MACMILLAN AND CO., Limited

LONDON. BOMBAY. CALCUTTA

MELBOURNE

THE MACMILLAN COMPANY

NEW YORK. BOSTON. CHICAGO

DALLAS. SAN FRANCISCO

THE MACMILLAN CO. OF CANADA, LTD.

TORONTO

THE

ECONOMIC JOURNAL

THE JOURNAL OF

The Royal Economic Society

EDITED BY

F. Y. EDGEWORTH

VOLUME XXI

STANFORD

London

MACMILLAN AND CO., LIMITED

NEW YORK: THE MACMILLAN COMPANY

1911

BA

RICHARD CLAY AND SONS, LIMITED, BRUNSWICK STREET, STAMFORD STREET, S.E.,

AND BUNGAY, SUFFOLK.

165450