Principles of Economics: With Special Reference to American Conditions

Front Cover
Longmans, Green, and Company, 1905 - Economics - 710 pages
Series title also at head of t.p. "Suggestions for students and general references": pages xvii-l."References" at head of chapters.
 

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Contents

Relation of Economics to Other Sciences
28
Relation of Economics to Politics and Other Moral Sciences
30
Scope of Economics
34
Part II
36
The Flora the Fauna and the Geographical Location
40
Changes in Environment
42
Changes in Location
45
THE POPULATION 20 References
48
Distribution of Population in 1900 colored facing
50
Concentration of Population
50
Distribution of Population
53
Population according to Age Distribution
54
Increase of Population
55
449 452
56
Foreign Immigration to the United States
60
Migration of Population
65
The Law of Population
66
Constituents of the Population of States
66
DEVELOPMENT OF ECONOMIC LIFE AND THOUGHT V THE ECONOMIC STAGES 27 References
66
Primitive Technique
68
Transition from the Lower Stages of Civilization
71
Selfsufficing or Isolated Economy
74
Trade or Commercial Economy
76
Capitalist or Industrial Economy
80
CHAPTER PAGE VI THE HISTORICAL FORMS OF BUSINESS ENTERPRISE 34 References
84
The Family
86
Help or Hire System
89
Handicraft System
90
Domestic System
92
Factory System
93
Associated and Corporate Enterprise
95
ECONOMIC DEVELOPMENT OF THE UNITED STATES 42 References
99
Growth of American Industry in the Nineteenth Century
101
Production of Corn
103
Recent Development of American Industry
106
Modern Problems of America
110
DEVELOPMENT OF ECONOMIC THOUGHT 47 References
111
MediŠval Economic Theory
112
The Mercantile Doctrine
115
Adam Smith and the Physiocrats
118
Ricardo and Modern Economics
121
CONDITIONS OF ECONOMIC LIFE IX PRIVATE PROPERTY 53 References
125
Growth of Property in Land
128
Theories of Private Property
131
Limits of Private Property
134
Content of Property Rights
136
COMPETITION 59 References
139
Forms of Competition
141
Dangers of Competition
145
Limits of Competition
147
Substitutes for Competition
150
CHAPTER XI FREEDOM 65 References 66 Origin and Growth of Slavery
154
Decay and Disappearance of Slavery
158
Liberty of Economic Action
163
Various kinds of Economic Freedom
165
Individual Liberty as a Social Concept 158 163 165
170
Part III
173
Marginal Utility Law of Diminishing Utility 74 Individual and Social Value
179
Value in Exchange
183
Value and Price
184
Value and Marginal Increments of Wealth
185
THE MEASURE OF VALUE 78 References
189
Meaning of Cost
191
Individual and Social Cost
192
Cost and Surplus
195
Cost and Utility
199
Social Surplus and Progress 189 189 192 194 198
201
THE CAPITALIZATION OF VALUE 84 References 85 Value and Rent
204
Law of Depreciation
206
Law of Future Estimates
209
Law of Diminishing Returns
212
Forms of Value
215
Value as a Differential
217
Relation of Rental and Capital Values
219
DETERMINATION OF NORMAL VALUE
239
THE GENERAL LAW OF VALUE
260
VALUE AND PRODUCTION
275
CHAPTER PAGB XIX LABOR 123 References
285
Cost of Labor
286
Efficiency of Labor
289
Division of Labor Nature and Advantages
290
Division of Labor Defects
294
Combination of Labor
296
Supply of Labor
298
LAND 131 References
300
Fertility of Land
303
Situation of Land
306
Cultivation of Land
309
CAPITAL 136 References
313
Function of Capital
316
Creation and Growth of Capital
319
Nature and Influence of Capital
321
Investment of Capital
324
ENTERPRISE THE CONCENTRATION OF PRODUCTION 142 References
329
LargeScale Production
331
LargeScale Agriculture
334
Consolidation and Integration of Production
337
Growth of Combination
340
Effects of Combination
344
Limits of Combination
347
VALUE AND DISTRIBUTION XXIII PROFITS 150 References
351
Ordinary Profits
353
Aleatory Profits
357
Nature
359
Function
363
Monopoly Profits
366
Regulation and Justification of Profits
368
Interest and Forbearance
396
Interest and Productivity
399
Course of Interest
403
Tendency of Interest to a Minimum
405
Regulation of Interest
408
WAGES 172 References
411
Wages and Cost
414
Wages and Efficiency
416
Rate of Wages
419
Course of Wages
420
Variations in Wages
422
Wages Hours of Work
422
Wages and Profits
427
References
429
Labor Legislation
430
Object and Functions
434
Methods
439
Results of Strikes
440
Profit Sharing and Cooperation
442
Arbitration and Conciliation
445
VALUE AND EXCHANGE CHAPTER XXVIII MONEY NATURE AND VALUE 186 References
448
Origin and Functions of Money
449
Kinds of Money
453
Value of Money
457
Nature of the Monetary Demand
458
Changes in the Monetary Demand
461
The Monetary Supply
463
The Quantity Theory
467
Commodities and the Price Level
468
Relative Wholesale and Retail Price of Food
470
Relative Prices of Raw and Manufactured
470
Index Numbers
472
Distribution of Money
473
Stability of Money
477
MONEY PRACTICAL PROBLEMS 198 References 199 Coinage Problems
481
Greshams
487
Production of Silver 18751903
490
Production of the Precious Metals
491
Choice of the Money Standard
493
Embarrassments of Bimetallism
497
204
498
Abandonment of the Silver Standard
502
206
507
Paper Money
512
Bank Notes Paper Money etc 18781905
516
209
518
Nature of Credit
519
Instruments of Credit
523
211
524
Development of Banking
525
Modern Bank Operations
531
Bank Statements
537
214
538
The Deposit and Check System
539
Bank Reserves
545
Credit and Prices
551
217
554
219
561
The National Banks
570
The Money Rate
573
The Money Market
576
Currency Reform
581
Credit and Crises 569
585
INTERNATIONAL TRADE 226 References 227 Basis of International Trade
587
481
590
Merchandise Exported and Imported
590
488
591
Rate of International Exchange
593
Growth of Free Trade
597
The Argument for Protection
601
The Argument for Free Trade
606
Conclusion 587 587
610
TRANSPORTATION 233 References 234 Transmission of Intelligence The PostOffice
613
Railway Development
616
498
618
Nature of Railway Business
620
Reduction of Freight Rates 18671900 following
621
Principle of Railway Charges
624
Classification
629
Personal Discrimination
631
Local Discrimination
635
Railway Regulation 613 613 616 620 624 628 631 632
637
INSURANCE 242 References
641
Nature of Insurance
643
Growth of Insurance
645
Theory of Insurance
649
Methods and Regulation of Insurance
652
CHAPTER Page XXXV GOVERNMENT AND BUSINESS 247 References
655
Development of Public Ownership
658
Conditions of Public Ownership
662
Municipal Monopolies
666
Government Regulation
669
Bounties and Subsidies
672
POVERTY AND PROGRESS 254 References
675
Luxury
676
The Facts of Poverty
680
Percent of Total Expenditure etc Normal
681
The Causes of Poverty
684
Relief of Poverty
687
Prevention of Poverty
690
The Future of Economic Life
693
The R˘le of Economics
697
507
701
509
703
652
704
566
709
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Page xx - Crown 8vo., gs. net. THE ADJUSTMENT OF WAGES : a Study on the Coal and Iron Industries of Great Britain and the United States. With 4 Maps. 8vo., 121.
Page 683 - That the percentage of outlay for clothing is approximately the same, whatever the income. Third.
Page xxxii - ... Lippincott's Magazine, December, 1880; Ranches and Ranchers, Lippincott's Magazine, May, 1882; Correspondence Topeka Capital, Boston Home Journal, Philadelphia Press, etc. Buel ( JW ), Heroes of the Plains. Kansas City. Buena Vista (Colo), Miner; Herald; Chaffee County Times; Democrat. Burchard (HC), Report upon the Production of the Precious Metals in the United States. Washington, 1881 et seq. Burke (John), Dictation. MS. Burton (Richard F.), The City of the Saints. London, 1861; New York,...
Page 371 - TE Cliffe Leslie, Land Systems and Industrial Economy of Ireland, England and Continental Countries (1870); WH Dawson, The Unearned Increment (1890) ; If.
Page xxv - Philippovich, and others. IV. Dictionaries and Cyclopedias of Economics. PALGRAVE, RH INGLIS, ed. Dictionary of Political Economy. (3 vols., London, 1894-1899.) — An admirable work, but not devoting special attention to American conditions. BLISS, WILLIAM DP, ed. The Encyclopedia of Social Reform including Political -Economy, Political Science, Sociology and Statistics. (New York, 1897.) — Not profound nor always trustworthy. LALOR, JOHN J., ed. Cyclopedia of Political Science, Political Economy...
Page xl - Inquiry into the Conditions relating to the Water Supply of the City of New York (1900).
Page 663 - In the fifth stage the government reduces charges until finally there is no charge at all and the expenses are defrayed by a general tax on the community. This is the stage now reached in the common roads and most of the canals and bridges, and which has been proposed by officials of several American cities for other services, like the. water supply.
Page 608 - On the other hand, a variegated industry is undoubtedly a sign of progress, and to the extent thai it denotes a more efficient utilization of labor and capital and a help to enterprise, it will result in higher wages as well as greater profits, a better standard of life for the workman and a more prosperous condition for the manufacturer. Even if domestic prices are higher than those of foreign goods, the loss to the individuals as consumers is more than offset by the gain that accrues to them as...
Page 271 - Kragh [39] and Mr. Ralph Turvey [40], to mention them in alphabetical order, have pointed out that " the amount of money which people desire to hold as a store of wealth depends not only on the rate of interest but also on the total amount of wealth available." Thus in order to describe the effect of an increase in the existing quantity of money, two kinds of " reaction curves " are needed, one showing the reaction of the rate of interest to increases in the money stock effected by open-market operations...
Page 131 - The earliest theory of private property as found in some of the Roman writers is the occupation theory. The doctrine that property belongs of right to him who first seizes it is, however, one that can apply, if at all, only to the earliest stages of development. Where no one has any interest in the property, no one will object to the assertion of a claim by a newcomer. When property is without any discoverable owner, we still today assign it to the lucky finder. The occupation theory may explain...

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