Principles of Economics: With Special Reference to American Conditions |
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Common terms and phrases
38 cents Adam Smith agricultural American become buyers capital value capitalist Census century civilization classic antiquity commercial commodity competition consumer consumer's surplus consumption corporation cost of production cotton countries demand depends distribution economic employer enterprise equal exchange existence fact factors of production factory finally force freedom growth human immigration importance income increase increment individual interest J. A. Hobson labor land less liberty limited Manufactures marginal utility means mediæval method modern monopoly National Civic Federation natural nomic normal Physiocrats pieces of capital Political Economy population Principles private property problem producer's surplus profits progress railway relations rent rental value result secure sell sense serfdom slave slavery social society speak stage Statistics supply surplus theory things tion to-day trade United vols W. J. Ashley wages wants wealth workman
Popular passages
Page 584 - That the percentage of outlay for clothing i,s approximately the same, whatever the income. Third.
Page xl - Inquiry into the Conditions relating to the Water Supply of the City of New York (1900).
Page 86 - This totem, as it was called, became sacred and was soon protected by a system of " taboo " or religious prohibition. The origin of the totem worship is still shrouded in mystery, but is probably to be sought in economic reasons, — the totem being at first the chief source of food supply which afterwards became so useful for purposes of barter that its consumption by members of the clan was forbidden. Where conditions were favorable to an increase of population the clans, although always preserving...
Page 270 - And in order to ascertain that value, the original cost of construction, the amount expended in permanent improvement, the amount and market value of its bonds and...
Page 600 - Economics, which is to-day only in its infancy, and which is of all disciplines perhaps the most difficult and the most complicated, is indeed interlaced with and founded upon the actual conditions of the time ; but like natural science the economics of the future will enable us to comprehend the living forces at work, and by so doing will put us in a position to control them and to mould them to ever higher uses. Economics is therefore both the creature and the creator. It is the creature of the...
Page 563 - 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 414 - ... it is for them to take the consequences. If we stand between the error and its consequences, we stand between the evil and its cure ; if we intercept the penalty, we perpetuate the sin.
Page 269 - 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 334 - ... David, the well-known socialist leader, who is unquestionably the most learned socialist authority on all agricultural questions, has come to the conclusion that the peasants are getting the better of the large landowners 4 and that their standard 1 " Land values tend to rise with growing prosperity. A given capital thus represents a constantly diminishing acreage, and it becomes increasingly profitable to apply more labor and minor machines to small areas rather than large capital and vast machines...
Page 432 - Under the early law they were illegal as conspiracies. It was not until 1824 that they were legitimized in England, and not until much later that the free right of association was conceded elsewhere. The recognition that is to-day almost universally accorded them rests on the economic principle that in the modern labor contract the conditions of work have become collective or group conditions, and that the bargaining to be equal must be collective or group bargaining. The individual workman is nowadays...