ECONOMIC LAW

Matamata Record, Volume VII, Issue 515, 10 March 1924, Page 8

ECONOMIC LAW

In our social and political life governed by legiMluturps tiud the police, it i« an. axiom that ignorance of the law excuses no num. But iu our industrial life, which is governed by far higher, simpler economic laws of world-wide application, WC do not even ask what tho law is. Most ot us think that there are no such laws, aud so are unaware of having violated them, just because we do not see the policeman and arc not formally acused by the Crown Prosecutor. AVe now that as a people we are periodically furnished in the form of hard times or lost jobs or higher prices or tight money; but vrc do not know what wc did- to deserve it. In this case, too. ignorance of the law excuses no man. The reason we do not know what we did is that as a people we never read the law. Wc do not know wc have been violating one. We do not even know there is an cconimis law. Wc sco no attorneys about who expound and practice it, and give us warning. There arc some, but we do not recognise them as being such; for they arc in contempt with most of us as being merely impractical theorists, who lecture at universities or write supposedly learned but very obscure books of little practical value. In audition to these, there is now and then the occasional studious' business man or banker, but even ho is apt to be iiegardod by the moro hard-headed, who rely upon experience, o: by tha leaders of organised Labour who seem to get the if wisdom by inspiration, as being over-educated and a theorist. Tho charge that is made against these men, the economist and student, is that they have what is scornfully called "?book knowledge." Just what kind of knowledge this was before someone put it in a book has never been quite fully explained, nor how putting it in a book subtracted anything from its value.

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