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Principles Of Political Economy Abridged with Critical, Bibliographical, and Explanatory Notes, and a Sketch of the History of Political Economy

By John Stuart Mill

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Table of Contents

Contents
Preface.
Introductory.
- A Sketch Of The History Of Political Economy.
- Books For Consultation (From English, French, And German Authors).
- Preliminary Remarks.
Book I. Production.
- Chapter I. Of The Requisites Of Production.
  - § 1. The Requisites of Production are Two: Labor, and Appropriate Natural Objects.
  - § 2. The Second Requisite of Production, Labor.
  - § 3. Of Capital as a Requisite of Production.
- § 1. The Requisites of Production are Two: Labor, and Appropriate Natural Objects.
- § 2. The Second Requisite of Production, Labor.
- § 3. Of Capital as a Requisite of Production.
- Chapter II. Of Unproductive Labor.
  - § 1. Definition of Productive and Unproductive Labor.
  - § 2. Productive and Unproductive Consumption.
  - § 3. Distinction Between Labor for the Supply of Productive Consumption and Labor for the Supply of Unproductive Consumption.
- § 1. Definition of Productive and Unproductive Labor.
- § 2. Productive and Unproductive Consumption.
- § 3. Distinction Between Labor for the Supply of Productive Consumption and Labor for the Supply of Unproductive Consumption.
- Chapter III. Of Capital.
  - § 1. Capital is Wealth Appropriated to Reproductive Employment.
  - § 2. More Capital Devoted to Production than Actually Employed in it.
  - § 3. Examination of Cases Illustrative of the Idea of Capital.
- § 1. Capital is Wealth Appropriated to Reproductive Employment.
- § 2. More Capital Devoted to Production than Actually Employed in it.
- § 3. Examination of Cases Illustrative of the Idea of Capital.
- Chapter IV. Fundamental Propositions Respecting Capital.
  - § 1. Industry is Limited by Capital.
  - § 2. Increase of Capital gives Increased Employment to Labor, Without Assignable Bounds.
  - § 3. Capital is the result of Saving, and all Capital is Consumed.
  - § 4. Capital is kept up by Perpetual Reproduction, as shown by the Recovery of Countries from Devastation.
  - § 5. Effects of Defraying Government Expenditure by Loans.
  - § 6. Demand for Commodities is not Demand for Labor.
- § 1. Industry is Limited by Capital.
- § 2. Increase of Capital gives Increased Employment to Labor, Without Assignable Bounds.
- § 3. Capital is the result of Saving, and all Capital is Consumed.
- § 4. Capital is kept up by Perpetual Reproduction, as shown by the Recovery of Countries from Devastation.
- § 5. Effects of Defraying Government Expenditure by Loans.
- § 6. Demand for Commodities is not Demand for Labor.
- Chapter V. On Circulating And Fixed Capital.
  - § 1. Fixed and Circulating Capital.
  - § 2. Increase of Fixed Capital, when, at the Expense of Circulating, might be Detrimental to the Laborers.
  - § 3. —This seldom, if ever, occurs.
- § 1. Fixed and Circulating Capital.
- § 2. Increase of Fixed Capital, when, at the Expense of Circulating, might be Detrimental to the Laborers.
- § 3. —This seldom, if ever, occurs.
- Chapter VI. Of Causes Affecting The Efficiency Of Production.
  - § 1. General Causes of Superior Productiveness.
  - § 2. Combination and Division of Labor Increase Productiveness.
  - § 3. Advantages of Division of Labor.
  - § 4. Production on a Large and Production on a Small Scale.
- § 1. General Causes of Superior Productiveness.
- § 2. Combination and Division of Labor Increase Productiveness.
- § 3. Advantages of Division of Labor.
- § 4. Production on a Large and Production on a Small Scale.
- Chapter VII. Of The Law Of The Increase Of Labor.
  - § 1. The Law of the Increase of Production Depends on those of Three Elements—Labor. Capital, and Land.
  - § 2. The Law of Population.
  - § 3. By what Checks the Increase of Population is Practically Limited.
- § 1. The Law of the Increase of Production Depends on those of Three Elements—Labor. Capital, and Land.
- § 2. The Law of Population.
- § 3. By what Checks the Increase of Population is Practically Limited.
- Chapter VIII. Of The Law Of The Increase Of Capital.
  - § 1. Means for Saving in the Surplus above Necessaries.
  - § 2. Motive for Saving in the Surplus above Necessaries.
  - § 3. Examples of Deficiency in the Strength of this Desire.
  - § 4. Examples of Excess of this Desire.
- § 1. Means for Saving in the Surplus above Necessaries.
- § 2. Motive for Saving in the Surplus above Necessaries.
- § 3. Examples of Deficiency in the Strength of this Desire.
- § 4. Examples of Excess of this Desire.
- Chapter IX. Of The Law Of The Increase Of Production From Land.
  - § 1. The Law of Production from the Soil, a Law of Diminishing Return in Proportion to the Increased Application of Labor and Capital.
  - § 2. Antagonist Principle to the Law of Diminishing Return; the Progress of Improvements in Production.
  - § 3. —In Railways.
  - § 4. —In Manufactures.
  - § 5. Law Holds True of Mining.
- § 1. The Law of Production from the Soil, a Law of Diminishing Return in Proportion to the Increased Application of Labor and Capital.
- § 2. Antagonist Principle to the Law of Diminishing Return; the Progress of Improvements in Production.
- § 3. —In Railways.
- § 4. —In Manufactures.
- § 5. Law Holds True of Mining.
- Chapter X. Consequences Of The Foregoing Laws.
  - § 1. Remedies for Weakness of the Principle of Accumulation.
  - § 2. Even where the Desire to Accumulate is Strong, Population must be Kept within the Limits of Population from Land.
  - § 3. Necessity of Restraining Population not superseded by Free Trade in Food.
  - § 4. —Nor by Emigration.
- § 1. Remedies for Weakness of the Principle of Accumulation.
- § 2. Even where the Desire to Accumulate is Strong, Population must be Kept within the Limits of Population from Land.
- § 3. Necessity of Restraining Population not superseded by Free Trade in Food.
- § 4. —Nor by Emigration.
Book II. Distribution.
- Chapter I. Of Property.
  - § 1. Individual Property and its opponents.
  - § 2. The case for Communism against private property presented.
  - § 3. The Socialists who appeal to state-help.
  - § 4. Of various minor schemes, Communistic and Socialistic.
  - § 5. The Socialist objections to the present order of Society examined.
  - § 6. Property in land different from property in Movables.
- § 1. Individual Property and its opponents.
- § 2. The case for Communism against private property presented.
- § 3. The Socialists who appeal to state-help.
- § 4. Of various minor schemes, Communistic and Socialistic.
- § 5. The Socialist objections to the present order of Society examined.
- § 6. Property in land different from property in Movables.
- Chapter II. Of Wages.
  - § 1. Of Competition and Custom.
  - § 2. The Wages-fund, and the Objections to it Considered.
  - § 3. Examination of some popular Opinions respecting Wages.
  - § 4. Certain rare Circumstances excepted, High Wages imply Restraints on Population.
  - § 5. Due Restriction of Population the only Safeguard of a Laboring-Class.
- § 1. Of Competition and Custom.
- § 2. The Wages-fund, and the Objections to it Considered.
- § 3. Examination of some popular Opinions respecting Wages.
- § 4. Certain rare Circumstances excepted, High Wages imply Restraints on Population.
- § 5. Due Restriction of Population the only Safeguard of a Laboring-Class.
- Chapter III. Of Remedies For Low Wages.
  - § 1. A Legal or Customary Minimum of Wages, with a Guarantee of Employment.
  - § 2. —Would Require as a Condition Legal Measures for Repression of Population.
  - § 3. Allowances in Aid of Wages and the Standard of Living.
  - § 4. Grounds for Expecting Improvement in Public Opinion on the Subject of Population.
  - § 5. Twofold means of Elevating the Habits of the Laboring-People; by Education, and by Foreign and Home Colonization.
- § 1. A Legal or Customary Minimum of Wages, with a Guarantee of Employment.
- § 2. —Would Require as a Condition Legal Measures for Repression of Population.
- § 3. Allowances in Aid of Wages and the Standard of Living.
- § 4. Grounds for Expecting Improvement in Public Opinion on the Subject of Population.
- § 5. Twofold means of Elevating the Habits of the Laboring-People; by Education, and by Foreign and Home Colonization.
- Chapter IV. Of The Differences Of Wages In Different Employments.
  - § 1. Differences of Wages Arising from Different Degrees of Attractiveness in Different Employments.
  - § 2. Differences arising from Natural Monopolies.
  - § 3. Effect on Wages of the Competition of Persons having other Means of Support.
  - § 4. Wages of Women, why Lower than those of Men.
  - § 5. Differences of Wages Arising from Laws, Combinations, or Customs.
- § 1. Differences of Wages Arising from Different Degrees of Attractiveness in Different Employments.
- § 2. Differences arising from Natural Monopolies.
- § 3. Effect on Wages of the Competition of Persons having other Means of Support.
- § 4. Wages of Women, why Lower than those of Men.
- § 5. Differences of Wages Arising from Laws, Combinations, or Customs.
- Chapter V. Of Profits.
  - § 1. Profits include Interest and Risk; but, correctly speaking, do not include Wages of Superintendence.
  - § 2. The Minimum of Profits; what produces Variations in the Amount of Profits.
  - § 3. General Tendency of Profits to an Equality.
  - § 4. The Cause of the Existence of any Profit; the Advances of Capitalists consist of Wages of Labor.
  - § 5. The Rate of Profit depends on the Cost of Labor.
- § 1. Profits include Interest and Risk; but, correctly speaking, do not include Wages of Superintendence.
- § 2. The Minimum of Profits; what produces Variations in the Amount of Profits.
- § 3. General Tendency of Profits to an Equality.
- § 4. The Cause of the Existence of any Profit; the Advances of Capitalists consist of Wages of Labor.
- § 5. The Rate of Profit depends on the Cost of Labor.
- Chapter VI. Of Rent.
  - § 1. Rent the Effect of a Natural Monopoly.
  - § 2. No Land can pay Rent except Land of such Quality or Situation as exists in less Quantity than the Demand.
  - § 3. The Rent of Land is the Excess of its Return above the Return to the worst Land in Cultivation.
  - § 4. —Or to the Capital employed in the least advantageous Circumstances.
  - § 5. Opposing Views of the Law of Rent.
  - § 6. Rent does not enter into the Cost of Production of Agricultural Produce.
- § 1. Rent the Effect of a Natural Monopoly.
- § 2. No Land can pay Rent except Land of such Quality or Situation as exists in less Quantity than the Demand.
- § 3. The Rent of Land is the Excess of its Return above the Return to the worst Land in Cultivation.
- § 4. —Or to the Capital employed in the least advantageous Circumstances.
- § 5. Opposing Views of the Law of Rent.
- § 6. Rent does not enter into the Cost of Production of Agricultural Produce.
Book III. Exchange.
- Chapter I. Of Value.
  - § 1. Definitions of Value in Use, Exchange Value, and Price.
  - § 2. Conditions of Value: Utility, Difficulty of Attainment, and Transferableness.
  - § 3. Commodities limited in Quantity by the law of Demand and Supply: General working of this Law.
  - § 4. Miscellaneous Cases falling under this Law.
  - § 5. Commodities which are Susceptible of Indefinite Multiplication without Increase of Cost. Law of their Value Cost of Production.
  - § 6. The Value of these Commodities confirm, in the long run, to their Cost of Production through the operation of Demand and Supply.
- § 1. Definitions of Value in Use, Exchange Value, and Price.
- § 2. Conditions of Value: Utility, Difficulty of Attainment, and Transferableness.
- § 3. Commodities limited in Quantity by the law of Demand and Supply: General working of this Law.
- § 4. Miscellaneous Cases falling under this Law.
- § 5. Commodities which are Susceptible of Indefinite Multiplication without Increase of Cost. Law of their Value Cost of Production.
- § 6. The Value of these Commodities confirm, in the long run, to their Cost of Production through the operation of Demand and Supply.
- Chapter II. Ultimate Analysis Of Cost Of Production.
  - § 1. Of Labor, the principal Element in Cost of Production.
  - § 2. Wages affect Values, only if different in different employments; “non-competing groups.”
  - § 3. Profits an element in Cost of Production.
  - § 4. Cost of Production properly represented by sacrifice, or cost, to the Laborer as well as to the Capitalist; the relation of this conception to the Cost of Labor.
  - § 5. When profits vary from Employment to Employment, or are spread over unequal lengths of Time, they affect Values accordingly.
  - § 6. Occasional Elements in Cost of Production; taxes and ground-rent.
- § 1. Of Labor, the principal Element in Cost of Production.
- § 2. Wages affect Values, only if different in different employments; “non-competing groups.”
- § 3. Profits an element in Cost of Production.
- § 4. Cost of Production properly represented by sacrifice, or cost, to the Laborer as well as to the Capitalist; the relation of this conception to the Cost of Labor.
- § 5. When profits vary from Employment to Employment, or are spread over unequal lengths of Time, they affect Values accordingly.
- § 6. Occasional Elements in Cost of Production; taxes and ground-rent.
- Chapter III. Of Rent, In Its Relation To Value.
  - § 1. Commodities which are susceptible of indefinite Multiplication, but not without increase of Cost. Law of their Value, Cost of Production in the most unfavorable existing circumstances.
  - § 2. Such commodities, when Produced in circumstances more favorable, yield a Rent equal to the difference of Cost.
  - § 3. Rent of Mines and Fisheries and ground-rent of Buildings, and cases of gain analogous to Rent.
  - § 4. Résumé of the laws of value of each of the three classes of commodities.
- § 1. Commodities which are susceptible of indefinite Multiplication, but not without increase of Cost. Law of their Value, Cost of Production in the most unfavorable existing circumstances.
- § 2. Such commodities, when Produced in circumstances more favorable, yield a Rent equal to the difference of Cost.
- § 3. Rent of Mines and Fisheries and ground-rent of Buildings, and cases of gain analogous to Rent.
- § 4. Résumé of the laws of value of each of the three classes of commodities.
- Chapter IV. Of Money.
  - § 1. The three functions of Money—a Common Denominator of Value, a Medium of Exchange, a “Standard of Value”.
  - § 2. Gold and Silver, why fitted for those purposes.
  - § 3. Money a mere contrivance for facilitating exchanges, which does not affect the laws of value.
- § 1. The three functions of Money—a Common Denominator of Value, a Medium of Exchange, a “Standard of Value”.
- § 2. Gold and Silver, why fitted for those purposes.
- § 3. Money a mere contrivance for facilitating exchanges, which does not affect the laws of value.
- Chapter V. Of The Value Of Money, As Dependent On Demand And Supply.
  - § 1. Value of Money, an ambiguous expression.
  - § 2. The Value of Money depends on its quantity.
  - § 3. —Together with the Rapidity of Circulation.
  - § 4. Explanations and Limitations of this Principle.
- § 1. Value of Money, an ambiguous expression.
- § 2. The Value of Money depends on its quantity.
- § 3. —Together with the Rapidity of Circulation.
- § 4. Explanations and Limitations of this Principle.
- Chapter VI. Of The Value Of Money, As Dependent On Cost Of Production.
  - § 1. The value of Money, in a state of Freedom, conforms to the value of the Bullion contained in it.
  - § 2. —Which is determined by the cost of production.
  - § 3. This law, how related to the principle laid down in the preceding chapter.
- § 1. The value of Money, in a state of Freedom, conforms to the value of the Bullion contained in it.
- § 2. —Which is determined by the cost of production.
- § 3. This law, how related to the principle laid down in the preceding chapter.
- Chapter VII. Of A Double Standard And Subsidiary Coins.
  - § 1. Objections to a Double Standard.
  - § 2. The use of the two metals as money, and the management of Subsidiary Coins.
  - § 3. The experience of the United States with a double standard from 1792 to 1883.
- § 1. Objections to a Double Standard.
- § 2. The use of the two metals as money, and the management of Subsidiary Coins.
- § 3. The experience of the United States with a double standard from 1792 to 1883.
- Chapter VIII. Of Credit, As A Substitute For Money.
  - § 1. Credit not a creation but a Transfer of the means of Production.
  - § 2. In what manner it assists Production.
  - § 3. Function of Credit in economizing the use of Money.
  - § 4. Bills of Exchange.
  - § 5. Promissory Notes.
  - § 6. Deposits and Checks.
- § 1. Credit not a creation but a Transfer of the means of Production.
- § 2. In what manner it assists Production.
- § 3. Function of Credit in economizing the use of Money.
- § 4. Bills of Exchange.
- § 5. Promissory Notes.
- § 6. Deposits and Checks.
- Chapter IX. Influence Of Credit On Prices.
  - § 1. What acts on prices is Credit, in whatever shape given.
  - § 2. Credit a purchasing Power, similar to Money.
  - § 3. Great extensions and contractions of Credit. Phenomena of a commercial crisis analyzed.
  - § 4. Influence of the different forms of Credit on Prices.
  - § 5. On what the use of Credit depends.
  - § 6. What is essential to the idea of Money?
- § 1. What acts on prices is Credit, in whatever shape given.
- § 2. Credit a purchasing Power, similar to Money.
- § 3. Great extensions and contractions of Credit. Phenomena of a commercial crisis analyzed.
- § 4. Influence of the different forms of Credit on Prices.
- § 5. On what the use of Credit depends.
- § 6. What is essential to the idea of Money?
- Chapter X. Of An Inconvertible Paper Currency.
  - § 1. What determines the value of an inconvertible paper money?
  - § 2. If regulated by the price of Bullion, as inconvertible Currency might be safe, but not Expedient.
  - § 3. Examination of the doctrine that an inconvertible Current is safe, if representing actual Property.
  - § 4. Experiments with paper Money in the United States.
  - § 5. Examination of the gain arising from the increase and issue of paper Currency.
  - § 6. Résumé of the subject of money.
- § 1. What determines the value of an inconvertible paper money?
- § 2. If regulated by the price of Bullion, as inconvertible Currency might be safe, but not Expedient.
- § 3. Examination of the doctrine that an inconvertible Current is safe, if representing actual Property.
- § 4. Experiments with paper Money in the United States.
- § 5. Examination of the gain arising from the increase and issue of paper Currency.
- § 6. Résumé of the subject of money.
- Chapter XI. Of Excess Of Supply.
  - § 1. The theory of a general Over-Supply of Commodities stated.
  - § 2. The supply of commodities in general can not exceed the power of Purchase.
  - § 3. There can never be a lack of Demand arising from lack of Desire to Consume.
  - § 4. Origin and Explanation of the notion of general Over-Supply.
- § 1. The theory of a general Over-Supply of Commodities stated.
- § 2. The supply of commodities in general can not exceed the power of Purchase.
- § 3. There can never be a lack of Demand arising from lack of Desire to Consume.
- § 4. Origin and Explanation of the notion of general Over-Supply.
- Chapter XII. Of Some Peculiar Cases Of Value.
  - § 1. Values of commodities which have a joint cost of production.
  - § 2. Values of the different kinds of agricultural produce.
- § 1. Values of commodities which have a joint cost of production.
- § 2. Values of the different kinds of agricultural produce.
- Chapter XIII. Of International Trade.
  - § 1. Cost of Production not a regulator of international values. Extension of the word “international.”
  - § 2. Interchange of commodities between distance places determined by differences not in their absolute, but in the comparative, costs of production.
  - § 3. The direct benefits of commerce consist in increased Efficiency of the productive powers of the World.
  - § 4. —Not in a Vent for exports, nor in the gains of Merchants.
  - § 5. Indirect benefits of Commerce, Economical and Moral; still greater than the Direct.
- § 1. Cost of Production not a regulator of international values. Extension of the word “international.”
- § 2. Interchange of commodities between distance places determined by differences not in their absolute, but in the comparative, costs of production.
- § 3. The direct benefits of commerce consist in increased Efficiency of the productive powers of the World.
- § 4. —Not in a Vent for exports, nor in the gains of Merchants.
- § 5. Indirect benefits of Commerce, Economical and Moral; still greater than the Direct.
- Chapter XIV. Of International Values.
  - § 1. The values of imported commodities depend on the Terms of international interchange.
  - § 2. The values of foreign commodities depend, not upon Cost of Production, but upon Reciprocal Demand and Supply.
  - § 3. —As illustrated by trade in cloth and linen between England and Germany.
  - § 4. The conclusion states in the Equation of International Demand.
  - § 5. The cost to a country of its imports depends not only on the ratio of exchange, but on the efficiency of its labor.
- § 1. The values of imported commodities depend on the Terms of international interchange.
- § 2. The values of foreign commodities depend, not upon Cost of Production, but upon Reciprocal Demand and Supply.
- § 3. —As illustrated by trade in cloth and linen between England and Germany.
- § 4. The conclusion states in the Equation of International Demand.
- § 5. The cost to a country of its imports depends not only on the ratio of exchange, but on the efficiency of its labor.
- Chapter XV. Of Money Considered As An Imported Commodity.
  - § 1. Money imported on two modes; as a Commodity, and as a medium of Exchange.
  - § 2. As a commodity, it obeys the same laws of Value as other imported Commodities.
- § 1. Money imported on two modes; as a Commodity, and as a medium of Exchange.
- § 2. As a commodity, it obeys the same laws of Value as other imported Commodities.
- Chapter XVI. Of The Foreign Exchanges.
  - § 1. Money passes from country to country as a Medium of Exchange, through the Exchanges.
  - § 2. Distinction between Variations in the Exchanges which are self-adjusting and those which can only be rectified through Prices.
- § 1. Money passes from country to country as a Medium of Exchange, through the Exchanges.
- § 2. Distinction between Variations in the Exchanges which are self-adjusting and those which can only be rectified through Prices.
- Chapter XVII. Of The Distribution Of The Precious Metals Through The Commercial World.
  - § 1. The substitution of money for barter makes no difference in exports and imports, nor in the Law of international Values.
  - § 2. The preceding Theorem further illustrated.
  - § 3. The precious metals, as money, are of the same Value, and distribute themselves according to the same Law, with the precious metals as a Commodity.
  - § 4. International payments entering into the “financial account.”
- § 1. The substitution of money for barter makes no difference in exports and imports, nor in the Law of international Values.
- § 2. The preceding Theorem further illustrated.
- § 3. The precious metals, as money, are of the same Value, and distribute themselves according to the same Law, with the precious metals as a Commodity.
- § 4. International payments entering into the “financial account.”
- Chapter XVIII. Influence Of The Currency On The Exchanges And On Foreign Trade.
  - § 1. Variations in the exchange, which originate in the Currency.
  - § 2. Effect of a sudden increase of a metallic Currency, or of the sudden creation of Bank-Notes or other substitutes for Money.
  - § 3. Effect of the increase of an inconvertible paper Currency. Real and nominal exchange.
- § 1. Variations in the exchange, which originate in the Currency.
- § 2. Effect of a sudden increase of a metallic Currency, or of the sudden creation of Bank-Notes or other substitutes for Money.
- § 3. Effect of the increase of an inconvertible paper Currency. Real and nominal exchange.
- Chapter XIX. Of The Rate Of Interest.
  - § 1. The Rate of Interest depends on the Demand and Supply of Loans.
  - § 2. Circumstances which Determine the Permanent Demand and Supply of Loans.
  - § 3. Circumstances which Determine the Fluctuations.
  - § 4. The Rate of Interest not really Connected with the value of Money, but often confounded with it.
  - § 5. The Rate of Interest determines the price of land and of Securities.
- § 1. The Rate of Interest depends on the Demand and Supply of Loans.
- § 2. Circumstances which Determine the Permanent Demand and Supply of Loans.
- § 3. Circumstances which Determine the Fluctuations.
- § 4. The Rate of Interest not really Connected with the value of Money, but often confounded with it.
- § 5. The Rate of Interest determines the price of land and of Securities.
- Chapter XX. Of The Competition Of Different Countries In The Same Market.
  - § 1. Causes which enable one Country to undersell another.
  - § 2. High wages do not prevent one Country from underselling another.
  - § 3. Low wages enable a Country to undersell another, when Peculiar to certain branches of Industry.
  - § 4. —But not when common to All.
  - § 5. Low profits as affecting the carrying Trade.
- § 1. Causes which enable one Country to undersell another.
- § 2. High wages do not prevent one Country from underselling another.
- § 3. Low wages enable a Country to undersell another, when Peculiar to certain branches of Industry.
- § 4. —But not when common to All.
- § 5. Low profits as affecting the carrying Trade.
- Chapter XXI. Of Distribution, As Affected By Exchange.
  - § 1. Exchange and money make no Difference in the law of Wages.
  - § 2. In the law of Rent.
  - § 3. —Nor in the law of Profits.
- § 1. Exchange and money make no Difference in the law of Wages.
- § 2. In the law of Rent.
- § 3. —Nor in the law of Profits.
Book IV. Influence Of The Progress Of Society On Production And Distribution.
- Chapter I. Influence Of The Progress Of Industry And Population On Values And Prices.
  - § 1. Tendency of the progress of society toward increased Command over the powers of Nature; increased Security, and increased Capacity of Co-Operation.
  - § 2. Tendency to a Decline of the Value and Cost of Production of all Commodities.
  - § 3. —except the products of Agriculture and Mining, which have a tendency to Rise.
  - § 4. —that tendency from time to time Counteracted by Improvements in Production.
  - § 5. Effect of the Progress of Society in moderating fluctuations of Value.
- § 1. Tendency of the progress of society toward increased Command over the powers of Nature; increased Security, and increased Capacity of Co-Operation.
- § 2. Tendency to a Decline of the Value and Cost of Production of all Commodities.
- § 3. —except the products of Agriculture and Mining, which have a tendency to Rise.
- § 4. —that tendency from time to time Counteracted by Improvements in Production.
- § 5. Effect of the Progress of Society in moderating fluctuations of Value.
- Chapter II. Influence Of The Progress Of Industry And Population On Rents, Profits, And Wages.
  - § 1. Characteristic features of industrial Progress.
  - § 2. First two cases, Population and Capital increasing, the arts of production stationary.
  - § 3. The arts of production advancing, capital and population stationary.
  - § 4. Theoretical results, if all three Elements progressive.
  - § 5. Practical Results.
- § 1. Characteristic features of industrial Progress.
- § 2. First two cases, Population and Capital increasing, the arts of production stationary.
- § 3. The arts of production advancing, capital and population stationary.
- § 4. Theoretical results, if all three Elements progressive.
- § 5. Practical Results.
- Chapter III. Of The Tendency Of Profits To A Minimum.
  - § 1. Different Theories as to the fall of Profits.
  - § 2. What determines the minimum rate of Profit?
  - § 3. In old and opulent countries, profits habitually near to the minimum.
  - § 4. —prevented from reaching it by commercial revulsions.
  - § 5. —by improvements in Production.
  - § 6. —by the importation of cheap Necessaries and Implements.
  - § 7. —by the emigration of Capital.
- § 1. Different Theories as to the fall of Profits.
- § 2. What determines the minimum rate of Profit?
- § 3. In old and opulent countries, profits habitually near to the minimum.
- § 4. —prevented from reaching it by commercial revulsions.
- § 5. —by improvements in Production.
- § 6. —by the importation of cheap Necessaries and Implements.
- § 7. —by the emigration of Capital.
- Chapter IV. Consequences Of The Tendency Of Profits To A Minimum, And The Stationary State.
  - § 1. Abstraction of Capital not necessarily a national loss.
  - § 2. In opulent countries, the extension of machinery not detrimental but beneficial to Laborers.
  - § 3. Stationary state of wealth and population dreaded by some writers, but not in itself undesirable.
- § 1. Abstraction of Capital not necessarily a national loss.
- § 2. In opulent countries, the extension of machinery not detrimental but beneficial to Laborers.
- § 3. Stationary state of wealth and population dreaded by some writers, but not in itself undesirable.
- Chapter V. On The Possible Futurity Of The Laboring-Classes.
  - § 1. The possibility of improvement while Laborers remain merely receivers of Wages.
  - § 2.—through small holdings, by which the landlord's gain is shared.
  - § 3. —through co-operation, by which the manager's wages are shared.
  - § 4. Distributive Co-operation.
  - § 5. Productive Co-Operation.
  - § 6. Industrial Partnership.
  - § 7. People's Banks.
- § 1. The possibility of improvement while Laborers remain merely receivers of Wages.
- § 2.—through small holdings, by which the landlord's gain is shared.
- § 3. —through co-operation, by which the manager's wages are shared.
- § 4. Distributive Co-operation.
- § 5. Productive Co-Operation.
- § 6. Industrial Partnership.
- § 7. People's Banks.
Book V. On The Influence Of Government.
- Chapter I. On The General Principles Of Taxation.
  - § 1. Four fundamental rules of Taxation.
  - § 2. Grounds of the principle of Equality of Taxation.
  - § 3. Should the same percentage be levied on all amounts of Income?
  - § 4. Should the same percentage be levied on Perpetual and on Terminable Incomes?
  - § 5. The increase of the rent of land from natural causes a fit subject of peculiar Taxation.
  - § 6. Taxes falling on Capital not necessarily objectionable.
- § 1. Four fundamental rules of Taxation.
- § 2. Grounds of the principle of Equality of Taxation.
- § 3. Should the same percentage be levied on all amounts of Income?
- § 4. Should the same percentage be levied on Perpetual and on Terminable Incomes?
- § 5. The increase of the rent of land from natural causes a fit subject of peculiar Taxation.
- § 6. Taxes falling on Capital not necessarily objectionable.
- Chapter II. Of Direct Taxes.
  - § 1. Direct taxes either on income or expenditure.
  - § 2. Taxes on rent.
  - § 3. —on profits.
  - § 4. —on Wages.
  - § 5. —on Income.
  - § 6. A House-Tax.
- § 1. Direct taxes either on income or expenditure.
- § 2. Taxes on rent.
- § 3. —on profits.
- § 4. —on Wages.
- § 5. —on Income.
- § 6. A House-Tax.
- Chapter III. Of Taxes On Commodities, Or Indirect Taxes.
  - § 1. A Tax on all commodities would fall on Profits.
  - § 2. Taxes on particular commodities fall on the consumer.
  - § 3. Peculiar effects of taxes on Necessaries.
  - § 4. —how modified by the tendency of profits to a minimum.
  - § 5. Effects of discriminating Duties.
  - § 6. Effects produced on international Exchange by Duties on Exports and on Imports.
- § 1. A Tax on all commodities would fall on Profits.
- § 2. Taxes on particular commodities fall on the consumer.
- § 3. Peculiar effects of taxes on Necessaries.
- § 4. —how modified by the tendency of profits to a minimum.
- § 5. Effects of discriminating Duties.
- § 6. Effects produced on international Exchange by Duties on Exports and on Imports.
- Chapter IV. Comparison Between Direct And Indirect Taxation.
  - § 1. Arguments for and against direct Taxation.
  - § 2. What forms of indirect taxation are most eligible?
  - § 3. Practical rules for indirect taxation.
  - § 4. Taxation systems of the United States and other Countries.
  - § 5. A Résumé of the general principles of taxation.
- § 1. Arguments for and against direct Taxation.
- § 2. What forms of indirect taxation are most eligible?
- § 3. Practical rules for indirect taxation.
- § 4. Taxation systems of the United States and other Countries.
- § 5. A Résumé of the general principles of taxation.
- Chapter V. Of A National Debt.
  - § 1. Is it desirable to defray extraordinary public expenses by loans?
  - § 2. Not desirable to redeem a national Debt by a general Contribution.
  - § 3. In what cases desirable to maintain a surplus revenue for the redemption of Debt.
- § 1. Is it desirable to defray extraordinary public expenses by loans?
- § 2. Not desirable to redeem a national Debt by a general Contribution.
- § 3. In what cases desirable to maintain a surplus revenue for the redemption of Debt.
- Chapter VI. Of An Interference Of Government Grounded On Erroneous Theories.
  - § 1. The doctrine of Protection to Native Industry.
  - § 2. —had its origin in the Mercantile System.
  - § 3. —supported by pleas of national subsistence and national defense.
  - § 4. —on the ground of encouraging young industries; colonial policy.
  - § 5. —on the ground of high wages.
  - § 6. —on the ground of creating a diversity of industries.
  - § 7. —on the ground that it lowers prices.
- § 1. The doctrine of Protection to Native Industry.
- § 2. —had its origin in the Mercantile System.
- § 3. —supported by pleas of national subsistence and national defense.
- § 4. —on the ground of encouraging young industries; colonial policy.
- § 5. —on the ground of high wages.
- § 6. —on the ground of creating a diversity of industries.
- § 7. —on the ground that it lowers prices.
Appendix I. Bibliographies.
- A Brief Bibliography Of The Tariffs Of The United States.
- A Brief Bibliography Of Bimetallism.
- A Brief Bibliography Of American Shipping.
Appendix II. Examination Questions.
Advertisements.
Charts.
Footnotes
Credits
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Principles Of Political Economy Abridged with Critical, Bibliographical, and Explanatory Notes, and a Sketch of the History of Political Economy

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