Introduction to the Study of Economics |
Other editions - View all
Common terms and phrases
agriculture American amount bank bills of exchange bimetallism bullion bushels capitalistic cause cent century circulation coinage coins colonies commerce commodities competition consumers consumption contracts coöperation cost cotton crop debts decrease depend deposits desire diminishing returns duction economic economic rent employers England English enterprises establishments expenses exports factor of production factory foreign future gold and silver growth History important income increase Industrial Revolution industry invested iron labor and capital land legal tender less level of prices limited loans manufactures marginal utility materials ment mines modities monopolies natural natural monopolies necessary nomic payment persons pig iron Political Economy population possible precious metals present production profits protective duties railroads raise rate of interest rent result secure seigniorage sell ships silver dollars social sumers supply of money surplus of utility tend tion trade United wages wants wealth wheat York
Popular passages
Page 32 - The United States lies like a huge page in the history of society. Line by line as we read this continental page from West to East we find the record of social evolution. It begins with the Indian and the hunter; it goes on to tell of the disintegration of savagery by the entrance of the trader, the pathfinder of civilization; we read the annals of the pastoral stage in ranch life; the exploitation of the soil by the raising of unrotated crops of corn and wheat in sparsely settled farming communities;...
Page 478 - A people among whom there is no habit of spontaneous action for a collective interest — who look habitually to their government to command or prompt them in all matters of joint concern — who expect to have everything done for them, except what can be made an affair of mere habit and routine — have their faculties only half developed ; their education is defective in on* of its most important branches.
Page 52 - Besides manufactories of these articles, which are carried on as regular trades, and have attained to a considerable degree of maturity, there is a vast scene of household manufacturing, which contributes more largely to the supply of the community than, could be imagined, without having made it an object of particular inquiry.
Page 167 - An increase in the capital and labor applied in the cultivation of land causes in general a less than proportionate increase in the amount of produce raised, unless it happens to coincide with an improvement in the arts of agriculture.
Page 475 - has freedom to do all that he wills, provided he infringes not the equal freedom of any other...
Page 479 - It is therefore of supreme importance that all classes of the community down to the lowest, should have much to do for themselves; that as great a demand should be made upon their intelligence and virtue as it is in any respect equal to; that the government should not only leave as far as possible to their own faculties the conduct of whatever concerns themselves alone, but should suffer them, or rather encourage them, to manage as many as possible of their joint concerns by...
Page 365 - The legislature, were it possible that its deliberations could be always directed, not by the clamorous importunity of partial interests, but by an extensive view of the general good, ought, upon this very account, perhaps, to be particularly careful, neither to establish any new monopolies of this kind, nor to extend further those which are already established. Every such regulation introduces some degree of real disorder into the constitution of the state, which it will be difficult afterwards...
Page 479 - ... and virtue as it is in any respect equal to; that the government should not only leave as far as possible to their own faculties the conduct of whatever concerns themselves alone, but should suffer them, or rather encourage them, to manage as many as possible of their joint concerns by voluntary co-operation : since this discussion and management of collective interests is the great school of that public spirit, and the great source of that intelligence of public affairs, which are always regarded...
Page 425 - ... who undertakes to perform a task of given difficulty, whether or not the place in which it is to be done is a wholesome and a pleasant one, and whether or not his associates will be such as he cares to have.
Page 28 - North America containing a vast tract of land, every one is able to procure a piece of land at an inconsiderable rate, and therefore is fond to set up for himself rather than work for hire. This makes labor continue very dear, a common laborer usually earning 3 shillings by the day...