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]

FOOTNOTES:

[1] Compiled from data given by "The Journal of Commerce and Commercial Bulletin," reprinted in "The Commercial Year Book," Vol. V, 1900, pp. 564-569.

[2] John Moody, "The Truth About the Trusts," 1904.

[3] These statements are retained as they were made in March, 1903. In the following September occurred a very remarkable panic in stocks which had the minimum of effect on general business. While stock prices have somewhat recovered since that time, general business conditions, on the whole, tended for a while toward the worse until the spring of 1904.

[4] Though at first glance this may seem contradictory to the statement in the foregoing paragraph regarding the nature of supply, it will not be found so on closer examination.