Economics: Principles and Problems - Lionel Danforth Edie - Google Livros

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CONTENTS

PAGE

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

Consumption, Exchange, Distribution.

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.

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.

PRODUCTION AND CONSUMPTION

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

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.

PRINCIPLES OF CONSUMPTION

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.

PROBLEMS 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 AND EXCHANGE

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 GoodsDerived Value

-Supply and Demand.

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.

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

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

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.

DISTRIBUTION AND RELATED PROBLEMS

CHAPTER XII

THEORY OF PROFIT AND RISK TAKING

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.

PROFIT AND BUSINESS PROBLEMS

Profit, Money, and Prices—Producing Goods

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.

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.

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

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.

PRINCIPLES OF LAND RETURNS

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

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.

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.

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.

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.

EMPLOYER AND EMPLOYEE RELATIONS

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

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

Peace-Conclusion.

INEQUALITIES OF OWNERSHIP AND INCOME

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 à Cause of Inequalities—Un-

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

to Unequal Abilities—Conclusion.

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.

MONEY, CREDIT, AND BANKING

MONEY AND CREDIT

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.

PRICE MOVEMENTS .

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

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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