PART I
PAGE
The Value of Material Things [1]-169
DIVISION A—WANTS AND PRESENT GOODS
CHAPTER
1 The Nature and Purpose of Political Economy: Name and Definition; Place of Economics Among the
Social Sciences; The Relation of Economics to Practical Affairs [3]
2 Economic Motives: Material Wants, The Primary Economic Motives; Desires for Non-material Ends,
as Secondary Economic Motives [9]
3 Wealth and Welfare: The Relation of Men and Material Things to Economic Welfare; Some Important
Economic Concepts Connected with Wealth and Welfare [15]
4 The Nature of Demand: The Comparison of Goods in Man's Thought; Demand for Goods Grows Out
of Subjective Comparisons [21]
5 Exchange in a Market: Exchange of Goods Resulting from Demand; Barter Under Simple Conditions;
Price in a Market [30]
6 Psychic Income: Income as a Flow of Goods; Income as a Series of Gratifications [39]
DIVISION B—WEALTH AND RENT
7 Wealth and Its Direct Uses: The Grades of Relation of Indirect Goods to Gratification; Conditions of
Economic Wealth [46]
8 The Renting Contract: Nature and Definition of Rent; The History of Contract Rent and Changes
in It [53]
9 The Law of Diminishing Returns: Definition of the Concept of (Economic) Diminishing Returns; Other
Meanings of the Phrase "Diminishing Returns"; Development of the Concept of Diminishing Returns [61]
10 The Theory of Rent: The Market Value of the Usufruct: Differential Advantages in Consumption
Goods; Differential Advantages in Indirect Goods [73]
11 Repair, Depreciation, and Destruction of Wealth: Relation to its Sale and Rent: Repair of Rent-bearing
Agents; Depreciation in Rent-earning Power of Agents Kept in Repair; Destruction of
Natural Stores of Material [81]
12 Increase of Rent-bearers and of Rents: Efforts of Men to Increase Products and Rent-bearers;
Effects of Social Changes in Raising the Rents of Indirect Agents [90]
DIVISION C—CAPITALIZATION AND TIME-VALUE
13 Money as a Tool in Exchange: Origin of the Use of Money; Nature of the Use of Money; The Value of
Typical Money [98]
14 The Money Economy and the Concept of Capital: The Barter Economy and its Decline; The Concept of
Capital in Modern Business [108]
15 The Capitalization of All Forms of Rent: The Purchase of Rent-charges as an Example of Capitalization;
Capitalization Involved in the Evaluating of Indirect Agents; The Increasing Role of Capitalization
in Modern Industry [118]
16 Interest on Money Loans: Various Forms of Contract Interest; The Motive for Paying Interest [131]
17 The Theory of Time-value: Definition and Scope of Time-value; The Adjustment of the Rate of Time-discount [141]
18 Relatively Fixed and Relatively Increasable Forms of Capital: How Various Forms of Capital May
Be Increased; Social Significance of These Differences [152]
19 Saving and Production as Affected by the Rate of Interest: Saving as Affected by the Interest Rate;
Conditions Favorable to Saving; Influence of the Interest Rate on Methods of Production [159]
PART II
The Value of Human Services [171]-355
DIVISION A—LABOR AND WAGES
20 Labor and Classes of Laborers: Relation of Labor to Wealth; Varieties of Talents and of Abilities
in Men [173]
21 The Supply of Labor: What Is a Doctrine of Population? Population in Human Society; Current Aspect
of the Population Problem [184]
22 Conditions for Efficient Labor: Objective Physical Conditions; Social Conditions Favoring Efficiency;
Division of Labor [195]
23 The Law of Wages: Nature of Wages and the Wages Problem; The Different Modes of Earning Wages;
Wages as Exemplifying the General Law of Value [205]
24 The Relation of Labor to Value: Relation of Rent to Wages, Relation of Time-value to Wages; The
Relation of Labor to Value [215]
25 The Wage System and its Results: Systems of Labor; The Wage System as it Is; Progress of the Masses
Under the Wage System [226]
26 Machinery and Labor: Extent of the Use of Machinery; Effect of Machinery on the Welfare and Wages
of the Masses [236]
27 Trade-unions: The Objects of Trade-unions; The Methods of Trade-unions; Combination and Wages [245]
DIVISION B—ENTERPRISE AND PROFITS
28 Production and the Combination of the Factors: The Nature of Production; Combination of the Factors [257]
29 Business Organization and the Enterpriser's Function: The Direction of Industry; Qualities of a Business
Organizer; The Selection of Ability [265]
30 Cost of Production: Cost of Production from the Enterpriser's Point of View; Cost of Production from
the Economist's Standpoint [273]
31 The Law of Profits: Meaning of Terms; The Typical Enterpriser's Services Reviewed; Statement of the
Law of Profits [282]
32 Profit-sharing, Producers' and Consumers' Coöperation: Profit-sharing; Producers' Coöperation; Consumers'
Coöperation [292]
33 Monopoly Profits: Nature of Monopoly; Kinds of Monopoly; The Fixing of a Monopoly Price [302]
34 Growth of Trusts and Combinations in the United States: Growth of Large Industry in the United
States; Advantages of Large Production; Causes of Industrial Combinations [312]
35 Effect of Trusts on Prices: How Trusts Might Affect Prices; How Trusts Have Affected Prices [323]
36 Gambling, Speculation, and Promoters' Profits: Gambling vs. Insurance; The Speculator as a Risk taker;
Promoter's and Trustee's Profits [333]
37 Crises and Industrial Depressions: Definition and Description of Crises; Crises in the Nineteenth
Century; Various Explanations of Crises [345]
PART III
The Social Aspects of Value [357]-563
DIVISION A—RELATION OF PRIVATE INCOME TO SOCIAL WELFARE
38 Private Property and Inheritance: Impersonal and Personal Shares of Income; The Origin of Private
Property; Limitations of the Right of Private Property [359]
39 Income and Social Service: Income from Property; Income from Personal Services [370]
40 Waste and Luxury: Waste of Wealth; Luxury [381]
41 Reaction of Consumption on Production: Reaction upon Material Productive Agents; Reaction upon
the Efficiency of the Workers; Effects on the Abiding Welfare of the Consumer [392]
42 Distribution of the Social Income: The Nature of Personal Distribution; Methods of Personal Distribution [402]
43 Survey of the Theory of Value: Review of the Plan Followed; Relation of Value Theories to Social
Reforms; Interrelation of Economic Agents [412]
DIVISION B—RELATION OF THE STATE TO INDUSTRY
44 Free Competition and State Action: Competition and Custom; Economic Harmony through Competition;
Social Limiting of Competition [422]
45 Use, Coinage, and Value of Money: The Precious Metals as Money; The Quantity Theory of Money [431]
46 Token Coinage and Government Paper Money: Light-Weight Coins; Paper Money Experiments; Theories
of Political Money [443]
47 The Standard of Deferred Payments: Function of the Standard; International Bimetallism; The Free-silver
Movement in America [453]
48 Banking and Credit: Functions of a Bank; Typical Bank Money; Banks of the United States To-day [462]
49 Taxation in its Relation to Value: Purposes of Taxation; Forms of Taxation; Principles and Practice [471]
50 The General Theory of International Trade: International Trade as a Case of Exchange; Theory of
Foreign Exchanges of Money; Real Benefits of Foreign Trade [480]
51 The Protective Tariff: The Nature and Claims of Protection; The Reasonable Measure of Justification
of Protection; Values as Affected by Protection [491]
52 Other Protective Social and Labor Legislation: Social Legislation; Labor Legislation [504]
53 Public Ownership of Industry: Examples of Public Ownership; Economic Aspects of Public Ownership [514]
54 Railroads and Industry: Transportation as a Form of Production; The Railroad as a Carrier; Discrimination
in Rates on Railroads [525]
55 The Public Nature of Railroads: Public Privileges of Railroad Corporations; Political and Economic
Power of Railroad Managers; Commissions to Control Railroads [534]
56 Public Policy as to Control of Industry: State Regulation of Corporate Industry; Difficulties of
Public Control of Industry; Trend of Policy as to Public Industrial Activity [544]
57 Future Trend of Values: Past and Present of Economic Society; The Economic Future of Society [555]
Questions and Critical Notes [565]
Index [595]