Excerpt from The Economic Primer: A Summary of the Philosophy of Lower Prices, Higher Wages and Shorter Hours
Social economics is the science of the industrial life of man. It deals primarily with the material welfare of mankind, the conditions of well-being in society, and with the influence of industrial forces upon the mental and moral development of the race. It deals with human wants as motives to economic activity; with the means of getting a living, and with social institutions in so far as these have an industrial foundation. Social economics has to do with trade and commerce, with industrial organization, and the effects of political forms, of laws, and of moral codes on the industrial condition of society. It explains changes in agriculture, manufactures and transportation; fluctuation in prices; variations in wages; the distribution of population; the location of industries; the rights and duties of employer and employee. It concerns the forms of industrial life, - slavery, serfdom, the wage system; the kinds of industry, - agriculture, trade, manufactures, transportation; the characteristic features of industrial life, - prices, wages, rent, interest, profits; and the relationships existing under various systems, - that of slaves and owners, serfs and masters, employers and employees, capitalists and wage-earners.
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