Enlightened Selfishness in Business1

THE downward trend of metal prices seems to act something like a reagent that precipitates selfishness in most business men's hearts; in the same way the upward trend precipitates altruism. Operators do not say: "I continue working my mine without curtailment because I can afford the present prices while my neighbor cannot and thus will give me way." They say: "I continue working my mine because 1 consider it a service for consumers. They will get better prices on a free market. Any curtail¬ment would be an attempt to raise prices artificially, that is to say, bad economics." Copper producers have learned how fallacious is such an opinion. It perhaps was not fallacious in olden times when all mines were worked on a small scale even if operating on a big deposit. At that time the supply and demand law played fair. When prices were too low and profits were vanishing for many mines, they would. shut at once, then little by little the metal scarcity would induce prices to climb up again; finally these prices would reach the point when it became profitable to again work the closed mines. Re-opening and shutting down mines was then a normal custom. Workers and operators weakly deplored this unstability, but there was nothing effective they could, do about it.