The Principles of Economical Philosophy, Том 2

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Longmans, Green, Reader, and Dyer, 1875
 

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Smith on Apothecaries Profits
9
Profits in country shops
10
Mischief of interfering with trade
11
Bacon on trade Profits
12
Cabs in London and provincial towns
13
Gradual separation of employments
14
Rate of Profit may differ although Profits are equa
15
Increase of Capital reduces Prices and Profits
16
Mill controverts Smith
17
Smith right Ricardo McCulloch and Mill wrong
18
Origin of demand for Banks and Paper Money
19
220 Selfcontradiction of Mill 21 Explanation of a difficulty raised by Say
21
Large Capitals give smaller Profits than small Capitals
22
Smith wrongly calls Agricultural Labour the most productive
23
Seniors description of Profits inadequate
24
Error of Physiocrates and Mill on Productive Labour
25
Error of Mill on Productive Labour
26
When Labour is productive
27
On Interest
28
Prejudices against Interest
29
Calvin on Interest
30
Final abolition of Usury Laws in England
31
32 Confusion of Mill on Value of Money
32
Walue of Money has two meanings
33
Difference of Profit between Interest and Discount
34
On Rate of Interest
35
Rent and Interest analogous
79
Effect of increase of Money on Interest How an increase of Money affects Prices and Interest Hume on Rate of Interest
85
Effects of Banking on Interest The Popes on Usury
93
Effects of an INconvertſBLE PAPER CURRENCY on the Foreign
95
Rates of Interest in le petit commerce
96
Effects of change in Rate of Interest
97
Same actual Rate from opposite causes
98
CHAPTER XIII
100
Labour is a Commodity
101
Smith admits that Labour is Wealth
102
J B Say classes Labour as Wealth
103
Selfcontradiction of Mill 104
104
Estimate of Wages paid to Working Classes
107
Smith on Labour as the Measure of Value
108
Error of this doctrine
109
Error of confounding the Measure with the Cause of Walue
110
13
112
Selfcontradiction of McCulloch
113
Erroneous doctrine of Ricardo
114
Productive Labour
115
Definition of Wages
116
17 Error of Mill on Rate of Wages
117
On Wages
119
The alleged Wages Fund
120
20 The Wages Fund
121
Mr Longe on the Wages Fund
123
Erroneous doctrine on the Wages Fund
124
The true Wages Fund
126
Credit part of the Wages Fun 128_ 25 Selfcontradiction of Smith as to price of food regulating Wages
129
Similar error of Ricardo
131
Relation of Wages and food
132
Wages governed by the Law of Demand and Supply
134
Way of raising Wages
135
Similar testimony of J B Say
136
Smith on Wages
137
Smiths third case
138
The same continued
139
Value is the inducement to Labour
140
Further examples of this law
141
Walue is determined by the result
142
Further examples
143
Value of pictures statues c
144
Error that cost of production regulates Value
145
Fallacy in which many Strikes originated
146
Wages usually high when food low
147
Strikes founded on erroneous doctrines of Economists
148
Examples of Value regulating Cost
149
On the Division of LABourt
154
J54 Error of Smith on the origin of the Division of Labour
156
Instances of Division of Labour among animals
157
Examples of the Division of Labour
161
Example from Say 164
164
Examples from Babbage
165
Smith on the Division of Labour
170
Error of Smith
175
On Rate of Wages and Cost of Labour 172 ſ 61 On Mills fourth proposition on Capital
179
Rights are Wealth 202
202
Smith classes Credit as Capita
206
Smith admits that abstract Rights are Wealth
209
A Mill admits that Credit is Capital 211
211
Different kinds of Transferable Property
214
Transfer of Incorporeal Property by means of INSTRUMENTs
216
Same varieties of Incorporeal as of Corporeal Property
217
Incorporeal Property of two kinds
218
On Rights of Obligation
219
On Annuities
221
On the Funds
225
Errors of Mill
229
THE THEORY OF THE EXCHANGES
234
Two branches of trade in Bullion
245
page
278
Mills doctrine of International Trade and International Jalues
281
Definition of PAR of Exchange
288
Par time of Exchange
294
62
331
and that paper currency may be based upon commodities MonEY DoEs Not REPRESENT ComMoDITIES BUT on LY DEBT of SERVICEs DUE w...
346
The theory of basing a paper currency upon commodities in volves the palpable contradiction in terms that a person may buy commodities and keep ...
347
Law was no advocate of an unlimited incontrovertible paper currency
348
Account of the French Assignats
350
The same continued
351
The same continued
352
The same continued
353
His extraordinary inconsistency
355
The same continued
356
Practical results of Laws theory
357
Fourth example of LawismThe Bank of Norway
358
Fifth exampleThe American banking convulsions of 18379
359
The principle of basing a paper currency on the public funds is identical with and is as vicious as basing it on land
360
Fundamental vice of the constitution of the Bank of England
361
The consequences of this vicious principle are prevented by its being limited to that single instance
362
Refutation of this theory by the Butllion Committee
363
This refutation incomplete
365
The same continued
367
Specific meaning of overissue
368
Fallacy of the expression good bills
369
Bullion as the representative of debt is the only proper basis upon which to found a paper currency
370
When the foreign exchanges are adverse the Bank must con
377
Rules of Law regarding lost or stolen instruments
386
All Negotiable Instruments are CURRENCY
392
Bank Credits are Ready Money
401
Modern Opinions on Currency
407
Lord OvertsToxE on Currency
413
Colonel TokHENs on Currency
423
Examination of the modern opinions on Currency
425
Legal and Philosophical errors of these opinions
427
Consequences of these opinions
431
Opinion of M Michel Chevalier
433
CHAPTER XVIII
435
The Chinese invented Bank Notes
436
Evil effects of Paper Money in China
438
The CURRENCY PRINCIPLE asserted in China
444
Banks in Europe constituted on the Currency Principle
445
No English Banks on this Principle
446
Foundation of the Bank of England in 1694
447
The Bank increases its Capital
448
This principle erroneous w
449
The Bank suspends cash payments in 1696 and 1797
450
Partial resumption of cash payments in 1816
454
Total suspension of cash payments in 1819
455
Peels doctrines in 1819
457
Provisions of Peels Act of 1819
458
Misconceptions respecting this Act
459
The Bank resumes cash payments in 1821
461
Method adopted to carry them into effect
462
The Banks Monopoly of Banking
463
Failure of the Banks Theory in 1836 and 183
466
Condemnation of the Bank Theory
467
Peel adopts the modern opinions in 1844
468
Provisions of the Bank Charter Act of 1844
471
The Bank Act does not carry out the Currency Principle
473
Arithmetical error of the Bank Charter Act
474
Failure of the Mechanical action of the Bank Act in 1847
476
Explanation of this failure
477
The RATE or Discount is the true governing power of the Paper Currency
479
Universal adoption of this principle
482
The ExPANsive and the RESTRICTIve Theories
483
The Monetary Crisis of 1793
484

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Сторінка 173 - In the progress of the division of labour, the employment of the far greater part of those who live by labour, that is, of the great body of the people, comes to be confined to a few very simple operations, frequently to one or two. But the understandings of the greater part of men are necessarily formed by their ordinary employments.
Сторінка 103 - The property which every man has in his own labour, as it is the original foundation of all other property, so it is the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbour is a plain violation of this most sacred property.
Сторінка 270 - But the images of men's wits and knowledges remain in books, exempted from the wrong of time, and capable of perpetual renovation. Neither are they fitly to be called images, because they generate still, and cast their seeds in the minds of others, provoking and causing infinite actions and opinions in succeeding ages...
Сторінка 173 - He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become. The torpor of his mind renders him, not only incapable of relishing or bearing a part in any rational conversation, but of conceiving any generous, noble, or tender sentiment, and consequently of forming any just judgment concerning many even of the ordinary duties of private life.
Сторінка 109 - The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities.
Сторінка 132 - The market price of labour is the price which is really paid for it, from the natural operation of the proportion of the supply to the demand ; labour is dear when it is scarce, and cheap when it is plentiful. However much the market price of labour may deviate from its natural price, it has, like commodities, a tendency to conform to it.
Сторінка 170 - This great increase of the quantity of work, which, in consequence of the division of labour, the same number of people are capable of ' performing, is owing to three different circumstances : first, to the increase of dexterity in every particular workman ; secondly, to the saving of the time which is commonly lost in passing from one species of work to another...
Сторінка 170 - A common smith, who, though accustomed to handle the hammer, has never been used to make nails, if, upon some particular occasion, he is obliged to attempt it, will scarce, I am assured, be able to make above two or three hundred nails in a day, and those too very bad ones. A smith who has been accustomed to make nails, but whose sole or principal business has not been that of a nailer, can seldom, with his utmost diligence, make more than eight hundred or a thousand nails in a day.
Сторінка 162 - ... another; it is even a trade by itself to put them into the paper; and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which in some manufactories are all performed by distinct hands...
Сторінка 157 - ... propensity be one of those original principles in human nature, of which no further account can be given; or whether, as seems more probable, it be the necessary consequence of the faculties of reason and speech, it belongs not to our present subject to enquire. It is common to all men, and to be found in no other race of animals, which seem to know neither this nor any other species of contracts.

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