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abstinence adjustment agricultural amount average bidders borrower buyers capital cent Chapter choice classes competition cost demand desires direct Division of labor durative economic effect efficiency enterprise equilibrium factors factors of production future grade higher increase individual industry intensive margin interest rate investment kind labor labor-incomes land larger less limited loan machinery machines margin market-price material means ment methods monopoly monopoly-price motive natural nomic objects occupations owner paradox of value persons physical population possible present principle principle of indifference problem profit psychic income quantity rate of interest rate of time-preference relation rent repairs result saving sell seller social supply things tical time-value tion trade unit usance usance-value usufruct utilization valuation value theory various vidual wages wealth Weber-Fechner law whole workers yield
Page 190 - No-o? Ah! what do you mean with your no? " "I mean it is just the contrary; we are compelled not to make a living. Look at me : I can cook, but I must not cook ; I am skillful with the needle, but I must not take in sewing; I could keep accounts; I could nurse the sick; but I must not.
Page 81 - Dutch are said to burn all the spiceries which a fertile season produces beyond what they expect to dispose of in Europe with such a profit as they think sufficient. In the islands where they have no settlements they give a premium to those who collect the young blossoms and green leaves of the clove and nutmeg trees which naturally grow there, but which this savage policy has now, it is said, almost completely extirpated.
Page 17 - ... time. I slept all night, for I was much in need of rest. The next day I was sad and sick at heart, for I felt how dull it was to be thus cut off from all the rest of the world! I had no great wish for work; but there was too much to be done for me to dwell long on my sad lot. Each day, as it came, I went off to the wreck to fetch more things; and I brought back as much as the raft would hold. The last time I went to the wreck the wind blew so hard that I made up my mind to go on board next time...
Page 340 - ... value of the product as much or more than the cost. This calculation is made for every one of the minor factors entering into the business, and for the business as a whole. The proper proportion varies at different prices, or costs. If wages rise, "it pays...
Page 500 - From the middle of the eighteenth to the middle of the nineteenth century...
Page ix - a quite new statement of the theory of value, one in accord with the modern volitional psychology."7 Still later writers flirt with psychoanalysis upon occasion. The trouble with this solution is, of course, that psychology gives no finished answer to the question about human motives that the economist can borrow. A second escape which has been tried is to throw psychology out of economics.
Page 19 - Now as a choice is made and a valuation is thus expressed, the person choosing feels that there is a certain quality in the thing which evokes or determines his choice. This quality of importance which things have when they are the objects of man's choice is value.
Page 3 - Economics, or political economy, may be defined, briefly, as the study of men earning a living; or, more fully, as the study of the material world and of the activities and mutual relations of men so far as all these are the objective conditions to gratifying desires.