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M.A.; Fellow of Clare College, Cambridge; Lecturer in Economics; Secretary to the Cotton Control Board from 1917-1919. Mr. Henderson said: From one point of view the existence of an unemployment problem is an enigma and a paradox.
The students see first-class Indians superseded by young and third-rate foreigners; the Principal of a College should be a foreigner; foreign history is more important than Indian; to have written on English villages is a qualification for teaching economics in India; the whole atmosphere of the School and College emphasises the superiority of the foreigner, even when the professors abstain from open assertion thereof.
"Economics will only save itself through an alliance with the sciences of human behavior, psychology, and biology, and through a complete emancipation from 'prosperity mores. . . . The sin of Economics has been the divorce of its work from reality, of announcing an analysis of human activity with the human element left out."
The practical outcome of the scientific reasoning of Marx is summed up in the formula which has figured as the premise and conclusion of every congress of his followers, of every book or manifesto published by them, and of every propagandist oration uttered by them at street-corners, namely, "All wealth is produced by labour, therefore to the labourers all wealth is due" a doctrine in itself not novel if taken as a pious generality, but presented by Marx as the outcome of an elaborate system of economics.
In our time there is great excitement along this line of study; and more than one proposition is advanced whereby we may improve, most notably instanced in the world-covering advance of Socialism. In our present study the principal fact to be exhibited is the influence of a male culture upon Social Economics and Industry. Industry, as a department of Social Economics, is little understood.
For it involved the admission on equal footing into the Union of a fundamental error in ethics and economics, with which our new industrial democracy was forced presently to engage in deadly strife for existence and survivorship.
The thoughtful Moslem generally admits the excellence of occidental principles and methods in the practical affairs of life, but insists that even earthly existence is made up of more than civilised amenities, economics and appliances for luxury, comfort and locomotion.
Take that very interesting matter, that will-o'-the-wisp, known as "the cost of production." It is hard for any man who has ever studied economics at all to restrain a cynical smile when he is told that an intelligent group of his fellow-citizens are looking for "the cost of production" as a basis for tariff legislation. It is not the same in any one factory for two years together.
But there is pride of intellect as well as pride of riches, and none shows this pride as do the writers on political economy who have made it the "dismal science," instead of having made it the A, B, C of our mental furniture, as it should be with the people of a republic. Making a good use of our means in our home and business affairs is good economics.
Such are the elaborate transactions progress and prosperity demand. Nature is the great teacher, and we know that her ways are at times complicated and clumsy. Likewise, under the "natural" laws of economics, new enterprises are not born without travail, without the aid of legal physicians well versed in financial obstetrics.
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