PART I

PAGE THE VALUE OF MATERIAL THINGS 1-169

DIVISION A--WANTS AND PRESENT GOODS

CHAPTER

1 THE NATURE AND PURPOSE OF POLITICAL ECONOMY: NAME AND DEFINITION; PLACE OF ECONOMICS AMONG THE SOCIAL SCIENCES; THE RELATION OF ECONOMICS TO PRACTICAL AFFAIRS 3

2 ECONOMIC MOTIVES: MATERIAL WANTS, THE PRIMARY ECONOMIC MOTIVES; DESIRES FOR NON-MATERIAL ENDS, AS SECONDARY ECONOMIC MOTIVES 9

3 WEALTH AND WELFARE: THE RELATION OF MEN AND MATERIAL THINGS TO ECONOMIC WELFARE; SOME IMPORTANT ECONOMIC CONCEPTS CONNECTED WITH WEALTH AND WELFARE 15

4 THE NATURE OF DEMAND: THE COMPARISON OF GOODS IN MAN'S THOUGHT; DEMAND FOR GOODS GROWS OUT OF SUBJECTIVE COMPARISONS 21

5 EXCHANGE IN A MARKET: EXCHANGE OF GOODS RESULTING FROM DEMAND; BARTER UNDER SIMPLE CONDITIONS; PRICE IN A MARKET 30

6 PSYCHIC INCOME: INCOME AS A FLOW OF GOODS; INCOME AS A SERIES OF GRATIFICATIONS 39

DIVISION B--WEALTH AND RENT

7 WEALTH AND ITS DIRECT USES: THE GRADES OF RELATION OF INDIRECT GOODS TO GRATIFICATION; CONDITIONS OF ECONOMIC WEALTH 46

8 THE RENTING CONTRACT: NATURE AND DEFINITION OF RENT; THE HISTORY OF CONTRACT RENT AND CHANGES IN IT 53

9 THE LAW OF DIMINISHING RETURNS: DEFINITION OF THE CONCEPT OF (ECONOMIC) DIMINISHING RETURNS; OTHER MEANINGS OF THE PHRASE "DIMINISHING RETURNS"; DEVELOPMENT OF THE CONCEPT OF DIMINISHING RETURNS 61

10 THE THEORY OF RENT: THE MARKET VALUE OF THE USUFRUCT: DIFFERENTIAL ADVANTAGES IN CONSUMPTION GOODS; DIFFERENTIAL ADVANTAGES IN INDIRECT GOODS 73

11 REPAIR, DEPRECIATION, AND DESTRUCTION OF WEALTH: RELATION TO ITS SALE AND RENT: REPAIR OF RENT-BEARING AGENTS; DEPRECIATION IN RENT-EARNING POWER OF AGENTS KEPT IN REPAIR; DESTRUCTION OF NATURAL STORES OF MATERIAL 81

12 INCREASE OF RENT-BEARERS AND OF RENTS: EFFORTS OF MEN TO INCREASE PRODUCTS AND RENT-BEARERS; EFFECTS OF SOCIAL CHANGES IN RAISING THE RENTS OF INDIRECT AGENTS 90

DIVISION C--CAPITALIZATION AND TIME-VALUE

13 MONEY AS A TOOL IN EXCHANGE: ORIGIN OF THE USE OF MONEY; NATURE OF THE USE OF MONEY; THE VALUE OF TYPICAL MONEY 98

14 THE MONEY ECONOMY AND THE CONCEPT OF CAPITAL: THE BARTER ECONOMY AND ITS DECLINE; THE CONCEPT OF CAPITAL IN MODERN BUSINESS 108

15 THE CAPITALIZATION OF ALL FORMS OF RENT: THE PURCHASE OF RENT-CHARGES AS AN EXAMPLE OF CAPITALIZATION; CAPITALIZATION INVOLVED IN THE EVALUATING OF INDIRECT AGENTS; THE INCREASING ROLE OF CAPITALIZATION IN MODERN INDUSTRY 118

16 INTEREST ON MONEY LOANS: VARIOUS FORMS OF CONTRACT INTEREST; THE MOTIVE FOR PAYING INTEREST 131

17 THE THEORY OF TIME-VALUE: DEFINITION AND SCOPE OF TIME-VALUE; THE ADJUSTMENT OF THE RATE OF TIME-DISCOUNT 141

18 RELATIVELY FIXED AND RELATIVELY INCREASABLE FORMS OF CAPITAL: HOW VARIOUS FORMS OF CAPITAL MAY BE INCREASED; SOCIAL SIGNIFICANCE OF THESE DIFFERENCES 152

19 SAVING AND PRODUCTION AS AFFECTED BY THE RATE OF INTEREST: SAVING AS AFFECTED BY THE INTEREST RATE; CONDITIONS FAVORABLE TO SAVING; INFLUENCE OF THE INTEREST RATE ON METHODS OF PRODUCTION 159