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Economics In Two Volumes: Volume I. Economic Principles | by Frank A. Fetter



This text makes practical application of the theories treated in "Principles of Economics" to such matters as money, banking, international trade, labor organizations, agricultural economics, trusts, taxation, insurance, immigration, and similar topics. The book was completely revised in 1922; hence it considers economic matters in the light of the changed conditions following the World War. The volume is equipped with charts, diagrams, statistical tables, reference reading lists, and other numerous helps for both the teacher and the student.

TitleEconomic Principles
AuthorFrank A. Fetter
PublisherThe Century Co, New York
Year1915
Copyright1915, by The Century Co
AmazonEconomic principles

"Economic Principles" by Frank A. Fetter, Ph.D.,Ll.D. Professor Of Political Economy, Princeton University

-Foreword
The author's Principles of Economics published in 1904 aimed to present a unified theory of distribution under the conditions of the modern price system. Value, rent, wages, and interest were for t...
-Part I. Elements Of Value And Price. 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 science...
-Purpose And Nature Of Economics. Continued
The attempt to distinguish between the fields occupied by the various social sciences discloses at once a fundamental unity existing among them. The acts of men are closely related in their lives, but...
-Chapter 2 Choice And Value
1. Choice; its origin. 2. Development of conscious choice. 3. The idea of scarcity. 4. Valuation. 5. One's own labor as a valuation unit. 6. Crusoe's scale of va...
-Choice And Value. Part 2
Suppose, now, that in a similar way, we were to take a number of things, X, Y, M, N, O, P, and Q (taking, of course, a definite amount and grade of each) and were to make an exact estimate of their re...
-Choice And Value. Part 3
8. Value. Now as a choice is made and a valuation is thus expressed, the person choosing feels that there is a certain quality in the thing which evokes or determines his choice. This quality o...
-Chapter 3 Goods And Psychic Income
1. Inherent physical nature of things. 2. Free goods and economic goods. 3. Harmful objects. 4. Value and true welfare. 5. Gratification of desire. 6. The ide...
-Goods And Psychic Income. Continued
5. Gratification of desire. We have already seen that there is in our desires for things an impulsive or an instinctive element. But with our growth through childhood into maturity, experience ...
-Chapter 4 Principles Of Evaluation
1. Quality, a reflection of desire. 2. Substitution of goods. 3. The principle of substitution. 4. Substitution of like and of unlike goods. 5. Complementary goods. ...
-Principles Of Evaluation. Part 2
Some of these occur in the use of enjoyable goods, and still more occur in production by means of complementary agents, the consideration of which must be postponed till later in our study. 6....
-Principles Of Evaluation. Part 3
The marginal desire (originally the least intense of the desires now gratified) now marks and expresses the actual value of each of the other units of the stock. This is the marginal valuation. The st...
-Chapter 5 Trade By Barter
1. Advantage of trade. 2. Barter. 3. Some trading terms defined. 4. The problem of price in simple barter. 5. Demand. 6. Supply. 7. Limits of advant...
-Trade By Barter. Continued
4. The problem of price. Few words are more often on the lips to-day than price. If the price of a thing is high, the thing is dear; if price is low, it is cheap. What makes things cheap or dea...
-Chapter 6 Money And Markets
1. Money and evaluation. 2. Origin of money. 3. The use of money and money-prices. 4. The standard price unit. 5. Representative quality of money. 6. The sale...
-Money And Markets. Part 2
6. The sale at auction. Let us now approach the price problem as it presents itself when groups of traders come together, and where bids are expressed in some common unit of price. We will con...
-Money And Markets. Part 3
If each of numerous like articles were put up for sale separately and each were supposed by buyers to be the last, there would result a succession of prices. Each price would be lower than the...
-Chapter 7 Principles Of Price
1. Buyers' composite valuation curve. 2. Sellers' composite valuation curve. 3. Price the resultant of demand and supply. 4. The market as a two-sided auction. 5. Su...
-Principles Of Price. Part 2
4 Effect of trading outside of the market. For example, B 11 might take S 8 apart and persuade him to exchange at the price 8, at which both would gain something as compared with not trading at all. B...
-Principles Of Price. Part 3
8. The point of price-adjustment. Picture now a market, let us say a village, to which the farmers of the surrounding country are bringing eggs, butter, apples, etc. The price of eggs to-day is...
-Chapter 8 Competition And Monopoly
1. Competition defined. 2. Naturalness of competition. 3. Conflicting interests of competition. 4. Nature of monopoly. 5. Monopoly not merely scarcity. 6. Mon...
-Chapter Competition And Monopoly. Part 2
In five of the nine changes the paradox of value appeared; three times (1904, 1908, and 1911) when production increased, and two times (1909 and 1911) when production declined; and in still another ye...
-Competition And Monopoly. Part 3
10. Types of monopoly-price: receipts vs. profits. These petty devices develop, in the case of larger markets and of many important articles of sale, into the systematic practice of manipulatin...
-Part II Usance And Rent. Chapter 9 Agents For Changing Stuff And Form
1. Variety in the objects of desire. 2. Increasing range of choice and use of goods. 3. Historical view of increasing indirectness of uses. 4. Goods with indirect uses. &sec...
-Agents For Changing Stuff And Form. Part 2
In a multitude of cases the concrete, direct good and the thing valued simply as an agent to get it, are only a single step removed from each other. The land and the trees in the orchard are agents to...
-Agents For Changing Stuff And Form. Part 3
7. Agencies for altering stuff or material. Man can not create a single atom of matter. He must work with the materials which nature puts at his command.3 In what sense, then, may we say that m...
-Chapter 10. Agents For Effecting Changes Of Place And Time
1. Transportation. 2. Location as an element in value. 3. Relation of time to value. 4. Indirect agents for hastening the uses of goods. 5. Agencies for postponing t...
-Agents For Effecting Changes Of Place And Time. Continued
4. Indirect agencies for hastening the uses of goods. Our present concern is with the use of indirect agents for the purpose of controlling the time at which the uses of goods become available....
-Chapter 11 Consumption And Duration
1. Consumptive and non-consumptive uses of goods. 2. Direct uses, consumptive and durative. 3. Indirect uses, consumptive and dura-tive. 4. The single consumptive use. &sec...
-Consumption And Duration. Continued
4. The single consumptive use. The distinction between consumptive and durative uses should be kept clearly apart from that between direct and indirect uses. As a matter of fact, directness of ...
-Chapter 12 The Principle Of Proportionality
1. The principle of proportionality; its general nature. 2. Coat and sacrifice defined. 3. Sacrifice of effort a matter of proportion. 4. Sacrifice involved in common use by...
-The Principle Of Proportionality. Part 2
6. The doctrine of separable uses. We may think of the use of an object not as one undivided whole, but as a group of uses, separable each from the other. Likewise anyone of these uses is sepa...
-The Principle Of Proportionality. Part 3
Intensiveness and exten-siveness of utilization are relative terms. The utilization of one machine or of one piece of land is more or less intensive as compared with another when more of other agents ...
-Chapter 13 The Concept Of Usance-Value
1. Usance and usufruct: definitions. 2. Usance-value of agents yielding products of like grade. 3. Usance-value of agents yielding products of different grades. 4. Effect of ...
-The Concept Of Usance-Value. Continued
5. Usance-value determining utilization. Both the quantity and the quality of products thus unite to determine the usance-value of an agent. A smaller crop of apples of better flavor on one tre...
-Chapter 14 The Renting Contract
1. Price of the separable use. 2. Medieval land tenures and the usance of land. 3. Land destruction and repair. 4. The medieval rent-charge as a sale of income. 5. D...
-The Renting Contract. Part 2
4. The medieval rent-charge as a sale of income. It thus came about that land, tho not as an economic good indestructible, was nevertheless in many cases so managed as to yield a continuing inc...
-The Renting Contract. Part 3
A number of significant facts are here shown graphically. In every census division a larger percentage of farm homes is owned than of other homes. A larger percentage of farm ownership is found in e...
-The Renting Contract. Part 4. Unsuitability Of The Renting-Contract In Commerce
12. Unsuitability of the renting-contract in commerce. The renting-contract has always proved to be unsuited to most transactions of commerce and manufactures. As these classes of industry w...
-Chapter 15 Principles Of Rent
1. Divergence of actual rents from competitive rents. 2. Cross and net rent to the owner. 3. Different grades of fertility as affecting rent. 4. Different costs of cultivat...
-Principles Of Rent. Part 2
5. Differences in location as affecting rent. Still another case is presented when fields are of equal fertility but are at various distances from the market where the product is used and the p...
-Principles Of Rent. Part 3
9. Divergent valuations of different bidders. In explaining the differences in the rents of agents we have thus far mentioned as affecting the result only the limitation and variation in the ph...
-Part III Valuable Human Services, And Wages. Chapter 16 Human Beings And Their Economic Services
1. Man and wealth as economic agents. 2. Labor as contributing to income. 3. Psychic income gained in play. 4. Play- and labor-motives mingled. 5. Disagreeable labor...
-Human Beings And Their Economic Services. Part 2
3. Psychic income gained in play. When we consider the fact that this income may be directly in psychic form, it becomes difficult to justify on economic grounds the contrast usually supposed t...
-Human Beings And Their Economic Services. Part 3
2 In 1910 there were nearly 2,000,000 children of the age-group between ten and fifteen years reported as engaged in gainful occupations in the United States, most of them in agriculture. Two-thirds o...
-Chapter 17 Conditions For Efficient Labor
1. Subjective and objective factors of efficiency. 2. Food and efficiency. 3. Clothing and housing. 4. Schooling. 5. Political security and honest government. ...
-Conditions For Efficient Labor. Part 2
4. Schooling. Education in schools is a most imperfect index of training for industrial tasks. A large part of the purpose even of the elementary schooling is to fit for citizenship and for the...
-Conditions For Efficient Labor. Part 3
The many rewards open to personal merit and the chance for every worker to improve his position, have helped to stimulate here to greater energy and to a faster working pace in most grades of labor th...
-Chapter 18 The Value Of Labor And The Choice Of Occupations
1. Services of labor comparable with uses of wealth. 2. Limitations of the labor-supply. 3. The direction of labor guided by the value of its results. 4. Value of labor to ...
-The Value Of Labor And The Choice Of Occupations. Part 2
4. Value of labor to the isolated laborer. Let us now consider the problem of labor-valuation as it might present itself to an isolated laborer, such as Robinson Crusoe on his island. He would ...
-The Value Of Labor And The Choice Of Occupations. Part 3
7. Costs and deductions from nominal labor-incomes. (a) The difficulties of preparation for the pursuit of various occupations are very unequal (in themselves, quite apart from the differences ...
-The Value Of Labor And The Choice Of Occupations. Part 4
9. Rarity of ability limiting choice of occupations. But even if all these psychic factors be duly accounted for, it is still evident that some men obtain a larger income for their services tha...
-Chapter 19 Principles Of Wages
1. The price of labor. 2. The self-directing laborer's income from sale of products. 3. Shifting of labor to the point of highest return to the laborer. 4. Fees for tempora...
-Principles Of Wages. Part 2
4. Fees for temporary direct services. On the very borderline between the class of self-directing laborers and regular wage-employees is the class of laborers which is temporarily employed to d...
-Principles Of Wages. Part 3
7. Various grades of labor and rates of wages. Every grade and kind of ability has its rate of wages. The term general rate of wages can be used only of a certain grade of labor and of the rate...
-Principles Of Wages. Part 4
9. Basis of the personal bargaining power in the wage-contract. We arrived at the explanation that the price of labor bought by an employer must be related to and depend on the value of the ser...
-Principles Of Wages. Part 5
12. Labor-incomes and wealth-incomes. The fundamental principles of value and price apply fully to labor, as we have said. (See above, Chapter 18, section 1.) But the sale of the services of hu...
-Principles Of Wages. Part 6
But the level of the general scale of wages is a part of a general economic situation and is dependent on the relation of population to all material resources, artificial and natural, on the progress ...
-Part IV Time-Value And Interest Chapter 20 Time-Preference
1. Time as a condition in valuation. 2. Tbe time element in man's provision for his needs. 3. Cases where future use is preferred. 4. Cases where present use is preferred. ...
-Time-Preference. Part 2
The preference for future over present use appears in many other relations of life. A fire-engine is less valuable now than it will be when the fire breaks out; indeed its present value is but a dimin...
-Time-Preference. Part 3
7. Hastening the ripening process. A man or a family in an isolated economy would, when in urgent need, make efforts to convert future goods if possible into present goods. Sometimes this can n...
-Chapter 21 Bate Of Time-Preference
1. Subjective rate of time-preference. 2. Time-preference showing in care and repairs. 3. Time-preference showing in production of indirect agents. 4. Time-preference rate ...
-Rate Of Time-Preference. Part 2
Repair is nothing but a particular case of production presenting the peculiar problems of complementary agents. Even where time-preference is very great, repairs will be promptly made when the whole a...
-Rate Of Time-Preference. Part 3
6. Beginnings of durative direct goods. The illustrations of time-value thus far have been of consumptive direct use of goods. (See the analysis in Chapter 11, section 1.) These are the nearest...
-Chapter 22 Money And Capitalization
1. The functions of money. 2. The standard of deferred payments. 3. Property. 4. Wealth and property rights. 5. Origin of capital; its definition. 6. Capitali...
-Money And Capitalization. Part 2
5. Origin of capital; its definition. Capital is from the Latin adjective capitalis (from caput, head) in the phrase capitalis pars, the chief part, principal part; hence principal, of a money-l...
-Money And Capitalization. Part 3
8. Time-price without loans. It is clear then that discounts of future uses are necessarily involved in an individual's valuations of all his own goods which have any durative-ness whatever - n...
-Chapter 23 Capitalization Of Monetary Incomes
1. Buying with money. 2. Capitalization of agricultural land-incomes. 3. Years' purchase and rate of income on capital. 4. Price and rate of income. 5. Bonds and mor...
-Capitalization Of Monetary Incomes. Part 2
4. Price and rate of income. It may be shown by a price diagram how every price arithmetically involves a corresponding rate of premium on the present price (investment of capital) which will b...
-Capitalization Of Monetary Incomes. Part 3
8. Corporate securities. Corporations are business enterprises which issue stock, or certificates of a share in their ownership and income. Doubtless the convenience of the sale and transfer of...
-Chapter 24 Saving And Borrowing
1. Abstinence of the conservative kind. 2. Cumulative abstinence. 3. Spenders and savers. 4. No common standard of abstinence. 5. Saving without and with the use of ...
-Saving And Borrowing. Part 2
5. Saving without and with the use of money. Abstinence of the conservative sort shows its results in keeping in repair and providing for the replacement of fertile soil, ditches, fences, house...
-Saving And Borrowing. Part 3
8. The chronic improvident borrower. Another type of necessitous, would-be borrower is the chronic improvident. Not only mental incompetents and drunkards, but many honest families live always ...
-Saving And Borrowing. Part 4
10. The prodigal borrower. The peculiarity of the prodigal type of consumptive borrower is in the artificial, self-indulgent, subjective character of the desires that impel him to borrow. He ha...
-Capitalization And Interest
1. Interest subsequent to time-price. 2. Origin and definition of the term interest. 3. Interest versus income, or gross versus net interest. 4. Concealed rate of interest....
-Capitalization And Interest. Part 2
4. Concealed rate of interest. Interest is often concealed under forms which make the real rate greater than the nominal, or apparent, rate. It is well known that usury laws fixing the legal ra...
-Capitalization And Interest. Part 3
8. Special markets for money loans. The choice of timeliness is possible in a market along any one of many series of incomes, but in commercial circles trade in timeliness most commonly takes t...
-Capitalization And Interest. Part 4
10. Time-series of incomes, monetary and non-monetary. Before ever a money-loan was made, before even money had come into existence in the world, time-preference existed. It lies in the very na...
-Part V Enterprise And Profit Chapter 26 Enterprise
1. Factors of production must be combined. 2. Non-contractual and contractual incomes. 3. From small shop to large factory. 4. The residual share. 5. The typical own...
-Enterprise. Continued
4. The residual share. From the moment the first apprentice was hired or the first dollar was borrowed, the business became the source of a contractual income to some one, and, at last, of many...
-Chapter 27 Management
1. The function of management. 2. Direction of simple and interrelated groups. 3. Selection of managed and of managers. 4. Division of labor in management. 5. A larg...
-Management. Part 2
4. Division of labor in management. The management of industry does not usually show itself in entirely simple forms. The directing power in an establishment is not always exercised by one pers...
-Management. Part 3
7. Profit-seeking borrowers and the rate of interest. The enterpriser (and his agent, the manager) is essentially a profit-seeking (so-called productive) borrower. He does not borrow in order t...
-Management. Part 4
10. Management of technical processes. The manage-ment, directly or by the aid of other employees, must choose the general processes to be used, the kinds of machinery, the. order and arrangeme...
-Chapter 28 Profits And Costs
1. The broader meaning of profits. 2. Conception of pure profits. 3. Dual character of investment profit. 4. Enterprise and risk. 5. Pure profit the most variable in...
-Profits And Costs. Part 2
4. Enterprise and risk. To the person who exercised this function of active capital-investment various names have been applied: undertaker,3 its French equivalent entrepreneur, adventurer (espe...
-Profits And Costs. Part 3
6. Meanings of cost. The profit in enterprise results from the surplus of sales (receipts) over costs (expenses). Few words are more often heard in business than cost, or with more varied shade...
-Profits And Costs. Part 4
10. The genealogy of value. When the one factor yields several different kinds of products no one product alone accounts for the value of the factor. As any one wishing the factor for any use m...
-Chapter 29 Various Shades Of Profits
1. Review of the profit-concept. 2. Skill in relation to risk. 3. Union of chance and choice. 4. Element of pure chance. 5. Changes in transportation and in land-val...
-Various Shades Of Profits. Part 2
6. The so-called unearned increment. Such changes and chances as these have resulted in profits and losses to great numbers of landowners, who as investors have seen their lands rise above or f...
-Various Shades Of Profits. Part 3
9. Produce speculators as insurers. Many of the speculators in staples, wheat, corn, wool, rarely handle the material things, the real products. They make it their business to study the world c...
-Chapter 30 Costs And Competitive Prices
1. Competitive prices and unequal costs of competition. 2. Selling and cost-finding. 3. Examples of joint costs. 4. Main classes of costs. 5. The problem of cost acc...
-Costs And Competitive Prices. Part 2
4. Main classes of costs. These two cases present in comparatively simple form the problem which every larger business involves in very much more difficult form. The total costs of any business...
-Costs And Competitive Prices. Part 3
8. How prices are limited under competition. The phrase charging what the traffic will bear is usually heard in connection with monopoly-price. Yet every competitive seller gets all he can f...
-Chapter 31 Monopoly-Prices; Large Production
1. Tests of monopoly control. 2. Uniform monopoly-price in relation to costs. 3. General principle of uniform monopoly-price and cost. 4. Temporary and limited monopoly and...
-Monopoly-Prices; Large Production. Part 2
4. Temporary and limited monopoly, and discrimination. The foregoing applies to uniform monopoly-price. This is sometimes the problem presented to the monopolist, as to the manufacturer of a pa...
-Monopoly-Prices; Large Production. Part 3
8. Economical use of machinery in large production. In these examples the saving in labor is not merely the result of increased personal skill, but of the use of machinery. There is economy in ...
-Monopoly-Prices; Large Production. Part 4
12. Large production and the two types of prices. If there is a situation where two or more establishments are able steadily to decrease unit costs by the economy of size, and there is norm...
-Part VI Dynamic Changes In Economic Society Chapter 32 The Problem Of Population
1. Introduction: static and dynamic problems of economics. 2. A static economy. 3. Dynamics and the social point of view. 4. Rhythmic change and cumulative change. 5....
-The Problem Of Population. Part 2
4. Rhythmic change and cumulative change. Into an economy that is characteristically static, disturbing influences are constantly entering. Some of these forces make a considerable temporary ch...
-The Problem Of Population. Part 3
8. Tendency versus actuality. Tendency of population does not mean here an actual movement, for self-evidently population could not increase in such a ratio, for each individual mouth must ha...
-The Problem Of Population. Part 4
12. Limit of the food supply. These myriads of seeds seeking for a chance to germinate, these myriads of young in every species seeking to survive, can not possibly grow to maturity. Even the s...
-Chapter 33 Volitional Doctrine Of Population
1. Volitional control; beginning and development. 2. Volitional control and private property. 3. Class differences in volitional control. 4. The standard of life. 5....
-Volitional Doctrine Of Population. Part 2
4. The standard of life. The phrase, standard of life, expresses the complex thought of that measure of necessities, comforts, and luxuries considered by any individual to be indispensable fo...
-Volitional Doctrine Of Population. Part 3
7. The menace to progress. This sterilization of ability has cumulative results. If society were composed in equal parts of two distinct strains of stock, not intermarrying; if the total popula...
-Chapter 34 Decreasing And Increasing Returns
1. Estimates of the world's population. 2. Population growth in Europe since 1800. 3. Increase since 1790 in America. 4. Relation of population to resources. 5. Birt...
-Decreasing And Increasing Returns. Part 2
3. Increase since 1790 in America. The growth of the population of the United States since 1790 (the date of our first census) has been proportionally much greater than that of the European cou...
-Decreasing And Increasing Returns. Part 3
5. Birth rates. The increasing population has not been due to any general increase in the birth rate. In most countries where there are any records it has been decreasing, and in some cases mor...
-Decreasing And Increasing Returns. Part 4
Rents on grades of land with different degrees of extension of culti-vation (approximate). Tract A B C D When A only .............
-Decreasing And Increasing Returns. Part 5
10. Rhythmic changes of population. Changes in population are constant. Until recently these changes have generally been of a rhythmic nature. Again and again, in the history of savage races, t...
-Chapter 35 Basic Material Resources: Their Use, Consumption, And Conservation
1. Changes in the land supply. 2. New land supplies by means of drainage and irrigation. 3. Abuse of agricultural land. 4. Means of restoring lost fertility. 5. Land...
-Basic Material Resources: Their Use, Consumption, And Conservation. Part 2
3. Abuse of agricultural land. The forces acting upon the land supply do not all work in the same direction. The land supply shrinks on some sides while it grows in others. The effects of bad h...
-Use, Consumption, And Conservation of Basic Material Resources Part 3
7. Rapid consumption of coal. With care, the use of agricultural and of forest lands may be durative; but the extraction of coal is a purely consumptive use of the mine. Every ton used to-day i...
-Consumption And Conservation of Basic Material Resources Part 4
11. Production of usable land surface in cities. The work of man is doing much by form changes to increase the area suitable for residence and business. Large districts on the river fronts of N...
-Chapter 36 Machinery And Wages
1. Progressive control over natural conditions. 2. Labor-saving invention as a dynamic factor. 3. The lump of labor notion. 4. Evils of the industrial revolution. ...
-Machinery And Wages. Part 2
5. Some evils of the introduction of machinery. Not infrequently it has happened that employers have introduced labor-saving machines at the time of a strike, so that they could turn out the fo...
-Machinery And Wages. Part 3
7. Effect of machinery in different industries. Every new machine or process compels some readjustment of employment, the number in some industries increasing, in others diminishing. If extreme...
-Chapter 37 Waste And Luxury
1. Accidental destruction of wealth. 2. Intentional destruction of wealth by the owner. 3. Intentional destruction of others' wealth. 4. Careless waste. 5. Waste in ...
-Waste And Luxury. Part 2
4. Careless waste. The destruction of goods of unnecessarily large value to secure a given result is likewise justified as making trade good. The blunder that compels the rebuilding of a wall...
-Waste And Luxury. Part 3
10. Sudden changes in standards of luxury. Luxury may be in various degrees and correspondingly may have various effects upon the state of wealth and income, and upon their movements. It might ...
-Waste And Luxury. Part 4
14. Choice by primitive men. In simpler human societies, choices are mostly confined to physical necessities; that is, in the earlier stages of society, man's choices are very much like those o...
-Chapter 38 Abstinence And Production
1. Dynamic movement of saving. 2. Orderly government favorable to saving. 3. Private property favorable to saving. 4. Opportunities for investment. 5. Get-rich-quick...
-Abstinence And Production. Part 2
5. Get-rich-quick schemes. Nothing discourages abstinence more than the example of the loss of hard-won savings through unfortunate investments, as happens with many million dollars of small ca...
-Abstinence And Production. Part 3
8. Bountiful income and abstinence. Another question that has proved puzzling is as to the relation between the amount of income a man enjoys and the degree of abstinence. For if, as income inc...
-Abstinence And Production. Part 4
10. Duplicate agents and slower processes. Another effect must show itself in the technical methods of production. The time-price signals that there are investors ready to wait longer for the s...
-Abstinence And Production. Part 5
13. Newly discovered process; effect upon interest-rate. What effect would the adoption of a newly discovered process have upon the time-price rate ?6 If it takes a smaller equipment than the o...
-Chapter 39 Value Theory And Social Welfare
1. Epoch of the dismal science. 2. Communism and value theory. 3. The single-tax doctrine. 4. Optimistic theories of wages. 5. An organic theory of value. 6. ...
-Value Theory And Social Welfare. Part 2
4. Optimistic theories of wages. Some recent theories of value have assigned to labor a more hopeful position. Most optimistic was the residual claimant theory, of wages presented by the Amer...
-Value Theory And Social Welfare. Part 3
6. Labor and its environment. Decreasing and increasing returns are cases of changing proportionality, involving social, rather than individual adjustment; not the adjustment of enterpriser's m...
-Value Theory And Social Welfare. Part 4
10. Conflict of individual and general interests. The social welfare has no reality apart from the abiding happiness of individuals and progress toward a higher, nobler form of social life. The...









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