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INTRODUCTION

TO THE

STUDY OF ECONOMICS

BY

CHARLES J. BULLOCK, PH.D.

PROFESSOR OF ECONOMICS IN HARVARD UNIVERSITY

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te 702.118, 7

HARVARD COLLEGE

SEP 1: 1917

LIBRARY

Copyright, 1897, 1900, 1908, 1913,
BY SILVER, BURDETT AND COMPANY

PREFACE.

THIS work is designed for an introductory text-book of economic science. The first three chapters aim to familiarize the student with an orderly treatment of some leading facts in the economic history of the United States before the study of economic theory is commenced. Throughout the book economic principles are discussed with special reference to American conditions, and their workings are illustrated by frequent allusions to American experience.

Some of the chapters treat of topics that are extremely difficult. In such cases no attempt has been made to secure a false appearance of simplicity. The subject of public finance has been only incidentally touched upon. The author considers it impossible to discuss taxation satisfactorily without studying public expenditures also. To do this would have required. more space than could be allotted to that subject.

When many important points of economic theory are unsettled, as is certainly the case at the present time, the preparation of a text-book is not an easy task. The author believes that it is neither desirable nor possible to introduce the beginner to many controversies

on fundamental points of theory. For this reason he has been obliged oftentimes to present his own views much more dogmatically than he would desire to do under other circumstances. On practical problems, however, such as bimetallism and monopolies, where weight of opinion is nearly evenly balanced, every effort has been made to present both sides of the controversies. The author has received invaluable assistance in the

preparation of this work. Special acknowledgment should be made to Professor Charles H. Hull, of Cornell University, to whose suggestions and criticisms this book owes much of whatever value it may have. The thanks of the author are due especially to his wife, who prepared nearly all the manuscript for the printer, lightening by one half the labor of writing this work.

ITHACA, N. Y., April, 1897.

CHARLES J. BULLOCK.

PREFACE TO THE FOURTH EDITION.

IN the second edition of this work the chapter upon value was revised and a new chapter upon public expenditure and revenue was added. The third edition gave opportunity for inserting a discussion of the localization of industry and adding a new chapter upon railroad transportation. In the present edition all statistics have been brought up to date, and such changes made as events of the last five years have rendered necessary.

CAMBRIDGE, May, 1913.

C. J. B.

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