The Principles of Economics, with Applications to Practical Problems. Frank A. Fetter
CHAPTER 50
THE GENERAL THEORY OF INTERNATIONAL TRADE
OTHER PROTECTIVE SOCIAL AND LABOR LEGISLATION
THE PUBLIC NATURE OF RAILROADS
PUBLIC POLICY AS TO CONTROL OF INDUSTRY
PART I
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The Value of Material Things 1−169 DIVISION A—WANTS AND PRESENT GOODS CHAPTER 1 The Nature and Purpose of Political Economy: Name and Definition; Place of Economics Among the Social Sciences; The Relation of Economics to Practical Affairs 3 2 Economic Motives: Material Wants, The Primary Economic Motives; Desires for Non-material Ends, as Secondary Economic Motives 9 3 Wealth and Welfare: The Relation of Men and Material Things to Economic Welfare; Some Important Economic Concepts Connected with Wealth and Welfare 15 4 The Nature of Demand: The Comparison of Goods in Man's Thought; Demand for Goods Grows Out of Subjective Comparisons 21 5 Exchange in a Market: Exchange of Goods Resulting from Demand; Barter Under Simple Conditions; Price in a Market 30 6 Psychic Income: Income as a Flow of Goods; Income as a Series of Gratifications 39 DIVISION B—WEALTH AND RENT 7 Wealth and Its Direct Uses: The Grades of Relation of Indirect Goods to Gratification; Conditions of Economic Wealth 46 8 The Renting Contract: Nature and Definition of Rent; The History of Contract Rent and Changes in It 53 9 The Law of Diminishing Returns: Definition of the Concept of (Economic) Diminishing Returns; Other Meanings of the Phrase "Diminishing Returns"; Development of the Concept of Diminishing Returns 61 10 The Theory of Rent: The Market Value of the Usufruct: Differential Advantages in Consumption Goods; Differential Advantages in Indirect Goods 73 11 Repair, Depreciation, and Destruction of Wealth: Relation to its Sale and Rent: Repair of Rent-bearing Agents; Depreciation in Rent-earning Power of Agents Kept in Repair; Destruction of Natural Stores of Material 81 12 Increase of Rent-bearers and of Rents: Efforts of Men to Increase Products and Rent-bearers; Effects of Social Changes in Raising the Rents of Indirect Agents 90 DIVISION C—CAPITALIZATION AND TIME-VALUE 13 Money as a Tool in Exchange: Origin of the Use of Money; Nature of the Use of Money; The Value of Typical Money 98 14 The Money Economy and the Concept of Capital: The Barter Economy and its Decline; The Concept of Capital in Modern Business 108 15 The Capitalization of All Forms of Rent: The Purchase of Rent-charges as an Example of Capitalization; Capitalization Involved in the Evaluating of Indirect Agents; The Increasing Role of Capitalization in Modern Industry 118 16 Interest on Money Loans: Various Forms of Contract Interest; The Motive for Paying Interest 131 17 The Theory of Time-value: Definition and Scope of Time-value; The Adjustment of the Rate of Time-discount 141 18 Relatively Fixed and Relatively Increasable Forms of Capital: How Various Forms of Capital May Be Increased; Social Significance of These Differences 152 19 Saving and Production as Affected by the Rate of Interest: Saving as Affected by the Interest Rate; Conditions Favorable to Saving; Influence of the Interest Rate on Methods of Production 159 PART II The Value of Human Services 171−355 DIVISION A—LABOR AND WAGES 20 Labor and Classes of Laborers: Relation of Labor to Wealth; Varieties of Talents and of Abilities in Men 173 21 The Supply of Labor: What Is a Doctrine of Population? Population in Human Society; Current Aspect of the Population Problem 184 22 Conditions for Efficient Labor: Objective Physical Conditions; Social Conditions Favoring Efficiency; Division of Labor 195 23 The Law of Wages: Nature of Wages and the Wages Problem; The Different Modes of Earning Wages; Wages as Exemplifying the General Law of Value 205 24 The Relation of Labor to Value: Relation of Rent to Wages, Relation of Time-value to Wages; The Relation of Labor to Value 215 25 The Wage System and its Results: Systems of Labor; The Wage System as it Is; Progress of the Masses Under the Wage System 226 26 Machinery and Labor: Extent of the Use of Machinery; Effect of Machinery on the Welfare and Wages of the Masses 236 27 Trade-unions: The Objects of Trade-unions; The Methods of Trade-unions; Combination and Wages 245 DIVISION B—ENTERPRISE AND PROFITS 28 Production and