The Scope of Economics-Wealth and Economic Goods-Production,

Consumption, Exchange, Distribution.

CHAPTER II

THE HISTORICAL BACKGROUND OF ECONOMIC SOCIETY

Stages in Economic Evolution-The Primitive Technology of Produc-

tion-The Significance of Prehistoric Economic Culture The Age of

Metal Tools-The Transition to the Machine Age.

CHAPTER III

THE HISTORICAL BACKGROUND OF ECONOMIC SOCIETY (Continued)

The Inventions of the Industrial Revolution-The Economic Develop-

ment of the United States to the Civil War-The Economic Development

of the United States Since the Civil War-The Spread of the Industrial

Revolution Throughout the World-World-Wide Industrialism.

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PART II

PRODUCTION AND CONSUMPTION

CHAPTER IV

THE THEORY AND NATURE OF PRODUCTION

The Meaning of Production-The Measurement of Production-An

Index of Production-Indexes of Major Branches of Production-The

Net Value Product-The Size of the National Income-Production Per

Capita-Production Per Worker-Main Types of Economic Fluctua-

tion-The Technology of Production-The Division of Labor, or

*Specialization-Standardization-The Automatic Machine and Quan-
tity Production-The Productive Character of the Machine.

PROBLEMS OF PRODUCTION

CHAPTER V

The Localization of Industry-Production, and Conservation of Re-

sources Coördination of the Specialized Machine Processes-The

Factors in Production-The Entrepreneur-Large Scale Production-

Economic Significance of Power--Science, Research, Invention-The

Incentives to Invention and Discovery-Business Research-The Sig-

nificance of Scientific Research for Production Theory.

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58

PRINCIPLES OF CONSUMPTION

CHAPTER VI

The Meaning of Consumption-The Measurement of Consumption—

What is Consumed?-A Factual Analysis of Food Consumption-The

Main Types of Fluctuation in Consumption-The Division of the Con-

sumer's Dollar-A Descriptive Study of Consumption.

Consumption a Matter of Making Choices-The Freedom to Choose

Modified by the Economic Conditions of the Time-Consumers' Choices

Affected by Technology of Production-Consumers' Choices Affected

by the Workings of the Price System-Money-making by Guiding Con-

sumers' Money Choices-Guidance of Choices by Private Business-The

Guidance of Choices by Public Agencies-The Unconscious Evolution of

Choices-Ideal Standards versus Actual Standards-Population and

Standards of Living-Welfare and Consumption-Conclusion.

VALUE THEORY

PART III

VALUE AND EXCHANGE

CHAPTER VIII

The Value Concept-Diminishing Utility and Marginal Utility

Scarcity, Utility, and Value-Price and Value-Disutility Balancing

Utility Value and Inequalities of Purchasing Power-Opportunity

Cost-Margin of Consumption-Complementary Goods-Derived Value

-Supply and Demand.

The Meaning of Supply and Demand-The Laws of Supply and De-

mand-Competitive Conditions Assumed-The Variations in Demand-

The Assumption of One Price-The Elasticity of Demand-The Varia-

tions in Supply-Variable Supply at Increasing Cost-Variable Supply

at Decreasing Cost-Variable Supply at Constant Cost-Variable Sup-

ply and Joint Cost-Fixed Supply-Overhead Costs-Normal Cost and

Normal Price-Monopoly Value The Evolution of Value Theory.

CHAPTER X

PROBLEMS OF THE MONEY ECONOMY.

The Meaning of the Money Economy-Differential Gains and Social

Gains-Pecuniary Supply and Demand-Price Movements The Prin-

cipal Time Variations-Normal Equilibrium and Abnormal Disturb

ance-Changing Price and Volume of Sales-A Reverse Statement of

Supply and Demand—The Money Economy.

PROBLEMS IN PRICING

CHAPTER XI

An Extension of Price Theory-Valuation of Corporate Securities for

Purposes of Investment or Speculation-Valuation of Public Utilities

for Purposes of Rate-making-Valuation for Purposes of Price Fixing-

Valuation for Purposes of Taxation-Valuation for Miscellaneous Pur-

poses-Competition and Price Practices-Abstract Competitive Price

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92

113

125

144

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versus Reasonable Price-Price Policies and the Tendency Toward

Monopoly-Monopoly and Class Price-Monopoly Price and What the

Traffic Will Bear-Monopolies and the Steadying of Prices-Mechanism

for Exertion of Monopoly Influences on Price Policies-Limits to

Monopoly Influences on Prices.

Profit in the Pure Economic Sense-Profit Viewed as a Residual Share-

Profit Under Conditions of Static Equilibrium-Profit as Related to

Risk and Ability-Pure Profit in Final Analysis-Business Profit and

Modern Accounting-Differences in Profits Among Different Concerns-

The No-Profit Group-The Central Profit Group-The Excess Profit

Group The Representative Firm and the Representative Profit Area-

Cost, Price, and Profit Groups-The Doctrine of Necessary Profit-Risk
Taking and Insurance-Risk Taking and Speculation-Conclusion.

CHAPTER XIII

PROFIT AND BUSINESS PROBLEMS

Profit, Money, and Prices-Producing Goods versus Producing

Profits Consequences of the Dominance of Pecuniary Profits How

Profit Affects Production-Profit and Property Valuation-Profit and

Wages-Profit and the Consumer-Profit and Inflation-Profit and Gov-

ernment-Profit, Surplus, and Dividends-The Profit Motive and Social

Well-being-Conclusion.

CHAPTER XIV

PRINCIPLES OF CAPITAL AND INTEREST

Some Definitions and Distinctions-Development of a Theory of In-

terest-Interest a Price Governed by Supply and Demand-Gross

Interest Distinguished from Pure Interest Capital Under the Cor-

porate Régime-Capital Values and Property Rights-Capital Values

in the Going Concern-Marginal Saving and Saver's Surplus—Marginal

Productivity and Producer's Surplus.

CHAPTER XV

STATISTICAL ANALYSIS OF CAPITAL AND INTEREST .

The Estimated Value of the National Wealth-Composition of the Na-

tional Wealth-The Growth of Capital-Relative Capital Wealth of

Various Nations-Fundamental Causes of Fluctuations in Supply of

Capital-Fundamental Causes of Fluctuations in Demand for Capital-

Effect of Variations in the Interest Rate upon Supply and Demand-

Principal Types of Fluctuations of Interest Rates-Capital Accumula-

tion by Various Income Groups-Uses Made of Savings-Share of

National Income Going to Interest-Share of the National Income Saved

Annually.

CHAPTER XVI

PROBLEMS OF CAPITAL AND INTEREST.

The Overhead Burden of Capital Equipment-Effect of a Different

Distribution of Income upon Savings-What is the "Right" Rate for

Banks and the Money Market?-Coördinating Capital with the General

Economic Process-Conclusion.

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247

267

287

Fundamental Definitions and Concepts-The Valuation of Land-The

Demand for the Uses of Land-The Supply of the Uses of Land-The

Differential Aspect of Land-The Margin of Substitution-The Prin-

ciple of Diminishing Returns-Increasing Costs and the Principle of

Proportionality-Diminishing Returns and Size of Management-

Diminishing Returns and Growth of Population-The Intensive and

Extensive Margins The Scarcity Aspect of Land Returns-Land

Returns and Cost of Production-Value Appreciation and Unearned

Increment-General Point of View.

PROBLEMS OF AGRICULTURE

CHAPTER XVIII

Balance in Agricultural Relations-The Balance of Farm Income with
General Income-The Balance of Farm Accumulation of Wealth-The
Balance of Population between Agriculture and Industry-The Bal-
ance in Production between Agriculture and Industry-The Balance of
Farm Prices with Other Prices-Land Ownership and Tenancy-Taxa-
tion of Farm Land-Transportation of Farm Products-Marketing of
Farm Products Agricultural Credit-International Agricultural Rela-
tions-Farm Management-Conclusion.

WAGES OF LABOR

CHAPTER XIX

The Nature of Wages-The Wage Share in Distribution-Theories to

Account for the Share of the National Income Going to Wage

Earners-Marginal Elements in Wage Determination-The Depend-

ence of Wages upon the Other Factors in Production-The Value of

Labor Derived from the Value of Its Products-Conclusion.

CHAPTER XX

WAGE CONDITIONS AND PROBLEMS

Proportional Importance of Labor and Other Factors-The Trend of

Real Wage Income-Real Wages Compared with Production-The

Standard of Living and Wages-Problems of Cost of Living Wages-

Financial Incentives-Non-financial Incentives-Bargaining Power and

Wages-Habit and Custom in Wage Determination-Standardization of

Wage Rates-Wages and the Ability of the Individual-Education-

Hazards and Unattractiveness-Conclusion.

CHAPTER XXI

POPULATION, IMMIGRATION AND WAGE CONTROL

The Effort to Control Wages-Wage Control and the Business Cycle-

Are Rising Wages a Cause of Rising Prices?-How Can Wages be In-

creased?-Wages of Women-International Wage Comparisons-Eco-

nomic Aspects of Immigration-The Population Theories of Malthus-

Problems in Population-Conclusion.

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320

346

363

388

CHAPTER XXII

EMPLOYER AND EMPLOYEE RELATIONS

The Job-Fluctuations in Unemployment-Hours of Work-Fatigue

in Industry-Environment-Power and Status-Unions-Industrial

Peace-Conclusion.

417

Diffusion of Ownership-Effort versus Ownership in Distribution-

Personal Inequalities of Property Ownership-Personal Inequalities of

Income The Institutional Basis of Inequalities in Fortune The Cor-

poration as a Property Institution-Inequalities of Fortune Due to

Unequal Privileges-Monopoly Privileges a Cause of Inequalities-Un-

foreseen Chance as a Cause of Inequalities-Inequalities of Fortune Due

to Unequal Abilities-Conclusion.

CHAPTER XXIV

PRINCIPLES AND PROBLEMS OF MANAGEMENT

The Size of Management-Classification of Types of Management-

The Evolution of Forms of Combination-The Mechanism of Cor-

porate Management-Reasons for the Combination Movement-The

Advantages of Big Business-The Part Played by Promoters-Suc-

cesses and Failures in Combination.

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PART V

MONEY, CREDIT, AND BANKING

MONEY AND CREDIT

CHAPTER XXV

Evolution of the Acceptability of Money-The Qualities of a Good

Money-Reasons for the General Acceptability of Paper Money-

Coinage Kinds of Money in the United States-Legal Tender-The
Functions of Money-The Gold Standard-Other Metal Standards-
The Paper Standard-The Controversy over Standards-Scarcity,
Stability, Production-Supply of Money-Demand for Money-The
Value of Money-The Importance of Price Fluctuations.

The Price Index as a Measuring Device-The Secular Trend of Prices-

The Trend of Gold Money Supply-The Cyclical Movement of Prices-

The Price Movements of the World War Period-Inflation and De-

flation in the United States Since 1913-World Inflation and Deflation

Since 1913.

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525

CHAPTER XXVII

BANKING PRINCIPLES AND PRACTICE

The Classes of Banking Institutions-The Function of Commercial

Banking Instruments of Bank Credit-Bank Activities: Discount,

Deposit, and Issue-Banking in the United States before the Civil

War-Banking in the United States from the Civil War to 1913-The

Administrative Mechanism of the Federal Reserve System-Reserves-

Discounts-Federal Reserve Notes-Federal Reserve Bank Notes-

Clearance-Fiscal Agency Duties-Members Other Than National

Banks Agricultural Credit-Proposals for Regulation of Money and

Prices-Conclusion.

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