Rural Wealth and Welfare: Economic Principles Illustrated and Applied in Farm Life

_Resources of government._—All expenditures of government are as subject to economic laws with reference to consumption of wealth as are those of individuals. Actual result in w...

_The nature of value._—Perhaps no question in the discussion of wealth is of greater importance than the nature of value. Certainly the measurement of value in all our property...

_Free communication._—From what has been said in the preceding chapter as to the nature of value and price, it will appear that the most fundamental condition for ready exchange...

The general bearing of settlement in trade, deferred by promises to pay in the distant future, has been several times referred to in preceding chapters; but its bearing upon the...

_The nature of the conflict._—The mutual interest of all whose energies are used in production, that the total product of wealth should be as great as possible, is often disturb...

_Origin of banks._—Attention has been called to the banks of the country as a most important part of the machinery of exchange. It is proper to describe more fully the nature of...

In giving these pages to the public I offer no apology for a restatement of fundamental principles always requiring adjustment to new life and circumstances; but economic litera...

_Wages distinguished from profits._—In discussing the subject of wages and profits, it is necessary to remember that both are compensation in different ways for actual exertion....

_Good government chief._—The productive energy of any country is encouraged chiefly by what we call good government. This means especially security of property rights by prevent...

_Great combinations._—The tendency toward improvement by combination of laborers through the possibilities of division of labor leads to still larger combinations in so-called f...

_Rent values of land._—The general character of rent, as connected with the use of fixed capital and so associated with interest, has already been touched upon. In that sense it...

_Economy of minute division._—The advantages, limits and disadvantages of minute division of labor are worthy of a more careful discussion, since they bear upon every kind of en...

_Reasons for interest._—The propriety of interest under any circumstances has often been questioned, and its rightfulness is still bitterly disputed. Both church and state have...

_Individualism._—While the social organization is necessarily thought of as a group of individuals, whose individual wants and plans and growth and character must be the chief i...

_Governmental limits._—All society recognizes certain universal wants and the necessity of meeting these with essential order and the best economy. These universal wants enforce...

_Society interested in imprudence._—This fact, that the wealth of each generation is so largely dependent upon the prudence of the preceding, emphasizes the importance of public...

_Conservative influences._—We have already seen the influence of governmental organization upon various phases of production; but the chief fostering influence is the general st...

_Capital distinguished from wealth._—Whenever material wealth is used not directly in meeting present wants, but to produce more wealth suited to future wants, it is called capi...

_Prudent uses of wealth._—It has already been suggested that a proper use of wealth looks always beyond the present. We accumulate, not only to spend, but to spend in such a way...

_Labor defined._—Exertion of any kind for meeting individual wants we call labor, whether it simply gathers food from the forest, or contrives the most intricate machinery for s...

_Wealth distributed, not welfare._—In considering the principles of fair distribution among all the parties contributing to production of wealth, it is necessary to remember tha...

_Production defined._—A very little thought shows that men produce nothing in the sense of creating. All production is simply overcoming obstacles to satisfaction of wants as we...

_Wealth to be consumed for welfare._—The only economic motive for the accumulation of wealth is its use in promotion of welfare. While the old maxim says, “A penny saved is wort...

_Nature._—When men learn to meet their wants by exertion in accord with nature’s ways, they are said to use the forces of nature in production of wealth. Every accumulation of m...

_Ideal manliness._—Every community has highest efficiency and best civilization when each individual member has the largest range of abilities to meet wants, and the largest ran...

_Exchange in production._—The immense importance of exchange in promoting the welfare of communities is easily granted, and is illustrated in every village store or even in ever...

_Accumulated energies._—The force accumulated through personal effort in training, education and discipline is similar to capital in the fact that it represents a period of time...

_Practical distinctions._—The terms interest and rent are distinguished in actual practice by the fact that interest is paid for the use of capital in some circulating form, whi...

_Simple association._—While the absolute equality of individuals referred to in the preceding chapter is practically impossible, the community of interests as civilization advan...