An Engineering Statement of Economic Principles

I WAS led some time ago to draft a statement of economic principles immediately affecting our national welfare from the standpoint of the engineer. It was the intention to offer this to the American Engineering Council as a resolution to be adopted, or a declaration to be made, of course after suitable con-sideration and debate. The presentation has not been . formally made, but I have been asked to let it be made to the mining engineers through the medium of MINING AND METALLURGY, the American Institute of Mining and Metallurgical Engineers being a constituent part of the Federated American Engineering Societies. I shall welcome any expressions of opinion that this statement may inspire. The statement follows: The engineers of, the United States, functioning through the American Engineering Council of the, Federated American Engineering Societies, feel it their duty to advise the American people respecting the present state of economic affairs in the nation, just as an individual engineer would his client. The people of the United States constitute a great corpora-tion, whose business affairs are analogous to those of a commercial company -multiplied many times. The engineers feel constrained to offer their opinion owing to the responsibility to do things which rests upon them. Confronted by the steady impoverishment of natural resources and the operation of the economic law of diminishing returns it devolves upon management, functioning through the engineering profession aided by scientists, to make such improvements leading to increased production and such elimination of wastes as to offset the increasing adversities of nature merely to hold our own; and to do more than offset them in order to improve the scale of living of the people. The engineers accept this responsibility, but in so doing they demand attention to their advice respecting fundamental economic matters, lest they be unduly hampered in the performance of the professional duties, which they acknowledge. The American Engineering Council therefore declares the following as the advice of engineers to the American people: