Category: Economics
§1. _Theory and Fact_. The controversy between the "Theorist" and the "Practical Man" is common to all branches of human affairs, but it is more than usually prevalent, and perhaps more than usually acrid in the economic sphere. It is always a rather foolish controversy, and I...
§1. _Theory and Fact_. The controversy between the "Theorist" and the "Practical Man" is common to all branches of human affairs, but it is more than usually prevalent, and perh...
12. Chapter 12§1. _Preliminary Statement of Three Laws_. The recognition of order in any branch of natural phenomena is but the prelude to the formulation of a set of laws, the simpler as the...
13. Chapter 13§1. _The Forces behind Supply and Demand_. The laws enunciated in the preceding chapter constitute the framework and skeleton of all economic analysis; but they do not carry us...
14. Chapter 14chapter by the statement that the price of a commodity tends to equal its marginal utility, _as measured in terms of money_, i.e. relatively to the marginal utility of money to...
15. Chapter 15§1. _An Illustration from Coal_. We have already had occasion to note the symmetry which characterizes the relations of demand and supply to price. This symmetry was apparent th...
16. Chapter 16§1. _Marginal Cost under Joint Supply_. Several references have been made above to joint products, a relation which it will be convenient now to describe as that of Joint Supply...
17. Chapter 17§1. _The Special Characteristics of Land_. In the great process of co-operation by which the wants of mankind are supplied, Nature is an indispensable participant. She renders h...
18. Chapter 18But it is important also in other connections. It has been the dominating factor in many absorbing controversies upon high policy regarding the ownership of land, or the taxatio...
19. Chapter 19§1. _Profits and Earnings of Management_. The profits of a business, as they are ordinarily reckoned, whether for the purposes of income tax or of a balance sheet, comprise seve...
20. Chapter 20for the certainty of an income of $2500 per annum an even chance of $5000 or nothing, since the utility to us of $5000 is not twice as great as that of $2500.
21. Chapter 21§1. _A Reference to Marx_. Interest is the price paid simply for the use of capital. But what is capital, and in what does its use consist? What claim has it to be regarded as a...
22. Chapter 22§1. _A Retrospect on Laissez-faire_. When, a century and a half ago, the foundations were being laid in the Western world of systematic economic theory, the public attention was...
23. Chapter 23§1. _Comparative Costs_. Beneath the great diversity of the considerations which are applicable to the different agents of production, certain general conclusions emerge from th...