The Principles of Economics With Applications to Practical Problems
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THE PRINCIPLES OF ECONOMICS
WITH APPLICATIONS TO PRACTICAL PROBLEMS
BY
FRANK A. FETTER, PH.D.
PROFESSOR OF POLITICAL ECONOMY AND FINANCE, CORNELL UNIVERSITY
CONTENTS
PART I
PREFACE
THE PRINCIPLES OF ECONOMICS
PART I
DIVISION A—WANTS AND PRESENT GOODS
CHAPTER I
THE NATURE AND PURPOSE OF POLITICAL ECONOMY
§ I. NAME AND DEFINITION
§ II. PLACE OF ECONOMICS AMONG THE SOCIAL SCIENCES
§ III. THE RELATION OF ECONOMICS TO PRACTICAL AFFAIRS
CHAPTER 2
ECONOMIC MOTIVES
§ I. MATERIAL WANTS, THE PRIMARY ECONOMIC MOTIVES
§ II. DESIRES FOR NON-MATERIAL ENDS, AS SECONDARY ECONOMIC MOTIVES
CHAPTER 3
WEALTH AND WELFARE
§ I. THE RELATION OF MEN AND MATERIAL THINGS TO ECONOMIC WELFARE
§ II. SOME IMPORTANT ECONOMIC CONCEPTS CONNECTED WITH WEALTH AND WELFARE
CHAPTER 4
THE NATURE OF DEMAND
§ I. THE COMPARISON OF GOODS IN MAN'S THOUGHT
§ II. DEMAND FOR GOODS GROWS OUT OF SUBJECTIVE COMPARISONS
CHAPTER 5
EXCHANGE IN A MARKET
§ I. EXCHANGE OF GOODS RESULTING FROM DEMAND
§ II. BARTER UNDER SIMPLE CONDITIONS
§ III. PRICE IN A MARKET
CHAPTER 6
PSYCHIC INCOME
§ I. INCOME AS A FLOW OF GOODS
§ II. INCOME AS A SERIES OF GRATIFICATIONS
DIVISION B—WEALTH AND RENT
CHAPTER 7
WEALTH AND ITS INDIRECT USES
§ I. THE GRADES OF RELATION OF INDIRECT GOODS TO GRATIFICATION
§ II. CONDITIONS OF ECONOMIC WEALTH
CHAPTER 8
THE RENTING CONTRACT
§ I. NATURE AND DEFINITION OF RENT
§ II. THE HISTORY OF CONTRACT RENT AND CHANGES IN IT
CHAPTER 9
THE LAW OF DIMINISHING RETURNS
§ I. DEFINITION OF THE CONCEPT OF (ECONOMIC) DIMINISHING RETURNS
§ II. OTHER MEANINGS OF THE PHRASE "DIMINISHING RETURNS"
§ III. DEVELOPMENT OF THE CONCEPT OF DIMINISHING RETURNS
CHAPTER 10
THE THEORY OF RENT: THE MARKET VALUE OF THE USUFRUCT
§ I. DIFFERENTIAL ADVANTAGES IN CONSUMPTION GOODS
§ II. DIFFERENTIAL ADVANTAGES IN INDIRECT GOODS
CHAPTER 11
REPAIR, DEPRECIATION, AND DESTRUCTION OF WEALTH: RELATION TO ITS SALE AND RENT
§ I. REPAIR OF RENT-BEARING AGENTS
§ II. DEPRECIATION IN RENT-EARNING POWER OF AGENTS KEPT IN REPAIR
§ III. DESTRUCTION OF NATURAL STORES OF MATERIALS
CHAPTER 12
INCREASE OF RENT-BEARERS AND OF RENTS
§ I. EFFORTS OF MEN TO INCREASE PRODUCTS AND RENT-BEARERS
§ II. EFFECTS OF SOCIAL CHANGES IN RAISING THE RENTS OF INDIRECT AGENTS
DIVISION C—CAPITALIZATION AND TIME-VALUE
CHAPTER 13
MONEY AS A TOOL IN EXCHANGE
§ I. ORIGIN OF THE USE OF MONEY
§ II. NATURE OF THE USE OF MONEY
§ III. THE VALUE OF TYPICAL MONEY
CHAPTER 14
THE MONEY ECONOMY AND THE CONCEPT OF CAPITAL
§ I. THE BARTER ECONOMY AND ITS DECLINE
§ II. THE CONCEPT OF CAPITAL IN MODERN BUSINESS
CHAPTER 15
THE CAPITALIZATION OF ALL FORMS OF RENT
§ I. THE PURCHASE OF RENT-CHARGES AS AN EXAMPLE OF CAPITALIZATION
§ II. CAPITALIZATION INVOLVED IN THE EVALUATING OF INDIRECT AGENTS
§ III. THE INCREASING ROLE OF CAPITALIZATION IN MODERN INDUSTRY
CHAPTER 16
INTEREST ON MONEY LOANS
§ I. VARIOUS FORMS OF CONTRACT INTEREST
§ II. THE MOTIVE FOR PAYING INTEREST
CHAPTER 17
THE THEORY OF TIME-VALUE
§ I. DEFINITION AND SCOPE OF TIME-VALUE
§ II. THE ADJUSTMENT OF THE RATE OF TIME-DISCOUNT
CHAPTER 18
RELATIVELY FIXED AND RELATIVELY INCREASABLE FORMS OF CAPITAL
§ I. HOW VARIOUS FORMS OF CAPITAL MAY BE INCREASED
§ II. SOCIAL SIGNIFICANCE OF THESE DIFFERENCES
CHAPTER 19
SAVING AND PRODUCTION AS AFFECTED BY THE RATE OF INTEREST
§ I. SAVING AS AFFECTED BY THE INTEREST RATE
§ II. CONDITIONS FAVORABLE TO SAVING
§ III. INFLUENCE OF THE INTEREST RATE ON METHODS OF PRODUCTION
PART II
THE VALUE OF HUMAN SERVICES
DIVISION A—LABOR AND WAGES
CHAPTER 20
LABOR AND CLASSES OF LABORERS
§ I. RELATION OF LABOR TO WEALTH
§ II. VARIETIES OF TALENTS AND OF ABILITIES IN MEN
CHAPTER 21
THE SUPPLY OF LABOR
§ I. WHAT IS A DOCTRINE OF POPULATION?
§ II. POPULATION IN HUMAN SOCIETY
§ III. CURRENT ASPECT OF THE POPULATION PROBLEM
CHAPTER 22
CONDITIONS FOR EFFICIENT LABOR
§ I. OBJECTIVE PHYSICAL CONDITIONS
§ II. SOCIAL CONDITIONS FAVORING EFFICIENCY
§ III. DIVISION OF LABOR
CHAPTER 23
THE LAW OF WAGES
§ I. NATURE OF WAGES AND THE WAGES PROBLEM
§ II. THE DIFFERENT MODES OF EARNING WAGES
§ III. WAGES AS EXEMPLIFYING THE GENERAL LAW OF VALUE
CHAPTER 24
THE RELATION OF LABOR TO VALUE
§ I. RELATION OF RENT TO WAGES
§ II. RELATION OF TIME-VALUE TO WAGES
§ III. THE RELATION OF LABOR TO VALUE
CHAPTER 25
THE WAGE SYSTEM AND ITS RESULTS
§ I. SYSTEMS OF LABOR
§ II. THE WAGE SYSTEM AS IT IS
§ III. PROGRESS OF THE MASSES UNDER THE WAGE SYSTEM
CHAPTER 26
MACHINERY AND LABOR
§ I. EXTENT OF THE USE OF MACHINERY
§ II. EFFECT OF MACHINERY ON THE WELFARE AND WAGES OF THE MASSES
CHAPTER 27
TRADE-UNIONS
§ I. THE OBJECTS OF TRADE-UNIONS
§ II. THE METHODS OF TRADE-UNIONS
§ III. COMBINATION AND WAGES
DIVISION B—ENTERPRISE AND PROFITS
CHAPTER 28
PRODUCTION AND THE COMBINATION OF THE FACTORS
§ I. THE NATURE OF PRODUCTION
§ II. COMBINATION OF THE FACTORS
CHAPTER 29
BUSINESS ORGANIZATION AND THE ENTERPRISER'S FUNCTION
§ I. THE DIRECTION OF INDUSTRY
§ II. QUALITIES OF A BUSINESS ORGANIZER
§ III. THE SELECTION OF ABILITY
CHAPTER 30
COST OF PRODUCTION
§ 1. COST OF PRODUCTION FROM THE ENTERPRISER'S POINT OF VIEW
§ II. COST OF PRODUCTION FROM THE ECONOMIST'S STANDPOINT
CHAPTER 31
THE LAW OF PROFITS
§ I. MEANING OF TERMS
§ II. THE TYPICAL ENTERPRISER'S SERVICES REVIEWED
§ III. STATEMENT OF THE LAW OF PROFITS
CHAPTER 32
PROFIT-SHARING, PRODUCERS' AND CONSUMERS' COÖPERATION
§ I. PROFIT-SHARING
§ II. PRODUCERS' COÖPERATION
§ III. CONSUMERS' COÖPERATION
CHAPTER 33
MONOPOLY PROFITS
§ I. NATURE OF MONOPOLY
§ II. KINDS OF MONOPOLY
§ III. THE FIXING OF A MONOPOLY PRICE
CHAPTER 34
GROWTH OF TRUSTS AND COMBINATIONS IN THE UNITED STATES
§ I. GROWTH OF LARGE INDUSTRY IN THE UNITED STATES
§ II. ADVANTAGES OF LARGE PRODUCTION
§ III. CAUSES OF INDUSTRIAL COMBINATIONS
CHAPTER 35
EFFECT OF TRUSTS ON PRICES
§ I. HOW TRUSTS MIGHT AFFECT PRICES
§ II. HOW TRUSTS HAVE AFFECTED PRICES
CHAPTER 36
GAMBLING, SPECULATION, AND PROMOTERS' PROFITS
§ I. GAMBLING VS. INSURANCE
§ II. THE SPECULATOR AS A RISK-TAKER
§ III. PROMOTER'S AND TRUSTEE'S PROFITS
CHAPTER 37
CRISES AND INDUSTRIAL DEPRESSIONS
§ I. DEFINITION AND DESCRIPTION OF CRISES
§ II. CRISES IN THE NINETEENTH CENTURY
§ III. VARIOUS EXPLANATIONS OF CRISES
PART III
THE SOCIAL ASPECTS OF VALUE
DIVISION A—RELATION OF PRIVATE INCOME TO SOCIAL WELFARE
CHAPTER 38
PRIVATE PROPERTY AND INHERITANCE
§ I. IMPERSONAL AND PERSONAL SHARES OF INCOME
§ II. THE ORIGIN OF PRIVATE PROPERTY
§ III. LIMITATIONS OF THE RIGHT OF PRIVATE PROPERTY
CHAPTER 39
INCOME AND SOCIAL SERVICE
§ I. INCOME FROM PROPERTY
§ II. INCOME FROM PERSONAL SERVICES
CHAPTER 40
WASTE AND LUXURY
§ I. WASTE OF WEALTH
§ II. LUXURY
CHAPTER 41
REACTION OF CONSUMPTION ON PRODUCTION
§ I. REACTION UPON MATERIAL PRODUCTIVE AGENTS
§ II. REACTION UPON THE EFFICIENCY OF THE WORKERS
§ III. EFFECTS ON THE ABIDING WELFARE OF THE CONSUMER
CHAPTER 42
DISTRIBUTION OF THE SOCIAL INCOME
§ I. THE NATURE OF PERSONAL DISTRIBUTION
§ II. METHODS OF PERSONAL DISTRIBUTION
CHAPTER 43
SURVEY OF THE THEORY OF VALUE
§ I. REVIEW OF THE PLAN FOLLOWED
§ II. RELATION OF VALUE THEORIES TO SOCIAL REFORMS
§ III. INTERRELATION OF ECONOMIC AGENTS
DIVISION B—RELATION OF THE STATE TO INDUSTRY
CHAPTER 44
FREE COMPETITION AND STATE ACTION
§ I. COMPETITION AND CUSTOM
§ II. ECONOMIC HARMONY THROUGH COMPETITION
§ III. SOCIAL LIMITING OF COMPETITION
CHAPTER 45
USE, COINAGE, AND VALUE OF MONEY
§ I. THE PRECIOUS METALS AS MONEY
§ II. THE QUANTITY THEORY OF MONEY
CHAPTER 46
TOKEN COINAGE AND GOVERNMENT PAPER MONEY
§ I. LIGHT-WEIGHT COINS
§ II. PAPER MONEY EXPERIMENTS
§ III. THEORIES OF POLITICAL MONEY
CHAPTER 47
THE STANDARD OF DEFERRED PAYMENTS
§ I. FUNCTION OF THE STANDARD
§ II. INTERNATIONAL BIMETALLISM
§ III. THE FREE-SILVER MOVEMENT IN AMERICA
CHAPTER 48
BANKING AND CREDIT
§ I. FUNCTIONS OF A BANK
§ II. TYPICAL BANK MONEY
§ III. BANKS OF THE UNITED STATES TO-DAY
CHAPTER 49
TAXATION IN ITS RELATION TO VALUE
§ I. PURPOSES OF TAXATION
§ II. FORMS OF TAXATION
§ III. PRINCIPLES AND PRACTICE
CHAPTER 50
THE GENERAL THEORY OF INTERNATIONAL TRADE
§ I. INTERNATIONAL TRADE AS A CASE OF EXCHANGE
§ II. THEORY OF FOREIGN EXCHANGES OF MONEY
§ III. REAL BENEFITS OF FOREIGN TRADE
CHAPTER 51
THE PROTECTIVE TARIFF
§ I. THE NATURE AND CLAIMS OF PROTECTION
§ II. THE REASONABLE MEASURE OF JUSTIFICATION OF PROTECTION
§ III. VALUES AS AFFECTED BY PROTECTION
CHAPTER 52
OTHER PROTECTIVE SOCIAL AND LABOR LEGISLATION
§ I. SOCIAL LEGISLATION
§ II. LABOR LEGISLATION
CHAPTER 53
PUBLIC OWNERSHIP OF INDUSTRY
§ I. EXAMPLES OF PUBLIC OWNERSHIP
§ II. ECONOMIC ASPECTS OF PUBLIC OWNERSHIP
CHAPTER 54
RAILROADS AND INDUSTRY
§ I. TRANSPORTATION AS A FORM OF PRODUCTION
§ II. THE RAILROAD AS A CARRIER
§ III. DISCRIMINATION IN RATES ON RAILROADS
CHAPTER 55
THE PUBLIC NATURE OF RAILROADS
§ I. PUBLIC PRIVILEGES OF RAILROAD CORPORATIONS
§ II. POLITICAL AND ECONOMIC POWER OF RAILROAD MANAGERS
§ III. COMMISSIONS TO CONTROL RAILROADS
CHAPTER 56
PUBLIC POLICY AS TO CONTROL OF INDUSTRY
§ I. STATE REGULATION OF CORPORATE INDUSTRY
§ II. DIFFICULTIES OF PUBLIC CONTROL OF INDUSTRY
§ III. TREND OF POLICY AS TO PUBLIC INDUSTRIAL ACTIVITY
CHAPTER 57
FUTURE TREND OF VALUES
§ I. PAST AND PRESENT OF ECONOMIC SOCIETY
§ II. THE ECONOMIC FUTURE OF SOCIETY
QUESTIONS AND CRITICAL NOTES
Chapter 1. The Nature and Purpose of Political Economy
Chapter 2. The Economic Motives
Chapter 3. Wealth and Welfare
Chapter 4. The Nature of Demand
Chapter 5. Exchange in a Market
Chapter 6. Psychic Income
Chapter 7. Wealth and its Indirect Uses
Chapter 8. The Renting Contract
Chapter 9. The Law of Diminishing Returns
Chapter 10. The Theory of Rent
Chapter 11. Repair, Depreciation, and Destruction of Wealth
Chapter 12. Increase of Rent-bearers and of Rents
Chapter 13. Money as a Tool in Exchange
Chapter 14. The Money Economy and the Concept of Capital
Chapter 15. The Capitalization of all Forms of Rent
Chapter 16. Interest on Money Loans
Chapter 17. The Theory of Time-value
Chapter 18. Relatively Fixed and Relatively Increasable Forms of Capital
Chapter 19. Saving and Production as Affected by the Rate of Interest
Chapter 20. Labor and Classes of Laborers
Chapter 21. The Supply of Labor
Chapter 22. Conditions for Efficient Labor
Chapter 23. The Law of Wages
Chapter 24. The Relation of Labor to Value
[Pg 581]
Chapter 25. The Wage System and its Results
Chapter 26. Machinery and Labor
Chapter 27. Trade-unions
Chapter 28. Production and the Combination of the Factors
Chapter 29. Business Organization and the Enterpriser's Function
Chapter 30. Cost of Production
Chapter 31. The Law of Profits
Chapter 32. Profit-sharing, Producers' and Consumers' Coöperation
Chapter 33. Monopoly Profits
Chapter 34. Growth of Trusts and Combinations
Chapter 35. Effect of Trusts on Prices
Chapter 36. Gambling, Speculation, and Promoters' Profits
Chapter 37. Crises and Industrial Depressions
Chapter 38. Private Property and Inheritance
Chapter 39. Income and Social Service
Chapter 40. Waste and Luxury
Chapter 41. Reaction of Consumption on Production
Chapter 42. Distribution of the Social Income
Chapter 43. Survey of the Theory of Value
Chapter 44. Free Competition and State Action
Chapter 45. Use, Coinage, and Value of Money
Chapter 46. Token Coinage and Government Paper Money
Chapter 47. The Standard of Deferred Payments
Chapter 48. Banking and Credit
Chapter 49. Taxation in its Relation to Value
Chapter 50. The General Theory of International Trade
Chapter 51. The Protective Tariff
Chapter 52. Other Protective Social and Labor Legislation
Chapter 53. Public Ownership of Industry
Chapter 54. Railroads and Industry
Chapter 55. The Public Nature of Railroads
Chapter 56. Public Policy as to Control of Industry
Chapter 57. Future Trend of Values
INDEX
FOOTNOTES:
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