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THE MACMILLAN COMPANY
NEW YORK • BOSTON • CHICAGO

ATLANTA • SAN FRANCISCO
MACMILLAN & CO., LIMITED
LONDON · BOMBAY · CALCUTTA

MELBOURNE
THE MACMILLAN CO. OF CANADA, LTD.

TORONTO

(REVISED EDITION)

BY

RICHARD T. ELY, Ph.D., LL.D.

PROFESSOR OF POLITICAL ECONOMY IN THE UNIVERSITY OF WISCONSIN

REVISED AND ENLARGED BY

THE AUTHOR

AND

THOMAS S. ADAMS, Ph.D.
PROFESSOR OF POLITICAL ECONOMY IN THE UNIVERSITY

OF WISCONSIN

MAX O. LORENZ, Ph.D.
ASSISTANT PROFESSOR OF POLITICAL ECONOMY IN THE UNIVERSITY
OF WISCONSIN; DEPUTY COMMISSIONER IN THE WISCONSIN

BUREAU OF LABOR AND INDUSTRIAL STATISTICS

ALLYN A. YOUNG, Ph.D.
PROFESSOR OF ECONOMICS IN LELAND STANFORD JUNIOR

UNIVERSITY

J. C. L. FISH
Stanford University, Calif.

New York
THE MACMILLAN COMPANY

All rights reserved

COPYRIGHT, 1893,
BY HUNT & EATON.

COPYRIGHT, 1908,
BY THE MACMILLAN COMPANY.

First published elsewhere. Reprinted May, 1900; July, October, 1901; August, 1903; July, September, 1904; July, 1905; January, August, 1906; July, 1907: April, 1908.

New edition, revised and enlarged, September, 1908.

380478

J. 8. Cushing Co. - Berwick & Smith Co.

Norwood, Mass., U.S.A.

PREFACE

SINCE the first edition of the Outlines of Economics was published fifteen years ago, there has been considerable progress in economic discussion. In this revision an attempt has been made

itself. No chapters remain unaltered, most of them have been entirely rewritten, and some new ones have been added. But the plan of the former edition has been retained. This book differs from the Elementary Principles of Economics, published in 1904 by Ely and Wicker, in that it is a more advanced treatise, and intended primarily for college and university use; whereas the latter, although used in a number of higher institutions, is intended primarily for high schools.

Four persons have taken part in this revision, but a free interchange of criticism has, it is hoped, resulted in a unified product.

Numerous passages, amounting in the aggregate to many pages, have been printed in smaller type. Such are the passages which, either from their greater difficulty or from their subsidiary character, may best be omitted by a teacher pressed for time. Moreover, for classes in which the time limits are too narrow to permit careful study of the whole text, it may be found expedient to omit Book III, on Public Finance; while, on the other hand, some teachers may wish to take this Book up for independent study.

Considerable attention has been given to the questions at the close of each chapter, and an endeavor has been made to frame these so as to require a mastery of principles to answer them.

In some cases it will be necessary to use the references to literature given at the close of chapters. There are also cases in which the correct answer must be a matter open to differences of opinion. It is hoped and believed that the questions will give rise to fruitful class discussions.

CHAPTER V.-THE ECONOMIC DEVELOPMENT OF THE UNITED STATES

Economic stages in American industrial history, 56; Sectional-
ism, 57; Characteristics of the American people, 58; Growth of
population, 59; Changes in the birth rate, 60; Slavery and the
negro problem, 61 ; Immigration, 62; Natural resources, 66.

CHAPTER VI. – THE ECONOMIC DEVELOPMENT OF THE UNITED

STATES (Continued)
Mercantilism in America, 70; American industries in 1776, 72 ;
The Industrial Revolution in America, 72; The development of
agriculture, 75; Manufactures, 76; Transportation, 80; The labor
movement, 83; State regulation of industry, 86.

BOOK I. — PRINCIPLES AND PROBLEMS

PART 1.– INTRODUCTION

CHAPTER VII. - ELEMENTARY CONCEPTS
Motives in economic activity, 93; Utility, 95; Free and econo-
mic goods, 95; Effort, 96; Waiting, 96; Services, 96; Personal
qualities as goods, 97; Wealth, 98; Wealth and income, 98; In-
dividual and society, 98; Wealth and value, 99; Capital and other
forms of wealth, 100; Capital goods and capital value, 100; Social
and individual capital, 101; National wealth and national divi-
dend, 101.

PART II. — CONSUMPTION

CHAPTER VIII. – CONSUMPTION
Consumption defined, 106; Productive and final consumption,
106; Human wants, 107; Law of diminishing utility, 107; Differ-
ent uses for the same commodity, 108; Marginal utility, 108; The
economic order of consumption, 110; Future wants, 111; Alleged
present consumption of future products, 112; Consumption and
saving, 113; Luxury, 113; Ideal distribution of wealth, 114;
Harmful consumption, 116; Statistics of consumption, 117.

PART III. — PRODUCTION

CHAPTER IX. – PRODUCTION
Production defined, 121 ; The factors of production, 122 ; Saving
and capital formation, 123; Production and sacrifice, 124 ; Cost of
production and expense of production, 125; Separation in owner.
ship and organization of factors, 126; The undertaker, 127; Kinds

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