The Principles of Economical Philosophy, Том 1

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Longmans, Green, Reader, and Dyer, 1875
 

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Rent an example of the General Law of Value
20
Land reclaimed during the Revolutionary War
21
Cost of Production of Corn
22
Moderate farms let hotter than very large onos
23
Ricardo on Rent of Mines
24
Absurdity of the RicardoMill Theory of Rent
25
234
26
Rent of Mines and Shops
27
Selfcontradiction of Mill on Rent
28
Anderson Ricardo and Mill on Rent
29
Selfcontradiction of Ricardo
30
Smiths error on Labour as a Standard of Value 81
32
CHAPTER XII
35
Erroneous definition of Rate of Profit by Economists
36
Ricaxdos error on Rate of Profit
37
Error of Malthus on Rate of Profit
38
Error of Mill on Rate of Profit
39
Examples of Rates of Profit
41
Examples of variations in the Rate of Profit
42
Examples of Rate of Profit
43
Smith on Apothecaries Profits
44
Profits in country shops
46
Bacon on trade Profits
47
Cahs in London and provincial towns
48
Rate of Profit may differ although Profits are equal
49
Mill controverts Smith
51
Smith right Ricardo McCulIoch and Mill wrong
53
Origin of demand for Banks and Paper Money
54
Selfcontradiction of Mill
56
Explanation of a difficulty raised by Say
58
Large Capitals give smaller Profits than small Capitals
59
Smith wrongly calls Agricultural Labour the most productive
60
Seniors description of Profits inadequate
62
Error of Physiocrates and Mill on Productive Labour
63
Error of Mill on Productive Labour
66
When Labour is productive
67
On Literest
68
Prejudices against Interest
69
Calvin on Interest
70
Final abolition of Usury Laws in England
72
Confusion of Mill on Value of Money
73
Value of Money has two meanings
74
Difference of Profit between Interest and Discount
76
On Rate of Interest
78
Rent and Interest analogous
79
Differences in Rate of Interest
80
Smith and Hume on Rate of Interest
83
Effect of increase of Money on Interest
87
How an increase of Money affects Prices and Interest
88
Hume on Rate of Interest
89
Effects of Banking on Interest
91
The Popes on Usury
93
Bates of Interest in le petit commerce
96
Effects of change in Bate of Interest
97
Same actual Bate from opposite causes
98
Definition of Labour
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
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 Value
110
Selfcontradiction of McCulloch
113
Productive Labour
115
Definition of Wages
116
Error of Mill on Bate of Wages
117
On Wages
119
The alleged Wages Fund
120
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 Fund
128
Selfcontradiction of Smith as to price of food regulating Wages
129
Similar error of Bicardo
131
Belation 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
Error of Smith
137
Smiths third case
138
Value is the inducement to Labour
140
Further examples of this law
141
Value s determined by tho result
142
Further examples
143
Value of pictures statues ftc
144
In many cases Value regulates cost of production
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 tho Division of Labour
153
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
Examplo from Say
164
Examples from Babbage
165
Smith on the Division of Labour
170
F rror of Smith
172
On Mills fourth proposition on Capital
179
On the Workmans Share of the Price
188
The limits of Wages
191
Unpopularity of Economics
192
The Droit an Traca il
195
Mr linpert Kettle on the Wages Fund
196
Relation between Labour and Wages
197
Producers and Consumers necessary to each other
199
CHAPTER XIV
201
Rights are Wealth
202
Smith classes Credit as Capital
206
Smith admits that abstract Rights are Wealth
209
Mill odnuts that Credit is Capital
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
On llights of Expectation x
258
Property in Ideas
269
No patent in a general principle
270
Patents
276
PAGE
278
Goodwill of a business
279
Tolls Ferries and Street Crossings
280
THE THEORY OF THE EXCHANGES On Mills doctrine of International Trade and International Values 1 Mills doctrine of Value contrary to the P...
281
Error of Mills doctrine of International Values
284
Ox THE THEORY OF THE EXCHANGES 1 Definition of the Exchanges
286
Definition of Par of Exchange
288
Depreciation of the Coinage causes a Fall in the Foreign Exchanges
289
This disturbance of the Exchange expressed in two ways
290
The Nominal Exchange and the Real Exchange
291
Bule to ascertain the true state of the Exchange when the Currency is depreciated
292
Par time of Exchange
294
On Foreign Exchanges
296
On the Limits of the Variation of the Exchanges
298
Effects of an Inconvertible Paper Currency on the Foreign
299
CHAPTER XVI
338
The same continued
342
The same continued
343
The same continued
344
The same continued
345
The same continued 16 The essence of Lawism is that money represents commodities and that paper currency may be based upon commodities Mon...
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
Laws idea 317
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 Bullion 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
Specie and credit form the only true circulating medium
371
The rate of disoount is the true mode of acting upon the paper currency
372
Effects of the action of this principle
373
In all commercial crises production should be curbed
374
The same continued
375
Historical proof of the fallacy of this theory
376
Consequences of adopting Sir A Alisons plan
377
Absurdity of it
378
Other considerations which prove that the rate of discount is the true mode of acting on the paper currenoy
379
Conclusion
380
ON THE DEFINITION OF CUBBENCY 1 Bank Act of 1844 based on a peculiar Definition of Currency
381
Dooms of the AngloSaxons regarding the sale of goods mer chandise or cattle
382
Rules of Law regarding lost or stolen instruments
386
Judicial decisions as to the meaning of Currency
388
All Negotiable Instruments subject to same rulo of Currency
389
All Negotiable Instruments are Currency
392
Bank Credits are Beady Money
401
Writers who include Bank Credits are Currency
405
Modern Opinions on Currency
407
Cobden on Currency
410
Mr G W Norman on Currency
411
Lord Overstone on Currency
413
Discussion between Hume and Lord Overstone
417
Tooke on Currency
421
Colonel Torrens 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
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 1839
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 op 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
Stoppage ol the Bank in 1797
486
Peel adopts the Restrictive Theory in 1844
487
The Bullion Committee condemn the Kestrictive Theory
488
Peel adopts the Bestbictite Theory in 1844
490
Failure of the Eestrictive Theory in 1847 1857 and 1866
491
Uniform failure of the Bestkictive Theory
492
Fundamental differences of Principle between the Bullion Eoport and the Bank Charter Act of 1844
493
Examination of the Arguments alleged in faj taining the Bank
494
Examination of the Arguments alleged in favour of main taining the Bank Act
495
The Bate of Discount the supreme power of controlling the Exchanges and the Paper Currency
501
Mr Lowe on Commercial Crises
503
Errors of Peel
504
The Bank Act of 1844 has made all English Banking illegal
507
The Cheque Bank
511
An Inquiry into the Banking System necessary
515
Conclusion of Pube Economics
520

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Сторінка 161 - Each person, therefore, making a tenth part of forty-eight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and independently, and without any of them having been educated to this peculiar business, they certainly could not each of them have made twenty, perhaps not one pin in a day...
Сторінка 171 - 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 160 - ... 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, though in others the same man will sometimes perform two or three of them.
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 171 - 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 268 - ... if the invention of the ship was thought so noble, which carrieth riches and commodities from place to place, and consociateth the most remote regions in participation of their fruits ; how much more are letters to be magnified, which, as ships, pass through the vast seas of time, and make ages so distant to participate of the wisdom, illuminations, and inventions, the one of the other...
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 168 - 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 172 - His dexterity at his own particular trade seems, in this manner, to be acquired at the expense of his intellectual, social, and martial virtues. But in every improved and civilized society, this is the state into which the labouring poor, that is, the great body of the people, must necessarily fall, unless government takes some pains to prevent it.
Сторінка 168 - 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.

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