Chapter 4 of 41 · The Principles of Political Economy, with some Inquiries respecting their Application (5th edition, 1864) by John Ramsay McCulloch
CONTENTS.
- PART I. PRODUCTION AND ACCUMULATION OF WEALTH.
- Chapter I.—
- II.—Progressive Nature of Man—Means by which the Productive Powers of Labour are increased - - - - - - 21
- III.—Definition and Growth of Credit—Contributes to facilitate Production by distributing Capital in the most advantageous manner—Circulation of Bills, &c.—Disadvantages attending the great facility with which Credit is given by Shopkeepers - - 70
- IV.—Circumstances which led to the Introduction and Use of Money—Qualities which a Commodity used as Money should possess—Coinage—Variations in the Value of Money—Introduction and Use of Paper Money and Bills of Exchange - - - 77
- V.—Division of Employments among different Countries, or Foreign Commerce—Wholesale and Retail Dealers—Influence of improved Means of Communication—Mode in which Commerce contributes to increase Wealth—Restrictions on Commerce, for the Promotion of Domestic Industry and National Security—Influence of these Restrictions—Moderate Duties on Imports not inconsistent with the Freedom of Trade—Duties on Exports - - - 85
- VI.—Different Employments of Capital and Labour—Agriculture, Manufactures, and Commerce, equally advantageous—The investment of Capital in different Businesses determined by the Rate of Profit which they respectively yield—Manufactures not productive of increased Mortality, nor unfavourable to the Intelligence of the Workpeople—Dangers incident to the excessive growth of Manufactures—Influence of Commerce on Public Spirit - - 117Edition: current; Page: [xxii]
- VII.—Improvements in Machinery similar in their Effects to Improvements in the Skill and Dexterity of the Labourer—Do not occasion a Glut of Commodities—Sometimes force Workmen to change their Employments—Have no Tendency to lessen, but most commonly increase the Demand for Labour—Causes of Gluts—Not occasioned by a deficiency of Money, but by sudden changes in its Quantity and Value—Circumstances which occasion Miscalculations on the Part of the Producers - - - - - - 142
- VIII.—Population proportioned to the Means of Subsistence—Moral Restraint—Capacity of the Principle of Population to repair the ravages of Plagues and Famines—Comparative Increase of Population in New and Old-settled Countries—Law of Increase a powerful Incentive to Industry—Promotes the Civilization and Happiness of Mankind—Practice of Infanticide—Foundling Hospitals - - - - - - - - 165
- IX.—Interference of Government with the Pursuits and Property of Individuals—Cases in, and Objects for which such Interference is necessary—Limits within which it should be confined - 187
- PART II. VALUE AND PRICE.
- I.—Exchangeable Value—How it is determined—Conditions required to render a Commodity invariable in its Exchangeable Value—Cost or real Value—How it is determined—Conditions required to render a Commodity invariable in its Cost—Quantity of Labour required to produce a Commodity different from the Quantity for which it will exchange—Corn not invariable in its Value—Changes in the Value of Money - - - - 233
- II.—Cost of Production the grand regulating Principle of Exchangeable Value and Price—Influence of Variations in the Demand for and Supply of Commodities over Prices—Influence of Monopolies—Average Price coincident with Cost of Production - 249
- III.—Influence of Mercantile Speculations on Price—Difference between Speculation and Gambling—Speculations in Corn beneficial to the Public, but dangerous to the Dealers—Imitative Speculations—Influence of Knowledge on Speculation - - - 258
- IV.—Effect of the Employment of Capital in Production, and of Variations in the Rates of Wages and Profits on Value—(1) When the Capitals employed in Production are of the same Degree of Durability; and (2) when they are of different Degrees of Durability—The action or influence of Natural Powers adds nothing to the Value of the Result—High Wages not injurious to Manufactures or Trade - - - - - - 275
- PART III. DISTRIBUTION OF WEALTH.
- I.—Wages in the different Departments of Industry—Causes of their Apparent Discrepancy—Really approach very near to Equality - 300
- II.—Circumstances which determine the Rate of Wages - - 315
- Section I. Market or Actual Wages—Depend on the Proportion between Capital and Population—Identity of the interests of Capitalists and Labourers - - 316
- Section II. Natural or Necessary Wages—Depend on the Species and Quantity of Food and other Articles consumed by the Labourer—Different in different Countries and Periods—Influence of Fluctuations of Wages on the Condition of the Labourers—Advantage of a High Rate of Wages—Disadvantage of having Labourers dependent for support on the cheapest Species of Food—Circumstances affecting the Condition of Labourers—Education—Piece-work—Limiting the Hours of Labour—High Wages not a Cause of Idleness—Comparative Cheapness of Free and Slave Labour - - - - - 324
- Section III. Difference in their Influence over Wages between a Demand for Labour, and a Demand for its Products 355
- III.—Constitution and Influence of Co-operative Associations—Limited Liability—Considerations on the Joint Stock Associations principally carried on by the Labouring Classes - - - 360
- IV.—Impotent Poor should be provided for by a Poor’s Rate—Question as to the best Means of providing for the Able-bodied Poor—Arguments in favour of a compulsory Provision—Objections to it—May be so administered as to obviate most of these Objections—Operation of the English Poor Laws—New Poor Law - 368
- V.—Education of the Poor—Importance of a National System of Education—Difficulties in the way of its Establishment—Influence of Friendly Societies and Savings’ Banks - - - - 396
- VI.—Conflicting Opinions with respect to the Origin of Rent—Theory of Dr. Anderson—Nature and Progress of Rent—Not a Cause but a Consequence of the High Value of Raw Produce—Does not enter into Price—Distinction between Agriculture and Manufactures—Rents depend partly on the Extent to which Tillage has been carried, and partly on Situation—Inequality and Mischievous Operation of Taxes on Rent - - - 406Edition: current; Page: [xxiv]
- VII.—Influence of Improvements—Slowness with which they spread—Beneficial to all Classes—Different methods of Letting Lands—Remarks upon those Methods—Increase and Reduction of Rents—Regulations as to Management—Size of Farms—Influence of the Elective Franchise given to Tenants over Agriculture—Profits of Farmers - - - - - - 426
- VIII.—Division of the Produce of Industry, under Deduction of Rent, between Capitalists and Labourers—Definition of Profits—Mr. Ricardo’s Theory of Profits; Sense in which it is true—Causes which occasion a Rise or Fall of Profits—Accumulation not the Cause of a Fall of Profits—Influence of the decreasing Fertility of the Soil, and of Taxation on Profits—Influence of Loans to Government, and of Changes in the Value of Money on Profits - - - - - - - - 452
- IX.—Interest and Nett Profit identical—Circumstances which occasion Variations in the Rate of Interest—Impolicy of Usury Laws - 482
- PART IV. CONSUMPTION OF WEALTH.
- I.—Definition of Consumption—Consumption the End of Production—Test of advantageous and disadvantageous Consumption—Sumptuary Laws—Advantage of a Taste for Luxuries—Error of Adam Smith’s Opinion with respect to unproductive Consumption—Error of those who contend, that to facilitate Production it is necessary to encourage wasteful Consumption—Statement of Montesquieu—Consumption of Government—Conclusion - 487
- Appendix - - - - - - - - 515
The Principles of Political Economy, with some Inquiries respecting their Application (5th edition, 1864)
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