Excerpt from Elements of Economics, Vol. 2 of 2 Formulae for calculating the Amount of any Sum for any time at Simple and Compound Interest and Discount. 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.
Excerpt from Elements of Economics, Vol. 2 of 2 l. It has been shown in the first part of this work that the ruin of a very large part of English Economics is owing to the undue prominence which is given to Labour as the Cause of, and as necessary to, Value. Smith begins by putting Labour in the forefront of his work as necessary to Value, for reasons which we explained in the first part of this work; although he has completely contradicted that doctrine in a subsequent part of it. In Book I., ch. v., Smith has thrown the whole subject of Value into the utmost confusion by suddenly changing his notion of the Value of a thing from being the Quantity of Labour, or Commodities, it will purchase or exchange for, to the Quantity of Labour embodied as it were in its production. Hence the unfortunate and misleading expression, intrinsic Value, has become firmly established in Economics: which is not only most manifestly self-contradictory, but it has greatly obscured the comprehension of the whole subject, and especially the Theory of Credit. Ricardo perceived Smith's inconsistency, and censured him for it: but he has fallen into exactly the same contradiction himself; because he begins his work by defining the Value of a thing to be the thing it will exchange for: and as he goes on in his book he changes the idea of the Value of a thing to be the Quantity of Labour embodied in it. From this unfortunate idea not only has the term intrinsic value become firmly established, but also the equally unfortunate idea of an Invariable Standard of Value. 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.
This is an OCR edition without illustrations or index. It may have numerous typos or missing text. However, purchasers can download a free scanned copy of the original rare book from GeneralBooksClub.com. You can also preview excerpts from the book there. Purchasers are also entitled to a free trial membership in the General Books Club where they can select from more than a million books without charge. Volume: 2, pt. 1; Original Published by: Longmans in 1886 in 413 pages; Subjects: Business & Economics / Economic History; Business & Economics / Economics / General; Business & Economics / Economics / Theory;
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 was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.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.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. 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.
"Principles of Economics, first published in 1890, went through eight editions and is considered the most important treatise of 19th century and beyond. It gave some landmark concepts like consumer surplus, producer surplus, price elasticity of demand, and the idea of three periods, viz. market period, short period and long period. The concept of National Dividend given in the Principles is not a mere academic toy, but a practical instrument of great power designed for service in the concrete solution of social problems. Marshall's theoretic discussion follows the lines of the mathematical treatment of Cournot and others, more particularly in his discussion of the doctrines of value, cost, exchange, and distribution. He has used diagrams and formulae for purposes of illustration and for greater precision of statement." -- Book jacket.
Excerpt from The Elements of Economics, Vol. 1 of 2 Every one of the Great Sciences, in the course of its history, has undergone a complete transformation from the mode in which it was conceived by its founders and there is also; a stage at which it becomes necessary to introduce more powerful and refined methods of investigation, more com prehensive forms of expression, and more minute and exact observation. 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.
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 was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. 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. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. 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 is Volume 2 of 2, covering Chapters 24 - 34 and the appendices. See www.textbookequity.org/principles-of-economics Excerpt: Principles of Economics is designed for a two-semester principles of economics sequence. The text has been developed to meet the scope and sequence of most introductory courses. At the same time, the book includes a number of innovative features designed to enhance student learning. Instructors can also customize the book, adapting it to the approach that works best in their classroom. The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with feedback from educators dedicated to the project. They thoroughly read the material and offered critical and detailed commentary. The outcome is a balanced approach to micro and macro economics, to both Keynesian and classical views, and to the theory and application of economics concepts. Current events are treated in a politically-balanced way as well.
