PRINCIPLES

OF THE

ECONOMIC PHILOSOPHY

OF

SOCIETY, GOVERNMENT AND INDUSTRY

BY

1. Definitions.—2. Is Political Economy a Science.—3. Politi.

cal Economy also an Art.—4. The Deductive, a priori, or

Metaphysical Method.—5. Decline of the Metaphysical

and Rise of the Historical Method.—6. Carey's Corrective
Influence.—7. The Historical Method is Ş. a History

of Opinion Merely.—8. Limitations on the Historical

Method.—9. Relation of Economics to Ethics.-10. The

Scientific Method.—11.—The Philosophy of Statistics.-

12. The Result of Statistics.—13. Utility of Statistics.—

14. Regularity of Phenomena Shown by Statistics.—15.

Statistics Taken with a Bias.-16. The American Impulse

toward Economic Progress.-17. The United States as an

Economic Instructor.

CHAPTER II.-WEALTH............. .......................

18. Wealth and Poverty—Social.—19. Savage Life—Social

Poverty.—20. Ownership by the Tribe —Barbarism.—21.

Tribal Ownership Depends on Occupancy and Use.—22.

Tribal Precedes State Ownership.–23. Charitable and
Religious Communism. —24. Relative Inducement to
Effort under Both Systems.-25. Wealth Dependent on
Exchange—How Far.—26. Private or Individual (Includ-
ing Corporate) Wealth.-27. The Commonwealth.-28.
The Family and Its Wealth.-29. Social and Spiritual
Wealth.-30. The Wealth of Nations.—31. The Evanes-
cence of Wealth.-32. Can Poverty be Abolished 7

CHAPTER III.-VALUES AND PRICEs. ... .....................

33. What is Value 7–34. Fallacy of Resting Value on Labor.

—35. Whence Comes Value *—The Consumer.—36. The

Consumer's Place in Industry.—37. Karl Marx's Theory

of Value.—38. Why Men Exchange.—39. The Theory of

Value.—40. Markets are the Index of Values.—41. Free-

dom in Establishing Prices.—42. Cornering the Market.—

43. How Prices are Made.—44. Errors Concerning Causes

of Prices.—45. Tooke on Prices.—46. Prices Rise in Dis-

roportion to Scarcity.—47. Permanent and Temporary

heapness.-48. Relation of Prices to Freedom.—49.

Countries of Low and High Prices.

page

PREFACE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi

PERSONAL INDEX................ - - - - - - - - - - - - - - - - - - - - - - - - - - xix

CHAPTER I.-ScoPE AND METHOD....... - - - - - - - - - - - - - - - - - - - 1