« НазадПродовжити »
ECONOMICS OF INDUSTRY
BEING THE FIRST VOLUME OF
ELEMENTS OF ECONOMICS
Professor of Political Economy in the University of Cambridge,
Honorary Fellow of Balliol College, Oxford.
[All Rights reserved.]
PREFACE TO THE FIRST EDITION.
M HIS Volume is an attempt to adapt the first Volume of
L my Principles of Economics (Second Edition, 1891), to the needs of junior students.
The necessary abridgement has been effected not by systematic compression so much as by the omission of many discussions on points of minor importance and of some difficult theoretical investigations. For it seemed that the difficulty of an argument would be increased rather than diminished by curtailing it and leaving out some of its steps. The argumentative parts of the Principles are therefore as a rule either reproduced in full or omitted altogether; reference in the latter case being made in footnotes to the corresponding places in the larger Treatise. Notes and discussions of a literary character have generally been omitted.
The influence of Trade-Unions on wages depends much on the course of Foreign Trade and on Commercial Fluctuations; and therefore in the Principles all discussion of the subject is postponed to a late stage. But in the present Volume, the practical convenience of discussing it in close connection with the main theory of Distribution seemed to outweigh the disadvantages of treating it prematurely and in some measure incompletely; and a Chapter on Trade-Unions has been added at the end of Book VI.
A few sentences have been incorporated from the Economics of Industry, published by my wife and myself in 1879.
Though she prefers that her name should not appear on the title-page, my wife has a share in this Volume also. For in writing it, and in writing the Principles, I have been aided and advised by her at every stage of the MSS. and the proofs; and thus the pages which are now submitted to the reader are indebted twice over to her suggestions, her judgment and her care.
Dr Keynes, Mr John Burnett and Mr J.S. Cree have read the proofs of the Chapter on Trade-Unions, and have given me helpful advice with regard to it from three different points of view.
18 February, 1892. *** The changes in this edition follow those made in the third edition of my Principles. Book I. Ch. IV. and v. and Book III. Ch. vi. have been rewritten in order to make more clear how closely the economist adheres in substance to the methods of inference and judgment of ordinary life; and how thorough are the harmony and the mutual dependence between the analytical and the historical methods of economic study. In Book II., Ch. iv. and v. have been thrown together to make a new Chapter iv.; the old definition of Capital regarded from the point of view of the business man is retained; but Capital is defined from the general point of view as wealth which yields “income” in forms that are admitted in the broader use of the term in the market place. Book VI. Ch. I. and 11. have been recast, with further explanations, and a fuller rehearsal of the chief results obtained in the earlier Books.
Chapter VII. Summary and Conclusion. § 1. Order of economic
inquiries. Relation of science to practice. § 2. Questions to be in-