The Principles of Economics, with Applications to Practical Problems

by Frank A. Fetter

INDEX

Ability, variety, [177]-83;
physical differences, [178];
intelligence, [179];
training, [180];
moral qualities, [180];
inequality, [181];
scarcity, [182];
and occupation, [203];
grades, [212];
types, [264];
selection, [270]-2;
sterilization, [561]-2
Abstinence, definition, kinds, [163];
see Saving
Acquisition vs. social production, [259]
Affection in personal distribution, [402]
Agricultural classes, opposition to commercial, [113]
Agricultural stage, [261]
Agriculture, machinery in, [238]
Alternative uses, relation to costs, [277]
America, farms let on shares, [59];
land changes hands, [60];
exhaustion of the lands, [82];
use of interchangeable parts, [85];
destruction of forests, [87];
coal deposits, [88]-9;
improvement of horses, [91];
watch-factory, [92];
price of horses in Boer War, [95];
discovery of mines, [102];
varied industrial conditions, [108];
use of money, [109];
expression of wealth, [114];
land became part of world's supply, [155];
standard of living, [192];
size of families, [193];
food supply, [194];
increase of population, [194];
army rations, [196];
standard of food, [196];
caste, [199];
democracy and efficiency, [200];
wage system dominant, [227];
wages, [232];
changing occupations, [234];
favorable effect of machinery, [242];
difference of race among workers, [247];
industrial superiority, [262];
Oriental competition, [263];
fortunes, [271];
profit-sharing, [283];
producers' coöperation, [296];
consumers' coöperation, [300];
industrial stage, [313];
crises, [352];
gifts by wealthy men, [368];
law of inheritance, [373];
fortunes, [375];
dress of workers, [397];
colonial policy toward, [425], [426];
custom, [426];
gold standard, [432];
silver supplies from, [441];
gold supplies, [442];
paper money, [448]-9;
effect of silver supplies from, [454], [457];
effect of gold output, [457];
banks, [468]-70;
discussion of taxation, [479];
prices in California, [483];
in different sections, [484];
protective tariff, [491]-503;
growth of manufactures, [497];
factory laws, [509]-12;
state enterprise, [514]-17;
early settlement on the coast, [526];
trade in War of 1812, [526];
canals, [528];
railroad building, [529];
aid to railroads, [535]
American Federation of Labor, [245];
claims of, [254]
American Revolution, economic issues in, [8]
Animal economy, provision for wants, [40]
Animals, problem of numbers, [185]-6
Antisocial profits, [289];
of monopoly, [311];
from speculation, [377];
antisocial use of ability, [378]
Appropriation stage, [261]
Ashley, W. J., [575]
Assignats, [448]
Attribution of product, [176]
Austrian economists, [570]
Authoritative distribution, [406]-8;
use of, [410]-11
Balance of trade, international, [486]-7;
so-called favorable, [493]
Bank-notes, and paper money compared, [447];
typical, [465]-8;
in United States, [469]
Banks, and credit, [462]-70;
functions, [462]-5;
in United States, [468]-70
Barter, definition, [31];
under simple conditions, [32]-5;
difficulty of, [99];
decline, [108]-14;
economy in Middle Ages, [110]
Bequest, limitation of right, [368]
Bets, see Gambling
Bimetallism, international, [457]-9;
national, [459]-61
Biologic doctrine of population, [186], [187]
Biology, shows inequality of talents, [181]
Birth-rate, of animals, [187];
decreasing American, [193], [561]
Böhm-Bawerk, E. von, [570], [571], [572], [577], [580], [583]
Boycott, [251]
Brooks, R. C., [593]
Building laws, [505]
Bullock, C. J., [568]
Buyers, bidding, [34];
margin of advantage, [35]
Canadian bank-notes, [468], [470]
Canals, as carriers, [528]-9
Cannan, Edwin, [571], [573]
Capital, origin of term, [112];
concept in modern business, [114]-7;
definition, [115];
not identical with money, [115];
purpose of borrowing, [116];
sum, expressed in years' purchase, [121];
sum of expected rents, [122];
value not primary, [123];
stock, [127];
value of stocks fluctuate, [134];
time-value and, [142];
fixed and increasable forms, [152]-3;
use by enterprisers, [285];
insured by enterprisers, [286];
in coöperation, [295];
large, [312];
amount in factories, [315];
value affected by protection, [501]
Capitalistic, age, [114], [117];
monopoly, [306]
Capitalization, of all forms of rent, [118]-30;
rent-charges as an example of, [118];
of land rents, [124];
of uniform or varying series of rents, [125]-6;
increasing role, [127];
of any continuing income, [128];
of franchises, [129];
of corporate incomes, [130];
rate, [147];
and interest, [168];
influenced by taxation, [475]
Capitalization, theory of crises, [353]-4
Carlyle, T., on wage, [229]
Carnegie, Andrew, [268], [270], [372], [377];
economies of gifts to libraries, [387], [390]
Carver, T. N., [578]
Cassel, [578]
Caste, and efficiency, [199]
Chance, unavoidable, [333];
average in industry, [334];
artificial, [334];
legitimate and illegitimate, [335]
Character, affected by expenditure, [398];
highest point of production, [400];
unity of choice determining, [401]
Charitable distribution, [405]-6
Charity, public, [507]
Cheating and gambling, [335]
Child-labor legislation, [509]
Choice, of goods, harmony in, [400]
Cities, wealth of, contrasted with feudal estates, [111], [113];
growth, [504];
large, on waterways, [528]
City ownership, [514]-5;
see Public ownership
Clark, J. B., [398];
theory of profits and wages, [418], [573], [575], [584]
Clews, Henry, on Wall Street finance, [378]
Climate, and income, [48]
Closed shop, [249]-50
Clothing and efficiency, [196];
effect of choice of, [396]
Coal, use and exhaustion, [88], [558];
strike of 1902, [251], [252]
Coinage, [433]-6;
definition, [433];
free or gratuitous, [434]-6;
token, [443]-7;
free and gratuitous, [443]
Coins, light-weight, [443]-7
Collective bargaining, [248]
Collective enjoyment, as a mode of distribution, [408]
Collectivism, [552]
Combination and wages, [253]-6;
of the factors, [260];
opposes competition, [429];
of capital, see Trusts
Comforts, relative meaning, [11];
and luxury, [388]
Commercial monopoly, [306]
Commercial paper, discounting of, [132]
Commissions, to control railroads; [541]-3;
to control corporations, [545]
Commodity-money theory, [450]
Common denominator of values, see Money
Commons, J. R., [573]
Communism, among Germanic tribes, questioned, [365]
Comparative costs, doctrine of, [482]-3
Competition, definition, [33];
one-sided, [33];
present limitations on, [228];
the worker in, [229];
reduced by trade-unions, [248]-50;
costly in mercantile business, [298];
free, not equality of efficiency, [303];
alleged cause of trusts, [322];
persistence of, [331];
and state action, [422]-30;
and custom, [422]-5;
economic harmony through, [425]-8;
social limiting of, [428]-30;
modern restrictions, [504]
Competitive distribution, [409]-10
Competitive price, forces governing, [308]
Complementary agents, and value, [78];
intensive use of, [78];
labor and wealth, [175]
Compulsory distribution, [404]
Conquest theory of property, [363]
Consolidation of railroads, [539]-40
Consumers, determining costs, [280];
gain from trusts, [325]
Consumers', choice influences value, [392];
choice influences wages, [394];
coöperation, [298]-301;
League, [394]
Consumption, reaction upon production, [392]-401;
definition of economic, [392];
reaction upon material agents, [392]-5;
reaction upon efficiency of workers, [395]-410;
effects on consumer, [398];
as a conventional division of political economy, [419]
Consumption, tax on, [475]
Consumption goods, definition, [20];
immediately enjoyable, [21];
a part of income, [41];
differential advantages, [73]-5;
diagram, grades by quality, [75];
proposed uses, [161];
saved, [166];
see Goods
Continental notes, [448]
Contracting out, forbidden, [512]
Contract interest, see Interest
Contract rent, see Rent
Contract wages, see Wages
Coöperation, producers', [295]-7;
consumers', [298]-301
Corporation, securities, [127]-8;
public-service, [129];
increase of, [133]
Cost, involved in improvements, [90];
of operation, [168];
in larger production, [319];
of government, [474];
see Comparative costs
Cost of production, [273]-81;
from the enterpriser's point of view, [273]-6;
psychic, [273];
alternative, [274];
money, [274];
and price 276;
from the economist's standpoint, [276]-81, [422]
Courts and industrial legislation, [543], [550]-1
Credit, sales involve interest, [134];
and banking, [462]-70
Crises and industrial depressions, [345]-55;
caused by sudden tariff changes, [502]-3
Crusoe economy, subjective valuations, [30];
time-value, [131], [140];
saving, [166];
economic wages, [208];
present and future goods, [219]-20;
need of judgment, [265]
Cultivation, margin of, [64];
see Utilization
Custom, and rents, [56];
and efficiency, [199], [200];
affecting distribution, [409];
and competition, [422]-5, [429]
Daniels, Winthrop M., [571]
Davenport, Herbert J., [567]
Death-rate, decreasing, [192]
Debts, public, as investments, [133]
Deferred payments, standard of, [453]-61;
definition, [453];
ideals for a standard, [455]-7
Demand, definition, [27];
social aspect of choice, [28];
law of, [28];
curve, [29];
elasticity, [29];
reciprocal, becomes exchange, [30];
curve, diagram, [35]
Democracy, and efficiency, [199];
effect on race progress, [561], [563]
Deposit and discount, [462]
Depreciation and rent, [85]-7
Desire, see Wants
Destruction, and rent, of wealth, [87]-9;
accidental, of wealth, [381]-2;
intentional, [382]-3
Devine, Edward T., [587], [594]
Dewey, Davis R., [568]
Differential advantages, in consumption goods, [73]-5;
in indirect goods, [75]-80
Diminishing returns, law, [61]-72;
definition, [61];
of all agents, [62];
technical, [62];
economic, [63];
other meanings of term, [66]-9;
general application to space relations, [67]-8;
confused with large production, [68];
technical, [68];
historical, [68];
development of the concept, [69]-72;
applies to all wealth, [70];
and population, [184];
and productivity of labor, [215];
the broadest principle of value, [420]
Diminishing utility, law, [22];
diagram, [24];
relation to diminishing returns, [71]
Directors, of railroads, obligations of, [539]
Discount, commercial, [132], [135]
Discovery enlarges natural resources, [156]
Discrimination in rates, by monopoly, [310];
in railroad rates, [530]-3
Distribution, personal and functional, [359];
impersonal, [360];
personal, nature of, [402]-3;
definition, [402];
of the social income, [402]-11;
methods of, [404]-11;
as a conventional division of political economy, [419]
Dividends, manipulation of, [130]
Division of labor, [201]-4;
definition, [201];
kinds, [201];
advantages, [202];
calls for directive ability, [264];
growth of territorial, [480]-2
Dollar, meaning of, [435]
Drink, effect of, [396]
Durable agents, see Goods
Durableness of rented agents, [55]
Economic goods, definition of, [19];
see Goods
Economic harmony, through competition, [425]-8;
definition, [427]
Economic law, nature of, [206]
Economic monopoly, [306]
Economic motives, see Wants
Economic production, [258];
see Production
Economic rent, see Rent
Economic wages, see Wages
Economics, nature and purpose [3]-8;
definition, [3], [4];
subject matter, [4];
place among social sciences, [5], [6];
as a science, [7];
synonym for political economy, [7];
democratic in aim, [8];
importance, [8];
aim of study, [412];
a part only of social science, [413];
central point of, [413];
redefined, [555];

relation to practical life, [555]
Economy, involves choice, [27];
the barter, [108];
the money, [108]-14
Education, free public, [507]
Efficiency, talent, and training as factors in, [180];
resultant of many qualities, [181];
of labor, [195]-204;
equality of, not essential to competition, [423];
see Ability
Ely, Richard T., [568], [584]
Emery, Henry C., [585]
Employer, adjusts labor to interest rate, [220];
see Enterpriser
Employment, no lack of, [183]
Energy, sources of, and income, [50]
Engels, Frederick, [416]
England, idea of rent in, [59];
long leases, [59];
food supply during Napoleonic wars, [69];
coal deposits, [89];
wages, [232];
changes in 18th century, [237];
loans, [240];
abnormal effect of machinery, [241];
coöperation, [296], [299];
use of term monopoly, [304];
cotton crisis, [345];
crises, [348];
endowments limited, [368];
grants to royal families, [373];
gold standard, [432];
prices in Napoleonic wars, [442];
bank restriction act, [448]-9;
balance of imports, [493];
discussion of protection, [496]
Enjoyable goods, see Consumption goods
Enterprise, income, and social service, [376]-7
Enterpriser, function of, [265]-72;
qualities of, [267]-70;
selection of, [270]-2;
his task, [273]-5;
his costs, [275];
medium for consumers' estimates, [280];
profits of, [283];
origin of term, [284];
his services reviewed, [285]-8;
his risk, [287];
intermediary in industry, [287];
lacking in coöperation, [297];
relation to profit-sharing and coöperation, [300];
as risk-taker, [338]
Environment, betterment, [92], [162]
Ethics, definition, [6];
and economics of time-value, [144];
of consumption, [395], [398], [401];
of railroad problem, [532], [539];
see Morality
Europe, industrial methods of, [262]
Exchange, in a market, [30]-8;
and demand, [30], [31];
advantage, [31];
isolated, [32];
of present and future goods, [145]-9;
as a conventional division of political economy, [419];
foreign and domestic, of money, [463];
international, see International trade
Extensive margin of indirect goods, [78]-9;
see Utilization
Extravagance to give employment, [386]
Factors, definition, [260];
combination of, [260]-4;
cost of, [274];
proportioning of, [275];
mutual employment of, [420]
Factory, system, growth and effect, [243]-4;
change in number, [314];
limits to growth, [319];
legislation, [509]-13
Farmers and the tariff, [498]-9
Fauna and income, [49]
Feeling and utility, [26]
Fiat-money theory, [450]-1
Fisher, Irving, [571], [575]
Fixed charges, [168]
Flora and income, [49]
Food, and income, [50];
and efficiency, [196];
effect of, [396];
laws and inspection of goods, [506]
Foreign exchanges, theory of, [485]-8
Forestry, need of, [88]
Forests, destruction of, [87]-8
Franchises, for public utilities, [96];
capitalizing of, [129];
granting monopolies, [522]
Free competition, see Competition
Free coinage, money value, [435]
Freedom, economic, [422]-30;
definition, [422]
Free goods, definition, [19];
on the margin of utilization, [75]
Free-silver movement in America, [459]-61
Free trade, see International trade
Future rents capitalized, [125]
Gambling vs. insurance, [333]-8;
definition of typical, [334];
economic theory of [336]
George, Henry, his theory of value, [417]
Gibson, A. H., [577]
Gilman, N. P., on profit-sharing, [293]
Glut theory of crises, [351]-2
Gold, fitness as money, [102];
as money, [432]-3;
supply of, [435];
discoveries, [442];
as a standard, [455], [457];
increased output, [461];
shipping point, [485]
Goods, definition, [19];
adjustment to wants, [21];
shifting series, [27];
substitution, [27];
series of, [39];
relation of indirect to gratification, [46];
enjoyable, [47];
durable, [47];
unripened, [47];
degrees of durableness, [48];
limited number, [52];
free and unlimited, [152]
Government, a condition of efficient labor, [198];
as consumptive good and productive agent, [473];
paper money, see Paper money
Granger stores, [300]
Gratification, defined, [16];
and marginal utility, [22];
temporary, [39];
at different times, [45];
time-value of, [141], [143]
Greenbacks, [448], [451]
Gresham's law, [446]-7
Hadley, A. T., [579], [580]
Happiness, and wealth, [18];
and ostentation, [388];
and character, [401]
Hildebrand, [575]
Historical diminishing returns, [68];
confused with technical, [70];
see Diminishing returns
Home-market argument for protection, [498]-9
Honesty, a condition of efficiency, [198];
of public officials, [551]
Household industry in America, [313]
Immigration and protection, [498]
Improvements to increase products, [90]
Incidence of taxation, [476]
Income, as a flow of goods, [39]-42;
national, social, individual, private, objective, money, [40];
gross, net, [41];
of consumption goods, [41];
present, future, [41];
funded, unfunded, [42];
as a series of gratifications, [43];
psychic, [43]-5;
all sources of, are productive, [43];
affected by objective conditions, [48]-52;
affected by increasing capital, [152];
and social service, [370]-80;
from property, [370]-6;
from personal services, [376]-80;
justice of large, [389]-91;
distribution of the social, [402]-11;
and taxation, [474]-7;
affected by crises, [354]-5;
personal and impersonal shares, [359]-62;
personal, [361];
complex sources of psychic, [403]
Increasable agents, [153]-5;
scale of increasableness, [158]
Increase, of product, [90];
of agents, [92], [95];
of rent-bearer affects others, [93]
Indestructibility imputed to rented agents, [55]
Indirect goods, see Goods
Individualism, extreme, its ideal of competition, [410]
Industrial depressions, definition, [346]
Industrial revolution caused by machinery, [237]
Industrial stage, [261]
Industry, changes in, affecting money, [101];
money reacts upon, [102];
diversity of condition in America, [108];
changes in Europe, [109];
growing complexity as interest falls, [168]
Infant-industry argument for protection, [497]
Inheritance, effect on industry, [12];
social effects, [369]-73
Insurance, origin, [337];
economic theory of, [338];
sound conditions in, [338]
Integration of industry, [321]
Intensive margin, see Utilization
Interest, opposition to, in Middle Ages, [112];
the modern contract forms for borrowing wealth, [114];
contract and rent contract, [116];
on loans contrasted with rent-charges, [120];
increased use of, [121];
permitted by Rome, [122];
two modes of approach, [123];
"the prevailing rate" and capitalization, [124];
on money loans, [131]-7;
gross and net, [132];
in credit sales, [134];
concealed, [135];
evasion of legal rate, [135];
adjustment of business to the rate, [140];
rate of contract, [147]-8;
in sacrifice sale, [149];
and time-value, [150];
relation to rent, [150];
first use of term, [151];
rate divides present and future uses, [159];
and future goods, diagram, [160];
equalizer of time-values, [162];
rate of, and saving, [165];
and capitalization, [168];
and improvements, [168];
rate relates present and future, [220];
contract, with enterpriser, [285];
conventional conception of, [413];
contract, and deferred payments, [454]
Intermediate products and costs, [279]
Internal revenue, [475]
International demand, ratio of, [484]-5
International trade, general theory of, [480]-90;
as a case of exchange, [480]-5;
definition, [480];
equation of international exchange, definition, [483];
cash balance of, [486];
real benefits of, [488]-90
Interstate Commerce Act, discussion of, [537], [542];
workings of, [543];
importance of, [545]
Inventions, affect rent, [85]-6;
to increase rent-bearers, [91];
adds to supply, [156]
Investment, and rate of interest, [148];
and saving, [165];
in stock of corporation, [342]
Ireland, tenants' improvements in, [59]
Iron law of wages, [216]
Jenks, J. W., on trusts, [327], [584], [594]
Jevons, W. S., on the coal-supply, [88]
Johnson, A. S., [572]
Justice in taxation, [477]
Just price, [547]
Keasbey, L. M., [576]
Knights of Labor, [245]
Labor, the old distinction between productive and unproductive, [43], [260];
and classes of laborers, [173]-83;
definition, [173];
and play, [173];
pleasurable, [174];
and wealth, [175];
direct and indirect services, [176];
grades of, [177];
scarcity, [182];
supply of, [184]-194;
employer's and social view, [184];
conditions for efficient, [195]-204;
objective physical conditions, [195]-8;
social conditions, [198]-201;
division of, [201]-4;
of different grades, [212];
relation to value, [215]-25;
productivity of, [215];
distance from gratification, [219];
no unit of, [224];
value of product insured by enterpriser, [286];
economized in large production, [318];
legislation, [509]-13
Labor theory of property, [364]
Laissez faire, ideal of, [518]
Land, rented in Middle Ages, [57], [110];
and diminishing returns, [69], [70];
and repairs, [81]-2;
continues to be rented, [113];
products of increasing cost, [154];
relatively fixed in quantity, [154]-5;
economic supply of, [155]-6;
produced, [157];
not monopoly, [303]
Land grants, to railroads, [535]
Large industry, social effects of, [244];
in United States, [312]-7;
advantages of, [318]-20;
economics of combination, [321]
Large production, confused with diminishing returns, [68];
sharing of the economics of, [325]
Lasalle, Ferdinand, [416]
Latin Union, [458]
Law, definition, [6];
nature of economic, [206];
in relation to wealth, [361]
Legislation and local interests, [549]
Liberty of wage-worker, [231]
Lloyd, Henry D., on coöperation, [296]
Legal theory of property, [364]
Legal-tender, quality of paper money, [447]
Loans, short-time, [132], [137];
long-time, [133], [138]
Luck and profits, [289]
Lump of labor, error of notion, [240]
Luxury, relative meaning, [11]; [385]-91;
definition, [385];
fallacy of, [386]-7
Machinery, need of repairs, [83]-4;
and natural resources, [91];
definition, [236];
and labor, [236]-44;
extent of use, [236]-8;
age of, [237];
effect on wages, [239]-44;
evils of sudden introduction, [239];
economy in large production, [318]
Malthus, Robert, on fixity of land, [154];
on population, [579]
Malthusian doctrine, [578]
Manual workers, social service of, [379]
Manufactures, fallacious contrast with agriculture, [67];
do not fix interest rate, [124]-5;
machinery in, [283]
Marx Karl, [416], [417]
Marginal contribution of labor, [213]
Marginal labor, [210]
Marginal pair, [34];
diagram, [35]
Marginal utility, definition, [23]-7;
in barter, [32];
in use of goods, [64];
of consumption goods, [75];
of indirect goods, [78]-9;
of wages, [211], [213];
fixes cost of factors, [277];
applied to gambling, [336]-7;
in insurance, [338];
of income, [399];
extension of the principle, [420]-1
Margin of advantage, [34];
diagram, [35]
Markets, definition, [36];
exchange in, [36]-8;
widening, [36]-7;
growth, [263]
Market value, built on subjective valuation, [35], [38];
of time, [145]
Marriage, postponement, [190]
Marshall, Alfred, [573], [574], [583], [594]
Material resources, relation to efficiency, [195]
Material wants as motives, [9]
Medium of exchange, see Money
Merchants impart utility, [31]
Middle Ages, markets, [36];
customary rents, [56];
renting contract, [57]-9;
limited use of money, [109]-13;
rent-charges, [118]-22;
use of term interest, [151];
death-rate, [192];
caste, [199];
system of labor, [227];
industrial changes, [237];
marine insurance, [337];
no crises, [348];
favored classes, [373];
sumptuary laws, [390];
custom, [424];
competition, [425];
prices, [441];
depreciation of money, [444]-5;
small political units in, [481];
control of industry in, [553]
Mill, John Stuart, on fixity of land, [155];

on coöperation, [296], [361], [368], [398], [417], [572]
Money, as a tool in exchange, [98]-107;
origin, [98]-103;
nature of use, [103]-5;
value, [105]-10;
as medium of exchange, [99];
qualities, [100];
materials, [101];
an indirect agent, [103];
as common denominator, [104];
as storehouse of saving, [105];
commodities with monetary use, [106];
general use of, [107];
defined, [107], [431]-2;
and the concept of capital, [108]-17;
use in various countries, [109];
increasing use in medieval cities, [111];
not identical with capital, [115];
time-value and, [142];
form taken by saving, [167];
movement of, before a crisis, [346];
use, coinage, and value, [431]-42;
the precious metals as, [431]-6;
quantity theory of, [436]-42;
standard, or primary, [432];
fundamental use, [436];
average demand for, [437];
effect of changes in supply, [454], [457], [459];
territorial distribution, [487]-8;
and foreign trade, [484]
Money-changing, [463]
Money market, for short-time loans, [137];
for productive loans, [139]
Money theories of crises, [352]-3
Monopoly, of labor, [253];
profits, [302]-11;
nature of, [302]-5;
definition, [304];
kinds of, [305]-8;
test of, [308];
price fixed by, [308]-11;
meaning, [312];
and supply, [324];
profits, social burden, [326];
in protective tariff, [500]-1;
in localized public utilities, [519]-21;
public gain from, [522];
power of the railroad, [530], [533]
Moral qualities in industry, [180]
Morality, as motive, [13]-14;
of luxury, [389];
opposes competition, [429]
Mortgages, nature of security, [133]
Motives, economic, [9]-14;
see Wants
Nail trust, [329]
Natural economy, [110]
Natural law, philosophy of, [426]
Natural resources, and income, [49];
exhaustion of, [89], [558];
adapted and improved, [90];
machinery an adaption of, [91];
development of, [560];
see Land
Natural-rights theory of property, [364]
National ownership, [516]-7;
see Public ownership
Necessities, relative meaning, [11]
Negro, simple wants, [11];
caste sentiment regarding, [199];
working hours, [201]
Normal price, [37]
Occupation and talent, [203]
Occupation theory of property, [363]
Oil trust, [328]
Open shop, [249]-50
Organization, of workers, need of, [246];
required for efficiency, [262];
and the enterpriser's function, [265]-72
Orthodox economists, [415], [416];
predictions of, [557]
Over-production theory of crises, [351]
Ownership, forms of, [363]
Paper money, bank-notes as political, [466];
experiments, [447]-9;
definition, [447];
theories of, [450]-2
Par of exchange, definition, [485], [486]
Pastoral stage, [261]
Patten, S. N., [586]
Permanent possession, [53];
see Capitalization, Property
Personal distribution, see Distribution
Physiocratic school, [415]
Political corruption and industrial legislation, [550]
Political economy, see Economics
Political money, see Paper money
Political monopoly, [305]
Political security, and saving, [163];
a condition of efficiency, [198]
Politics, definition, [6];
and the tariff, [503];
influence of railroads in, [538]
Population, growth in Europe in 18th century, [69];
doctrine of, [184]-7;
related to resources, [184];
animal stage of problem, [185];
human population, [186];
in human society, [187]-90;
excess, [188];
control, [188];
current aspect of, [191]-4;
resultant of many forces, [191];
growth not fatalistic, [191];
quality, [193], [561], [562];
increase in the 19th century, [194]
Present and future, wants, [44];
rents, [125];
goods, [145];
competing for labor, [220]-21
Price, definition, [36];
market and normal, [37];
under competition, [308];
under monopoly, [309]-310;
of trusts affected by competition, [331];
a social fact, [360];
changes, see Money
Primitive society, war in, [188];
custom in, [424]
Private property, and saving, [164];
and monopoly, [306];
and inheritance, [359]-69;
origin, [362]-6;
limitations, [367]-9;
vs. socialism, [376]
Producers injured by trusts, [330]
Producers' coöperation, [295]-7;
definition, [295]
Production, and rate of interest, [166]-9;
agents of, [175];
two sources of economic, [222];
and the combination of the factors, [257]-64;
nature of, [257];
economic and personal, [258];
social, [259];
vs. welfare, [398];
unity of process, [418];
as a conventional division of political economy, [419];
by transportation, [525]
Productive goods, definition, [20];
affect output of labor, [195]
Productive and unproductive industries, [260]
Productive labor, see Labor
Profits, unearned, by some directors, [130];
on purchase of capital, [138];
margin of, [275];
loss of, [282]-91;
definition, [282], [291];
meaning of terms, [282]-5;
a species of economic wages, [284];
fluctuation of, [288];
statement of law, [289];
pseudo, [289];
chance, [289]-90;
conditioned on skill, [290];
risk theory of, [291];
to promoters of trusts, [322];
of promoter, [342];
of trustee, [343];
before and after a crisis, [347];
relation to wages, [415];
Clark's theory, [418];
in foreign trade, [495]
Profit-sharing, [292]-5;
definition, [292]
Progress, of the masses, [232];
cause of, [232]-3;
must grow out of wage system, [234];
marked by control over nature, [261];
stimulated by luxury, [388];
and refinement of desire, [399];
by wise method of distribution, [411];
due to temporary conditions, [558];
social vs. racial, [560];
depends on race quality, [561];
depends on competition, [562];
endangered by status and envy, [563]
Promoter, services of, [342];
profits, [342]-3
Property, private, effect on industry, [12];
effect on population, [189], [190];
and wealth, [361]-2;
definition, [362];
and social expediency, [370];
in land, [374];
defense of, [374]-5;
see Private property
Property tax, [475]
Protective social and labor legislation, [504]-13
Protective tariff, claimed to be socially expedient, [374], [491]-503;
definition, [491];
nature and claims of protection, [491]-6;
measure of justification in, [496]-501;
values as affected by, [501]-3;
compared with other social legislation, [512]
Psychic income, [39]-45;
complex sources of, [403];
see Income
Psychology of crises, [354]
Public control of industry, examples, [544]-8;
difficulties, [548]-51
Public interests, limiting private property, [367];
paramount in social legislation, [505]-9
Public officers, interested in corporations, [343]
Public ownership of industry, [514]-24;
examples of, [514]-7;
economic aspects of, [517]-24
Public policy as to control of industry, see Public control
Public utilities, increase of rents from, [96]
Public wants, development of, [472]
Publicity of corporation management, [546]-7
Quantity theory of money, [436]-42;
definition, [438];
objections to, [439]-41
Railroad, need of repairs, [83];
and industry, [525]-33;
as a carrier, [527]-30;
economic vs. technical efficiency, [527];
public nature of, [534]-43;
privileges of, [534]-8;
obligations of, [536]-8;
political and economic power of, [538]-40;
commissions to control, [541]-3
Railroad rates, discrimination in, [530]-3;
similarity to taxes, [538]
Rank of goods, technical, [46]
Rapp, George, [266]
Real wages, definition, [207];
raised by machinery, [242]
Recreation, influence on efficiency, [397]
Religion, as economic motive, [13]-14;
opposes competition, [429]
Remuneration, profit-sharing as a method, [295];
methods of, see Wages
Rent, the renting contract, [53]-60;
origin of term, [53];
several meanings, [54];
essence, [55];
as usufruct, [55];
imputed durableness of rented agents, [55];
gross and net, [55];
economic and contract, [56]-7;
history of contract, [56]-60;
rent charge, [58];
economic rent wider than renting contract, [60];
connection with gratification, [73];
varies with quality, [75];
with quantity, diagram, [77];
limits of, [79];
economic and contract, [79]-80;
of wealth, affected by repair, depreciation, and destruction, [81]-9;
changes in, [90]-7;
of money, [106];
basis of capitalization, [122]-4;
discounted, [123];
relation to time-discount, [150]-1;
and wages, mutually influence, [175];
"of ability," 178;
and wages, [205];
"of labor," 205;
relation to wages, [215]-8, [221];
as personal or impersonal income, [359];
conventional conception of, [413];
as usufruct, [414];
in Middle Ages, [424]
Rent-bearers and rents, [90]-7
Rent-charges, [58];
sale and purchase, [118]-22
Renting contract, [53]-60;
definition, [57];
in the Middle Ages, [57];
narrow use, [58], [59], [60];
and economic rent, [60];
hindered improvements, [110];
contrasted with interest contract, [116]
Repairs, and rent, [81]-84;
do not prevent decay, [85];
and time-value, [143]
Replenishing agents, [154]
Rhodes, Cecil, [372]
Ricardo, David, on fixity of land, [155];
labor theory of value, [224], [398], [417], [442], [574]
Ripley, W. Z., [575]
Risk by enterpriser, [287]
Risk theory of profits, [291]
Risk-taking, legitimate and illegitimate, [335]
Roosevelt, Theodore, efforts to control corporations, [546]
Rossignol, J. E. le, [584]
Roundabout process, [46], [576]
Sage, Russell, on great corporations, [377]
Satisfaction, see Gratification
Saturation point for coinage, [443]
Saving, and rate of interest, [159]-63;
conditions favorable to, [163]-6;
influence on methods of production, [166]-9;
benefits, [169];
future effect of, [560]
Scarcity, basis of economy, [19];
effect on utility, [73];
of various goods, [76];
of present goods, [146];
of common materials, [153];
of all economic goods, [153];
of human services, [182];
of labor, [207], [225];
not synonymous with monopoly, [302]
Seager, H. R., [568]
Seigniorage, definition, [434];
and value, [443]-7
Self-interest, social effects of, [427]
Sellers' margin of advantage, [35]
Serfdom, conditions, [227];
see Middle Ages
Services, a condition of income, [207];
and wages, [210], [213];
social and individual estimates of, [379];
see Labor
Shifting of taxes, [476]
Silver, fitness as money, [102];
as money, [432]-3;
as a standard, [455]
Single-tax, purpose, [374];
theory of value, [417]
Skill, condition of continuing profits, [290];
of labor, see Ability
Slavery, as a system of labor, [227]
Smart, [570], [571], [583]
Smith, Adam, on money, [103], [181], [182];
his "Wealth of Nations," [425]-6, [484], [557]
Social amelioration, various kinds, [504]-9
Social changes, and rents, [94];
temporary, [95]
Social classes, volitional control in, [190]
Social control, progress of, [551]-4;
see Public control
Social effects of a tariff, [498]
Social-expediency theory of property, [365]-6;
basis of private property, [370];
of inheritance, [370]-3;
of class legislation, [373];
of protective tariffs, [374];
of rewarding talent, [378];
in taxation, [478]
Social institutions and personal incomes, [360]
Social legislation, growing need, [197], [504]
Social sciences, nature, [5];
complexity, [5], [6]
Socialism, extreme, its ideal of distribution, [410];
radical, vs. social reform, [552]
Socialistic theory of value, [416]
Socialists, predictions of, [553]
Social prophecy, [553]
Social regulation of bank-notes, [467], [470]
Social service and income, [370]-80
Specialization, and size of market, [263];
of risk-taking, [339]-40
Speculation, in goods, [336];
as risk-taking, [338]-42;
in all business, [339];
as insurance, [340];
by lambs, [341];
legitimate and illegitimate, [344];
income from, [376]-7
Spencer, Herbert, [518]
Spiritual needs as economic motives, [13]-4
Stages of industry, [313]
Standard of deferred payments, see Deferred payments
Standard of living, definition, [191];
Asiatic, [191];
American, [192];
theory of wages, [216];
result of sudden change in, [387]-8;
change in 19th century, [557]
State, function to direct competition, [429]-30;
function of the, [471]-3;

regulates railroads, [541]-2;
regulates corporate industry, [544]-8;
increasing functions, [548]
State ownership, [515]-6;
see Public ownership
State socialism, growth of, [551]-2
Status, as method of distribution, [409]
Storehouse of saving, see Money
Strength of men and women, [179]
Strikes, [251];
violence, [252];
cost, [252]
Subsidiary coinage, [445]-6
Subsistence theory of wages, [217]
Sugar trust, [328]
Sumner, W. G., [567]
Supply, relation to utility, [24]-6;
curve, diagram, [35];
of land in economic sense, [155];
limitation of better qualities, [158];
of labor, [184];
and monopoly, [324];
and trust prices, [331]
Sympathy, as an economic force, [13], [235]
Talent and occupation, [203];
see Ability
Tariff for revenue, [491];
see Protective tariff
Taussig, F. W., [580]
Taxation, in its relation to value, [471]-9;
definition, [471];
purposes of, [471]-4;
forms of, [474]-7;
principles and practice, [477]-9
Taxes, as a mode of distribution, [407]
Technical diminishing returns, [68];
confused with historical, [70];
refers to limited time, [71]
Technical rank of goods, [46]
Temperance legislation, [507]
Temporary use, [53];
see Rent
Tenement-house laws, [505]
Time, in relation to wants, [44];
relation to gratification, [161]
Time-discount, of future rents, [125]-6;
rate fixed in practice, [126]
Time relations of goods to wants, [46]
Time-value, and interest, [131];
theory of, [141]-51;
definition and scope, [141]-5;
fixing of rate, [145]-51;
and rate of interest, [159]-50;
relation to wages, [219]-22;
the highest problem of value, [414]
Tin-plate trust, [329]
Token coins, [445]-6
Trade-unions, [245]-56;
objects, [245]-8;
methods, [248]-53;
claims of, [254];
effects, on wages, [253]-6;
and profit-sharing, [294];
monopoly of labor, [308]
Transportation, as a form of production, [525];
changes in 19th century, [529]-30
Trant, book on trade-unions, [254]-5
Trustee, speculating, [343]
Trusts, in United States, growth of, [312]-22;
recent organization of, [315]-7;
economic possibilities of consolidation, [321];
causes of, [320]-2;
in legal and popular sense, [320];
effect on prices, [323]-32;
control of, [332]
Under-consumption theory of crises, [351]
Unearned increments, various kinds, [96]
Unions, see Trade-unions
United States, see America
Unproductive labor, see Labor
Unripe goods, see Goods
Usufruct, see Rent
Usury, in Middle Ages, [113];
usury laws, [508]
Utility, broad sense, [19];
see Marginal utility
Utilization, intensive margin, [64];
extensive, [65];
diagram, [65];
equilibrium of two margins, [66];
of indirect goods, [78]-9
Value, definition, [20];
relation of labor to, [222]-5;
characteristics of, [258];
cost of production explanation, [277];
genealogy of, (diagram) [278]-80;
law of, and monopoly price, [311];
law of, and trusts, [323];
survey of the theory, [412];
the unit of, [413];
stages of value, [414];
various aspects, [419];
generality of the law, [420];
effect of taxation on, [475]-7;
future trend of, [555]-63
Value theories, relation to social reforms, [415]-8
Volitional control, of population, [188], [189], [191], [193], [561]
Wage contract, terms of, [229]
Wage-fund theory of wages, [217]
Wages, related to scarcity, [182];
and efficiency, [196];
law of, [205]-14;
nature of, [205]-8;
and rent, [205];
economic and contract, [206];
real and nominal, [207];
modes of earning, [208]-11;
methods of remuneration, [211];
and the general law of value, [211]-4;
term "general rate," [211];
differences in, [212];
statement of law, [213];
and rent, [215]-8;
and time-value, [219]-22;
law of wages, [215];
iron law, [216];
and ambition, [230];
rise of money form of, [232];
real, changes in, [232];
more better-paid callings, [233];
raised by machinery, [242];
in general industry determined by impersonal economic forces, [255];
and profits, [284];
and profit-sharing, [295];
as personal or impersonal income, [359];
influenced by consumers' choice, [394];
relation to profits, [415];
and protective tariff, [495];
laws regulating payment, [511]
Wages system, and its result, [226]-35;
defined, [226];
development, [227];
as it is, [229]-31;
progress under, [232]-5;
gloomy view of, [233]
Walker, Francis A., theory of wages, [417], [578]
Wants, material, [9]-12;
non-material, [13]-4;
of animals, [9];
primitive, [10];
civilized, [10];
and progress, [11];
growth, [12];
refinement, [12];
complex, [14];
dependence on things, [15];
relation to goods, [16];
kinds, [21];
changing, [26];
recurrence, [39];
in series, [39];
present and future, [44];
see Consumption
War, to remedy over-population, [188];
affects productive agents, [394]
Waste, and luxury, [381]-91;
of wealth, [381]-5;
individual, [384];
in public outlay, [384]-5;
fallacy of, [385]
Water routes, influence on local advantages, [526]-7;
economy of, [528]
Wealth, and welfare, [15]-20;
definition, [17], [18];
and income, [41];
related to gratification, [44];
and its indirect uses, [46]-52;
conditions of economic, [48]-52;
in city and country, contrasted, [111];
loan of, in Middle Ages, [112];
concept, and capital concept, [116];
and property, [362];
inequality of, [375]
Welfare, and wealth, [15]-20;
and instinctive choice, [395];
vs. production, [398]
Wieser, [570], [571], [580], [583]
Wind and water as sources of power, [51]
Woman's work, [510]
Work, see Labor
Workers, effect of machinery on, [239]-44;
need of organization, [246];
need of direction, [265]-7;
and profit-sharing, [294];
gains from trusts, [325];
health in factories, [509]-10
Years' purchase, [120]