Economic essays

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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

60 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK the interests of many groups are involved: stockholders, bond- holders, managing employees, laborers, those who sell to them, those who buy from them, those whose property values are affected by their operations, their competitors, and other fellow- members of the general business community. Some of these interests are expressed through the machinery of free contract, some by that of representative government, industrial or political, and some by no recognised machinery. Moreover, the real char- acter of the machinery is different from its nominal character, and is visibly changing, as a result of the fact that it is not uniformly appropriate to its task, and leaves some interests without adequate means of expression and protection. This evolution is one of the very vital things which is now going on in industry. The trade association is only one expression of it. Ue ky Lea Es In this economy of organizations, the motives of individuals shift from a simple and exclusive attention to personal self- interest, and come to involve a considerable measure of loyalty to collective interests. This loyalty may be made the best policy, up to a certain point, but not sufficiently so to prevent a director from being able at times to make more money at the expense of his company than by loyally serving its interests. And there are conflicting loyalties, as every schoolboy or union worker knows—the psychology of these two groups is in some respects quite similar. The contrast between public and private conduct of business is not the simple thing it once was, but is a contrast between two systems of exerting pressure on a large force of hired employees, the difference hinging on the incentives of those in ultimate control, but often taking very similar forms as it reaches the actual worker. 7. Legal Institutions Passing on to the legal institutions which underlie all this, we may note that where the earlier economics was content to ask: what is the justification of private property or occasionally: what was its origin, the realistic economics asks the more inconvenient question: what is private property and what is it doing? And just as a commodity has been analyzed into a “bundle of utili- ties,” so property is analyzed into a bundle of rights and privi- leges, its content defined by law, varying significantly in different lecal systems and changing from time to time as the systems

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