WASTE.
« The late James Hoyle wrote "an omitted chapter in political economy," entitled "Our National Resources and How They are Wasted," which is still tho standard .work on tha,t special subject. He wag probably the . first thoroughly to explode the common fallacy that so long as wealth changes hands and money circulates, the method of expenditure is a matter of indifference. Professor Alfred Marshall, of Cambridge, an acknowledged authority on economic science, has been studying the same problem. Two years ago he wrote : — "There still remains a vast expenditure -which contributes very little towards social progress, and which .does not confer ai>y large and solid benefits on the spenders. Opinions are not likely to agree as to the amount of private expenditure which is to be regarded as socially wasteful. Some may put it as high as four or even five hundred millions a year. But it is sufficient for the present that there is a margin of at least one or two hundred millions which might be. diverted to social uses -without causing any groat distress to those from whom it was taken."
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Bibliographic details
Evening Post, Volume LXXVII, Issue 102, 1 May 1909, Page 10
Word Count
184WASTE. Evening Post, Volume LXXVII, Issue 102, 1 May 1909, Page 10
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