AGRICULTURAL ECONOMICS 



improved, the old self-sufficing agriculture has 

 been gradually transformed into a commercial 

 economy, until the remnants, only, of the old sys- 

 tem are now to be found. 



From the standpoint of the farmer, the guiding 

 principle in the organization of commercial agri- 

 culture is to seek the largest net profit ; but there 

 is another point of view than that of the farmer. 

 Since not only the farmer, but every one else is 

 interested in agriculture, the question arises, are 

 the interests of the country as a whole best con- 

 served when each farmer follows tenaciously his 

 own self-interest and succeeds in winning the 

 largest net profits in return for the effort which 

 he expends in agricultural production? There 

 may be at certain points, a conflict between the 

 narrower and the broader interests. In this case 

 we are confronted with the problem of deter- 

 mining whether the individual or the general 

 interest should be promoted. To the extent that 

 the greatest good to the greatest number demands 

 that the general or social interests be conserved, 

 it falls within the domain of our subject to pro- 

 pose institutions which will limit the free action 

 of individuals in such a manner as to promote the 

 highest interests of society as a whole. 



But while human welfare or the greatest good 

 to the greatest number has long been recognized 

 as the standard by which every law or custom 

 should be accepted or rejected, this principle is 



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