Index

A

Ability, rarity of, 207

Abstinence, 285, 287, 465, 482–499; see also Saving

Agriculture, principle of proportionality in, 131

Agriculture, see land

Annuities, 284

Auction, 53, 57, 66

B

Bargaining power, 221

Barter, 42–49, 53

Basic material resources, 442–455

Bastiat, Frederic, 471

Bidders, 54; for land usance, 165; for labor, 214; for loans, 307

Binet test, 179

Biologic, basis for choice, 240; stage of population, 411

Birth rates, 431

Bodio, Luigi, 426

Bonds, 276, 283

Borrowers, classes of, 290; profit seeking, 335

Building and loan associations, 290, 298

Business economy, 512

Buyer, most urgent, 63; and seller, 44

Buyers’ composite valuation curve, 61

C

Cairnes, J. E., 221

Cannan, Edwin, 440

Capital, 266, 267, 278; 280, 334, 512

Capitalization, and money, 262–272; definition, 267; of monetary incomes, 273–284; and interest, 300–313; clue to interest rate, 308

Capitalist, active, 319; passive, 319

Carlyle, Thomas, 501

Caste, and efficiency, 190

Chance, and choice, 359

Changes, see Dynamic

Charging what the traffic will bear, 376

Child labor, 177

Choice, origin, 12; development, 13; and value, 12–21; increasing range of, 90; between present and future, 104; of occupations, 202–209; and chance, 359; animal, 478; primitive, 478

Clark, J. B., 504

Coal, consumption of, 450

Commercial paper, 304

Communication, and markets, 58

Communism, and value theory, 500

Competition, and monopoly, 73–85; and custom, 158; and cost, 369; prices under, 377, 379

Competitive, rents, 158; wages, 214; prices, 369

Complementary, agents at the two margins, 130; usance-value of, 140; goods, 34; quality, 34

Conklin, E. G., 71

Conservation of resources, 442 ff Conservation, commission report, 444, 445, 446

Consumption, and duration, 111–121; of material resources, see Basic

Consumptive uses, 111, 114

Contractual, indirectness, 93; and non-contractual incomes, 318

Corporate securities, 280

Corporations, 323

Cost, defined, 123, 349; alternative, 350; money, 350; and prices, 351, 355, 369, 380; finding, 370; classes of, 373, 374; accounting, 375

Cost of living, in various countries, 230

Cotton crop in the U. S., 76

Credit, 263, 304

Cunningham, William, 145

Custom, and competition, 158

D

Death rates, 432

Deferred payments, see Standard of

Demand, nature of, 46; elasticity of, 61; and supply, 67

Democracy, and efficiency, 190

Depreciation, 115, 117; funds, 279

Desire, 25, 29, 35, 36, 38, 89, 479

Diminishing, gratification, 36, 48, 69; returns, 388, 435

Direct use, 29, 112

Directness of use, 30

Direction, see Management

Discount, 269, 275, 302

Discrimination, see monopoly

Division of labor, 192; in management, 331

Dismal science, 501

Doctrine, 11

Drainage, 443

Durable goods, 114

Durability, artificial, of land, 117

Duration-relation, 111; see also Consumptive

Durative use, 112

Durative goods, beginnings of, 255

Durative character of hydraulic power sites, 454

Dynamic, 130, 341; change, 402; forces, adjustment to, 439; factor, labor saving inventions as, 457; movement of saving, 482; see also Static

E

Economic laws, 10; goods, 23; utilization, 124; agents, 171

Economics, definition, 3; purpose and value of, 3–11; social aims of, 9

Economists, orthodox, 501; classical, 501

Economy, barter, natural, money, 44; of repairs, 118; of large production, see Large production

Efficiency, 180; factors of, 184–188

Engels, Friederich, 503

Elastic demand, in monopoly, 82

Elasticity, see Demand

Employer, see Enterpriser

Enterprise, 317–326; and risk, 346, 358; see also Profits

Enterpriser, 319; a middleman, 214, 299, 352

Equilibrium in labor market, 213; see Static

Ethical wage, 214

Ethics, of interest, 292, 300, 309

Evaluation, principles of, 31–41; and money, 50

Expectation valuations, 201

Extensive margin, 128; utilization, 128; movement of population, 430

F

Factors, of production, 317; proportioning of, 340

Failures, in business, 364

Family, size of, 419

Fees, for services, 215

Franchises, value of, 282

Free goods, 23

Forests, 448

Form, value, 20; agencies for altering, 96

Future use, 237; discount on, 271

G

General economic situation, 71, 166, 227, 228, 312, 505

George, Henry, 503

Goods, and psychic income, 22–30; free and economic, 23; of direct, present use, 29; complementary, 34; with indirect uses, 92; natural diversity of, 106; see also Uses of goods

Gratification, of desire, 25; and satisfaction, 26

H

Harmful objects, 24

Home ownership, 150

Homogeneous units, stock of, 37

Human beings and their economic services, 171–183

Hydraulic power, 454, 461

Hypothesis, 11

I

Illiteracy in U. S., 188

Imputation, of value, 209

Income, kinds, 26; streams, 29; labor as contributing to, 172; labor and wealth, 225; rate on capital, 274; from interest, gross vs. net, 303; time series of, 310; and abstinence, 489; see also Psychic

Increasableness of goods, 454

Increasing returns, 388, 435

Indifference, principle of, 37

Indirect, uses, 92; goods, gradual improvement of, 98; agencies for hastening uses, 104; of lower rank, 105; uses, consumptive and durative, 114; agents, capitalization of, 269

Indirectness, 90–94, 258–261, 494, 496

Individual interests, conflicting, 511

Industrial revolution, 100; evils of, 459

Intelligence, differences in, 179

Intensive margin, 128; use, 132; utilization, 127, 164; cultivation, 132, 433; growth of population, 430

Interchangeable parts, 116

Interest, and capitalization, 300–313; origin and definition of, 301; rate, and saving, 486; and war, 498; see also Abstinence and production

Interlocking directorates, 335

Invention, and interest rate, 493, 496

Investment, premiums, 311; profit, 345

Irrigation, 443

J

Joint costs, 371

L

Labor, 16, 172, 176, 184–196, 197, 198, 200, 203, 205, 206, 210, 211, 218, 225, 228, 231, 507

Labor-incomes, 197–210, 213, 225–228, 318, 505

Labor-saving inventions, 465; see also Machinery

Labor theory of value, 210, 228

Laborer, self-directing, 212

Land, 116, 117, 143, 145, 159, 442, 452

Land-incomes, capitalization of, 273

Land-values, and transportation, 360

Large production, 388–393

Lassalle, Ferdinand, 503

Law, 10

Lease of land, 159

Loans, long-time, 306

Location, element in value, 102

Lump of labor notion, 199, 458

Luxury, 473–481

M

Machines, and tools, 99

Machinery, age of, 99; depreciation of, 117; and wages, 456–467; see also Tools

Maine, Sir Henry, 144

Malthus, Thomas Robert, 405, 415, 424, 425

Malthusian doctrine, 405

Malthusianism, conclusion on, 424

Management, 323, 327–342

Manager, owner, 321

Managers, selection of, 330

Marginal desire, 38; valuation, 38; principle, 38; in time-preference, 253; in borrowing, 307

Margin of utilization, 128; usance value and, 139

Markets, money and, 50–60

Market, as two-sided auction, 66; effect of trading outside, 65; effect upon valuations, 68; price, see Price

Marx, Karl, 503

Mercantile discounts, 304

Middleman, see Enterpriser

Mill, John Stuart, 357

Mineral stores, 450

Money, fur as a unit of, 15–16; and markets, 50–60; functions of, 262; and capitalization, 262–272; buying with, 273; use in saving, 289; loans, special markets for, 307

Monopoly, 73–85, 381–388, 394–396; discrimination in, 84, 385, 387

Moral, qualities, 181; weakness, and time-preference, 254

N

Natural, prices, 74; see also Price, Value, Wage

Nominal wages; see Wages

Non-competing classes, doctrine of, 219

Non-consumptive uses, see Consumptive

Non-contractual, see Contractual

Normal, supply price, 372; cost price, 372

O

Occupations, rewards and sacrifices of, 202; choice of, 203

Owner-manager, see Manager

P

Paradox of value, 39, 75, 510

Pawn shops, 293, 303

Physiocrats, 102

Place, choice, 20; and time, agents for effecting changes, 101–110

Play, 174; element, in valuation, 202

Population, problem of, 399–413; principle of, 406–424; quality of, 419; volitional doctrine of, 414–425; of the world, 426; in Europe, 428; in America, 429; relation to resources, 429; and labor, 507

Present use, 239

Present and future, goods, uses, desires, 247; dollars, 311

Price, 45; money, 51, 262; unit, 52; normal, 54; levels, 56; one in a market, 57; principles of, 61–72; in a market, 141; of the separable use, 143; of labor, 211; premium concealed in, 293; cutting, 376; fixing, monopoly element in, 394–396; of wheat, 436

Principle, 10; see also various subjects

Private property, 264; and volitional control, 415; and saving, 483

Prodigal, 295

“Producers’ rent,” 208

Production, as betterment of nature, 119; time-preference in, 252; adjusted to changed conditions, 341; and abstinence, 482–499; see also Large production

Productive and unproductive labor, 173

Profit, borrower for, 298; and costs, 343–359; definition, 343, 350, 357, 358; various shades of, 358–368; see also Enterprise

Progress, and quality of population, 420; and desires, 477; and luxury, 480

Promoter, 334

Property, 264

Proportion, in technical processes, 107

Proportionality, in repairs, 119; principle of, 122–134; dependence of rent on, 163; principle of in population, 435; in static conditions, 439

Proportioning, of the factors, 340

Psychic income and goods, 22–30

Psychic income, 92, 209, 226; in play, 174; factor, in labor-incomes, 203; in population, 408, 424

Psychological, element, in supply, 67; change in time-preference, 260; explanation of interest, 313

Psychology, of indirect valuation, 109

Q

Quality, a reflection of desire, 31

R

Railroad betterments, and the rate of interest, 497

Rank of agents, see Indirect

Rate, of income, and price, 276

Real wages, see Wages

Remuneration, various methods of, 229

Rent, definition, 155, 156; principles of, 158–168; gross and net, 156, 159; variability of, 168; “of ability,” 208; in various countries, 230

Rent-charge, 146, 283

Renting, of agricultural land, 147

Renting, contract, 147, 152–154

Repair, of nature, production as, 119; of land, 145; economy of, 118; time-preference in, 250

Reserve valuations, 57, 165

Residual share, 318, 320, 322

Rhythmic changes, of population, 437

Ricardo, David, 156

Risk, see Enterprise

Risk-taking, in produce markets, 365

Roundaboutness, see Indirectness

S

Sacrifice, 123, 349

Salaries, large, 333

Sale-good, defined, 45

Satisfaction, see Gratification

Savers, and spenders, 287

Saving, storehouse of, 263; and borrowing, 285–299; conditions favoring, 483; and interest rate, 486

Scarcity, idea of, 14; various meanings of, note on, 20

Self-employed, 319

Seller and. buyer, 44; most urgent, 63

Sellers’ composite valuation curve, 63

Separable use, 125; in usance-value, 138; price of, 143; see also Uses

Single tax doctrine, 503

Smith, Adam, 74, 81, 156, 182, 183, 357

Social, welfare and economics, 9; factors in valuations, 70; welfare, and value theory, 500–513

Social economy, and business, 512

Specialization, 193

Speculation, 363, 366, 367

Spencer, Herbert, 144

Spenders, see Savers

Standard, see Price unit

Standard of deferred payments, 263

Standard of life, 417; see also Luxury

Static, 130; equilibrium, in land uses, 162; and dynamic, 399–404, 413; conditions, adjustment to, 438

Stimuli, effects of repeated, 36

Stockholders, investment of, 325

Stuff, choice, 20; value, 95; and form, agents for changing, 89–100

Substitution, of goods, 32; principle of, 33

Supply, nature of, 46; effect of multiplicate units of, 55; and demand, in price determination, 67

T

Talent, inequality, of, 182; and occupation, 195

Technic, relation to time, 257, 496

Technical improvements, economic test of, 109; processes, 107, 339

Tendency, of population, 406

Theory, 11

Time, choice, 20; relation to value, 103; as factor in usance value, 138; relation of technic to, 257, 496; consuming process, 494

Time-preference, 235–247; rate of, 248–261

Time-price, 269

Time-value, 246; in labor-incomes, 205

Titchener, E. B., 40

Tools, use of by man, 97; and machines, 99; repair of, 118; intensive use of, 133

Trade by barter, 42–49

Transportation, and markets, 58; effect upon value, 101; and land values, 361

U

Unearned increment, 362

Unique, 31

Uniqueness, of separate services, 224

Usance, definition, 135; of land, 143, 146; of men, 197

Usance-value, concept of, 135–142

Use-bearer, consumption and duration of, 112

Uses, doctrine of separable, 125; gross and net, 125; of wealth, and labor, 197

Uses of goods, increasing range of, 90; hastening, 104, 242; postponing, 105, 243; consumptive and non-consumptive, 111

Usufruct, definition, 135

Usury, prohibition of, 292

Utility, 25; and value of labor, 231

Utilization, intensive, 127; extensive, 128

V

Valuation, 14, 16; marginal, 38; of indirect agents, 109; of agents, personal, 165; efficiency as affecting, 167; time as condition in, 235; of durative direct agents, 256

Valuations, changes of, 35; bids in relation to, 54; reserve, 57; effect of market upon, 68; social factors in individual, 70

Value, 19, 281; and valuation, note on, 21; and true welfare, 24; paradox of, 39, 75, 510; various changes affecting, 94; location as an element in, 102; relation of time to, 103; of labor, 197–210; imputation of, 209; vs. utility, 231; genealogy of, 353; organic theory of, 505

Value theory, and communism, 505; and social welfare, 500–513

Vocational guidance, 195

W

Wage, “natural,” 212; system, 227

Wage-contact, bargaining power in, 221

Wage-fund doctrine, 507

Wages, principles of, 211–231; and productivity, 218; adjustment of, 223; and the general economic situation, 227; real and nominal, 219, 230; in various countries, 230; and machinery, 450–467; minimum of subsistence theory, 502; iron law of, 503

Waiting-period, 490

Walker, F. A., 357, 504

War, and population, 412; and interest rate, 498

Waste, and luxury, 468–481

Water-power, 134

Wealth, and labor, 197; incomes, 225; and property rights, 265; contrasted with capital, 278; aspects of, 508

Weber-Fechner law, 40

Welfare, 24, 25, 225, 509; and capital, 512

Wheat prices, 436

Willcox, W. F., 427

Y

Years’ purchase, 274