The Elements of Economics, Volume 1Longmans, Green, and Company, 1881 - Economics |
Contents
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Common terms and phrases
absolute adopted Aristotle Bacon Bank Notes Bills of Exchange bought and sold Bullion called causes Circulation coin Commerce commodities Conceptions and Axioms Condillac Consumption of Wealth Convertible Securities Cost of Production Debt definition of Wealth distinct orders doctrine earth Economic Quantity Eryxias exactly Exchangeable Quantities existence expressly Fundamental Conceptions gold and silver Hence human ideas Inductive Logic kinds Labour land and labour Law of Cost Law of Value Laws which govern material chattel material products means measured in Money merchandise Mill mind Moral Science Natural Philosophy orders of Quantities paid payment person phenomena Physical Science Physiocrates Political Economy possess Pound weight produce of land Profit Quality relations Rent Ricardo Rights of action Roman Law says School of Economists Science of Economics Science which treats second school sell Smith species Supply and Demand supposed term Wealth three orders tion true wants word writers
Popular passages
Page 139 - 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.
Page 113 - The market price of every particular commodity is regulated by the proportion between the quantity which is actually brought to market, and the demand of those who are willing to pay the natural price of the commodity...
Page 92 - Of these, indeed, it may sometimes purchase a greater and sometimes a smaller quantity; but it is their value which varies, not that of the labour which purchases them.
Page 94 - The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the greater or less compensation which is paid for that labour.
Page 92 - In his ordinary state of health, strength and spirits; in the ordinary degree of his skill and dexterity, he must always lay down le same portion of his ease, his liberty, and his happiness.
Page 239 - But the induction which is to be available for the discovery and demonstration of sciences and arts must analyse nature by proper rejections and exclusions, and then, after a sufficient number of negatives, come to a conclusion on the affirmative instances...
Page 92 - Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.
Page 113 - When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price.