Part 3 — INDEX

Ability, variety, 177-83; physical differences, 178; intelligence, 179; training, 180; moral qualities, 180; inequality, 181; scarcity, 182; and occupation, 203; grades, 212; types, 264; selection, 270-2; sterilization, 561-2 Abstinence, definition, kinds, 163; see Saving Acquisition vs. social production, 259 Affection in personal distribution, 402 Agricultural classes, opposition to commercial, 113 Agricultural stage, 261 Agriculture, machinery in, 238 Alternative uses, relation to costs, 277 America, farms let on shares, 59; land changes hands, 60; exhaustion of the lands, 82; use of interchangeable parts, 85; destruction of forests, 87; coal deposits, 88-9; improvement of horses, 91; watch-factory, 92; price of horses in Boer War, 95; discovery of mines, 102; varied industrial conditions, 108; use of money, 109; expression of wealth, 114; land became part of world's supply, 155; standard of living, 192; size of families, 193; food supply, 194; increase of population, 194; army rations, 196; standard of food, 196; caste, 199; democracy and efficiency, 200; wage system dominant, 227; wages, 232; changing occupations, 234; favorable effect of machinery, 242; difference of race among workers, 247; industrial superiority, 262; Oriental competition, 263; fortunes, 271; profit-sharing, 283; producers' coöperation, 296; consumers' coöperation, 300; industrial stage, 313; crises, 352; gifts by wealthy men, 368; law of inheritance, 373; fortunes, 375; dress of workers, 397; colonial policy toward, 425, 426; custom, 426; gold standard, 432; silver supplies from, 441; gold supplies, 442; paper money, 448-9; effect of silver supplies from, 454, 457; effect of gold output, 457; banks, 468-70; discussion of taxation, 479; prices in California, 483; in different sections, 484; protective tariff, 491-503; growth of manufactures, 497; factory laws, 509-12; state enterprise, 514-17; early settlement on the coast, 526; trade in War of 1812, 526; canals, 528; railroad building, 529; aid to railroads, 535 American Federation of Labor, 245; claims of, 254 American Revolution, economic issues in, 8 Animal economy, provision for wants, 40 Animals, problem of numbers, 185-6 Antisocial profits, 289; of monopoly, 311; from speculation, 377; antisocial use of ability, 378 Appropriation stage, 261 Ashley, W. J., 575 Assignats, 448 Attribution of product, 176 Austrian economists, 570 Authoritative distribution, 406-8; use of, 410-11 Balance of trade, international, 486-7; so-called favorable, 493 Bank-notes, and paper money compared, 447; typical, 465-8; in United States, 469 Banks, and credit, 462-70; functions, 462-5; in United States, 468-70 Barter, definition, 31; under simple conditions, 32-5; difficulty of, 99; decline, 108-14; economy in Middle Ages, 110 Bequest, limitation of right, 368 Bets, see Gambling Bimetallism, international, 457-9; national, 459-61 Biologic doctrine of population, 186, 187 Biology, shows inequality of talents, 181 Birth-rate, of animals, 187; decreasing American, 193, 561 Böhm-Bawerk, E. von, 570, 571, 572, 577, 580, 583 Boycott, 251 Brooks, R. C., 593 Building laws, 505 Bullock, C. J., 568 Buyers, bidding, 34; margin of advantage, 35 Canadian bank-notes, 468, 470 Canals, as carriers, 528-9 Cannan, Edwin, 571, 573 Capital, origin of term, 112; concept in modern business, 114-7; definition, 115; not identical with money, 115; purpose of borrowing, 116; sum, expressed in years' purchase, 121; sum of expected rents, 122; value not primary, 123; stock, 127; value of stocks fluctuate, 134; time-value and, 142; fixed and increasable forms, 152-3; use by enterprisers, 285; insured by enterprisers, 286; in coöperation, 295; large, 312; amount in factories, 315; value affected by protection, 501 Capitalistic, age, 114, 117; monopoly, 306 Capitalization, of all forms of rent, 118-30; rent-charges as an example of, 118; of land rents, 124; of uniform or varying series of rents, 125-6; increasing role, 127; of any continuing income, 128; of franchises, 129; of corporate incomes, 130; rate, 147; and interest, 168; influenced by taxation, 475 Capitalization, theory of crises, 353-4 Carlyle, T., on wage, 229 Carnegie, Andrew, 268, 270, 372, 377; economies of gifts to libraries, 387, 390 Carver, T. N., 578 Cassel, 578 Caste, and efficiency, 199 Chance, unavoidable, 333; average in industry, 334; artificial, 334; legitimate and illegitimate, 335 Character, affected by expenditure, 398; highest point of production, 400; unity of choice determining, 401 Charitable distribution, 405-6 Charity, public, 507 Cheating and gambling, 335 Child-labor legislation, 509 Choice, of goods, harmony in, 400 Cities, wealth of, contrasted with feudal estates, 111, 113; growth, 504; large, on waterways, 528 City ownership, 514-5; see Public ownership Clark, J. B., 398; theory of profits and wages, 418, 573, 575, 584 Clews, Henry, on Wall Street finance, 378 Climate, and income, 48 Closed shop, 249-50 Clothing and efficiency, 196; effect of choice of, 396 Coal, use and exhaustion, 88, 558; strike of 1902, 251, 252 Coinage, 433-6; definition, 433; free or gratuitous, 434-6; token, 443-7; free and gratuitous, 443 Coins, light-weight, 443-7 Collective bargaining, 248 Collective enjoyment, as a mode of distribution, 408 Collectivism, 552 Combination and wages, 253-6; of the factors, 260; opposes competition, 429; of capital, see Trusts Comforts, relative meaning, 11; and luxury, 388 Commercial monopoly, 306 Commercial paper, discounting of, 132 Commissions, to control railroads; 541-3; to control corporations, 545 Commodity-money theory, 450 Common denominator of values, see Money Commons, J. R., 573 Communism, among Germanic tribes, questioned, 365 Comparative costs, doctrine of, 482-3 Competition, definition, 33; one-sided, 33; present limitations on, 228; the worker in, 229; reduced by trade-unions, 248-50; costly in mercantile business, 298; free, not equality of efficiency, 303; alleged cause of trusts, 322; persistence of, 331; and state action, 422-30; and custom, 422-5; economic harmony through, 425-8; social limiting of, 428-30; modern restrictions, 504 Competitive distribution, 409-10 Competitive price, forces governing, 308 Complementary agents, and value, 78; intensive use of, 78; labor and wealth, 175 Compulsory distribution, 404 Conquest theory of property, 363 Consolidation of railroads, 539-40 Consumers, determining costs, 280; gain from trusts, 325 Consumers', choice influences value, 392; choice influences wages, 394; coöperation, 298-301; League, 394 Consumption, reaction upon production, 392-401; definition of economic, 392; reaction upon material agents, 392-5; reaction upon efficiency of workers, 395-410; effects on consumer, 398; as a conventional division of political economy, 419 Consumption, tax on, 475 Consumption goods, definition, 20; immediately enjoyable, 21; a part of income, 41; differential advantages, 73-5; diagram, grades by quality, 75; proposed uses, 161; saved, 166; see Goods Continental notes, 448 Contracting out, forbidden, 512 Contract interest, see Interest Contract rent, see Rent Contract wages, see Wages Coöperation, producers', 295-7; consumers', 298-301 Corporation, securities, 127-8; public-service, 129; increase of, 133 Cost, involved in improvements, 90; of operation, 168; in larger production, 319; of government, 474; see Comparative costs Cost of production, 273-81; from the enterpriser's point of view, 273-6; psychic, 273; alternative, 274; money, 274; and price 276; from the economist's standpoint, 276-81, 422 Courts and industrial legislation, 543, 550-1 Credit, sales involve interest, 134; and banking, 462-70 Crises and industrial depressions, 345-55; caused by sudden tariff changes, 502-3 Crusoe economy, subjective valuations, 30; time-value, 131, 140; saving, 166; economic wages, 208; present and future goods, 219-20; need of judgment, 265 Cultivation, margin of, 64; see Utilization Custom, and rents, 56; and efficiency, 199, 200; affecting distribution, 409; and competition, 422-5, 429 Daniels, Winthrop M., 571 Davenport, Herbert J., 567 Death-rate, decreasing, 192 Debts, public, as investments, 133 Deferred payments, standard of, 453-61; definition, 453; ideals for a standard, 455-7 Demand, definition, 27; social aspect of choice, 28; law of, 28; curve, 29; elasticity, 29; reciprocal, becomes exchange, 30; curve, diagram, 35 Democracy, and efficiency, 199; effect on race progress, 561, 563 Deposit and discount, 462 Depreciation and rent, 85-7 Desire, see Wants Destruction, and rent, of wealth, 87-9; accidental, of wealth, 381-2; intentional, 382-3 Devine, Edward T., 587, 594 Dewey, Davis R., 568 Differential advantages, in consumption goods, 73-5; in indirect goods, 75-80 Diminishing returns, law, 61-72; definition, 61; of all agents, 62; technical, 62; economic, 63; other meanings of term, 66-9; general application to space relations, 67-8; confused with large production, 68; technical, 68; historical, 68; development of the concept, 69-72; applies to all wealth, 70; and population, 184; and productivity of labor, 215; the broadest principle of value, 420 Diminishing utility, law, 22; diagram, 24; relation to diminishing returns, 71 Directors, of railroads, obligations of, 539 Discount, commercial, 132, 135 Discovery enlarges natural resources, 156 Discrimination in rates, by monopoly, 310; in railroad rates, 530-3 Distribution, personal and functional, 359; impersonal, 360; personal, nature of, 402-3; definition, 402; of the social income, 402-11; methods of, 404-11; as a conventional division of political economy, 419 Dividends, manipulation of, 130 Division of labor, 201-4; definition, 201; kinds, 201; advantages, 202; calls for directive ability, 264; growth of territorial, 480-2 Dollar, meaning of, 435 Drink, effect of, 396 Durable agents, see Goods Durableness of rented agents, 55 Economic goods, definition of, 19; see Goods Economic harmony, through competition, 425-8; definition, 427 Economic law, nature of, 206 Economic monopoly, 306 Economic motives, see Wants Economic production, 258; see Production Economic rent, see Rent Economic wages, see Wages Economics, nature and purpose 3-8; definition, 3, 4; subject matter, 4; place among social sciences, 5, 6; as a science, 7; synonym for political economy, 7; democratic in aim, 8; importance, 8; aim of study, 412; a part only of social science, 413; central point of, 413; redefined, 555; relation to practical life, 555 Economy, involves choice, 27; the barter, 108; the money, 108-14 Education, free public, 507 Efficiency, talent, and training as factors in, 180; resultant of many qualities, 181; of labor, 195-204; equality of, not essential to competition, 423; see Ability Ely, Richard T., 568, 584 Emery, Henry C., 585 Employer, adjusts labor to interest rate, 220; see Enterpriser Employment, no lack of, 183 Energy, sources of, and income, 50 Engels, Frederick, 416 England, idea of rent in, 59; long leases, 59; food supply during Napoleonic wars, 69; coal deposits, 89; wages, 232; changes in 18th century, 237; loans, 240; abnormal effect of machinery, 241; coöperation, 296, 299; use of term monopoly, 304; cotton crisis, 345; crises, 348; endowments limited, 368; grants to royal families, 373; gold standard, 432; prices in Napoleonic wars, 442; bank restriction act, 448-9; balance of imports, 493; discussion of protection, 496 Enjoyable goods, see Consumption goods Enterprise, income, and social service, 376-7 Enterpriser, function of, 265-72; qualities of, 267-70; selection of, 270-2; his task, 273-5; his costs, 275; medium for consumers' estimates, 280; profits of, 283; origin of term, 284; his services reviewed, 285-8; his risk, 287; intermediary in industry, 287; lacking in coöperation, 297; relation to profit-sharing and coöperation, 300; as risk-taker, 338 Environment, betterment, 92, 162 Ethics, definition, 6; and economics of time-value, 144; of consumption, 395, 398, 401; of railroad problem, 532, 539; see Morality Europe, industrial methods of, 262 Exchange, in a market, 30-8; and demand, 30, 31; advantage, 31; isolated, 32; of present and future goods, 145-9; as a conventional division of political economy, 419; foreign and domestic, of money, 463; international, see International trade Extensive margin of indirect goods, 78-9; see Utilization Extravagance to give employment, 386 Factors, definition, 260; combination of, 260-4; cost of, 274; proportioning of, 275; mutual employment of, 420 Factory, system, growth and effect, 243-4; change in number, 314; limits to growth, 319; legislation, 509-13 Farmers and the tariff, 498-9 Fauna and income, 49 Feeling and utility, 26 Fiat-money theory, 450-1 Fisher, Irving, 571, 575 Fixed charges, 168 Flora and income, 49 Food, and income, 50; and efficiency, 196; effect of, 396; laws and inspection of goods, 506 Foreign exchanges, theory of, 485-8 Forestry, need of, 88 Forests, destruction of, 87-8 Franchises, for public utilities, 96; capitalizing of, 129; granting monopolies, 522 Free competition, see Competition Free coinage, money value, 435 Freedom, economic, 422-30; definition, 422 Free goods, definition, 19; on the margin of utilization, 75 Free-silver movement in America, 459-61 Free trade, see International trade Future rents capitalized, 125 Gambling vs. insurance, 333-8; definition of typical, 334; economic theory of 336 George, Henry, his theory of value, 417 Gibson, A. H., 577 Gilman, N. P., on profit-sharing, 293 Glut theory of crises, 351-2 Gold, fitness as money, 102; as money, 432-3; supply of, 435; discoveries, 442; as a standard, 455, 457; increased output, 461; shipping point, 485 Goods, definition, 19; adjustment to wants, 21; shifting series, 27; substitution, 27; series of, 39; relation of indirect to gratification, 46; enjoyable, 47; durable, 47; unripened, 47; degrees of durableness, 48; limited number, 52; free and unlimited, 152 Government, a condition of efficient labor, 198; as consumptive good and productive agent, 473; paper money, see Paper money Granger stores, 300 Gratification, defined, 16; and marginal utility, 22; temporary, 39; at different times, 45; time-value of, 141, 143 Greenbacks, 448, 451 Gresham's law, 446-7 Hadley, A. T., 579, 580 Happiness, and wealth, 18; and ostentation, 388; and character, 401 Hildebrand, 575 Historical diminishing returns, 68; confused with technical, 70; see Diminishing returns Home-market argument for protection, 498-9 Honesty, a condition of efficiency, 198; of public officials, 551 Household industry in America, 313 Immigration and protection, 498 Improvements to increase products, 90 Incidence of taxation, 476 Income, as a flow of goods, 39-42; national, social, individual, private, objective, money, 40; gross, net, 41; of consumption goods, 41; present, future, 41; funded, unfunded, 42; as a series of gratifications, 43; psychic, 43-5; all sources of, are productive, 43; affected by objective conditions, 48-52; affected by increasing capital, 152; and social service, 370-80; from property, 370-6; from personal services, 376-80; justice of large, 389-91; distribution of the social, 402-11; and taxation, 474-7; affected by crises, 354-5; personal and impersonal shares, 359-62; personal, 361; complex sources of psychic, 403 Increasable agents, 153-5; scale of increasableness, 158 Increase, of product, 90; of agents, 92, 95; of rent-bearer affects others, 93 Indestructibility imputed to rented agents, 55 Indirect goods, see Goods Individualism, extreme, its ideal of competition, 410 Industrial depressions, definition, 346 Industrial revolution caused by machinery, 237 Industrial stage, 261 Industry, changes in, affecting money, 101; money reacts upon, 102; diversity of condition in America, 108; changes in Europe, 109; growing complexity as interest falls, 168 Infant-industry argument for protection, 497 Inheritance, effect on industry, 12; social effects, 369-73 Insurance, origin, 337; economic theory of, 338; sound conditions in, 338 Integration of industry, 321 Intensive margin, see Utilization Interest, opposition to, in Middle Ages, 112; the modern contract forms for borrowing wealth, 114; contract and rent contract, 116; on loans contrasted with rent-charges, 120; increased use of, 121; permitted by Rome, 122; two modes of approach, 123; "the prevailing rate" and capitalization, 124; on money loans, 131-7; gross and net, 132; in credit sales, 134; concealed, 135; evasion of legal rate, 135; adjustment of business to the rate, 140; rate of contract, 147-8; in sacrifice sale, 149; and time-value, 150; relation to rent, 150; first use of term, 151; rate divides present and future uses, 159; and future goods, diagram, 160; equalizer of time-values, 162; rate of, and saving, 165; and capitalization, 168; and improvements, 168; rate relates present and future, 220; contract, with enterpriser, 285; conventional conception of, 413; contract, and deferred payments, 454 Intermediate products and costs, 279 Internal revenue, 475 International demand, ratio of, 484-5 International trade, general theory of, 480-90; as a case of exchange, 480-5; definition, 480; equation of international exchange, definition, 483; cash balance of, 486; real benefits of, 488-90 Interstate Commerce Act, discussion of, 537, 542; workings of, 543; importance of, 545 Inventions, affect rent, 85-6; to increase rent-bearers, 91; adds to supply, 156 Investment, and rate of interest, 148; and saving, 165; in stock of corporation, 342 Ireland, tenants' improvements in, 59 Iron law of wages, 216 Jenks, J. W., on trusts, 327, 584, 594 Jevons, W. S., on the coal-supply, 88 Johnson, A. S., 572 Justice in taxation, 477 Just price, 547 Keasbey, L. M., 576 Knights of Labor, 245 Labor, the old distinction between productive and unproductive, 43, 260; and classes of laborers, 173-83; definition, 173; and play, 173; pleasurable, 174; and wealth, 175; direct and indirect services, 176; grades of, 177; scarcity, 182; supply of, 184-194; employer's and social view, 184; conditions for efficient, 195-204; objective physical conditions, 195-8; social conditions, 198-201; division of, 201-4; of different grades, 212; relation to value, 215-25; productivity of, 215; distance from gratification, 219; no unit of, 224; value of product insured by enterpriser, 286; economized in large production, 318; legislation, 509-13 Labor theory of property, 364 Laissez faire, ideal of, 518 Land, rented in Middle Ages, 57, 110; and diminishing returns, 69, 70; and repairs, 81-2; continues to be rented, 113; products of increasing cost, 154; relatively fixed in quantity, 154-5; economic supply of, 155-6; produced, 157; not monopoly, 303 Land grants, to railroads, 535 Large industry, social effects of, 244; in United States, 312-7; advantages of, 318-20; economics of combination, 321 Large production, confused with diminishing returns, 68; sharing of the economics of, 325 Lasalle, Ferdinand, 416 Latin Union, 458 Law, definition, 6; nature of economic, 206; in relation to wealth, 361 Legislation and local interests, 549 Liberty of wage-worker, 231 Lloyd, Henry D., on coöperation, 296 Legal theory of property, 364 Legal-tender, quality of paper money, 447 Loans, short-time, 132, 137; long-time, 133, 138 Luck and profits, 289 Lump of labor, error of notion, 240 Luxury, relative meaning, 11; 385-91; definition, 385; fallacy of, 386-7 Machinery, need of repairs, 83-4; and natural resources, 91; definition, 236; and labor, 236-44; extent of use, 236-8; age of, 237; effect on wages, 239-44; evils of sudden introduction, 239; economy in large production, 318 Malthus, Robert, on fixity of land, 154; on population, 579 Malthusian doctrine, 578 Manual workers, social service of, 379 Manufactures, fallacious contrast with agriculture, 67; do not fix interest rate, 124-5; machinery in, 283 Marx Karl, 416, 417 Marginal contribution of labor, 213 Marginal labor, 210 Marginal pair, 34; diagram, 35 Marginal utility, definition, 23-7; in barter, 32; in use of goods, 64; of consumption goods, 75; of indirect goods, 78-9; of wages, 211, 213; fixes cost of factors, 277; applied to gambling, 336-7; in insurance, 338; of income, 399; extension of the principle, 420-1 Margin of advantage, 34; diagram, 35 Markets, definition, 36; exchange in, 36-8; widening, 36-7; growth, 263 Market value, built on subjective valuation, 35, 38; of time, 145 Marriage, postponement, 190 Marshall, Alfred, 573, 574, 583, 594 Material resources, relation to efficiency, 195 Material wants as motives, 9 Medium of exchange, see Money Merchants impart utility, 31 Middle Ages, markets, 36; customary rents, 56; renting contract, 57-9; limited use of money, 109-13; rent-charges, 118-22; use of term interest, 151; death-rate, 192; caste, 199; system of labor, 227; industrial changes, 237; marine insurance, 337; no crises, 348; favored classes, 373; sumptuary laws, 390; custom, 424; competition, 425; prices, 441; depreciation of money, 444-5; small political units in, 481; control of industry in, 553 Mill, John Stuart, on fixity of land, 155; on coöperation, 296, 361, 368, 398, 417, 572 Money, as a tool in exchange, 98-107; origin, 98-103; nature of use, 103-5; value, 105-10; as medium of exchange, 99; qualities, 100; materials, 101; an indirect agent, 103; as common denominator, 104; as storehouse of saving, 105; commodities with monetary use, 106; general use of, 107; defined, 107, 431-2; and the concept of capital, 108-17; use in various countries, 109; increasing use in medieval cities, 111; not identical with capital, 115; time-value and, 142; form taken by saving, 167; movement of, before a crisis, 346; use, coinage, and value, 431-42; the precious metals as, 431-6; quantity theory of, 436-42; standard, or primary, 432; fundamental use, 436; average demand for, 437; effect of changes in supply, 454, 457, 459; territorial distribution, 487-8; and foreign trade, 484 Money-changing, 463 Money market, for short-time loans, 137; for productive loans, 139 Money theories of crises, 352-3 Monopoly, of labor, 253; profits, 302-11; nature of, 302-5; definition, 304; kinds of, 305-8; test of, 308; price fixed by, 308-11; meaning, 312; and supply, 324; profits, social burden, 326; in protective tariff, 500-1; in localized public utilities, 519-21; public gain from, 522; power of the railroad, 530, 533 Moral qualities in industry, 180 Morality, as motive, 13-14; of luxury, 389; opposes competition, 429 Mortgages, nature of security, 133 Motives, economic, 9-14; see Wants Nail trust, 329 Natural economy, 110 Natural law, philosophy of, 426 Natural resources, and income, 49; exhaustion of, 89, 558; adapted and improved, 90; machinery an adaption of, 91; development of, 560; see Land Natural-rights theory of property, 364 National ownership, 516-7; see Public ownership Necessities, relative meaning, 11 Negro, simple wants, 11; caste sentiment regarding, 199; working hours, 201 Normal price, 37 Occupation and talent, 203 Occupation theory of property, 363 Oil trust, 328 Open shop, 249-50 Organization, of workers, need of, 246; required for efficiency, 262; and the enterpriser's function, 265-72 Orthodox economists, 415, 416; predictions of, 557 Over-production theory of crises, 351 Ownership, forms of, 363 Paper money, bank-notes as political, 466; experiments, 447-9; definition, 447; theories of, 450-2 Par of exchange, definition, 485, 486 Pastoral stage, 261 Patten, S. N., 586 Permanent possession, 53; see Capitalization, Property Personal distribution, see Distribution Physiocratic school, 415 Political corruption and industrial legislation, 550 Political economy, see Economics Political money, see Paper money Political monopoly, 305 Political security, and saving, 163; a condition of efficiency, 198 Politics, definition, 6; and the tariff, 503; influence of railroads in, 538 Population, growth in Europe in 18th century, 69; doctrine of, 184-7; related to resources, 184; animal stage of problem, 185; human population, 186; in human society, 187-90; excess, 188; control, 188; current aspect of, 191-4; resultant of many forces, 191; growth not fatalistic, 191; quality, 193, 561, 562; increase in the 19th century, 194 Present and future, wants, 44; rents, 125; goods, 145; competing for labor, 220-21 Price, definition, 36; market and normal, 37; under competition, 308; under monopoly, 309-310; of trusts affected by competition, 331; a social fact, 360; changes, see Money Primitive society, war in, 188; custom in, 424 Private property, and saving, 164; and monopoly, 306; and inheritance, 359-69; origin, 362-6; limitations, 367-9; vs. socialism, 376 Producers injured by trusts, 330 Producers' coöperation, 295-7; definition, 295 Production, and rate of interest, 166-9; agents of, 175; two sources of economic, 222; and the combination of the factors, 257-64; nature of, 257; economic and personal, 258; social, 259; vs. welfare, 398; unity of process, 418; as a conventional division of political economy, 419; by transportation, 525 Productive goods, definition, 20; affect output of labor, 195 Productive and unproductive industries, 260 Productive labor, see Labor Profits, unearned, by some directors, 130; on purchase of capital, 138; margin of, 275; loss of, 282-91; definition, 282, 291; meaning of terms, 282-5; a species of economic wages, 284; fluctuation of, 288; statement of law, 289; pseudo, 289; chance, 289-90; conditioned on skill, 290; risk theory of, 291; to promoters of trusts, 322; of promoter, 342; of trustee, 343; before and after a crisis, 347; relation to wages, 415; Clark's theory, 418; in foreign trade, 495 Profit-sharing, 292-5; definition, 292 Progress, of the masses, 232; cause of, 232-3; must grow out of wage system, 234; marked by control over nature, 261; stimulated by luxury, 388; and refinement of desire, 399; by wise method of distribution, 411; due to temporary conditions, 558; social vs. racial, 560; depends on race quality, 561; depends on competition, 562; endangered by status and envy, 563 Promoter, services of, 342; profits, 342-3 Property, private, effect on industry, 12; effect on population, 189, 190; and wealth, 361-2; definition, 362; and social expediency, 370; in land, 374; defense of, 374-5; see Private property Property tax, 475 Protective social and labor legislation, 504-13 Protective tariff, claimed to be socially expedient, 374, 491-503; definition, 491; nature and claims of protection, 491-6; measure of justification in, 496-501; values as affected by, 501-3; compared with other social legislation, 512 Psychic income, 39-45; complex sources of, 403; see Income Psychology of crises, 354 Public control of industry, examples, 544-8; difficulties, 548-51 Public interests, limiting private property, 367; paramount in social legislation, 505-9 Public officers, interested in corporations, 343 Public ownership of industry, 514-24; examples of, 514-7; economic aspects of, 517-24 Public policy as to control of industry, see Public control Public utilities, increase of rents from, 96 Public wants, development of, 472 Publicity of corporation management, 546-7 Quantity theory of money, 436-42; definition, 438; objections to, 439-41 Railroad, need of repairs, 83; and industry, 525-33; as a carrier, 527-30; economic vs. technical efficiency, 527; public nature of, 534-43; privileges of, 534-8; obligations of, 536-8; political and economic power of, 538-40; commissions to control, 541-3 Railroad rates, discrimination in, 530-3; similarity to taxes, 538 Rank of goods, technical, 46 Rapp, George, 266 Real wages, definition, 207; raised by machinery, 242 Recreation, influence on efficiency, 397 Religion, as economic motive, 13-14; opposes competition, 429 Remuneration, profit-sharing as a method, 295; methods of, see Wages Rent, the renting contract, 53-60; origin of term, 53; several meanings, 54; essence, 55; as usufruct, 55; imputed durableness of rented agents, 55; gross and net, 55; economic and contract, 56-7; history of contract, 56-60; rent charge, 58; economic rent wider than renting contract, 60; connection with gratification, 73; varies with quality, 75; with quantity, diagram, 77; limits of, 79; economic and contract, 79-80; of wealth, affected by repair, depreciation, and destruction, 81-9; changes in, 90-7; of money, 106; basis of capitalization, 122-4; discounted, 123; relation to time-discount, 150-1; and wages, mutually influence, 175; "of ability," 178; and wages, 205; "of labor," 205; relation to wages, 215-8, 221; as personal or impersonal income, 359; conventional conception of, 413; as usufruct, 414; in Middle Ages, 424 Rent-bearers and rents, 90-7 Rent-charges, 58; sale and purchase, 118-22 Renting contract, 53-60; definition, 57; in the Middle Ages, 57; narrow use, 58, 59, 60; and economic rent, 60; hindered improvements, 110; contrasted with interest contract, 116 Repairs, and rent, 81-84; do not prevent decay, 85; and time-value, 143 Replenishing agents, 154 Rhodes, Cecil, 372 Ricardo, David, on fixity of land, 155; labor theory of value, 224, 398, 417, 442, 574 Ripley, W. Z., 575 Risk by enterpriser, 287 Risk theory of profits, 291 Risk-taking, legitimate and illegitimate, 335 Roosevelt, Theodore, efforts to control corporations, 546 Rossignol, J. E. le, 584 Roundabout process, 46, 576 Sage, Russell, on great corporations, 377 Satisfaction, see Gratification Saturation point for coinage, 443 Saving, and rate of interest, 159-63; conditions favorable to, 163-6; influence on methods of production, 166-9; benefits, 169; future effect of, 560 Scarcity, basis of economy, 19; effect on utility, 73; of various goods, 76; of present goods, 146; of common materials, 153; of all economic goods, 153; of human services, 182; of labor, 207, 225; not synonymous with monopoly, 302 Seager, H. R., 568 Seigniorage, definition, 434; and value, 443-7 Self-interest, social effects of, 427 Sellers' margin of advantage, 35 Serfdom, conditions, 227; see Middle Ages Services, a condition of income, 207; and wages, 210, 213; social and individual estimates of, 379; see Labor Shifting of taxes, 476 Silver, fitness as money, 102; as money, 432-3; as a standard, 455 Single-tax, purpose, 374; theory of value, 417 Skill, condition of continuing profits, 290; of labor, see Ability Slavery, as a system of labor, 227 Smart, 570, 571, 583 Smith, Adam, on money, 103, 181, 182; his "Wealth of Nations," 425-6, 484, 557 Social amelioration, various kinds, 504-9 Social changes, and rents, 94; temporary, 95 Social classes, volitional control in, 190 Social control, progress of, 551-4; see Public control Social effects of a tariff, 498 Social-expediency theory of property, 365-6; basis of private property, 370; of inheritance, 370-3; of class legislation, 373; of protective tariffs, 374; of rewarding talent, 378; in taxation, 478 Social institutions and personal incomes, 360 Social legislation, growing need, 197, 504 Social sciences, nature, 5; complexity, 5, 6 Socialism, extreme, its ideal of distribution, 410; radical, vs. social reform, 552 Socialistic theory of value, 416 Socialists, predictions of, 553 Social prophecy, 553 Social regulation of bank-notes, 467, 470 Social service and income, 370-80 Specialization, and size of market, 263; of risk-taking, 339-40 Speculation, in goods, 336; as risk-taking, 338-42; in all business, 339; as insurance, 340; by lambs, 341; legitimate and illegitimate, 344; income from, 376-7 Spencer, Herbert, 518 Spiritual needs as economic motives, 13-4 Stages of industry, 313 Standard of deferred payments, see Deferred payments Standard of living, definition, 191; Asiatic, 191; American, 192; theory of wages, 216; result of sudden change in, 387-8; change in 19th century, 557 State, function to direct competition, 429-30; function of the, 471-3; regulates railroads, 541-2; regulates corporate industry, 544-8; increasing functions, 548 State ownership, 515-6; see Public ownership State socialism, growth of, 551-2 Status, as method of distribution, 409 Storehouse of saving, see Money Strength of men and women, 179 Strikes, 251; violence, 252; cost, 252 Subsidiary coinage, 445-6 Subsistence theory of wages, 217 Sugar trust, 328 Sumner, W. G., 567 Supply, relation to utility, 24-6; curve, diagram, 35; of land in economic sense, 155; limitation of better qualities, 158; of labor, 184; and monopoly, 324; and trust prices, 331 Sympathy, as an economic force, 13, 235 Talent and occupation, 203; see Ability Tariff for revenue, 491; see Protective tariff Taussig, F. W., 580 Taxation, in its relation to value, 471-9; definition, 471; purposes of, 471-4; forms of, 474-7; principles and practice, 477-9 Taxes, as a mode of distribution, 407 Technical diminishing returns, 68; confused with historical, 70; refers to limited time, 71 Technical rank of goods, 46 Temperance legislation, 507 Temporary use, 53; see Rent Tenement-house laws, 505 Time, in relation to wants, 44; relation to gratification, 161 Time-discount, of future rents, 125-6; rate fixed in practice, 126 Time relations of goods to wants, 46 Time-value, and interest, 131; theory of, 141-51; definition and scope, 141-5; fixing of rate, 145-51; and rate of interest, 159-50; relation to wages, 219-22; the highest problem of value, 414 Tin-plate trust, 329 Token coins, 445-6 Trade-unions, 245-56; objects, 245-8; methods, 248-53; claims of, 254; effects, on wages, 253-6; and profit-sharing, 294; monopoly of labor, 308 Transportation, as a form of production, 525; changes in 19th century, 529-30 Trant, book on trade-unions, 254-5 Trustee, speculating, 343 Trusts, in United States, growth of, 312-22; recent organization of, 315-7; economic possibilities of consolidation, 321; causes of, 320-2; in legal and popular sense, 320; effect on prices, 323-32; control of, 332 Under-consumption theory of crises, 351 Unearned increments, various kinds, 96 Unions, see Trade-unions United States, see America Unproductive labor, see Labor Unripe goods, see Goods Usufruct, see Rent Usury, in Middle Ages, 113; usury laws, 508 Utility, broad sense, 19; see Marginal utility Utilization, intensive margin, 64; extensive, 65; diagram, 65; equilibrium of two margins, 66; of indirect goods, 78-9 Value, definition, 20; relation of labor to, 222-5; characteristics of, 258; cost of production explanation, 277; genealogy of, (diagram) 278-80; law of, and monopoly price, 311; law of, and trusts, 323; survey of the theory, 412; the unit of, 413; stages of value, 414; various aspects, 419; generality of the law, 420; effect of taxation on, 475-7; future trend of, 555-63 Value theories, relation to social reforms, 415-8 Volitional control, of population, 188, 189, 191, 193, 561 Wage contract, terms of, 229 Wage-fund theory of wages, 217 Wages, related to scarcity, 182; and efficiency, 196; law of, 205-14; nature of, 205-8; and rent, 205; economic and contract, 206; real and nominal, 207; modes of earning, 208-11; methods of remuneration, 211; and the general law of value, 211-4; term "general rate," 211; differences in, 212; statement of law, 213; and rent, 215-8; and time-value, 219-22; law of wages, 215; iron law, 216; and ambition, 230; rise of money form of, 232; real, changes in, 232; more better-paid callings, 233; raised by machinery, 242; in general industry determined by impersonal economic forces, 255; and profits, 284; and profit-sharing, 295; as personal or impersonal income, 359; influenced by consumers' choice, 394; relation to profits, 415; and protective tariff, 495; laws regulating payment, 511 Wages system, and its result, 226-35; defined, 226; development, 227; as it is, 229-31; progress under, 232-5; gloomy view of, 233 Walker, Francis A., theory of wages, 417, 578 Wants, material, 9-12; non-material, 13-4; of animals, 9; primitive, 10; civilized, 10; and progress, 11; growth, 12; refinement, 12; complex, 14; dependence on things, 15; relation to goods, 16; kinds, 21; changing, 26; recurrence, 39; in series, 39; present and future, 44; see Consumption War, to remedy over-population, 188; affects productive agents, 394 Waste, and luxury, 381-91; of wealth, 381-5; individual, 384; in public outlay, 384-5; fallacy of, 385 Water routes, influence on local advantages, 526-7; economy of, 528 Wealth, and welfare, 15-20; definition, 17, 18; and income, 41; related to gratification, 44; and its indirect uses, 46-52; conditions of economic, 48-52; in city and country, contrasted, 111; loan of, in Middle Ages, 112; concept, and capital concept, 116; and property, 362; inequality of, 375 Welfare, and wealth, 15-20; and instinctive choice, 395; vs. production, 398 Wieser, 570, 571, 580, 583 Wind and water as sources of power, 51 Woman's work, 510 Work, see Labor Workers, effect of machinery on, 239-44; need of organization, 246; need of direction, 265-7; and profit-sharing, 294; gains from trusts, 325; health in factories, 509-10 Years' purchase, 120

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