THE ECONOMICS OF INDUSTRY BY ALFRED MARSHALL, PRINCIPAL OF UNIVERSITY COLLEGE, BRISTOL; AND MARY PALEY MARSHALL, LATE LECTURER AT NEWNHAM HALL, CAMBRIDGE. London: MACMILLAN AND CO. 1879 [The Right of Translation is reserved.] PREFACE. THIS book was undertaken at the request of a meeting of Cambridge University Extension lecturers, and is designed to meet a want which they have felt. It is an attempt to construct on the lines laid down in Mill's Political Economy a theory of Value, Wages and Profits, which shall include the chief results of the work of the present generation of Economists. The main outlines of this theory have been tested during many years in lectures at Cambridge, and more recently at Bristol. An inquiry into the subjects of Banking, Foreign Trade and Taxation is deferred to a companion volume on the "Economics of Trade and Finance." The authors wish to acknowledge their obligations to Mr H. Sidgwick, Mr H. S. Foxwell and the Rev. W. Moore Ede for suggestions and aid in preparing the book for the press. CONTENTS. § The work of Political Economy or Economics. [§§ 2, 3 The relation of science to practice. The methods of moral or social sciences.] 4 Definition of the terms Economics, § 5 Wealth, Material Wealth, Personal or Non-material Wealth, § 6 Produc- § I Man's work, § 2 Is aided by machinery, § 3 And controls Nature's forces. § 4 Man's efficiency depends on his physical vigour; § 1 Capital, § 2 Though saved it is spent. § 3 "What is seen and what is not seen." Labour requires support and aid from capital. § 4 Trade cannot be benefited by destruction of goods; § 5 Or hindrances to free production. § 6 Remuneratory or Wage Capital. Auxiliary Capital. § 7 Circulating and Fixed Capital. Specialised and Non-specialised Capital. § 8 Personal Capital . PP. 13-20 |