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ECONOMIC PRINCIPLES
ECONOMIC PRINCIPLES
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Scanned, proofed and corrected from the original edition for your reading pleasure. (Worth every penny!)
***
Part I: Elements Of Value And Price
Chapter 1: Purpose And Nature Of Economics
Chapter 2: Choice And Value
Chapter 3: Goods And Psychic Income
Chapter 4: Principles Of Evaluation
Chapter 5: Trade By Barter
Chapter 6: Money And Markets
Chapter 7: Principles Of Price
Chapter 8: Competition And Monopoly
Part II: Usance And Rent
Chapter 9: Agents For Changing Stuff And Form
Chapter 10: Agents For Effecting Changes Of Place And Time
Chapter 11: Consumption And Duration
Chapter 12: The Principle Of Proportionality
Chapter 13: The Concept Of Usance-Value
Chapter 14: The Renting Contract
Chapter 15: Principles Of Rent
Part III: Valuable Human Services, And Wages
Chapter 16: Human Beings And Their Economic Services
Chapter 17: Conditions For Efficient Labor
Chapter 18: The Value Of Labor And The Choice Of Occupations
Chapter 19: Principles Of Wages
Part IV: Time-Value And Interest
Chapter 20: Time-Preference
Chapter 21: Rate Of Time-Preference
Chapter 22: Money And Capitalization
Chapter 23: Capitalization Of Monetary Incomes
Chapter 24: Saving And Borrowing
Chapter 25: Capitalization And Interest
Part V: Enterprise And Profit
Chapter 26: Enterprise
Chapter 27: Management
Chapter 28: Profits And Costs
Chapter 29: Various Shades Of Profits
Chapter 30: Costs And Competitive Prices
Chapter 31: Monopoly-Prices; Large Production
Part VI: Dynamic Changes In Economic Society
Chapter 32: The Problem Of Population
Chapter 33: Volitional Doctrine Of Population
Chapter 34: Decreasing And Increasing Returns
Chapter 35: Basic Material Resources: Their Use, Consumption, And Conservation
Chapter 36: Machinery And Wages
Chapter 37: Waste And Luxury
Chapter 38: Abstinence And Production
Chapter 39: Value Theory And Social Welfare
****
An excerpt from the beginning of
CHAPTER 1
PURPOSE AND NATURE OF ECONOMICS
§ 1. Definition of economics. § 2. Economics contrasted with the natural sciences. § 3. Science as abstraction. § 4. Science and art. § 5. Place of economics among the sciences. § 6. Subdivisions of economics. § 7. Economy in the sense of the subject studied. § 8. Economy not parsimony. § 9. Social aims of economics. § 10. Economics in a democracy. Note on Economic laws and other terms.
§ 1. Definition of economics. Economics may be defined, briefly, as the study of men earning a living; or, more fully, as the study of the material world and of the activities and mutual relations of men so far as all these are the objective conditions to the gratification and to the welfare of men. The ideas of most persons on this subject are vague, yet it would be very desirable if the student could approach this study with an exact understanding of the nature of the questions with which it deals. Until a subject has been studied, however, a definition in mere words but slightly aids in marking it off clearly in our thought. The student must first try to see the general field of facts and of human interests that economics covers.
§ 2. Economics contrasted with the natural sciences. Economics may be contrasted with the natural sciences, which deal with material things and their mutual relations. A definition that suggests clear and familiar thoughts to the student seems at first much more difficult to get in economics than in the natural sciences. These deal with concrete, material things which we are accustomed to see, handle, and measure. If a child is told that botany is a study in which he may learn about flowers, trees, and plants, the answer is fairly satisfying, for he at once thinks of many things of that kind. When, in like manner, zoölogy is defined as the study of animals, or geology as the study of rocks and the earth, the words call up memories of many familiar objects. Even so difficult and foreign-looking a word as ichthyology seems to be made clear by the statement that it is the name of the study in which one learns about fish. It is true that there may be some misunderstanding as to the way in which these subjects are studied, for botany is not in the main to teach how to cultivate plants in the garden, nor ichthyology how to catch fish or to propagate them in a pond. But the main purpose of these studies is easily made clear at the outset; it is to know about the natural objects themselves. It is true that as each science is pursued...
***
Part I: Elements Of Value And Price
Chapter 1: Purpose And Nature Of Economics
Chapter 2: Choice And Value
Chapter 3: Goods And Psychic Income
Chapter 4: Principles Of Evaluation
Chapter 5: Trade By Barter
Chapter 6: Money And Markets
Chapter 7: Principles Of Price
Chapter 8: Competition And Monopoly
Part II: Usance And Rent
Chapter 9: Agents For Changing Stuff And Form
Chapter 10: Agents For Effecting Changes Of Place And Time
Chapter 11: Consumption And Duration
Chapter 12: The Principle Of Proportionality
Chapter 13: The Concept Of Usance-Value
Chapter 14: The Renting Contract
Chapter 15: Principles Of Rent
Part III: Valuable Human Services, And Wages
Chapter 16: Human Beings And Their Economic Services
Chapter 17: Conditions For Efficient Labor
Chapter 18: The Value Of Labor And The Choice Of Occupations
Chapter 19: Principles Of Wages
Part IV: Time-Value And Interest
Chapter 20: Time-Preference
Chapter 21: Rate Of Time-Preference
Chapter 22: Money And Capitalization
Chapter 23: Capitalization Of Monetary Incomes
Chapter 24: Saving And Borrowing
Chapter 25: Capitalization And Interest
Part V: Enterprise And Profit
Chapter 26: Enterprise
Chapter 27: Management
Chapter 28: Profits And Costs
Chapter 29: Various Shades Of Profits
Chapter 30: Costs And Competitive Prices
Chapter 31: Monopoly-Prices; Large Production
Part VI: Dynamic Changes In Economic Society
Chapter 32: The Problem Of Population
Chapter 33: Volitional Doctrine Of Population
Chapter 34: Decreasing And Increasing Returns
Chapter 35: Basic Material Resources: Their Use, Consumption, And Conservation
Chapter 36: Machinery And Wages
Chapter 37: Waste And Luxury
Chapter 38: Abstinence And Production
Chapter 39: Value Theory And Social Welfare
****
An excerpt from the beginning of
CHAPTER 1
PURPOSE AND NATURE OF ECONOMICS
§ 1. Definition of economics. § 2. Economics contrasted with the natural sciences. § 3. Science as abstraction. § 4. Science and art. § 5. Place of economics among the sciences. § 6. Subdivisions of economics. § 7. Economy in the sense of the subject studied. § 8. Economy not parsimony. § 9. Social aims of economics. § 10. Economics in a democracy. Note on Economic laws and other terms.
§ 1. Definition of economics. Economics may be defined, briefly, as the study of men earning a living; or, more fully, as the study of the material world and of the activities and mutual relations of men so far as all these are the objective conditions to the gratification and to the welfare of men. The ideas of most persons on this subject are vague, yet it would be very desirable if the student could approach this study with an exact understanding of the nature of the questions with which it deals. Until a subject has been studied, however, a definition in mere words but slightly aids in marking it off clearly in our thought. The student must first try to see the general field of facts and of human interests that economics covers.
§ 2. Economics contrasted with the natural sciences. Economics may be contrasted with the natural sciences, which deal with material things and their mutual relations. A definition that suggests clear and familiar thoughts to the student seems at first much more difficult to get in economics than in the natural sciences. These deal with concrete, material things which we are accustomed to see, handle, and measure. If a child is told that botany is a study in which he may learn about flowers, trees, and plants, the answer is fairly satisfying, for he at once thinks of many things of that kind. When, in like manner, zoölogy is defined as the study of animals, or geology as the study of rocks and the earth, the words call up memories of many familiar objects. Even so difficult and foreign-looking a word as ichthyology seems to be made clear by the statement that it is the name of the study in which one learns about fish. It is true that there may be some misunderstanding as to the way in which these subjects are studied, for botany is not in the main to teach how to cultivate plants in the garden, nor ichthyology how to catch fish or to propagate them in a pond. But the main purpose of these studies is easily made clear at the outset; it is to know about the natural objects themselves. It is true that as each science is pursued...
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