ESSENTIALS OF ECONOMIC THEORY

AS APPLIED TO MODERN PROBLEMS
OF INDUSTRY AND PUBLIC POLICY

BY

JOHN BATES CLARK

PROFESSOR OF POLITICAL ECONOMY IN COLUMBIA UNIVERSITY
AUTHOR OF "THE DISTRIBUTION OF WEALTH," "THE PHILOSOPHY OF WEALTH," "THE PROBLEM OF MONOPOLY," ETC.

New York
THE MACMILLAN COMPANY
1915

All rights reserved
Copyright, 1907,
By THE MACMILLAN COMPANY.