Principles of Economics: With Special Reference to American Conditions

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Longmans, Green, and Company, 1905 - Economics - 613 pages
 

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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 21 Density of Population
48
PAGE
50
Concentration of Population
50
Number of Inhabitants to the Square Mile
51
Distribution of Population
53
Increase of Population
55
Foreign Immigration to the United States
60
Migration of Population
65
The Law of Population
66
Constituents of the Population of States
66
CHAPTER
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
THE HISTORICAL FORMS OF BUSINESS ENTERPRISE
84
ECONOMIC DEVELOPMENT OF THE UNITED STATES
99
Production of Corn
103
Proportion of Wage Earners to Population
111
DeveloPMENT OF ECONOMIC THOUGHT
111
CONDITIONS OF ECONOMIC LIFE
125
COMPETITION
139
CHAPTER PAGE XI FREEDOM 65 References
154
Function
155
Monopoly Profits
156
Regulation and Justification of Profits
157
Decay and Disappearance of Slavery
158
Liberty of Economic Action
163
Various kinds of Economic Freedom
165
Individual Liberty as a Social Concept
170
Part III
173
Marginal Utility Law of Diminishing Utility
175
Individual and Social Value
179
Value in Exchange
182
Value and Price
184
Value and Marginal Increments of Wealth
185
THE MEASURE OF VALUE 78 References
189
Individual and Social Cost
192
Cost and Surplus
194
Cost and Utility
198
Social Surplus and Progress
201
THE CAPITALIZATION OF VALUE 84 References
204
Law of Depreciation
206
Law of Future Estimates
209
Law of Diminishing Returns
211
Forms of Value
214
Value as a Differential
217
Relation of Rental and Capital Values
219
CHAPTER PAGE XV DETERMINATION OF MARKET VALUE 92 References
222
Market and Normal Price
223
Conditions of Exchange Law of Co tive Utilities and Comparative Costs
225
Rate of Exchange Barter
226
One Seller and One Buyer
228
Monopoly
230
Competition
233
Conclusions
237
DETERMINATION OF NORMAL VALUE 101 References
239
Normal Supply Cost of Production
242
Law of Marginal or Maximum Cost
245
Law of Minimum Cost
247
Elasticity of Supply Law of Varying Cost
249
Law of Joint Cost
251
Equilibrium of Normal Demand and Normal Supply
253
Influence of Normal Price upon Market Price
254
Normal Monopoly Value
255
THE GENERAL LAW OF VALUE III References
260
Value and Efficiency
262
Efficiency and Capitalization
266
Valuation and Regulation
271
Valuation and Investment
273
VALUE AND PRODUCTION XVIII CHARACTER AND FACTORS OF PRODUCTION 118 References
275
Kinds of Production
278
Factors of Production
280
Production and the Producer
282
CHAPTER PAGE 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
139
319
Nature and Influence of Capital
321
Investment of Capital
324
ENTERPRISE THE CONCENTRATION OF PRODUCTION 142 References
329
145
331
Large Scale Agriculture
334
Consolidation and Integration of Production
337
147
340
Effects of Combination
344
Limits of Combination
347
150
351
Ordinary Profits
353
Aleatory Profits
357
RENT 158 References 159 Nature of Rent
371
Relation of Land Rent to Other Rents
373
Rent and Price
377
Growth of Land Rent
381
Land Rent and Land Tenure
383
Justification of Land Rent 371 371 373
387
383
388
INTEREST 165 References
392
Nature of Interest
393
Interest and Forbearance
396
Interest and Productivity
401
Course of Interest
403
Tendency of Interest to a Minimum
405
Regulation of Interest 392 392 396 399 403 405
408
Wages 172 References
411
Nature of Wages
413
Wages and Cost
414
Wages and Efficiency 176 Rate of Wages
416
Course of Wages
420
Variations in Wages
423
Wages and Profits 411 411 414 416 419 420 422
428
XXVII Wages The LABOR PROBLEM 180 References
429
Labor Legislation
431
Object and Functions 183 Labor Organization Methods
439
Results of Strikes
440
Profit Sharing and Cooperation
442
Arbitration and Conciliation
445
BOOK IV VALUE AND EXCHANGE CHAPTER XXVIII MONEY 186 References
448
Functions of Money
449
Kinds of Money
451
The Quantity Theory
454
Cost of Production
457
Relative Wholesale and Retail Price of Fresh
458
Stability of Money
460
Distribution of Money
468
Credit 193 References 194 Nature of Credit
469
Credit and Banking
475
Credit and Prices
477
Credit and Currency
479
429
481
Credit and Crises
487
INTERNATIONAL TRADE 199 References 200 Basis of International Trade
491
Rate of International Exchange
497
Growth of Free Trade
501
The Argument for Protection
505
The Argument for Free Trade
510
Conclusion
514
Government Regulation
517
469
522
510
523
TRANSPORTATION 206 References 207 Transmission of Intelligence 208 Railway Development 209 Nature of Railway Business
524
Principle of Railway Charges
528
Classification
533
Personal Discrimination
535
Local Discrimination
539
Railway Regulation
541
INSURANCE 215 References 216 Nature of Insurance
545
Growth of Insurance
548
Theory of Insurance
553
Methods and Regulation of Insurance
556
References 223 Luxury
579
The Facts of Poverty
584
230 The Causes of Poverty
588
Relief of Poverty
591
Prevention of Poverty
595
The Future of Economic Life
597
Role of Economics 579
601
430
605
535
606
536
607
434
608
442
609
445
610
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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...
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