Principles of Economics

Front Matter....Pages i-xxviii
Introduction....Pages 1-11
The Substance of Economics....Pages 12-23
Economic Generalizations or Laws....Pages 24-31
The Order and Aims of Economic Studies....Pages 32-40
Introductory....Pages 41-44
Wealth....Pages 45-52
Production. Consumption. Labour. Necessaries....Pages 53-59
Income. Capital....Pages 60-69
Introductory....Pages 70-72
Wants in Relation to Activities....Pages 73-77
Gradations of Consumers’ Demand....Pages 78-85
The Elasticity of Wants....Pages 86-97
Choice between Different Uses of the Same Thing. Immediate and Deferred Uses....Pages 98-102
Value and Utility....Pages 103-114
Introductory....Pages 115-119
The Fertility of Land....Pages 120-124
The Fertility of Land, Continued. The Tendency to Diminishing Return....Pages 125-143
The Growth of Population....Pages 144-160
The Health and Strength of the Population....Pages 161-169
Industrial Training....Pages 170-182
The Growth of Wealth....Pages 183-199
Industrial Organization....Pages 200-207
Industrial Organization, Continued. Division of Labour. The Influence of Machinery....Pages 208-221
Industrial Organization, Continued. The Concentration of Specialized Industries in Particular Localities....Pages 222-231
Industrial Organization, Continued. Production on a Large Scale....Pages 232-242
Industrial Organization, Continued. Business Management....Pages 243-261
Conclusion. Correlation of the Tendencies to Increasing and to Diminishing Return....Pages 262-268
Introductory. On Markets....Pages 269-275
Temporary Equilibrium of Demand and Supply....Pages 276-280
Equilibrium of Normal Demand and Supply....Pages 281-291
The Investment and Distribution of Resources....Pages 292-301
Equilibrium of Normal Demand and Supply, Continued, with Reference to Long and Short Periods....Pages 302-315
Joint and Composite Demand. Joint and Composite Supply....Pages 316-326
Prime and Total Cost in Relation to Joint Products. Cost of Marketing. Insurance Against Risk. Cost of Reproduction....Pages 327-333
Marginal Costs in Relation to Values. General Principles....Pages 334-342
Marginal Costs in Relation to Values. General Principles, Continued....Pages 343-352
Marginal Costs in Relation to Agricultural Values....Pages 353-364
Marginal Costs in Relation to Urban Values....Pages 365-376
Equilibrium of Normal Demand and Supply, Continued, with Reference to the Law of Increasing Return....Pages 377-382
Theory of Changes of Normal Demand and Supply in Relation to the Doctrine of Maximum Satisfaction....Pages 383-394
The Theory of Monopolies....Pages 395-410
Summary of the General Theory of Equilibrium of Demand and Supply....Pages 411-417
Preliminary Survey of Distribution....Pages 418-435
Preliminary Survey of Distribution, Continued....Pages 436-453
Earnings of Labour....Pages 454-464
Earnings of Labour, Continued....Pages 465-473
Earnings of Labour, Continued....Pages 474-481
Interest of Capital....Pages 482-494
Profits of Capital and Business Power....Pages 495-505
Profits of Capital and Business Power, Continued....Pages 506-522
Rent of Land....Pages 523-529
Land Tenure....Pages 530-548
General View of Distribution....Pages 549-555
General Influences of Economic Progress....Pages 556-573
Progress in Relation to Standards of Life....Pages 574-601
Back Matter....Pages 602-731