By Hilaire Belloc
This vintage advent to the fundamentals of financial idea bargains a positive method of fiscal schooling by way of defining phrases and introducing key innovations with out utilizing insider jargon and intricate theories. the elemental questions on why the economic climate fluctuates and the way small farmers, small enterprise humans, households, shoppers, and innovators are plagued by those fluctuations are thought of. critical possible choices to trendy fiscal theories are defined, with realization to the realities which have been mostly unchanged throughout the final century.
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Capital is consumed in the process of using it to make more wealth, and as it is consumed it has to be replaced, or the process of production will break down. Take the case of the farmer we gave just now. ; and only by the use of this capital could he procure his harvest of 100 sacks of wheat at the end of the year; but if he is going on producing wheat year after year he must replace the wastage in his capital year after year. His stock of wheat for food and for seed will have disappeared in the year; so will his stock of hay and oats for keeping his horses.
The consumption is exceedingly slow, but it is there all the same. And whether the consumption takes place in the service of man (as when fuel is burnt on a hearth) or by neglect (as when a derelict house decays) it is always economic consumption. We may sum up in the following Formulae:— 1. Transport and Exchange, quite as much as actual work on the original material, form part of the Production of Wealth. 2. All wealth is ultimately consumed: that is, matter having been transposed by man from a condition where it is less to a condition where it is more useful to himself, is dragged back from a condition where it is more to a condition where it is less useful to himself.
Salt is a prime necessity of life, and it comes into a lot of things besides necessaries. To the people of the mainland, therefore, salt, which they lack, is of high value. To the people of the island it is of low value, for they can get as much of it as they want, with very little trouble. Meanwhile, meat is of very high value to the people of the island, who can grow little of it on their own soil, while it is of much less value to the people of the mainland, who have plenty of it through their good pastures and climate.