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178 Economics in One Lessonto create needless public projects; that it is dangerous to let idle hordesof men return to work; that machines which increase the productionof wealth and economize human effort are to be dreaded; thatobstructions to free production and free consumption increase wealth;that a nation grows richer by forcing other nations to take its goods forless than they cost to produce; that saving is stupid or wicked and thatdissipation brings prosperity.“What is prudence in the conduct of every private family,” saidAdam Smith’s strong common sense in reply to the sophists of histime, “can scarce be folly in that of a great kingdom.” But lesser menget lost in complications. They do not re-examine their reasoning evenwhen they emerge with conclusions that are palpably absurd. Thereader, depending upon his own beliefs, may or may not accept theaphorism of Bacon that “A little philosophy inclineth man’s mind toatheism, but depth in philosophy bringeth men’s minds about to religion.”It is certainly true, however, that a little economics can easilylead to the paradoxical and preposterous conclusions we have justrehearsed, but that depth in economics brings men back to commonsense. For depth in economics consists in looking for all the consequencesof a policy instead of merely resting one’s gaze on thoseimmediately visible.3In the course of our study, also, we have rediscovered an oldfriend. He is the Forgotten Man of William Graham Sumner. Thereader will remember that in Sumner’s essay, which appeared in 1883:As soon as A observes something which seems to himto be wrong, from which X is suffering, A talks it overwith B, and A and B then propose to get a law passed toremedy the evil and help X. Their law always proposesto determine what C shall do for X or, in the better case,what A, B and C shall do for X. ...What I want to dois to look up C....I call him the Forgotten Man....Heis the man who never is thought of. He is the victim of