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FOR

SCHOOLS AND COLLEGES.

BY

GEORGE M. STEELE, LL.D.,

PRINCIPAL OF WESLEYAN ACADEMY, WILBRAHAM, MASS., AND MEMBER OF

THE AMERICAN ECONOMIC ASSOCIATION.

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HARVARD COLLEGE LIBRARY

GIFT OF
JULIUS R. WAKEFIELD

FEB 26 1932

COPYRIGHT, 1890,
BY GEORGE M. STEELE.

C. J. PETERS & SON,
TYPOGRAPHERS AND ELECTROTYPERS.

PRE88 OF BERWICK & SMITH.

TO THE

Alumni of the Lawrence University of Wisconsin,

AND ESPECIALLY

TO THE GRADIJATES OF THE YEARS 1874 TO 1879.

WHO, WITH THE AUTHOR,

PURSUED THE STUDY OF THE SCIENCE, THE RUDIMENTS OF

WHICH ARE HEREIN SET FORTH,

This Little Holume

IS AFFECTIONATELY INSCRIBED.

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Man, the molecule of society, is the subject of social science. His greatest need is that of Association with his fellow-men.”

“Association depends upon INDIVIDUALITY. There can be no association without differences.” CAREY.

“The higher a living being stands in the order of nature, the greater the difference between its parts, and between each part and the whole organism. The lower the organism, the less the difference between the parts, and between each part and the whole.”. GOETHE.

“For the body is not one member, but many." Many members, yet but one body.” “Those members of the body which seem to be more feeble are necessary.” And whether one member suffer, all the members suffer with it; or one member be honored, all the mem. bers rejoice with it.” — Paul.

PREFACE.

This brief treatise is intended to meet the wants of students in academies and high schools. There is no dearth of works on Political Economy, but most of them are too abstruse and elaborate for young pupils, while many prepared for this class are condensations rather than simplifications of the subject.

To present the principles of this study briefly and clearly, and at the same time exhibit satisfactorily through familiar illustrations their practical applications, is no easy task, yet this has been the aim of the author. His success can be tested only by experience.

Another difficulty in the preparation of such a textbook lies in the fact that while at the present time a multitude of books on Political Economy have been written by able and reputable scholars, even on fundamental principles there is so wide a diversity of opinions and so much antagonism. This is intensified by the partisanship displayed by advocates of different views, and still more because these antagonizing doctrines have

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