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OUTLINES OF ECONOMICS

THE MACMILLAN COMPANY
NEW YORK • BOSTON • CHICAGO • DALLAS

ATLANTA · SAN FRANCISCO

MACMILLAN & CO., LIMITED
LONDON · BOMBAY · CALCUTTA

MELBOURNE
THE MACMILLAN CO. OF CANADA, Lro.

TORONTO

(THIRD REVISED EDITION)

BY

RICHARD T. ELY

PROFESSOR OF POLITICAL ECONOMY IN THE UNIVERSITY OF WISCONSIN

THOMAS S. ADAMS

PROFESSOR OF POLITICAL ECONOMY IN THE SHEFFIELD SCIENTIFIC

SCHOOL OF YALE UNIVERSITY

MAX 0. LORENZ
ASSOCIATE STATISTICIAN, INTERSTATE COMMERCE COMMISSION

ALLYN A. YOUNG
PROFESSOR OF ECONOMICS AND FINANCE IN

CORNELL UNIVERSITY

New York
THE MACMILLAN COMPANY

Al rights reserved

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