,libr>ies7 ,b>b>a ,we9/ock ,lectures on ,! ,morals ( ,trade ,,high] ,,education ,,& ,,bus9ess ,,/&>ds4 ,by ,,will>d ,,eug5e ,,hot*kiss4 ,,creat+ ,,capital3 ,,money-,,mak+ ,,z ,,an ,,aim ,,9 ,,bus9ess4 ,by ,,fr$]ick ,l4 ,,lipman4 ,,is ,,civilization ,a ,,disease8 ,by ,,/anton ,,coit4 ,,social ,,ju/ice ,,)\t ,,socialism4 ,by ,,john ,,bates ,,cl>k4 ,,! ,,conflict ,,betwe5 ,,private ,,monopoly ,,& ,,good ,,citiz5%ip4 ,by ,,john ,,graham ,,brooks4 ,,comm]cialism ,,& ,,j\rnalism4 ,by ,,hamilton ,,holt4 ,,! ,,bus9ess ,,c>e] ,,9 ,,its ,,public ,,relations4 ,by ,,alb]t ,,%aw4 ,,creat+ ,,capital ,,money-,,mak+ ,,z ,,an ,,aim ,,9 ,,bus9ess ,by ,,fr$]ick ,l4 ,,lipman ,,bo/on ,,& ,,new ,,york ,,h\ghton ,,miffl9 ,,company ,! ,riv]side ,press ,cambridge #aiah ,,copyright1 #aiah1 ,,by ,,! ,,reg5ts ,,( ,,! ,,univ]sity ,,( ,,cali=nia ,,all ,,rights ,,res]v$ ,publi%$ ,m>* #aiah ,! ,riv]side ,press ,,cambridge ,,massa*usetts ,u ,s ,a ,,b>b>a ,,we9/ock ,,lectures ,,on ,,! ,,morals ,,( ,,trade ,?is s]ies w conta9 essays by repres5tative s*ol>s & m5 ( affairs deal+ ) ! v>i\s phases ( ! moral law 9 its be>+ on bus9ess life "u ! new economic ord]1 fir/ deliv]$ at ! ,univ]sity ( ,cali=nia on ! ,we9/ock f\ndation4 ,,creat+ ,,capital ,,money-,,mak+ ,,z ,,an ,,aim ,,9 ,,bus9ess ,! object ( ?is pap] is to discuss money-mak+2 to exam9e its preval5ce z an aim among p g5]ally & ! moral /&>ds :i* obta9 among ^? :o consci\sly seek to make money4 ,! desire to make money is common to mo/ m54 ,/rong] or weak]1 9 "s degree x is pres5t 9 ! m9d ( ne>ly e "o4 ,n[1 h[ f> does ?is desire gr[ to be an aim or object 9 our lives1 & to :at ext5t is su* an aim a wor?y "o8 ,! typical money-mak] z commonly pictur$ 9 our imag9ation is a n>r[1 grasp+1 selfi% individual :o has *os5 to foll[ l[] r ?an high] ideals & :o (t5 is tempt$1 & always may be tempt$1 to employ illegitimate means = ! atta9m5t ( 8 ends4 ,! aims he has adopt$ are made to /& 9 opposition to ! practice ( c]ta9 virtues4 ,?us we contra/ pr(its & patriotism2 enri*+ "o's self & philan?ropy2 gett+ all ! law all[s & ju/ice2 tak+ advantage ( ! o!r fell[ & hone/y2 becom+ engross$ 9 acquisition & love ( family4 ,n[1 su* contra/s obvi\sly prove no?+ m ?an t money-mak+ is & w\ld be a vici\s aim if pursu$ reg>dless ( ^! virtues1 & x c\ld well be repli$ t consid]ation ( patriotism1 philan?ropy1 love ( family1 etc41 mu/ 9 !mselves impel "o to e>n & to save4 ,! love ( money is ! root ( all evil implies an exclusive devotion to acquisition t may well be criticiz$4 ,b aside f ?is !re is no d\bt t amid ! confus$ ideas held on ! subject1 aim+ to make money is commonly reg>d$ z 9 "s sort ( antagonism to ! social virtues4 ,t !re are o!r sides to ! picture is recogniz$1 h[ev]1 ev5 by ! loose ?\ght ( ! day4 ,! man :o e>ns 8 liv+1 = in/ance1 x views z "o :o 9 s f> is p]=m+ a fundam5tal duty4 ,inde$1 ! _w scorns him :o _c or w n support himself & 8 family4 ,b ?is is only to say t "o mu/ "w to-day to meet ! exp5ditures ( to-day4 ,is ?is ! limit8 ,is x a virtue = him to "w 9 ord] to sp5d1 b a vice = him to "w 9 ord] to save8 ,:at are ! consid]ations to be obs]v$ by a man 9 decid+ :e!r or n he %\ld adopt money-mak+--t is1 ! acquisition ( a surplus beyond 8 curr5t ne$s--z "o ( 8 def9ite aims 9 life8 ,"o consid]ation relates to our c\ntry4 ,! ,unit$ ,/ates is n[ und]/ood to be sp5d+ ab\t #be1jjj1jjj p] day 9 c>ry+ on ! w>4 ,9 ! la/ analysis ?is am\nt mu/ be paid out ( ! pa/ sav+s & ! sav+s f curr5t e>n+s ( ! p ( ! ,unit$ ,/ates4 ,! weal? ( ! nation consi/s ma9ly ( ! sum ( ! weal? ( its citiz5s4 ,we are !re=e told to seek increas$ e>n+s & to economize 9 our exp5ditures 9 ord] to enhance ! national weal?4 ,! duty "h is p]fectly cle>1 b ev5 if we did n h w> conditions to tea* u z a patriotic responsibility ! necessity ( e>n+ & sav+ a surplus1 ! obligation w\ld /ill be !re4 ,we owe a simil> debt to our /ate & to our city or di/rict4 ,& ne>] /ill comes ! duty to "o's family & to "o's own future1 ! duty ( provid+ = ! ra9y day1 = old age4 ,& x w be obs]v$ t money-mak+ 9 ?is s5se is direct$ to ! acquisition ( net income1 x relates to t portion ( "o's e>n+s :i* is sav$ f curr5t exp5diture & becomes capital4 ,!n we mu/ also consid] ! duty to society4 ,z we look out ^u ! surr\nd+ evid5ces ( civilization--build+s & railroads & highly cultivat$ fields1 ! ma*9]y ( production & di/ribution1 ! %ops full ( useful commodities--& !n ca/ our ?\ght backw>d to a "t n v _m ye>s ago :5 all ?is c\ntry 0 a natural wild]ness1 we may beg9 to realize ! magnitude ( ! weal?1 ! capital1 t has come into be+ s9ce !n1 e p>ticle ( :i* is due to ! e>n+s & sav+s ( somebody1 to ! surplus n consum$ by ! work]s ( ! pa/1 _! unexp5d$ & unwa/$ net balances ye> by ye>4 ,univ]sities1 *ur*es1 libr>ies1 p>ks1 are includ$ 9 ! weal? ?us h&$ d[n to u4 ,our lives to-day may be ri*] & broad] ?r\gh ?is inh]itance creat$ by ! indu/ry & ab/95ce ( our =efa!rs4 ,_! bus9ess c>e]s1 n[ clos$1 we reg>d z ! m successful 9 t !y e>n$ & sav$ a surplus1 t !y _h a net income to %[ z ! result ( _! "w4 ,b ^! sav+s ( ! pa/ 7 accumulat$1 aft] all1 by comp>atively few ( ! work]s2 n by ! _m1 :o liv$ f h& to m\?1 happy-g-lucky1 sp5d+ & enjoy+ 9 "t ( abundance1 suff]+ 9 "t ( pov]ty & /ress1 mak+ no provision ev5 = _! own future1 /ill less recogniz+ any duty to _! c\ntry or to po/]ity to produce economically & regulate _! exp5diture wisely s z to c>ry =w>d a surplus4 ,z f> z ?is majority is conc]n$ we might yet be liv+ among rocks & trees1 )\t %elt]1 lack+ sure supplies ( food1 ) fig leaves to cov] our nak$ness4 ,& to-day ! same conditions obta94 ,h[ _m p]sons are to be f\nd among "o's acqua9tance :o feel & act ^u any responsibility = do+ _! bit 9 ! creation ( capital8 ,v few4 ,r ?an ex]t himself to "w ) ?is 9 view1 on ! "o h&1 & to ab/a9 f unnecess>y consumption1 on ! o!r h&1 ! ord9>y man w make to himself e excuse4 ,he w contemn money-mak+ z a sordid aim1 readily exagg]at+ itself into a vice2 he w dwell ^u ! obligations & o!r consid]ations ( a high] life1 ?is be+ def9$ z some?+ g5]\s & noble1 a some?+ comp>$ ) :i* money-mak+ _c be reg>d$ z a wor?y object b mu/ be includ$ 9 ! class ( unpleasant necessities1 n to say indec5cies1 :i* ought to be relegat$ to ! backgr\nd ( life2 he w summon up pictures ( extreme pov]ty1 :]e any money receiv$ mu/ be exp5d$ =?) to meet urg5t ne$s1 z ju/ify+ t :i* 9 8 case is ! gratification ( %iftless indulg5ce4 ,above all1 ?is typical individual w n accept & act ^u ! idea t 8 affairs1 8 small income & exp5diture1 h any be>+ ^u ! prosp]ity & progress ( 8 c\ntry4 ,! mo/ he w keep be=e him is t he %\ld pay 8 bills1 & p]haps 9 "s few cases1 w ext5d ! notion to ! future to include provision = ! bills & possible em]g5cies !n to be met by himself & 8 family4 ,nor is ?is improvid5t attitude conf9$ to ! "y1 to ! pr(essional & ! o!r non-bus9ess classes4 ,9 ! bus9ess _w we see x all ar\nd u2 among ^? :o "w = a liv+1 among cl]ks & employees & among ! s-call$ labor+ classes x appe>s to be ! normal attitude4 ,p :o "w = sal>ies or wages seem *>act]i/ically to use up all _! e>n+s 9 _! curr5t exp5diture1 to live up to _! incomes )\t any s]i\s attempt to save4 ,if !y pride !mselves ^u try+ to keep out ( debt1 x is z mu* z !y expect ( !mselves1 & among !m ! man :o attempts to g beyond ?is 9 8 money affairs is c]ta9ly ! exception4 ,"o ( ! effects ( a _w-wide w> is an enorm\sly increas$ dem& = labor at high & advanc+ wages1 a condition t we might suppose w\ld be greatly to ! advantage ( ! labor]4 ,b t w dep5d ^u 8 own attitude & policy4 ,f ,engl&1 & f ,am]ican t[ns "h & !re1 we he> /ories ( ! wage-e>n] on :om increas+ income has _h ! effect ( less5+ ! ef=t to "w2 :o /ops dur+ ! week :5 ! high] wage scale has paid him ! am\nt he is accu/om$ to reg>d z a week's e>n+s4 ,n[1 w\ld x n seem natural to expect t any man enc\nt]+ improv$ m>ket conditions = 8 output1 :e!r ( commodity or s]vice1 w\ld seek to turn ! situation to advantage by increas+ t output z l>gely z lay 9 8 p[]8 ,if1 = in/ance1 ,i c manufacture %oes to sell = #d4jj a pair & a *ange 9 m>ket conditions is su* t ,i c obta9 #e4jj a pair1 ,i w\ld endeavor to produce m %oes 9 ord] to pr(it by ! favorable m>ket2 & if !reaft] ! price %\ld rise to #f4jj & #g4jj & #h4jj a pair1 at ea* increm5t my ef=ts w\ld be /ill fur!r int5sifi$4 ,t1 inde$1 is ! normal economic attitude4 ,fluctuations 9 ! price level due to *anges 9 ! dem& = a commodity are expect$ to affect1 & d affect1 ! m>ket supply4 ,at a high] price1 production is /imulat$ & m units ( ! commodity are br\ght to ! m>ket1 bo? f new s\rces & f old s\rces4 ,"u fall+ prices1 on ! o!r h&1 ! supply (f]$ 9 ! m>ket w\ld become automatically dim9i%$4 ,?is is an elem5t>y commonplace 9 economics1 yet ! labor] to :om we h j ref]r$ does n seem to recognize x4 ,he may f9d t he c e>n 91 say f\r days1 an am\nt equal to 8 =m] e>n+s 9 six days &1 !re=e1 at ! end ( ! f\r? day he quits "w = ! week4 ,n[1 obvi\sly "u su* increas+ wage scale1 he might d "o ( ?ree ?+s3 ,he c\ld quit at ! end ( ! f\r? day1 hav+ receiv$ a week's income4 ,he c\ld cont9ue work+ = ! six days & use 8 surplus e>n+s = com=ts1 pleasures1 & luxuries :i* previ\sly he _h be5 unable to af=d4 ,he might "w = ! six days & save z mu* z possible ( 8 excess e>n+s4 ,n[1 :at is ! wise *oice = ! labor]8 ,leav+ out ( acc\nt special cases :]e he has a l>ge family1 or sickness at home1 or is "u "s o!r disability :i* 9 8 individual case w\ld r$uce 8 e>n+ p[] or increase 8 m9imum exp5ses1 ought he n to "w = ! six days1 putt+ aside all he c\ld ( ! excess z sav+s = ! future8 ,x w be g5]ally conc$$ t ?is is self-evid5t4 ,if1 view+ ! n>r[ conditions "u :i* ! workman ord9>ily lives1 x %\ld be claim$ t dur+ a p]iod ( unusual e>n+s self-gratification w\ld be n only natural b measurably ju/ifiable1 ! reply c\ld be made t ?is is m]ely speci\s1 involv+ assumption n 9 accord ) ! facts4 ,excuses ( ?is k9d we (t5 make = ourselves 9 ! endeavor to ju/ify our indulg5ce 9 pres5t pleasure r ?an p]=m ! irksome duty ( self-re/ra9t4 ,! labor] ^: ideals are su* t he quits at ! end ( ! f\r? day is n ! type ( man :o is go+ to sp5d ! two holidays 9 pursu+ high] aims 9 life2 he is go+ to pass !m 9 inaction1 q likely at ! grog-%op4 ,! man :o fails to take advantage ( ! security = ! future (f]$ him & 8 family ?r\gh ! opportunity ( sav+ f extraord9>y e>n+s is "o :o is add+ to ! abnormal dem& = su* ?+s z phonographs1 jewelry1 spirits1 & tobacco4 ,& ?is helps to expla9 ! trem5d\s m>ket = luxuries dur+ w>time4 ,d\btless !re are _m workm5 :o foll[ a m rational c\rse1 :o are reap+ & /or+ ! h>ve/ = ! com=t & security ( !mselves & _! families dur+ ! w9t] ( life4 ,c\ld any "o ?9k t ?is policy involv$ an aim t 0 sordid1 t5d+ to draw !m d[n1 & away f high] consid]ations ( life8 ,c]ta9ly a c\rse ( c>eful plann+ 9 "o's affairs w\ld be 9 s f> a bett] c\rse & on a high] plane ?an indulg5ce 9 idl5ess or %iftless exp5diture ( surplus = pres5t luxuries1 reg>dless ( future ne$4 ,?is case ( ! workm5 "u conditions ( abnormal wages seems exceptional2 yet ! *oice s pres5t$ to him is n v diff]5t fundam5tally f ! *oice normally pres5t$ to all ! re/ ( u4 ,! "y man />t+ out 9 life may be z neglig5t ( 8 opportunities z ! workman :o quits at ! end ( ! f\r? day4 ,or if he devotes himself prop]ly to 8 vocation he may consume 8 e>n+s 9 curr5t self-gratification4 ,if1 h[ev]1 he w bo? conc5trate on 8 "w & practice self-re/ra9t ) ! purpose ( creat+ a sav$ surplus1 all w agree 9 consid]+ him z s f> head$ on ! road t[>ds success4 ,9 ! case ( ! beg9n] ?is seems cle> en\gh1 b1 aft] all1 ! same consid]ations apply to ev]ybody else1 :e!r 9 bus9ess or pr(ession1 beg9n]s or exp]i5c$1 "y or old2 to all ( u is ! same *oice pres5t$ daily1 & at our p]il we mu/ make x wisely4 ,! physician1 = in/ance1 al?\gh he _c af=d to pay m att5tion to money-mak+ ?an to ! welf>e ( 8 pati5ts1 to 8 /udies1 to 8 pr(essional ideals1 mu/ n1 on ! o!r h&1 leave out ( acc\nt ^! bus9ess duties & consid]ations :i* belong to him z an economic memb] ( society4 ,he mu/ produce & mu/ consume ) 8 family1 reasonably1 dec5tly & ?riftily4 ,he mu/ aim at a surplus to /ore away = ! future4 ,^! aims are1 z a matt] ( c\rse1 second>y to 8 pr(essional ideals1 b !re ne$ be no conflict ( duty4 ,! po9t is t !re exi/s a dep>tm5t ( 8 activity devot$1 & to be devot$1 by him to 8 bus9ess affairs4 ,9 any ev5t1 z a man1 a husb&1 a fa!r1 a citiz51 he _c escape f ! responsibility ( ^! bus9ess affairs4 ,!y mu/ be conduct$ 9 "s way4 ,%all x be well or ill8 ,if he fails h]e9 x may involve failure 9 any or all ^! relations--z a man1 husb&1 fa!r1 citiz54 ,& obvi\sly ^! same consid]ations apply to all o!r m5 & wom51 :atev] may be _! pr(essions1 occupations1 or major int]e/s 9 life4 ,:y d s _m all[ !mselves to be dragg$ along1 liv+ f h&-to-m\?1 9 fe> ( ! knock ( ! bill collector at ! door8 ,:y d we associate money que/ions ) t :i* is unhappy1 un=tunate1 d[n-at-!-heel1 ) fe> & mis]y8 ,b>r+ m]e accid5ts1 x is because we are c>eless1 %iftless2 because we d n face ! problem manfully1 practice reasonable self-re/ra9t1 consid] ! subject 9 its complexity & decide ^u1 & c>ry out1 a con/ructive programme4 ,ev5 if "o happ5s to possess weal?1 he is n exempt4 ,inde$1 l>ge weal? involves /ill great] necessity = c>e 9 ! conduct ( "o's pecuni>y affairs4 ,! ri* man is said to h p]plexities & responsibilities :i* are unkn[n to ^? 9 mod]ate circum/ances4 ,9 f9e1 ev]yone mu/ face ^! money que/ions or be driv5 by !m4 ,^? :o live on fix$ incomes1 :e!r f sal>y or inve/m5t1 may f9d x impossible to make any direct attempt to make money2 = !m ! problem is to be confront$ & ma/]$ on its o!r side1 ! side ( sp5d+ & sav+1 t ! income may be apportion$ z wisely z possible = ! purposes ( liv+4 ,b dur+ ! la/ few ye>s a new factor has ent]$ into ! money problems ( ! individual1 (t5 add+ to 8 trials1 (t5 add+ to 8 self-made excuses1 & especially burd5some to ! man on fix$ income4 ,we ref] to ! high co/ ( liv+4 ,"h x is1 h[ev]1 t ! wage e>n] c d some?+ 9 self-protection1 = ! level ( prices may be 9 "s measure affect$ by 8 policy 9 h&l+ 8 e>n+s4 ,a p]iod ( high wages is accompani$ by & is 9 "s s5se an incid5t ( a high level ( prices4 ,n[ we recognize high wages1 consid]$ 9 itself1 z b5eficial to ! community1 = x gives opportunity1 at lea/1 = com=ts 9 life & a provision = ! future t o!rwise w\ld be lack+4 ,b if prices h advanc$ z mu* z wages1 ! app>5t improvem5t to ! labor] is m]ely 9 nom9al wages1 :ile t :i* alone c b5efit him is high] real wages4 ,n[ let u see :at ! workman c\ld d to advance real wages z contra/$ ) nom9al wages4 ,:at w be ! effect on prices ( ! use ( surplus e>n+s dur+ a p]iod ( high wages8 ,if ! surplus e>n+s are exp5d$1 !y w be us$ ei!r 9 meet+ ! high] prices ( cu/om>y commodities1 or 9 meet+ ^! advanc$ prices & also 9 pur*as+ additional commodities4 ,! fir/ case w occur only if1 & :51 ! advance 9 price equals ! advance 9 wages1 = only 9 t ev5t w ! new wages j cov] ! new co/ ( cu/om>y commodities4 ,!n ?is exp5diture ( ! entire income 9 cu/om>y commodities t5ds to keep up ! price level & any b5efit f high] wages disappe>s4 ,9 ! second case1 s f> z ! work] sp5ds 8 surplus e>n+s 9 meet+ advanc$ prices = cu/om>y commodities1 he t5ds to ma9ta9 prices at ! high] level1 & s f> z he buys additional commodities1 he increases ! dem& = !m & t5ds fur!r to advance ! price level4 ,if1 on ! o!r h&1 ! work] w save f 8 surplus e>n+s1 he w increase ! community's capital1 & ?is w t5d1 directly or indirectly1 to cause ! production ( fur!r commodities1 s increas+ ! supply ( commodities & !re=e t5d+ to r$uce prices4 ,9 any case1 ! work] %\ld save z mu* z possible1 z ?is t5ds to r$uce ! price level & s to bett] 8 condition4 ,or1 putt+ x m simply1 9 "t ( high wages ! work] ought to produce z mu* z possible & consume z little z possible1 bo? influ5ces t5d+ to increase ! /ock ( commodities = 8 ultimate ga9 & = t ( ! community4 ,9 fact1 a high level ( prices may be due measurably to "s wa/+ ( ! _w's capital--z 9 w>1 = in/ance--& !n ! only antidote is to re/ore ! capital1 a movem5t t w\ld d\btless occur anyway 9 "t b :i* c\ld be greatly accel]at$ ?r\gh a g5]al adoption ( habits ( ?rift & sav+ ?r\gh\t a community4 ,?is !n1 ?\gh small1 is some?+ def9ite t we c contribute to ! mat]ial advancem5t ( mank9d &1 l ! duty 9 ?is connection to our nation1 to our families & ourselves1 x consi/s 9 creat+ capital2 t is1 e>n+ z mu* z we c &1 9 any ev5t1 ev5 if our e>n+s are fix$1 manag+ ! income ?riftily1 & c>ry+ =w>d z l>ge a net result z possible4 ,we turn n[ f ! mass ( mank9d1 on ! :ole s s+ul>ly neglectful ( ^! responsibilities1 to ! few 9 numb] :o con/itute ! creators ( capital1 to :om are due s mu* ( ! com=ts1 ! conv5i5ces1 & ! mat]ial advantages t g to make civiliz$ life possible4 ,n[ ^! few are f\nd 9 e rank 9 life4 ,!y may be ri* or poor1 pr(essional or bus9ess m51 employ] or employee1 old or "y1 male or female4 ,! *>act]i/ic is _! habit ( ?rift1 ( def9itely adopt+ money-mak+ z an aim1 ( sp5d+ less ?an !y e>n4 ,x is a/oni%+ :at a small p]c5tage ( mank9d !y are4 ,! ,income ,tax returns 9 ! ,unit$ ,/ates = #aiaf %[$ t out ( a population ( #ajd1jjj1jjj p ^? ) taxable incomes aggregat$ only #ccf1feb1 ab\t "o 9 ?ree hundr$4 ,b :atev] be ! rank ( ! individual practic+ ?is ?rift he is head$ 9 ! "r direction & he t5ds to rea* ! po9t ( relative compet5ce1 ( indep5d5ce 9 8 pecuni>y affairs4 ,prem95t 9 ! class ( ! ?rifty we ?9k ( ! man ( affairs2 ! bus9ess ent]prise inde$ is suppos$ to be ! money-mak]1 p> excell5ce4 ,money-mak+ is 9 fact consid]$ z its raison d'tre2 x is z a money-mak] t ! bus9ess man is contemn$ by "s & envi$ by _m4 ,n[ money-mak+ & money values occupy a special place 9 bus9ess ent]prise1 due to ! fact t on economic pr9ciples su* money value becomes ! be/ te/--p]haps ! only true te/--( ! workabl5ess & success ( bus9ess ef=ts4 ,9 ! complicat$ activities ( ! _w's "w1 :]e ea* man1 ea* und]tak+1 ea* bus9ess unit1 respectively1 is /riv+ prim>ily = its own advantage1 h[ is x1 among all ?is pull+ & pu%+1 ?is competition1 t ! social income is di/ribut$ s ne>ly 9 accordance ) ! individual contribution8 ,ev5 if we admit t _m p]sons fail to get a fair %>e1 t !re is gross inequality "h & !re1 /ill aft] all1 a /ud5t ( mank9d's activities 9 production1 di/ribution1 & consumption mu/ m>vel at ! ext5t to :i* ! rew>ds approximate ! value ( contribution4 ,n[ ?is is made possible by money consid]$ z a measure ( relative values1 by ! /&>d or te/ ( fitness embodi$ 9 ! ?\ght1 ,w x pay1 & to :at ext5t w x pay8 ,if ,i h 9 m9d "s new inv5tion t w p]haps conf] b5efits on mank9d1 ! be/ te/ ( its practicability & utility w be1 ,w x pay1 w p buy x1 pay money = x8 ,if an improvem5t 9 process is propos$1 ! "q is1 ,w x pay8 ,if ! "y man />ts out 9 life ) high ideals & a reasonably good op9ion ( 8 own abilities1 an op9ion fo/]$ p]haps by fond p>5ts & admir+ fri5ds1 ! "q is1 ,w ^! abilities fit 9 ) ! _w's ne$s8 ,w !y supply a real dem&1 w !y be s]viceable8 ,! be/ means ( asc]ta9+ ?is1 al?\gh x may be only a r\gh e/imate & al?\gh errors occasionally creep 9 is1 w !y pay8 ,c he sell ^! s]vices = real money8 ,?is crit]ion is practically omnipres5t 9 ! _w ( affairs4 ,x is bas$ on economic necessity1 & al?\gh "h & !re x may be *>g$ ) cruelties1 ) s]i\s blund]s1 x is1 on ! :ole1 a rem>kably accurate /&>d4 ,we see ?is m cle>ly :]e we attempt to sub/itute "s o!r crit]ion = rank+ ! soldi]s 9 ! battle ( life4 ,we c note1 = in/ance1 ! inf]ior type & "*1 g5]ally speak+1 ( m5 elect$ to (fice by ! suffrages ( _! fell[ citiz5s1 comp>$ ) m5 :o rea* positions ( au?ority 9 bus9ess & o!r ent]prises ?r\gh ! pressure ( ^! economic pr9ciples4 ,aga91 consid] ! nation t has attempt$ to improve on economic di/ribution ( p[] by evolv+ a gov]nm5t :i* places ! p[] 9 ! h&s ( ^? be/ fitt$ to gov]n1 a rul+ class :i* aims directly at effici5cy1 a select class b necess>ily self-select$1 ?us supplant+ an economic rgime by a milit>y rgime--successful truly 9 c]ta9 =ms ( economic effici5cy ?r\gh a m rigid & compact organization1 b de/ructive ( ! initiative1 ! evolution>y gr[?1 ! fundam5tal developm5t1 ! lib]ties ( ! p4 ,contra/ ?is ) ! fre$om1 happ9ess1 & progress ( a nation ( %op-keep]s4 ,n[ ?is economic rgime1 ) its individual in/ances ( cruelty1 l ! cruelties ( nature1 does on ! :ole t5d to develop m51 to require _! be/ ef=ts1 to make !m come =w>d & upw>d4 ,?us1 9 ?is int]play ( economic =ces1 weal?1 or money1 or pr(its /&s out z a prim>y object ( atta9m5t1 & becomes ! inc5tive to ! complex ef=ts :i* t5d to b5efit ! individual1 ! community1 & ! nation4 ,! bus9ess ent]prise !n directs its att5tion to pr(its1 because1 f m]e economic necessity1 pr(its are ! crit]ion ( ! true success ( ! ent]prise1 t is1 its s]viceability to mank9d4 ,"h we di/+ui% betwe5 ! %ortsight$ man1 :o aims at imm$iate returns1 & ! f>sight$ man1 ^: eye is fix$ on ! future1 :o v]ily desires ! pr(its1 b desires !m 9 ! long run4 ,b ?is is only a manife/ation ( human nature z we f9d x 9 e field4 ,we always note a defici5cy 9 ! man ^: life is liv$ = ! pres5t1 = imm$iate enjoym5t3 9 him we see ! typical pleasure-seek]1 peculi>ly prone to temptation1 to break ! rules ( life1 to indulge himself at ! exp5se ( o!rs or ( 8 own future4 ,he is *>act]i/ically ! weakl+1 ! wrongdo]4 ,& we contra/ him ) ! man ( "*1 :o /&s sup]ior to an imm$iate environm5t1 :o w n disreg>d ! di/ant future1 ! abs5t neighbor1 ! invisible ,god4 ,& s 9 ! economic _w x is ! :ole life p]iod :i* is to be reg>d$ :5 aims are *os54 ,pr(its z a goal = ! long run d n antagonize moral pr9ciples4 ,hone/y is ! be/ policy & ,d unto o!rs z y w\ld h o!rs d unto y are maxims ( good bus9ess2 & t economic pr9ciples d n conflict ) !m is %[n by ! fact t !y t5d t[>ds pr(its 9 ! long run4 ,?is is n to ass]t t mank9d 9 bus9ess is p]fect4 ,9 e p]iod ( economic advance into a new environm5t1 m5 try new exp]im5ts1 z dur+ ! developm5t ( ! great mod]n corporation 9 ! p]iod foll[+ ! ,civil ,w> 9 ?is c\ntry &1 e>li] ?an t1 9 ! era ( railroad build+4 ,!y h tri$ new exp]im5ts 9 e?ics z !y h 9 physics1 9 *emi/ry1 9 economics4 ,!y h attempt$ to replace hone/y by cam\flage1 ! gold5 rule by self-aggr&izem5t4 ,b ^! attempts are n successful & s !y become discr$it$2 !y d n "w because inh]5tly !y _c la/1 & inability to endure is fatal to ! purposes ( any economic und]tak+4 ,we are emphasiz+ ! fact t bus9ess is necess>ily conduct$ = ! long run1 ! v nature ( success imply+ p]man5ce4 ,a man may take "s crim9al advantage ( an opportunity3 he may abscond ) money entru/$ to him2 he may abuse ! confid5ce repos$ 9 him by an employ]1 by a cu/om]2 he may obta9 an imm$iate pr(it by misrepres5tation4 ,b no "o c\ld expect su* ?+s to la/2 he c\ld n possibly be build+ an endur+ /ructure2 su* a c\rse c\ld n 9 ! end promise him pr(its1 or any o!r k9d ( success4 ,a prop]ly conduct$ bus9ess ent]prise !n is conc]n$ ) mak+ pr(its 9 ! long run2 t is to say1 9 accordance ) accept$ notions ( bus9ess conduct2 9 %ort1 accord+ to rules ( ! game1 & ?is involves con=mity ) a /&>d1 a /&>d ( giv+ good value = :at "o gets4 ,we mu/ next di/+ui% betwe5 gross pr(its & net pr(its4 ,! m]*ant or manufactur] naturally desires to d a l>ge bus9ess1 he po9ts ) pride to ! increase 9 8 sales ?is ye> ov] la/ ye>4 ,! l>g] 8 turnov] ! small] ! proportionate am\nt ( 8 ov]head exp5ses t mu/ be borne p] unit ( product1 & o!r economies foll[ l>ge-scale production or di/ribution4 ,he may occasionally be desir\s ( increas+ 8 output ev5 :5 x entails a disproportionate increase 9 8 exp5ditures1 ) ! idea t he c lat] occupy himself ) r$uc+ ^! exp5ses & 9 ! mean:ile ! goodwill ( 8 ent]prise w h ga9$ f ! l>g] circle ( cu/om]s4 ,su* is ! case ) a new ent]prise t (t5 />ts out ) ! expectation ( little or no pr(its dur+ its e>ly ye>s1 :5 x is ga!r+ a cli5tle & le>n+ to di/ribute its product ) economy4 ,all ^!1 h[ev]1 are special cases4 ,! normal situation is t ! bus9ess ent]prise is aim+ at net pr(its1 hav+ an int]e/ 9 l>ge sales1 heavy transactions & gross pr(its only s f> z ^! are expect$ to lead f9ally to net pr(its1 ! real goal4 ,n[ ^! net pr(its are1 ( c\rse1 ! rema9d] ( e>n+s left on h& aft] provid+ = all co/s & exp5ses1 = depreciation & e o!r factor caus+ loss1 de/ruction1 & det]ioration dur+ ! bus9ess p]iod "u consid]ation4 ,9 %ort1 ! bus9ess capital z x 0 at ! beg9n+ ( ! p]iod is fir/ fully re/or$ & made intact at ! end ( ! p]iod be=e a net pr(it em]ges4 ,?is net pr(it !re=e becomes 9 a true s5se a creation ( new capital & may inde$ be reta9$ 9 ! bus9ess z an addition to capital funds4 ,ev5 :5 x is paid out 9 divid5ds1 p>tly or :olly1 x becomes new capital 9 ! h&s ( ! individual /ockhold]s :o !n 9 _! private capacity may ( c\rse sp5d x1 b by prop] inve/m5t may keep x p]man5tly /or$ z capital4 ,x is ! creation ( capital !n1 t is 9 reality ! ultimate money-mak+ aim ( ! bus9ess ent]prise4 ,we c n[ summ>ize ! attitude & policy ( ! typical bus9ess man 9 8 money-mak+ aim z foll[s3 ,9 seek+ pr(its he is actuat$ by economic necessity4 ,8 goal is pr(its 9 ! long run1 :i* involves con=mity ) economic & e?ical /&>ds1 & net pr(its1 :i* implies ! creation ( capital4 ,! creation ( capital we _c fail to recognize z a wor?y aim4 ,x has giv5 mank9d mu* ( all t mank9d possesses & con/itutes ! f\ndation ^u :i* civilization l>gely re/s4 ,! advancem5t 9 ! arts & sci5ces has be5 9 no small degree /imulat$ by ! dem&s ( bus9ess ent]prise = new me?ods ( creat+ capital & we may believe t %\ld ! "t arrive :5 ?is motive %\ld fail1 :5 m5 %\ld gr[ to be indiff]5t 9 _! attitude t[>ds pr(its1 ! ensu+ /agnation w\ld affect e dep>tm5t ( human endeavor4 ,( ?is we may be assur$ ev5 :5 we rememb] t money-mak+1 & :at goes ) x1 is n ! only aim 9 life4 ,aft] catalogu+ s mu* t is virtu\s 9 ! pursuit ( money-mak+ ! sugge/ion is inevitable t !re mu/ be "s o!r side to x1 t ! common views ( ! rapacity ( ! money-mak] _c be :olly unf\nd$4 ,:at !n are ! vices ( ! money-mak+ aim8 ,9 exam9+ ?is "q we %all fir/ bru% aside "s ?+s to :i* we h already ref]r$4 ,! pa?ological cases ( m]e crime1 ( %>p practice1 ( tak+ advantage ( o!rs1 :ile m\nt+ up into di/ress+ly high figures consid]$ absolutely1 are mu* less important relatively2 t is1 !y are infrequ5t & sc>ce en\gh to avoid obscur+ ! rule :i* !y violate1 ! rule t hone/y is indisp5sable 9 economics z well z 9 e?ics4 ,:at we mu/ n[ inve/igate is any vici\s t5d5cies t may be f\nd 9 ! money-mak+ aim :5 foll[$ normally & accord+ to its own accept$ pr9ciples4 ,( su* deg5]ative t5d5cies we seem to f9d two3 fir/1 ! t5d5cy to t excess :i* becomes a vice2 & second1 ! t5d5cy to a disreg>d ( o!r consid]ations 9 life ?r\gh too exclusive a devotion to acquisitiv5ess4 ,b ^u fur!r ?\ght we mu/ see t ^! two t5d5cies fl[ toge!r & become "o1 = too mu* devotion to money-gett+ & too little att5tion to ! o!r purposes ( life are1 aft] all1 expressions ( ! same ?+4 ,p]haps a man may err 9 excessive devotion to any object ( life b we mu/ admit t 9 ! pursuit ( ga9 ! evil t5d5cy to exagg]at$ absorption 9 ! "o aim is promot$ ?r\gh a cop]ation ) 8 natural selfi%ness4 ,( all ! fields ( human endeavor1 "h is "o t peculi>ly fits 9 ) self-seek+1 ) disreg>d = o!rs1 :i* may drag a man d[nw>d1 mak+ him small & mean1 unhappy & un*>itable1 :ile app>5tly atta9+ ! goal at :i* he has aim$4 ,n e man1 :ile conc5trat+ ^u money-mak+1 is consci\sly seek+ 8 c\ntry's welf>e1 ! amelioration ( life = ! _m1 ! uplift ( po/]ity1 ev5 if he rigidly adh]es to ! accept$ rules ( ! game1 to ! code ( bus9ess honor4 ,?is br+s u back to ! popul> picture ( ! money-mak]1 grasp+1 sordid1 n>r[-m9d$4 ,!re are su* p4 ,i believe !m to be r>e1 b :e!r !re are _m ( !m to-day or n1 x is a type t5d+ to disappe> 9 ! environm5t ( mod]n bus9ess :i* (f]s its inducem5ts & rew>ds to him :o does1 :o becomes1 :o r5d]s s]vice1 n to ! sordid seek] = ga94 ,b>r+ an occasional exception1 su* an exclusive aim is n t ( ! man ( l>ge affairs1 ! bus9ess lead]1 ! conspicu\sly successful man4 ,x is n ,h>riman1 nor ,edison1 nor ,we9/ock1 nor ,m>%all ,field1 nor ,peabody1 nor is x ! heads ( our big corporations ( to-day4 ,su* m5 are money-mak]s1 creators ( capital1 build]s ( l>ge ent]prise1 b _! aim at pr(its :ile g5u9e is only incid5tal to _! ma9 purpose ( do+1 ( becom+ bett] able to a*ieve1 ( r5d]+ s]vice4 ,:5 ! beg9n] 9 bus9ess approa*es an exp]i5c$ fri5d = advice1 he is told to "w z h>d & z fai?fully z possible1 to /udy 8 bus9ess1 to seek to improve himself--9 o!r words1 to conc5trate 8 :ole /r5g? on ! giv+ ( s]vice1 = 8 wages or sal>y w take c>e ( itself4 ,! exp]i5c$ man kn[s well t ?is holds j z truly = all ranks 9 ! bus9ess _w & t ! high] "o asc5ds 9 responsibilities1 ! m he mu/ give & d2 inde$ ! lead+ positions 9 ! bus9ess _w are occupi$ by m5 :o produce trem5d\sly1 ^: value to !mselves & o!rs lies 9 :at !y accompli%1 & ?is--n :at !y get--is ! crit]ion ( success among m5 ( exp]i5ce1 among ^? 9 *>ge ( ent]prises1 :o are on ! look\t = lead]s ( ?is type4 ,"h we h ! rem$y = ! t5d5cy back$ by natural selfi%ness t[>ds undue devotion to ga93 su* n>r[ness simply does n "w1 x is cr[d$ out by competition ) ! sup]ior effici5cy ( broad] motives4 ,& :ile1 "h & !re1 ! type cont9ues to exi/1 its developm5t 9 new cases is disc\rag$ by e in/ance illu/rat+ ! relative success--9 all s5ses--atta9$ by ^? :o make x _! *ief aim to produce1 to r5d] s]vice4 ,j z ! physician be/[s 8 fir/ ?\ght ^u 8 pati5t1 ^! sup]ior bus9ess m5 give fir/ consid]ation to _! pr(ession1 = s !y reg>d x1 & ?is t5ds to assure _! success1 j z x does t ( ! physician1 & to become ! /&>diz$ ideal = less] m54 ,x is inde$ cle>ly self-evid5t t on _m acc\nts ! man 9 bus9ess mu/ give att5tion prim>ily to ! s]vice he is try+ to r5d]4 ,! cl]k 9 ! /ore mu/ devote himself ma9ly to 8 cu/om]s1 to 8 m]*&ise1 to 8 o!r duties1 n to 8 sal>y4 ,& s ) ! dep>tm5t manag]1 & s ) ! g5]al manag]1 :e!r ( a /ore1 a railroad company1 or o!r activity2 ! imm$iate daily problem = all lies 9 ! r5d]+ ( a s]vice1 ! produc+ ( a commodity1 or ! do+ ( ! ?+ = :i* ! bus9ess ent]prise exi/s4 ,?is conc5tration ^u output is fur!rmore requir$ by competition :i* :ips ! produc] into l9e & (t5 makes x a matt] ( bus9ess life & dea? t "o %\ld make progress 9 me?od & quality4 ,t 8 %oes we> is a matt] ( pride to ! %oe manufactur]4 ,blank tires are good tires is n to be reg>d$ z m]ely a boa/ful adv]tisem5t4 ,if x 0 x w\ld n pay ! adv]tis+ co/4 ,money-mak+ z an aim ?us becomes subsidi>y to ! *>act]i/ic activities ( ! ent]prise1 x is 9 a s5se a by-product4 ,b ! money-mak+ aim is !re1 al?\gh p]haps 9 ! backgr\nd4 ,x is furni%+ ! p[] "u :i* ! ent]prise op]ates4 ,m ?an t1 x is ! gauge indicat+ ! prosp]ity or lack ( prosp]ity ( ! ent]prise1 its progress1 its fitt+ 9 ) ! ne$s ( life4 ,9 %ort1 ! money-mak+ aim spurs on ! bus9ess ent]prise1 j z ! weekly or mon?ly pay spurs on ! humble work]2 b 9 ea* case ! ma9 att5tion is giv51 & necess>ily giv51 to ! "w to be p]=m$4 ,let u n[ consid] "s ( ! implications ( ?is conc5tration on r5d]+ s]vice4 ,! direct$ ef=t ( ea* man to ! production ( ! utility *>act]i/ic ( 8 bus9ess1 t5ds to result 9 8 le>n+ to conduct t specific activity ) a high degree ( skill1 & ) an increas+ly valuable fund ( exp]i5ce4 ,s highly specializ$ does he become t x w be q impossible = any "o hi!rto a /rang] 9 t sph]e to conduct x z well4 ,!re=e 9 an age ( cord9at$ ef=t ! m a man has ( accumulat$ k & facility 9 h&l+ a c]ta9 k9d ( affair & ! bett] fitt$1 !re=e1 he is to cont9ue & to progress along t l9e1 ! less relatively he is able to und]take ! affairs ( "s o!r k9d ) :i* he is n famili>4 ,we commonly feel free to criticize a railroad1 a newspap]1 a l>ge bus9ess h\se1 p]haps a univ]sity1 ) :i* we may h casual contact1 b ! fact is !re are few compet5t critics outside ( ! ranks ( ! ent]prise itself or ( ^? c>ry+ on activities t are directly simil>4 ,9 a ^w1 ?r\gh ?is focus+ ( att5tion1 a man w come to be exhau/ively famili> ) 8 own occupation1 :ile possess+ a m]ely sup]ficial acqua9tance ) ! !ories1 cu/oms1 & responsibilities ( ^? ( o!rs4 ,! wise man !re=e argues ! necessity ( conf9+ himself to ! field 9 :i* he has become exp]t & w avoid tak+ *ances 9 "s outside direction :]e9 he is n famili>4 ,"o ( ! mo/ common & di%e>t5+ exp]i5ces 9 ! money-mak+ & money-sav+ ( ! ?rifty is t aft] hav+ bo? work$ h>d & practic$ self-re/ra9t1 ! resultant sav+s are (t5 put into "s ent]prise t turns out badly1 & ! :ole ef=t is ?us ?r[n away4 ,g5]ally ?is happ5s because he has violat$ ! rule we h j /at$2 he has v5tur$ 8 sav+s 9 unfamili> fields1 ignorantly he has ru%$ 9 :]e ! bett] in=m$ w\ld h fe>$ to tread4 ,su* s-call$ inve/m5ts are 9 reality highly speculative4 ,!y involve risks :i* are unkn[n & altoge!r to be avoid$4 ,n[ no "o speculates 9 8 own legitimate bus9ess1 = !re he is acqua9t$ ) ! haz>ds :i*1 he has le>n$1 require ! be/ ( k & ! greate/ ( prud5ce4 ,x is ! allurem5t ( ! unkn[n t tempts him to seek une>n$ pr(its ?r\gh speculation 9 outside regions :]e1 9 ! nature ( ! case1 ! *ances mu/ be aga9/ him4 ,n[ speculation has its prop] place 9 bus9ess3 !re are c]ta9 inh]5t haz>ds t mu/ be und]tak51 ma9ly to be f\nd 9 ! risk ( ! seasons 9 ! production ( crops1 & ! risk ( ! future 9 undevelop$ ent]prise4 ,^! risks mu/ be c>ri$ by somebody1 b cle>ly !y con/itute an activity = speciali/s :o /udy conditions1 becom+ relatively exp]t 9 det]m9+ h[ & :5 to act4 ,^! speciali/s are drawn pr9cipally f two classes3 ,fir/1 ! pr(essional speculator1 :o kn[s 8 m>kets & makes a bus9ess ( buy+ & sell+ future risks2 su* m5 p]=m a great s]vice 9 h&l+ our seasonal crops & 9 o!r directions1 & are entitl$ to a reasonable pr(it4 ,second1 ! man ( weal? :o may use "p ( 8 surplus 9 ! risks ( undevelop$ ent]prise2 al?\gh x is probable t 9 ! end 8 losses & exp5ses w outweigh 8 ga9s1 he c af=d to take *ances ( su* exp]im5ts 9 ! hope t success w foll[ 9 "s ( !m2 fur!rmore1 he c reg>d ! outlay z a contribution to ! advancem5t ( mank9d4 ,= ! re/ ( u1 h[ev]1 outside ( ^! two classes1 x is our bus9ess to keep away f speculation :e!r 9 oil wells1 fly+ ma*9es1 9 new factories1 or 9 real e/ate3 9 ! long run1 we _c get some?+ = no?+ & money-mak+ ef=ts t are e?ically valid ?us co9cide ) ^? t are selfi%ly desirable1 namely1 ! ef=ts to obta9 ! paym5t1 ! pr(it1 t arises f a valuable s]vice p]=m$ or commodity produc$4 ,too (t5 m5 :o foll[ ?is rule 9 _! regul> occupation dep>t f x 9 ! use ( _! sav$ surplus funds4 ,!y feel t _! sav+s ought to make !m money1 z !y say4 ,n[ sav+s c be employ$ 9 "o ( ?ree ways3 ,!y may be us$ z capital by ! own]2 or !y may be put out 9 inve/m5ts--t is1 us$ or utiliz$ z capital 9 ! bus9ess ( ano!r2 or1 ?ird1 !y may be wa/$ 9 gambl+ or speculation4 ,z a matt] ( c\rse1 ! employm5t z additional capital 9 "o's own ent]prise is g5]ally ! mo/ desirable :]ev] applicable1 b ?is is a use ( limit$ scope1 relat+ to b few ( ! p engag$ 9 productive activity :o e>n & save a surplus4 ,! ma9 res\rce = su* accumulations is 9 safe inve/m5ts1 9 ! bonds & securities ( our own c\ntry & ^? ( well e/abli%$ ent]prises4 ,n _m among our embryo capitali/s possess ! exp]i5ce or skill requisite = ! safe & prop] inve/m5t ( _! funds1 !y mu/ rely ^u ! advice ( o!rs4 ,b :om c !y tru/8 ,! dem& = inve/m5t advice has n fail$ to call =? a supply ( advis]s1 & elaborate are ! s*emes design$ to lure ! unw>y4 ,b1 g5]ally speak+1 ! man :o falls into ! clut*es ( ^! birds ( prey has himself to blame1 = ! reason t ! temptations !y (f] are appeals to ! illegitimate desire to get some?+ = no?+ or to ! fooli% notion t "o c get-ri*-quick 9 "s way :isp]$ ab\t by a /rang]1 & out ( %e] b5evol5ce4 ,! fact is t ! wise man w dismiss all ?\ght ( mak+ money out ( 8 inve/m5ts2 he w seek only ! mod]ate return :i* alone is consi/5t ) safety2 & ) ?is policy1 w turn a deaf e> to any s-call$ opportunity :i* promises big pr(its4 ,we c summ>ize ! matt] by say+ t conc5tration ^u "o's bus9ess & s]vice implies t "o %\ld n attempt to make money else:]e4 ,?is conc5tration on "o's affairs !re=e gr[s into a sort ( practical sy/em 9 :i* ea* memb] ( ! bus9ess community is look+ aft] "s function or activity to ! exclusion ( o!r ?+s4 ,& s ! _w's "w is c>ri$ on to ! be/ advantage1 ea* function be+ fill$ by ^? p>ticul> m5 :o h become relatively exp]t !re94 ,f ?is sy/em arises a bus9ess habit or me?od n always und]/ood by ! "y & inexp]i5c$1 by ! non-bus9ess p]son4 ,we ref] to ! practice 9 trade ( leav+ to ea* individual1 to ea* ent]prise1 to ea* organization1 ! responsibility = look+ out = its own int]e/s :5 hav+ deal+s ) o!rs4 ,caveat emptor--let ! buy] bew>e--expresses an extreme developm5t ( ?is1 & 9 its common signification1 t ea* side is to be p]mitt$ & expect$ to take any advantage ( ! o!r side t x may be able to secure1 x describes a /ate ( w>f>e r ?an ( bus9ess4 ,9 buy+ & sell+1 9 aim+ to obta9 ! mo/ favorable t]ms = ea* l9e ( 8 activity1 9 meet+ conditions ( competition1 9 all ^! relations1 ! bus9ess man is endeavor+ to bett] himself & may d\btless be tempt$ "h & !re to =get ! int]e/s ( ! o!r p>ty to ! transaction4 ,b to yield to su* temptation w\ld m]ely be to abuse a pr9ciple :i* on ! :ole is sanction$ by ! requirem5ts ( economic effici5cy4 ,?is pr9ciple is t ! ne>e/ approximation to effective ju/ice 9 bus9ess transactions is rea*$ :5 on ea* side ! p>ties devote !mselves to _! respective int]e/s & po9ts ( view4 ,if ,a has a h\se = sale & ,b is a prospective buy]1 ! ess5ce ( ! possible transaction betwe5 ! two is t ,a's idea ( ! value ( ! prop]ty is diff]5t f ,b's idea ( t value2 or at any rate t ,a sees less value 9 x to him ?an does ,b to ,b4 ,?is is ( c\rse typical ( all bus9ess transactions--! sell] desires ! money above ! commodity1 ! buy] pref]s ! commodity to ! money4 ,! sell] & ! buy] ea* dwells naturally ^u 8 own idea ( value4 ,?is is altoge!r desirable1 n to say indisp5sable1 & is *>act]i/ic ( e relation ( bus9ess1 :]ev] two m5 buy & sell1 employ "o ano!r1 or h o!r deal+s toge!r4 ,! situation is some:at ! same z 9 a law suit :]e ! duty ( ! attorney = ! pla9tiff is to make e po9t t fairly c be made = ! pla9tiff1 :ile ! attorney on ! o!r side mu/ correspond+ly make e po9t t c prop]ly be made = ! def5dant4 ,ea* side is suppos$ to look aft] ! int]e/ ( t side4 ,simil>ly1 9 a bus9ess organization1 say a railroad1 :5 "s new project is "u consid]ation x w be submitt$ to ! eng9e]1 to ! *emi/1 to ! attorney1 to ! practical transportation man1 & 9 ea* ( ^! dep>tm5ts x is expect$ t ! wisdom born ( exp]i5ce 9 ! p>ticul> function w be br\ght to be>4 ,! eng9e] speaks ) au?ority on eng9e]+ que/ions1 ! lawy] on legal que/ions1 ! transportation man on ! practical work+ out ( ! project2 &1 normally1 ! criticisms & contribution ( ea* are conf9$ to 8 own function4 ,9 %ort1 ! rgime ( economic self-int]e/ results 9 leav+ to ea* ! responsibility :i* he is mo/ compet5t to assume1 t 9 :i* he is mo/ exp]t1 :i* !reby receives ! be/ att5tion t g5]ally speak+ x c\ld h4 ,nor are correctives lack+ = ! abuses :i* may ent] 9 ?r\gh an ov]developm5t ( self-int]e/4 ,caveat emptor becomes discr$it$ z an unmodifi$ basis ( human action4 ,! gold5 rule is increas+ly se5 to con/itute a f\ndation dem&$ by economics z well z by e?ics4 ,! tr5d to-day is away f indiff]5ce to ! int]e/s ( ^? ) :om we deal4 ,! successful m]*ant w n attempt to make a pr(it ?r\gh sales :i* he kn[s w\ld n b5efit ! pur*as]1 = t w\ld n measure up to ! te/1 ,w x pay8 ,! value ( a bus9ess dep5ds l>gely on its goodwill & too mu* money & ef=t are sp5t 9 adv]tis+ & o!r means ( build+ up a cli5tle to make m5 conceive x to be to _! int]e/ to deal %>ply ) _! cu/om]s4 ,9 ! ef=ts ( sci5ti/s to seek out & e/abli% new me?ods1 new pr9ciples1 ! success ( an exp]im5t is to be det]m9$1 ,i suppose1 by ! te/1 ,w x "w8 ,does x yield effective results8 ,simil>ly1 9 economics1 ! sci5ce ( mank9d 9 its production1 di/ribution & consumption ( mat]ial ?+s1 ! te/ ( utility & effici5cy is1 ,w x pay8 t be+ ! /&>d ( workabl5ess 9 ! application ( t sci5ce4 ,we h attempt$1 !re=e1 9 ?is analysis ( money-mak+ to apply ?is te/1 because ! practice or habit or influ5ce t pays is t :i* is 9 accord s f> ) ! pr9ciples und]ly+ ?is bran* ( social sci5ce4 ,we h se51 accord+ to ?is /&>d1 t x is ! duty ( all to adopt money-mak+ z a consci\s aim2 t ! money is to be economically us$1 ! f9al object be+ net pr(it1 t balance or rema9d] :i* is c>ri$ =w>d z creat$ capital4 ,inability to increase a fix$ income does n absolve "o f ! duty ( do+ "o's "p 9 ! creation ( capital ?r\gh ?rift & sav+4 ,! bus9ess ent]prise1 moreov]1 is requir$ by economic necessity to aim at money-mak+--mean+1 h[ev]1 pr(its 9 ! long run r ?an imm$iate or tempor>y ga9s4 ,su* p]man5t returns c only be s\ght ?r\gh adh]5ce to e?ical pr9ciples & al?\gh ?is aim at pr(its becomes ! p[] plant :i* drives ! bus9ess ma*9e1 ! latt] gives its en]gies & att5tion m directly to ! r5d]+ ( s]vice4 ,conc5tration ^u s]vice t5ds to make a man relatively effici5t !re91 b argues a relative unfamili>ity ) ! field ( o!rs1 f :i* we inf] ! advisability ( conf9+ "o's activity to ! ?+ he has le>n$ to d be/4 ,z an example ( ?is1 he %\ld avoid plac+ 8 surplus capital or sav+s 9 outside ent]prises :]e !y w p>take ( risks t are unkn[n to him1 nor %\ld he attempt to employ 8 sav+s at all ) ! purpose ( mak+ money1 unless1 inde$1 he c use !m z capital 9 8 own bus9ess4 ,! focus+ ( att5tion on "o's own function also implies & expla9s ! cu/om ( plac+ ^u p>ticipants 9 a bus9ess transaction ! responsibility ea* = 8 own side1 a cu/om :i* is economically ju/ifi$ b :i* mu/ be kept )9 prop] limits1 z is fully recogniz$ by ! bus9ess m5 :o are successful & :o !re=e become models or examples = ! guidance ( o!r m51 influ5c+ ! latt] t[>ds high ideals4 ,we h f\nd1 on ! o!r h&1 t ap>t f m5 9 *>ge ( bus9ess ent]prise1 ! burd5 ( provid+ ?us = man's welf>e & developm5t is assum$ by v few1 ! va/ majority1 :e!r 9 pr(essional or bus9ess employm5t1 treat+ x ) neglect & contempt4 ,!y ?9k1 p]haps1 t !y are aim+ at high] ?+s1 or t _! ef=ts w\ld n suffici5tly c\nt1 or !y d n give ! matt] any /urdy ?\ght2 :ile ! und]ly+ motive1 (t5 unconsci\s1 is simply an unwill+ness to practice self-re/ra9t4 ,x is self-indulg5ce1 we mu/ conclude1 t is to be ov]come if we are to meet ?is responsibility 9 a manly way1 visualiz+ x ) suffici5t cle>ness to see t ?rift1 ! creation ( capital = "o's self & = ! race1 comes into no necess>y conflict ) any o!r prop] aim 9 life1 b on ! contr>y con/itutes a fundam5tal duty to society1 to ! /ate1 to "o's family1 to 8 own future1 to 8 self-respect4