Category: Economics
#1. What is Political Economy?# Political Economy treats of #the wealth of nations#; it inquires into the causes which make one nation more rich and prosperous than another. It aims at teaching what should be done in order that poor people may be as few as possible, and that e...
#47. The Purposes of Trades-Unions.# Working-men commonly think that the best way to raise their earnings is to form trades-unions, and oblige their employers to pay better wage...
4. CHAPTER IV.#25. How Division of Labour Arises.# When a number of workmen are engaged on any work, we find that each man usually takes one part of the work, and leaves other parts of the wo...
1. CHAPTER I.--INTRODUCTION.#1. What is Political Economy?# Political Economy treats of #the wealth of nations#; it inquires into the causes which make one nation more rich and prosperous than another. It...
9. CHAPTER IX.#58. Arbitration.# We have now considered at some length the evils arising from the present separation of interests between the employed and their employers. The next thing is t...
10. CHAPTER X.64. We have sufficiently considered the difficulties which exist regarding #Labour# and #Capital#, two of the requisites of production, and we will now turn to another part of p...
16. CHAPTER XVI.#95. There must be Taxes.# Whether governments undertake more or less functions, it is certain that we must have some kind of government, and that this government will spend a g...
11. CHAPTER XI.#70. How Exchange Arises#. One of the most important ways in which we can increase wealth consists in exchange--#in giving what we do not want in return for what we do want#. We...
3. CHAPTER III.#16. The Requisites of Production.# The first thing in industry, as we now see, is to decide what we want; the next thing is to get it, or make it, or, as we shall say, #produce...
7. CHAPTER VII.#43. Money Wages and Real Wages.# Wages, as we have already learnt, are the payments received by a labourer in return for his labour. It does not matter whether these payments a...
2. CHAPTER II.#10. Our Wants are various.# After a little reflection, we shall see that we generally want but little of any one kind of commodity, and prefer to have a portion of one kind and...
14. CHAPTER XIV.#87. Industry is Periodic#. Everybody ought to understand that trade varies in activity, from time to time, in a periodic manner. #A thing is said to vary periodically, when it...
12. CHAPTER XII.#76. Barter.# When exchanges are made by giving one ordinary commodity for another, as a sack of corn for a side of bacon, or a book for a telescope, we are said to #barter# the...
5. CHAPTER V.#33. What is capital?# We will now endeavour to understand the nature of #the third requisite of production, called capital, which consists of wealth used to help us in producin...
6. CHAPTER VI.#38. How Wealth is Shared.# We have learned what wealth is, how it is to be used, and how it may be produced in the greatest quantities, with the least possible labour, but we h...
13. CHAPTER XIII.#83. What Credit means.# It is very important for those who would learn political economy to understand exactly what is meant by #credit#. John is said to give credit to Thomas...
15. CHAPTER XV.92. Functions mean performances (Latin, _fungi_, _functus_, to perform), and the functions of government mean those things which a government ought to do,--the duties which it u...