Laws of Economics

LB Woolfolk

Principle I . In a normal state of things, all prices are regulated by two things - the amount of currency and the law of supply and demand.

Principle II . A large capital in business operations is a great advantage, and gives to its possessors a marked superiority over competitors having small capital.

Principle III . Persons established in business have an advantage over those just starting in the same business, other things equal.

Principle IV . A new man who starts in business poor is at a great disadvantage in competition with rich men who are already established.

Principle V . A new man who starts in business in antagonism with well established rich men will be at such a disadvantage that he will be almost certain to fail.

Principle VI . In business crises, which are all started by the calling of loans, established capital has a great advantage over newcomers without much capital.

Principle VII . In business crises, which create economic contractions, men without capital who have to borrow money are at a disadvantage and they are the first to go broke.

Principle VIII . Newcomers with little capital cannot enter into competition with well capitalized rich men already established and drive them out of business.

Principle IX . In business crises, new men of small capital can not successfully enter into competition with rich men well established and take their business from them.

Principle X . The superiority of a large capital is equally apparent in all operations.

Principle XI . The laws of chance varies within certain limits and in the long run conforms to regular law. In gambling operations the longest purse will win in the long run.

Principle XII . In operations in Boards of Trade, newcomers with less capital can not break better capitalized men and reduce them to bankruptcy.

Principle XIII . Economically a man can only make a reasonable amount of money in a given time.

Principle XIV . The wealth of a country, under the operation of the natural laws of political economy, will increase most rapidly in times of prosperity and will increase more slowly in eras of industrial depression.

The Principles of Political Economy are violated:

1. In the abnormal condition of prices - no longer regulated by the amount of currency or by the law of supply and demand;

2. In the abnormal condition of business - newcomers with borrowed capital take possession of everything;

3. In the rapid amalgamation of wealth in the hand of a newcomer who has sprung up from poverty into unprecedented wealth; and

4. In the anomalous fact that the wealth of our country has increased most rapidly when the general prosperity was at the lowest ebb.

God does not choose to work miracles by setting aside the regular Laws of Nature, but leaves natural laws to work out their natural results.

The heaviest capital carries with it power to crush smaller operators ; as surely as a thundercloud carries rain, or the North Wind cold.

Somewhere Over The Rainbow

"The treasure which you think not worth taking trouble and pains to find, this one alone is the real treasure you are longing for all your life.

The glittering treasure you are hunting for day and night lies buried on "the other side of that hill yonder." - B. Traven, The Treasure of the Sierra Madre

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