British economist ALFRED MARSHALL (1842-1924) was one of the most prominent thinkers of his age on the philosophy of finance, and his groundbreaking Principles of Economics (1890) was for years the standard text on the subject. Here, in Elements of Economics of Industry, he adapts his classic text for students. First published in 1892, it still serves as an excellent primer on such topics as: . economics as part of the study of humanity . the development of economic laws from the beginning of civilization . how capital yields income . how consumer demand creates markets . land, labor, capital, and organization as agents of production . the balance of supply and demand . the interplay of labor and earnings . the impact of trade unions . and much more.
This is the first volume of the influential book "Elements of Economics", which was first published in 1890 and is considered a groundbreaking work on economic theory. In this volume, Marshall focuses on the economics of industry, analyzing the behavior of firms and the competitive environment in which they operate. He also discusses topics such as capital, value, and distribution. This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1903 edition. Excerpt: ... CHAPTER XII. THE INFLUENCE OF PROGRESS ON VALUE. 1. The field of employment which any place offers for labour and capital depends firstly on its natural The field of Ji i.v * * employment resources; secondly, on the power or turning for capital and DEGREESem to goCKJ account, derived from its progress in knowledge and in social and industrial organization; and thirdly, on the access that it has to markets in which it can sell those things of which it has a superfluity. The importance of this last condition is often underrated; but it stands out prominently when we look at the history of new countries. It is commonly said that wherever there is abundance of good land to be had free of rent, and the climate richhi newayS DEGREESs not unhealthy, the real earnings of labour and countries the interest on capital must both be high. But which have no, . good access to this is only partially true. The early colonists of theoldWorldf America lived very hardly. Nature gave them wood and meat almost free: but they had very few of the comforts and luxuries of life. And even now there are, especially in South America and Africa, many places to which Nature has been abundantly generous, which are nevertheless shunned by labour and capital, because they have no ready communications with the rest of the world. On the other hand high rewards may be offered to capital and labour by a mining district in the midst of an alkaline desert, when once communications have been opened up with the outer world, or again by a trading centre on a barren sea-coast; though, if limited to their own resources, they could support but a scanty population, and that in abject poverty. And the splendid markets which the Old World has offered to the products of the New, sinc
Excerpt from Elements of Economics of Industry: Being the First Volume of Elements of Economics This Volume is an attempt to adapt the first Volume of my Principles of Economics (Second Edition, 1891), to the needs of junior students. The necessary abridgement has been effected not by systematic compression so much as by the omission of many discussions on points of minor importance and of some difficult theoretical investigations. For it seemed that the difficulty of an argument would be increased rather than diminished by curtailing it and leaving out some of its steps. The argumentative parts of the Principles are therefore as a rule either reproduced in full or omitted altogether; reference in the latter case being made in footnotes to the corresponding places in the larger Treatise. Notes and discussions of a literary character have generally been omitted. The influence of Trade-Unions on wages depends much on the course of Foreign Trade and on Commercial Fluctuations; and therefore in the Principles all discussion of the subject is postponed to a late stage. But in the present Volume, the practical convenience of discussing it in close connection with the main theory of Distribution seemed to outweigh the disadvantages of treating it prematurely and in some measure incompletely; and a Chapter on Trade-Unions has been added at the end of Book VI. A few sentences have been incorporated from tho Economics of Industry, published by my wife and myself in 1879. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
