The Principles of Economics With Applications to Practical Problems
Free

The Principles of Economics With Applications to Practical Problems

By Frank A. (Frank Albert) Fetter
Free
Book Description
Table of Contents
  • 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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