While it must be admitted that the individualistic, or selfish, viewpoint of industry is the force that drives men to seek improved methods, we must not lose sight of the fact that the welfare of society is more important than that of any individual or group of individuals; and that no individual claim for preferment can stand as an obstacle in the way of social betterment. This broader viewpoint, the viewpoint of society, has made steady headway during the past generation. Not many years ago industrial leaders took the ground that it was none of society's affair how they conducted their own business. Now they think and act differently - they recognize their responsibilities to society. Recently one of America's best known captains of industry made the public statement that in the operation of his business and in the use of his wealth, he considered, not alone his own desires and needs, but also the desires and needs of society. The same spirit has permeated other industrial groups. Professional men, farmers, small business men, labor organizations, and even unorganized labor are catching the spirit that, while American democracy stands back of every individual in his efforts to be successful and happy, his success and happiness must not be acquired at, the expense of the success and happiness of society at large

Because of these different viewpoints the economist and the business man are inclined to disagree, and too often they have a mutual disregard for each other's opinions. The economist is likely to regard the business man as selfish and self-centered, while the business man looks on the economist as a dreamer, and on his plans as visionary and impracticable. Both are right and both are wrong. The business man as such, if he is to succeed in a large measure, must conduct his business as if it were all-important, while the economist, on his part, must include society as a whole in his field of investigation, and formulate principles regardless of individual desires and purposes.