Outlines of Economics

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Macmillan, 1908 - Economics - 700 pages
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Page 377 - The natural price of labour is that price which is necessary to enable the labourers, one with another, to subsist and to perpetuate their race, without either increase or diminution.
Page 44 - Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily leads him to prefer that employment which is most advantageous to the society.
Page 88 - Whereas it is necessary for the support of government, for the discharge of the debts of the United States, and the encouragement and protection of manufactures, that duties be laid on goods, wares, and merchandises imported: Be it enacted, etc.
Page 231 - It is evident that if the opportunity for the free and unlimited coinage of silver at the ratio of 16 to 1 had still existed, there would have been another sudden change in the actual standard of value.
Page 45 - What is the species of domestic industry which his capital can employ, and of which the produce is likely to be of the greatest value, every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him.
Page 191 - Perpetuities and monopolies are contrary to the genius of a free government, and shall never be allowed; nor shall the law of primogeniture or entailments ever be in force in this state.
Page 38 - At every considerable house there was a manufactory. Every clothier keeps one horse at least to carry his manufactures to the market ; and every one generally keeps a cow or two or more for his family. By this means the small pieces of enclosed land about each house are occupied, for they scarce sow corn enough to feed their poultry. The houses are full of lusty fellows, some at the dye-vat, some at the looms, others dressing the cloths ; the women and children carding or spinning ; being all employed...
Page 545 - England, p. 61. should be employed to bring the miller, the brewer, the cotton manufacturer, the packer, and the consumer closer to the farm. If caution and expert knowledge are employed, this can be done without crippling those transportation agencies which have given the American farmer entry to the markets of Europe and the Orient, and which must be preserved in order to prevent too exclusive a reliance upon local demand. A local market as the regular outlet, and a foreign market as a potential...
Page 88 - ... the passage of the Interstate Commerce Act of 1887 and the Sherman Anti-Trust Act of 1890, and for the fervor of the Populist movement of the early nineties.
Page 121 - The things which have the greatest value in use have frequently little or no value in exchange; and on the contrary, those which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water: but it will purchase scarce anything; scarce anything can be had in exchange for it.