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Chapter 1 of 42 · Economic Principles by Frank A. Fetter

Front Matter

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MODERN ECONOMIC PROBLEMS

By

Frank A. Fetter

This text makes practical application of the theories treated in “Principles of Economics” to such matters as money, banking, international trade, labor organizations, agricultural economics, trusts, taxation, insurance, immigration, and similar topics. The book was completely revised in 1922; hence it considers economic matters in the light of the changed conditions following the World War. The volume is equipped with charts, diagrams, statistical tables, reference reading lists, and other numerous helps for both the teacher and the student.

8 vo611 pagesPrice $2.75

Economics—Volume I

ECONOMIC PRINCIPLES

BY

FRANK A. FETTER, PH.D., LL.D.

PROFESSOR OF POLITICAL ECONOMY, PRINCETON UNIVERSITY

NEW YORK

THE CENTURY CO.

LVMIHeader

The Mises Institute, founded in 1982, is a teaching and research center for the study of Austrian economics, freedom, and peace. We work with students, faculty, business leaders, and anyone else interested in these ideas. In support of the school of thought represented by Ludwig von Mises and Murray N. Rothbard, we provide books, conferences, online education, and media. For we seek a radical shift in the intellectual climate, away from statism and toward a private property order.

For more information, see Mises.org, write us at info@mises.org, or phone us at 1-800-OF-MISES.

Mises Institute

518 West Magnolia Avenue

Auburn, Alabama 36832

Copyright, 1915, by

The Century Co.


First Edition, September, 1915

Reprinted, September, 1916

Reprinted, December, 1918

Reprinted, April, 1920

Reprinted, August, 1922

Reprinted, May, 1923

Reprinted, January, 1925

Reprinted, March, 1927

Reprinted, September, 1928

Digital edition September 2013 by the Mises Institute

ISBN: 978-1-61016-018-6

eISBN: 978-1-61016-269-2

TABLE OF CONTENTS

Foreword

Part I. Elements of Value and Price

1. Purpose and Nature of Economics

2. Choice and Value

3. Goods and Psychic Income

4. Principles of Evaluation

5. Trade By Barter

6. Money and Markets

7. Principles of Price

8. Competition and Monopoly

Part II. Usance and Rent

9. Agents for Changing Stuff and Form

10. Agents for Effecting Changes of Place and Time

11. Consumption and Duration

12. The Principle of Proportionality

13. The Concept of Usance-Value

14. The Renting Contract

15. Principles of Rent

Part III. Valuable Human Services, and Wages

16. Human Beings and Their Economic Services

17. Conditions for Efficient Labor

18. The Value of Labor and the Choice of Occupations

19. Principles of Wages

Part IV. Time-Value and Interest

20. Time-Preference

21. Rate of Time-Preference

22. Money and Capitalization

23. Capitalization of Monetary Incomes

24. Saying and Borrowing

25. Capitalization and Interest

Part V. Enterprise and Profit

26. Enterprise

27. Management

28. Profits and Costs

29. Various Shades of Profits

30. Costs and Competitive Prices

31. Monopoly-Prices; Large Production

Part VI. Dynamic Changes in Economic Society

32. The Problem of Population

33. Volitional Doctrine of Population

34. Decreasing and Increasing Returns

35. Basic Material Resources: Their Use, Consumption, and Conservation

36. Machinery and Wages

37. Waste and Luxury

38. Abstinence and Production

39. Value Theory and Social Welfare

Index

Economic Principles

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