Outlines of Economic Theory |
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Common terms and phrases
adjustment advantages aggregate agricultural amount applied bank become bimetallism borrower capital commonly competition consumers consumption coöperation cost of production cultivation currency commodity decrease degree demand and supply desires diminishing diminishing returns distribution division of labour duction economic effect eight-hour day employers employés employment equal exchange exist fact factors fall fiat currency forces gold Gresham's law higher human important imprenditor increase individual industry Laissez-faire land legal tender less loan lower marginal marginal utility market price market values measure ment methods modity monopoly moral necessary obtain payment perfect competition point of view Political Economy population possible present productive energies profits purposes Quasi-rents rate of interest reason relative remuneration rent result sacrifice silver social dividend society SUGGESTIVE QUESTIONS sumers taxation tend tendency theory things tion trade true ultimate utility volume W. J. ASHLEY wage-earners wages wealth
Popular passages
Page 322 - A man to whom God hath given riches, wealth, and honour, so that he wanteth nothing for his soul of all that he desireth, yet God giveth him not power to eat thereof, but a stranger eateth it: this is vanity, and it is an evil disease.
Page 322 - For who knoweth what is good for man in this life, all the days of his vain life which he spendeth as a shadow?
Page vii - 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...
Page 61 - Rent is that portion of the produce of the earth, which is paid to the landlord for the use of the original and indestructible powers of the soil.
Page vi - ... a workman not educated to this business (which the division of labour has rendered a distinct trade), nor acquainted with the use of the machinery employed in it (to the invention of which the same division of labour has probably given occasion), could ssarce, perhaps, with his utmost industry, make one pin in a day, and certainly could not make twenty.
Page 322 - The sleep of a labouring man is sweet, whether he eat little or much: but the abundance of the rich will not suffer him to sleep.
Page 322 - He that loveth silver shall not be satisfied with silver; nor he that loveth abundance with increase: this is also vanity.
Page 11 - Pleasure and pain are undoubtedly the ultimate objects of the calculus of economics. To satisfy our wants to the utmost with the least effort — to procure the greatest amount of what is desirable at the expense of the least that is undesirable — in other words, to maximise pleasure, is the problem of economics "(p.
Page 323 - ... all manner of bank-drafts, shop-tills, and Downing-street Exchequers lying very invisible, so far from thee! Nay, at bottom, dost thou need 5 any reward? Was it thy aim and life-purpose to be filled with good things for thy heroism; to have a life of pomp and ease, and be what men call 'happy,' in this world, or in any other world?