make dynamics largely an inductive inquiry. Further significances of this will appear as we glance at certain of the other premises of dynamics, dealing with a few of the institutions and conditions under which human nature works out its economic destiny. 5. The Dynamic Concept of a Transaction The basic element of economic life—a transaction of exchange __is so complex and varied as to be inadequately represented by any simple stereotype of “free exchange.” Freedom implies that neither party is dependent on relations with the other, and that a refusal to accept a given offer will leave tolerable alternatives open.’ But as such relations become habitual people become in a 1 The writer has developed this point elsewhere. See Social Control of Business, pp. 37-8.

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