Elementary Principles of Economics: Together with a Short Sketch of Economic History

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Page 177 - Monopoly means that substantial unity of action on the part of one or more persons engaged in some kind of business •which gives exclusive control, more particularly, although not solely, with respect to price.
Page 2 - is the science which treats of those social phenomena that are due to the wealth-getting and wealthusing activities of man.
Page 114 - ... of matter, do all the work, when once objects are put into the right position. This one operation, of putting things into fit places for being acted upon by their own internal forces, and by those residing in other natural objects, is all that man does, or can do, with matter.
Page 291 - ... by statute. One of the main reasons for this attitude is found in the fact that until recent centuries little capital was lent for productive purposes. Loans were usually made for personal consumption and for the relief of the distressed. The lender could not have used productively the amount lent, and the borrower did not desire the loan for productive uses. Despite public opinion and the law, however, the taking of interest continued customary wherever commerce was developed, and with the industrial...
Page 225 - The advantages of credit may be thus summarized : 1. Credit furnishes a more perfect and convenient means of payment in large sums and between distant places than the precious metals, saving time and labor. This is effected by means of notes, checks, and bills of exchange.
Page 194 - It is often convenient to use the popular meaning of the term, according to which money is anything that passes freely from hand to hand, as a medium of exchange, and is generally received in final discharge of debts.
Page 246 - Astor family is another thing. In the case of wages, however, the two kinds of distribution amount to about the same thing. There is another sense in which the word is not used in this chapter. We do not mean by distribution the moving of goods from the place where they are produced to the place where they are consumed. When we speak of railways or merchants as " distributive agencies," we are using the term " distribution " in a sense very different from that of the technical economic term'
Page 337 - The civilized governments of the present day are resting under a burden of indebtedness computed at $27,000,000,000. This sum, which does not include local obligations of any sort, constitutes a mortgage of $722 upon each square mile of territory over which the burdened governments extend their jurisdiction, and shows a per capita indebtedness of $23 upon their subjects. The total amount of national obligations is equal to seven times the aggregate annual revenue of the indebted States.
Page 101 - Engel, an eminent statistician, laid down the following general law of family expenditure, or domestic consumption. As the income of a family increases, (1) The percentage of expenditure for food decreases; (2) The percentage of expenditure for clothing remains approximately the same; (3) The percentage of expenditure for rent, fuel, and light is invariable; (4) The percentage of expenditure for education, health, recreation, etc., increases.
Page 340 - George advocated the abolition of all taxes upon industry and the products of industry, and the taking, by taxation upon land values, irrespective of improvements, of the annual rental value of all those various forms of natural opportunities embraced under the general term land.

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