Principles of Social Economics: Inductively Considered and Practically Applied, with Criticisms on Correct Theories |
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Common terms and phrases
Adam Smith agricultural altruism American amount barons become burghers bushels capital capitalist cause century character cheaper commodities consequently cost of production demand and supply desires doctrine duction effect effort egoism employed England equal exchange fact factory feudal Free Cities freedom gold hence History of Civilization human wants improved increase individual industrial and social influence intellectual interest labor power laboring classes laissez faire land law of prices less machinery manufactured masses material means ment methods Middle Ages moral movement natural forces necessary nomic obtain permanent phenomena Political Economy portion price of commodities price of labor Principles of Political profit promote proportion prosperity quantity rate of wages ratio reason relation rent result rise or fall shoes social progress social wants society sumer surplus tends theory thing tion true utility value of money villeins Wat Tyler Wealth of Nations wheat Wicliff
Popular passages
Page 231 - 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 164 - A currency is in its most perfect state when it consists wholly of paper money, but of paper money of an equal value with the gold which it professes to represent. The use of paper instead of gold substitutes the cheapest in place of the most expensive medium, and enables the country, without loss to any individual, to exchange all the gold which it before used for this...
Page 64 - I shall, therefore, in this treatise, when speaking of wealth, understand by it only what is called material wealth, and by productive labour only those kinds of exertion which produce utilities embodied in material objects. But in limiting myself to this sense of the word, I mean to avail myself...
Page 90 - The word VALUE, it is to be observed, has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called "value in use"; the other, "value in exchange.
Page 226 - It is because high or low wages and profit must be paid, in order to bring a particular commodity to market, that its price is high or low. But it is because its price is high or low; a great deal more, or very little more, or no more, than what is sufficient to pay those wages and profit, that it affords a high rent, or a low rent, or no rent at all.
Page 268 - ... per each person was $4, but the men pay the whole bill. How much does each man have to pay? 195. A board is 15 inches wide at one end and 9 inches at the other. What is its average width ? 196. Below are the prices per pound of certain commodities in Massachusetts for the years mentioned, as given in the Report of the Massachusetts Bureau of Statistics of Labor for 1884. Find to two decimal places the purchasing power of one dollar in pounds of each commodity for each year named. Price per pound...
Page 58 - Labour is there so well rewarded, that a numerous family of children, instead of being a burthen, is a source of opulence and prosperity to the parents. The labour of each child, before it can leave their house, is computed to be worth a hundred pounds clear gain to them.
Page 226 - Corn is not high because a rent is paid, but a rent is paid because corn is high...
Page 380 - ... himself, were again advanced by the weaver, in the price of his material, linen yarn : and along with them the profits of a fresh set of machine-makers, and of the miners and iron-workers who supplied them with their metallic material. All these advances form part of the cost of production of linen. Profits, therefore, as well as wages, enter into the cost of production which determines the value of the produce.
Page 57 - I am perfectly aware of the immense progress which your country has made and is making in population and wealth. I know that the laborer with you has large wages, abundant food, and the means of giving some education to his children. But I see no reason for attributing these things to the policy of Jefferson. I see no reason to believe that your progress would have been less rapid, that your...