Prof. Newcomb's Lecture Yesterday

Professor Simon Newcomb '58, LL.D., of Washington, lectured on the "Diffusion of Economic Knowledge" last night in the Fogg Lecture Room under the auspices of the Department of Economics.

In showing how the public would be benefited from a better understanding of economic principles the lecturer pointed out several popular misapprehensions. Industry formerly consisted in the production of articles for the community by its members, and not often was one man able to influence the production of other places. But today, owing to the continual industrial revolutions, the wealth-producing machine has grown complex and often the trade of a district and sometimes of many states is influenced by the will of a small body of men, who are perhaps far off and over whom there is no legal control.

There is a growing disposition to inquire into the social and industrial machinery and to demand that it be applied to the benefit of the people as a whole. The power controlling the policy to this end must possess insight, and it has been the experience of nations that the best governor is the body of the intelligent few. The abnormal condition exists none the less that the policy has usually been opposite to that proposed by those who have studied the growth, development and application of the science of economics.

Perhaps the most important mistake of the trade unions is the failure to recognize that widespread increase of production of the commodities of life is beneficial and should be encouraged instead of restricted. Another fallacy is the belief that money invested is not used for the public good as it would be if spent in the construction of a steam engine or a tenement house. The money might be better employed, it is true, but nevertheless it is increasing the working capital