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CAPITAL

AND

POPULATION:

A STUDY

OF THE

ECONOMIC EFFECTS OF THEIR RELATIONS
TO EACH OTHER.

BY

FREDERICK B. HAWLEY.

NEW YORK:

D. APPLETON AND COMPANY,

1, 3, AND 5 BOND STREET.

1882.

COPYRIGHT BY

D APPLETON AND COMPANY,

1882.

10 VINU
AIMBOTLIAD

PREFACE.

HB171 17 H39

My position as an economist, as exemplified in this treatise, is a peculiar one. While classing myself, I believe justly, as a strict disciple of what is usually called the English or orthodox school, I have arrived at results, in many instances, diametrically opposed to theirs; especially on the subjects of free trade and taxation. On the other hand, my reasoning presupposes the falsity of most of the arguments heretofore advanced in support of the very conclusions I uphold. As I antagonize the results of one side and the methods of the other, I can look for friends in neither camp. Nevertheless, as the principle I have enunciated really effects the reconciliation of two lines of thought, apparently hopelessly divergent, I may, perhaps, expect to be sustained by those of both sides who prefer construction to destruction.

It would be false modesty in me to seem unaware that the economic law I have attempted to establish equals in its influence upon economic conclusions any hitherto ascertained. Granted its truth, it throws new

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