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abstinence ad valorem agricultural AMERICAN ECONOMIC ASSOCIATION arithmetical mean assessment average rate bank barter basis of capital Bendelari business tax carpet wool census cent cerned cheaper Class III classification clearing house combing wool considerable consumption cost of production course decline distinct domestic product domestic wool earnings Econ economic economists effect exchange fact Figure finer foreign France future Gesetz Half-course Heft higher History imports income increase industry Jahrb Journ July labor last increment less Louis Dyer lower machinery marginal productivity marginal utility marks material millions nomic philosophy Political Economy probably protection question rate of interest Rocquigny sacrifice saving Sept sheep Sociale supply surplus value syndicates Syndicats tariff tax-payer theory of interest tillage tion total tax trade transactions United value of money volume wool and woollens wool duty Wool Manufacturers wool-growing woollen manufacture woollens and worsteds
Page 49 - Present goods are, as a rule, worth more than future goods of like kind and number. § . . This proposition is the kernel and centre of the interest theory which I have to present.
Page 69 - ... system, the check system, and the clearing-house system have been carried to what seem to be the limits of their possibilities. Vast volumes of indebtedness are daily cancelled in each bank, while but a small amount of coin and notes together is made use of in these transactions. At the clearing house the undischarged balances of a score or two of banks are every afternoon brought together and settled, with a use of coin and notes even smaller still. Now is there anything in such a situation...
Page 50 - It is not the difference in the general estimation of present and future goods which fixes the rate of interest, but only the difference in the estimation of the present and future value of the last increment of goods saved. If in Diagram IV we let the angle of descent of the line AC...
Page 114 - THE MARK IN EUROPE AND AMERICA. A Review of the Discussion on Early Land Tenure. By ENOCH A. BRYAN, AM, President of Vincennes University, Indiana. Crown 8vo., cloth, 4s.
Page 68 - Bank notes are money. They are distinct and tangible things, which pass out from the bank and have their own separate life and course ; which become the property of him in whose hands they are, just as truly as do coins of gold or silver. Like such coins they pass from hand to hand throughout the community, without reference to the character or the credit of the person offering them. Like such coins they are accepted in final discharge of debts and full payment for commodities, without...
Page 87 - The consequence is that the rates for the different classes overlap ; that is, the minimum rate for each class is less than the maximum rate for the next lower class. This allows a considerate treatment of businesses which are rated in a given class on the basis of capital, but which, as regards earnings, belong in the next lower class. The arrangement is an ingenious one, and has some results which are worth noting.