The Elements of Economics, Volume 1

Front Cover
D. Appleton, 1881 - Economics - 791 pages
0 Reviews
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

Reaction against the Scholastic PhilosophyRise of In ductive Science
12
Leonardo da Vinci
14
Telesio
15
Inductive Science the product of the sixteenth century
16
J B Say maintains that Political Economy is an Inductive Science
20
CHAPTER II
24
I
26
SECTION PAGE 28 Distinction between Bank Notes Bills of Exchange and other Instruments of Credit and Dock Warrants Bills of Lading and other...
28
Bills of Exchange always arise out of an Exchange Bills
29
5
32
There is no such thing as Absolute Wealth
39
CHAPTER IV
46
RISE OF THE FIRST SCHOOL OF EcONOMISTS cALLED THE PHYSIOCRATES IN FRANcE SECTION PACE 1 Rise of the Sect of the Economi...
52
Meaning of the term Political Economy S3 3 Outline of the Physiocrate Doctrine
55
Meaning of the expression Production Distribution and Consumption of Wealth
58
The Production Distribution and Consumption if v
61
Wealth meant the Commerce or Exchange of the Ma terial Products of the Earth and those only
62
The Physiocrate Doctrine of Money
63
The Physiocrates maintained that in an Exchange neither side gains
65
The Physiocrate Doctrine of Productive Labour and of Sterile or Unproductive Labour
66
The Physiocrates excluded Labbur and Credit from the title of Wealth
67
Defects of the Physiocrate Doctrine
68
Reaction against the Physiocrates
69
The Physiocrates founded a New Order of Sciences
70
Alleged fault of the Physiocrates
71
Merits of the Physiocrates
72
CHAPTER VI
73
Adam Smith
74
On Smiths Definition of Wealth
75
Smith classes Human Abilities as Wealth
76
Smith admits Rights to be Wealth
77
Fundamental Defects of Smiths Definition of Wealth
79
J B Says Definition of Wealth
81
J S Mill on the Definition of Wealth
82
SECTION PACK 9 Selfcontradictions of Mill on Wealth
86
Defect of the Second School of Economists
87
Irremediable Confusion in the Science caused by the Second School of Economists
89
Confusion of Smith on Value
90
The same continued
92
Confusion of Ricardo on Value
94
Absurd Consequences of Ricardos Doct ine
95
On the Selfcontradiction of Say and Mill on Credit
96
On the Selfcontradiction of J B Say on Credit
97
Says Selfcontradiction on Credit
99
Selfcontradiction of J S Mill on Credit
101
Erroneous Conceptions on Credit
103
On the Fundamental Objection to the SmithRicardoMill System of Economics
104
Ricardo and Mills System contrary to the Fundamental Principles of Natural Philosophy
105
Mills doctrine of Foreign Trade a violation of the Law of Continuity
108
Continuation of same
110
Continuation of same Ill 26 Selfcontradiction of Smith on Rent
112
Conclusion
114
CHAPTER VII
117
Smiths work substantially the same
121
Whately defines Political Economy as the Science of Ex changes
123
Arthur Latham Perry
124
Rouher adopts the Authors system
125
General characteristics of the Three Schools of Economists
126
Examples to show the Superiority of the Definition adopted by the Third School
128
Economics is a Physical Science
129
On the Best Name for the Science
131
BOOK II
135
CHAPTER I
137
The Three Species of Economic Quantities
138
Varieties of Incorporeal Property
140
On the meaning of the word Property
141
Property in English means a Right and not a Thing
143
On Right of Property and Right of Possession
144
What Property comprehends
145
Meaning of Res
146
Jurisprudence is the Science of Rights
150
Economics is the Science which treats of the Exchanges of Rights
151
All Exchanges are of Rights against Rights
153
On the Application of the Positive and Negative Signs to Property
154
On the Classification of Property
155
Totality of Transferable Property
159
Examination of the Arguments alleged against admitting Immaterial and Incorporeal Elements into Economics
160
Fallacy of the Lucretian Philosophy
161
Distinction between Jura in Rem or in Re and Jura ad Rem or in Personam
165
On Property or Rights as Goods and Chattels
168
Definition of Value
169
Necessity for Money
171
Aristotle the Physiocrates Bishop Berkeley Smith Thorn ton Bastiat Mill and Jurists have seen the true Nature of Money
173
Different substances used as Money
176
31 Gold and Silver the best Materials for Money
177
Nature of Credit
178
Distinction between Money and Credit
181
On Barter Sale Exchange and Circulation
182
On Exchange
183
Meaning of Circulating Medium
184
Currency as a Name for a class of Economic Quantities
186
Different Forms of Currency
187
On Price Interest and Discount
188
On the Channel of Circulation
190
On Securities for Money and Convertible Securities
193
and Supply and Demand
194
On Fixed and Floating or Circulating Capital
210
On the Conversion of Floating into Fixed Capital
213
On Rent and Hire
215
Every Sum of Money is Equivalent to the Sum of the Present Values of an Infinite Series of Future Payments
216
On Payment Discharge and Satisfaction
218
1 Summary of Definitions
220
Preliminary Remarks SECTION PAGE 1 Meaning of the Theory of Value
223
SECTION I
224
Any Economic Quantity may have Value in terms of any other
227
Value is a Ratio or an Equation
228
There may be a General Rise of Prices but not of Values
229
On the Error of the Expression Intrinsic Value
230
Distinction between Diminution in Value and Depreciation
233
but there may be a Measure of Value
235
SECTION II
239
Example of Baconian Induction
240
Examination of the Doctrine that Labour is the Cause of and Necessary to Value
241
Continuation of same
242
If Labour is the Cause of Value what is the Cause of the Value of Labour?
247
Value of Incorporeal Property
248
Materiality not Necessary to Value
249
On Utility in its Relation to Value
250
Demand is the Sole Cause of Value
252
Value only exists in the Human Mind
254
SECTION PAGB 22 There can be only One General Law of Value
256
Lord Lauderdales Law of Value
257
This the General Equation of Economics
258
CHAPTER III
261
Meaning of Bullion
262
Origin of Coining
265
Not an Economic Error to fix the Mint Price of Bullion
266
Meaning of Market Price of Gold and Silver
267
To determine Cause of Change in Value of Gold and Silver Coins
269
On Greshams Law of the Coinage
270
What is a Pound?
272
How Gold became the Standard Coinage of England
274
CHAPTER IV
276
The Juridical Theory of Credit developed by the Roman Lawyers
278
On the Roman Bankers
280
The Roman Bankers invented Bills of Exchange
282
On Transferable Documents of Debt
283
ON THE NATURE OF CREDIT
285
3 On the Application of the Theory of Algebraical Signs
309
22
317
of Lading out of a Bailment
324
SECTION II
327
On the Sale or Transfer of Debts in Roman Law
328
The Praetorian Authority
329
Confirmed in the Basilica
333
On the Sale of Debts in English Law and Equity
334
Estates in Land made Saleable without the Consent of the Tenant
336
Novation allowed in English Common Law
337
Debts made transferable by Law
339
Extension of Bills of Exchange in Modern Times
341
Bills of Exchange in England
342
Promissory Notes used in London in the reign of Edward IV
343
Technical Terms relating to Instruments of Credit
344
SECTION III
350
On the Extinction of Obligations
352
On Release or Acceflilation
353
SECTION PAGE 52 A Release is a Donation
354
On Confusio in Roman Law
355
When + 100 cancels 100 and when it does not
356
On Payment in Money
357
On Renewal and Transfer or Novatio
358
On Dekgatio
359
On Setoff or Compensation
360
Examples of SetOff or Compensation
361
Two Branches of the System of Credit
362
CHAPTER V
364
Traders who buy Commercial Debts
366
Credit used by Foreign Merchants
367
Exaggerated Ideas of the Security of Real Bills
368
On Accommodation Bills
369
Distinction between Bills of Exchange and Bills of Lading
371
On Credit created for the Formation of New Products
373
CHAPTER VI
375
Meaning of Bank in English
376
On the Meaning of Banker
378
On the Currency Principle
380
On the Mechanism of Banking
383
On a Common Error respecting Deposits
386
In Banking Language a Deposit and an Issue are the same
387
On the Method of Utilising Banking Credits
388
Error of the Common Description of Banking
389
On the Clearing House
390
On the Economical Effects of Banking
392
On the Caution necessary in applying Mathematics to Economics
395
On Cash Credits
397
On Accommodation Bills
403
Explanation of the Real Danger of Accommodation Bills
405
On the Danger of Accommodation Paper to a Bank
407
On the Transformation of Temporary Credit into Permanent Capital
409
On Banks of Credit Foncier
411
Invented by Biiring
412
Not introduced into England
414

Other editions - View all

Common terms and phrases

Popular passages

Page 139 - The property which every man has in his own labour, as it is the original foundation of all other property, so it is the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbour is a plain violation of this most sacred property.
Page 113 - The market price of every particular commodity is regulated by the proportion between the quantity which is actually brought to market, and the demand of those who are willing to pay the natural price of the commodity...
Page 92 - Of these, indeed, it may sometimes purchase a greater and sometimes a smaller quantity; but it is their value which varies, not that of the labour which purchases them.
Page 94 - The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the greater or less compensation which is paid for that labour.
Page 92 - In his ordinary state of health, strength and spirits; in the ordinary degree of his skill and dexterity, he must always lay down le same portion of his ease, his liberty, and his happiness.
Page 239 - But the induction which is to be available for the discovery and demonstration of sciences and arts must analyse nature by proper rejections and exclusions, and then, after a sufficient number of negatives, come to a conclusion on the affirmative instances...
Page 113 - When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price.
Page 380 - Money, when paid into a Bank, ceases altogether to be the money of the principal; it is then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it.
Page 199 - THE annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually consumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.
Page 243 - When the future Belzoni or Layard comes from New Zealand to sketch the ruins of St. Paul's from a broken arch of London Bridge...

Bibliographic information