FACTORS OF AGRICULTURAL PRODUCTION 



203 



THE CLASSIFICATION OF GOODS FROM THE ECONOMIST'S 

 POINT OF VIEW 



Capital 



1 Though, in an absolute sense, well-being depends upon free goods quite 

 as much as upon scarce goods, yet in a relative and practical sense it does 

 not. Where air, water, sunlight, etc., are abundant and free, our well-being is 

 not improved by getting more of these things, and we cannot count ourselves 

 as possessing more wealth when we increase our possession of them. But 

 when they are scarce, our economic efforts are directed toward getting more 

 of them, or substitutes for them. By such efforts our well-being is improved. 

 Such things are therefore properly called wealth, because our well-being 

 depends upon them in this relative, immediate, and practical sense. Here, 

 as frequently happens elsewhere, Jthe general common sense of mankind, 

 which sanctions this use of the word " wealth," shows more wisdom than the 

 hasiy judgment of the partially trained thinker who rejects this usage and 

 insists that wealth should include free goods as well. 



