Credit, and speed of circulation, 387; agricultural, 408 Crime, definition of, 62
Crises, financial, 427; theories of, 428 Crops, location of best, 142; advan- tages of heavy-yielding, 250 Cultivation, margin of, 517 Currency, token, 373; credit, 381; an elastic, 407
Date, the, 252 Decencies, 585
Demand and supply, 344; physiolog- ical basis of the law of, 347 Dependableness, 128
Desires, kinds of, 16; balanced, 17; satiability of, 18; determine human activity, 37; expansion of, 354 Diminishing returns, law of, 281; and increasing cost, 361; from land,
490 Division of labor, definition of, 166; contemporaneous, 172; successive, 172; territorial, 174; international, 176; a problem of distribution, 487 Division of product, great social prob- lem, 489
Drainage of wet land, 232; in Hol- land, 232
Dunbar, Charles F., 399
Economic activities, methods of con- trol of, 72
Economics, branches of, 2 Economizing space, 245 Economy, importance of study of, 3; meaning of, 5; necessity for, 6; and confidence, 77
Effort, irksomeness of, 356 Ely, Richard T., 299
Energy, solar, 184
Environment, importance of, 141 Exchange, 13; domestic and foreign, 401; advantages of free, 443 Extractive industries, instability of, 277
Huntington, Ellsworth, 145, 430
Immigration, effect on standard of living, 503; restriction of, 757 Income and expenditure, public, II Industrial depression, 428 Industrial Revolution, 291 Industries, primary, 50, 267; second- ary, 50; the indoor, 228, 252; in- stability of extractive, 277; genetic, 278; "productive," 460 Infant-industries argument for pro- tection, 447
Interest, meaning of, 526; distin- guished from rent, 527; distin- guished from profits, 528; relation to value and price, 544; functional theory of, 544 Irrigation, 236
James, William, 137
Jevons, William Stanley, 430 Johnson, John, 107
Jones, Edward D., 429
Labor, definition of, 158; organiza- tion of, 177; coördinating, 197;
productive and unproductive, 326; contributes to national prosperity, 331; price of, 484; storehouse of, 590; programs, classification of, 679 Laborer and capitalist, 196 Laissez-faire, defined, 740 Land, 157, 162; scarcity of, 109; definition of, 159; mineral, 163; legal meaning, 226; waste, 229; stony, 230; dry, 234; acid and alkali, 238; noneconomic properties of, 241; economic properties of, 242; desirability of, 516; different grades of, 519; differences in pro- ductivity of, 520; value to com- munity, 522
Laws, need for, 74; sumptuary, 598, 606
Marx, Karl, 699
Mead, Elwood, 237 note
Metals, precious, 368
Middleman as a timesaver, 316
Military-defense argument for protec- tion, 451
Mill, John Stuart, 328, 589, 655 Mining, 276
Miser and spendthrift, 574 Mitchell, W. C., 380 note Monasteries, communistic organization of, 716
Money, one form of social capital,
191; a labor-saving invention, 364; substitutes for, 365; qualities in ma- terial of, 367; kinds of, in United States, 370; standard, 372, 375;
Play, 47; distinguished from work, 358
Population, balanced, 261; law of, 501
Possession, priority of, 111
Poverty, and socialism, 706; abolition of, 766
Power, animal, 180, 183, 308; kinds of, 188; mechanical, 309; man, 571, 669
Prices, control of, 221; fluctuations in, 436
Production, necessity of economizing means of, 45; lengthening process of, 172, 199; combination of factors of, 199; balanced agents of, 257; importance of any factor of, 492 Productivity, promotion of, 76; great
law of, 282; marginal and average, 477; relative, 489
Profits, distinguished from interest, 528; meaning of, 551; functional theory of, 552
Progress, meaning of, 575
Property, follows freedom from vio- lence, 103; a by-product of freedom, 106; ways of acquiring, 106; de- velopment of idea of, 107; kinds of, 114
Property rights, versus human rights, 113; limitation of, 116
Protection, six popular arguments for, 444
Protective tariff, some possibilities of, 453; paid by consumer, 453; paid by foreign producer, 454; prohibi- tive, 455; and wages, 457; and less productive industries, 460
Quantity theory of money value, 385
Railways, 310; short-distance and long-distance hauling, 242; public or private, 310; monopolistic character of, 311
Real-estate boom, 434 Reasonableness, 132
Reclamation, 229
Reconstruction programs, 713 Reformers, two classes of, 710 Religion, 144
Rent, meaning of, 515; and diminish- ing returns, 521; law of, 523; determines selling price, 523; dis- tinguished from interest, 527 Residual share, 559
Revenues, classification of, 619; char- acteristics of good system of, 623 Ricardo, David, 732
Risk, necessity of, 553; irksomeness of, 553 Roads, 188
Robinson, Edward Van Dyke, 263 note, 567
Ross, E. A., 78, 628, 658 note Rothamsted experiments, 479
Socialism, classification of, 697; an authoritarian program, 697; defini- tion of, 698; distinguished from populism, 699; distinguished from liberalism, 700; an exclusive term, 704; criticism of, 705 Society, stratification of, 218 Spartan communism, 716 Specie payments, suspension of, 378 Spencer, Herbert, 724 Sprague, O. M. W., 399 Standard of living, 499, 572; affects price of labor, 500; competitive, 608; and a high birth rate, 763 Standardization, 321; and economy, 79; as a government function, 420; for quantity, 421; for quality, 421; in the marketing process, 423 Standard-of-living argument for pro- tection, 448
Steam engine, 187 Storing goods, 319 Strike, the, 512
Struggle for existence, 59 Swamps in the United States, 233
Taborites, 716
Taussig, F. W., 172 note
Tax, definition of, 620; inheritance, 625; incidence of a, 630; single, 731 Taxation, indirect, 621; and monopoly price, 621; double, 623; graduated or progressive, 626; canons of, 627; repressive, 628; minimum sacrifice theory of, 645; faculty theory of, 649; socialist theory of, 650; utili- tarian test of, 655; as sound war finance, 664; five fallacious objec- tions to war-time, 670 Teachableness, 133
Temperate zones, advantages of, 141 Thrift, 127; meaning of, 203; effects of, 204; and overproduction, 205; argument for, 210; in a balancing- up labor program, 689; and the laborer, 765
Tides, power from, 186 Tillage, 280
Time, importance of, 154 Tools, 157; compared with machinery,
169; compared with consumers' goods, 194; as consumers' goods, 578 Transportation, cheapening, 242; water, 305; types in use, 307
Trust, the, 220; superior bargaining power of, 418
Trust companies, 398
Unions, trade, 509; industrial, 509; labor, 510; federation of trade, 510 United States, geographical advan- tages of, 145
Utilities, nonmarketable, 81
Utility, 153; personal, 315; form, 318; time, 319; total, 340; marginal, 340; diminishing, 351 Utopias, 714
Valuation, and exchange, 335; of goods and services, 471; of consumers' goods, 685
Value, dependent on desirability and scarcity, 42; and esteem, 337; and price, 338; economic, 339; func- tional theory of, 341; determined by scarcity, 343; relation of utility to, 348; social, 350; of a man, 569; physical basis of, 681; location and fertility, 734
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