Webster defines profit as excess of value over cost, and gain as that which is obtained as an advantage. I have availed of this well-expressed though… - Henry R. Towne

Among the names of those who have led the great advance of the industrial arts during the past thirty years, that of Frederick Winslow Taylor will hold an increasingly high place. Others have led in electrical development, in the steel industry, in industrial chemistry, in railroad equipment, in the textile arts, and in many other fields, but he has been the creator of a new science, which underlies and will benefit all of these others by greatly increasing their efficiency and augmenting their productivity. In addition, he has literally forged a new tool for the metal trades, which has doubled, or even trebled, the productive capacity of nearly all metal-cutting machines. Either achievement would entitle him to high rank among the notable men of his day; — the two combined give him an assured place among the world's leaders in the industrial arts.

The Engineer is one who, in the world of physics and applied sciences, begets new things, or adapts old things to new and better uses; above all, one who, in that field, attains new results in the best way and at lowest cost.

The dollar is the final term in almost every equation which arises in the practice of engineering in any or all of its branches, except qualifiedly as to military and naval engineering, where in some cases cost may be ignored. In other words, the true function of the engineer is, or should be, not only to determine how physical problems may be solved, but also how they may be solved most economically. For example, a railroad may have to be carried over a gorge or arroyo. Obviously it does not need an engineer to point out that this may be done by filling the chasm with earth, but only a bridge engineer is competent to determine whether it is cheaper to do this or to bridge it, and to design the bridge which will safely and most cheaply serve, the cost of which should be compared with that of an earth fill. Therefore the engineer is, by the nature of his vocation an economist. His function is not only to design, but also so to design as to ensure the best economical result. He who designs an unsafe structure or an inoperative machine is a bad engineer; he who designs them so that they are safe and operative, but needlessly expensive, is a poor engineer, and, it may be remarked, usually earns poor pay; he who designs good work, which can be executed at a fair cost, is a sound and usually a successful engineer; he who does the best work at the lowest cost sooner or later stands at the top of his profession, and usually has the reward which this implies.