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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

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Hunting, 267

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

Kipling, 144

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

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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;

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Physiocrats, 731

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

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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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