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CHAPTER Ⅰ FUNDAMENTAL CONDITIONS:MAN AND ENVIRONMENT1

Income(product)comes from men and their possessions,and consists of goods1

and is limited by consumption2

not derived from standard of living nor determined by desires3

nor by volume of money4

inevitably twofold in origin—men and environment5

difference of environments in effect on income6

differences in men—in strength and industriousness7

in knowledge8

in morality8

in institutions9

interactions between men and environment11

take place mostly in the human factor13

in any case are mostly due to intelligence13

but are confined within narrow limits15

conditions determining relative supplies of goods17

summary18

CHAPTER Ⅱ COMPETITIVE ECONOMICS;THE RéGIME OF PRICE19

Institutions change19

competition a present institution20

its characteristic traits20

price its central characteristic21

pervasiveness of price22

criteria of definitions25

economics defined26

summary26

CHAPTER Ⅲ THE RéGIME OF PRICE(Continued)28

Price the pivotal point in all economic competitions28

and in distribution28

but only so in the competitive order29

the classifications and generalizations of which must conform to the nature of this order29

but must avoid appraisals29

or any assumption of permanency or merit in the facts treated30

human desires common to all economic systems31

summary31

CHAPTER Ⅳ SPECIALIZATION AND TRADE RELATED TO MONEY33

Specialization imposes interdependence and promotes efficiency33

isolation and independence imposing inefficiency for the individual34

and for nations36

specialization possible in the competitive order only through trade,and trade practicable only through intermediates37

barter itself connoting multiplicity of media38

not goods but money competitive demand for goods39

value being mostly restricted to the price form39

summary40

CHAPTER Ⅴ THE ADJUSTMENT OF PRICE42

The view of the outsider42

of the insider43

of the economist44

unreserved supply against one demand45

against several46

supply with reservation prices47

graphs48

reservation prices as holdersdemands50

goods demands for money51

utility related to demand51

logic of the marginal analysis53

price fixed not by averages,or by demand solely,or snpply solely,or by margins,or by marginal pairs54

summary54

CHAPTER Ⅵ SUPPLY DETERMINED BY COST OF PRODUCTION57

Price affects purchases57

supply affects price57

costs of production affect supplies relatively to one another,as an expression of specialization of production58

supplies dependent upon choice of sacrifice—sacrifice being expressed as cost59

alternative opportunities costs60

what sacrifice cost includes61

opportunity cost the leading collectivist category62

as also a competitive cost63

cost as reservation price64

supply limited at marginal cost64

the marginal analysis64

marginal cost in relation to opportunity65

various cost bases67

ones own possessions and cost67

a typical cost account68

cost a forward-looking computation based on past experience and affecting future product69

includes all resistances under the price denominator70

cost and supply vsdemand71

cost as expressing resisting demands72

the focusing point of many influences bearing upon the entrepreneur74

which the economist must investigate,rather than the entrepreneur75

marginality personal rather than instrumental77

the marginal enterprise78

marginal discomfort79

other margin-determining influences80

the limited significance of marginality82

pains and their significance82

summary83

CHAPTER Ⅶ UTILITY;DEMAND;DEMAND WITH SUPPLY85

Price everywhere determined by demand and supply and changed by changes in either or both85

no demand without utility85

which is desiredness—changing as desires change86

a relation to a human being and in this sense solely a quality87

no demand without marginal utility88

marginal utility discussed89

therefore no demand without scarcity91

not marginal utility alone but a comparison of marginal utilities,subjective valuation,gives demand91

a marginal demand indicating an equality ratio between alternative marginal utilities93

neither marginal demand nor marginal price fixes price,nor both together94

all items,marginal and other,participating95

intramarginal higgling96

all utility,marginal and other,purely individual—social utility irrelevant97

utility,marginal utility,and comparison necessary to explain demand97

neither of which excludes impulse or habit,or instinct98

or involves a hedonistic theory of desire,or any necessary relation to pleasure and pain99

or even always deliberation and calculation100

the nature and limits of abstraction and generalization100

summaries103

CHAPTER Ⅷ THE SIGNIFICANCE OF Co8T OF PRODUCTION106

Entrepreneur cost not ultimate106

but finds no explanation in pain;unexplained,leads to superficial and circuitous analysis107

still inevitable and important,being actual109

and pivotal110

causal sequence on the cost side,the supply side111

all explanations which are not genetic imply a preceding and conditioning price situation113

and a moving equilibrium113

a necessary method of analysis115

the interrelation of bases of cost116

summary116

CHAPTER Ⅸ WHAT IS PRODUCTION?WHAT THINGS ARE PRODUCTIVE?120

Activity and enterprise employing a variety of means120

to a diversity of ends,material and immaterial120

test of production net proceeds,price results121

not in materiality121

accumulatability123

but in objective price-bearing results123

therefore men are not products124

subject matter of economics classified125

ethical criteria inapplicable as test of product126

parasitism and predation irrelevant127

so the question who consumes127

the various sources of product—proceeds128

saloons,gamblers,and thieves productive130

so intangible properties131

irrelevant to product who is user131

wealth,capital,and property distinguished132

rent and interest distinguished132

innumerable directions of investment of proceeds,therefore innumerable varieties of costs133

summary134

CHAPTER Ⅹ THE DISTRIBUTIVE PROCESS:APPORTIONMENT OF PROCEEDS137

Distribution according to the productivity theory137

a price process138

relates only to primary distribution138

which is captained by the entrepreneur139

theory lacks precision140

production and consumption goods similar in point of the price process,—in demand141

in supply142

the entrepreneurs standpoint merely indicates the direction in which the explanation is to be sought143

demand as distinguished from utility144

demand motivates supply144

but reports accurately neither utility nor the price significance to the entrepreneur146

hire being merely market price of the efficiency146

nor accurately is there a distinguishable specific efficiency146

nor is specific efficiency necessary in order that profits and opportunities function as costs148

the productivity theory only approximately true,and then only when product means proceeds150

there are hirerssurpluses151

social marginal productivity153

distribution ethically viewed153

property and deserving154

summary155

CHAPTER Ⅺ DIFFERENT BASES OF COST AND DISTRIBUTIVE SHARES159

Cost outlays various in direction157

mainly wages,profits,instrument rents,and interest160

including equally all instrument hires160

compelling a new concept of capital161

and a new doctrine of costs162

condemning traditional tests of labor origin163

of materiality165

of mobility168

of technological functions168

of elasticity of supply169

of political or social significance171

of relations to diminishing returns171

what capital is172

proved by income in time,or by discount,or by interest173

the importance of the issue175

summary176

CHAPTER Ⅻ LAND:RENT AND INSTRUMENTS AS COST:LAND RENT AND COST178

Substitution possible between factors179

this not inconsistent with complementarity179

no warrant therein for the threefold classification of factors179

limitation on substitutions in agriculture,is spatial179

else no land shortage possible179

nor higher rents and prices with increasing population180

effect of land shortage on wages180

extensive and intensive cultivation as related to rent181

to prices and wages182

to hires and instrument costs183

Ricardian doctrine of rent stated181

developed and examined183

rent as cost186

the post-Ricardian disciples186

various differentials related to cost188

fundamental determinants of rent190

costs as distributive shares190

cost purely an entrepreneur computation191

the entrepreneur uninterested in ultimate determinants192

various costs indistinguishable relative to price determination193

summary193

CHAPTER ⅩⅢ URBAN RENTS,AGRICULTURAL RENTS,AND COSTS196

With urban rents not fertility but only position important196

nature of advantages197

rents affected by demand for products,and by changes in technique irrespective of owners deserts198

social aspects of proportions of factors198

developing technique in transportation and manufacturing tends to increase urban as against rural rents200

effect of urban transportation on distribution of urban rents203

urban rents related to costs,and to price204

fundamental causes of rents207

CHAPTER ⅩⅣ CAPITALIZATION vsCOST AS DETERMINANT OF PRICE209

Different goods affording incomes present and future209

present price related to future income210

through capitalization210

but not so with free men211

capitalization vscost as determinant of price211

with durable consumption goods212

with durable production goods213

effects of changed proportions of factors215

summary217

CHAPTER ⅩⅤ CAPITALIZATION THE PROCESS BY WHICH FUTURE INCOMES ACHIEVE PRESENT WORTH219

Future services219

the effects of time perspective219

doubtful as bearing upon mere consumable goods220

but clear with money or with goods under money price221

as with a series of money incomes222

or with future incomes with indefinite money size224

the commonly accepted view insufficiently individualized225

any view prone to overrationalization227

present things commanding future services have present utility229

summary232

CHAPTER ⅩⅥ THE DISCHARGE OF DEBTS:DEFERRED PAYMENTS236

Each good has many values—each value an exchange ratio between terms specific and quantitative236

barter implies value but no price—money exchanges only price,with all value relations mere deductions236

exchange dependent on specialized production237

the money economy237

a standard inevitable in deferred payments238

no equality in value since value is not quantitative239

but is only a ratio which is actual only as price240

this true over intervals of space242

of time242

and equally in present exchanges242

money has not one but innumerable values242

no value is measurable,measurement being quantitative and values not243

meaning of instability244

injustice of245

evils of speculativeness245

deferred payment merely one case of exchange246

test of stability is utility,the things traded being not values but goods247

the desideratum is indemnity248

in terms of immediate consumption goods rather than of durable goods249

summary261

CHAPTER ⅩⅦ MONEY,CREDIT,AND BANKING254

Currency the intermediate in exchanges254

all functions are aspects of intermediateship,—standard,storehouse,payment255

money defined256

necessary qualities259

banking and the issue of credit260

reserves and their function260

economy of money262

banking viewed separately and in the aggregate263

what banking really does263

deposits and solvency264

creative of loan funds264

cost of currency from banks and from mines265

analysis of costs in the issue of credit265

the demand for media267

traderssurpluses267

the allocation of these267

the sellersthe greater268

volume of currency and prices269

the value of gold in relation to demand270

commodity uses as demands271

monetary theory peculiar271

elasticity of demand271

all prices affected equally by changed volume273

prices affect one another and tend to move together274

relation of supply of gold to its utility275

supply of banking media related to prices276

discount rates and prices276

Greshams Law:international trade278

currency expansions,international trade,intercommunity trade279

commercial crises280

preceding conditions280

rising prices282

the reaction282

benefits and dangers of credit283

ameliorations284

disorganized banking vsunified reserves286

responsibility for panics287

double counting of reserves dangerous but not most serious danger289

contraction through scramble for reserves289

is all credit therefore contracting?291

effects on production293

the remedy294

post-panic depressions295

effects of rising prices on dividends and credit295

cause and effect of narrowing margins297

the delay in recovery298

restricted consumption and overproduction300

hoarding of money and credit302

investment with restricted saving304

savings,luxury,charity,waste306

quantity theory of money310

admitting that not goods but only goods at a price are demand for money311

and that not goods as an aggregate but only goods separately exchange against money312

nothing follows adverse to the quantity theory314

quantity of currency rather than money important316

credit retains a fixed ratio to money317

the phenomena of banking in relation to the quantity theory318

and the phenomena of depressions319

changed demand and reservation prices319

bimetallism321

effects of demonetization321

compensatory action and its effects321

national and international324

advantages of international bimetallism conjectural and unimportant327

what fluctuations are important327

and what the proper base-lines328

CHAPTER ⅩⅧ LOAN FUND CAPITAL332

Interest determined as price adjustment332

social capital333

money as capital334

whether credit is capital334

what private capital includes335

collectivist capital336

method of increase of private capital337

saving and lending337

private capital divergent from social capital337

borrowed thing,repaid thing,premium thing,all currency342

the loan fund widely and authoritatively recognized344

loan and rental contracts distinguished346

loan fund derived from saving and from banking347

effects of banking on interest349

banking essentially underwriting351

discount rates analyzed351

summary352

CHAPTER ⅩⅨ THE LOAN RATE:INTEREST355

Income a currency flow355

loans a method of modification356

interest the payment to achieve this356

loan fund furnished by saving and by banking356

much capital is original bounty358

saving never painful359

interest rates not necessary to saving361

abstinence,rightly interpreted,a truism362

influences to modify individuals saving364

saving and banking as sources of loan fund366

different abstinence theories367

land and capital in interest theory,as per Bullock,Hadley,Senior,and Taussig373

productivity in time gives interest376

gains from investment give interest377

so also durable sources of service377

rents related to interest378

renterssurpluses and interest379

no implication of social service380

various independent causes,each adequate381

the process of fixation a price process382

reservation prices in interest theory383

the concept of a market383

interest not an adjustment of pleasures against pains385

social explanations and the social organism387

method of hypothesis390

the social cosmos391

summary388

CHAPTER ⅩⅩ RISK,PROFIT,AND INTEREST398

Risks,insurable and non-insurable,as costs399

advantages of affiliations399

risk costs greater as competitor is weaker399

risk as limit on size400

risk as related to profit and interest401

profits and social welfare405

speculation,gambling,and underwriting404

summary405

CHAPTER ⅩⅩⅠ CAPITALIZATION AND DISCOUNT RATES407

Résumé of previous conclusions407

not one but many interest rates410

these related to the capitalization process410

capitalization doctrine circuitous unless individualized411

CHAPTER ⅩⅩⅡ CLASSIFICATION OF THE FACTORS OF PRODUCTION413

Scope of the objects of cost outlays413

traditional view of these414

land vscapital414

traditional view collective and genetic415

also technological but inaccurate416

many kinds and degrees of factors417

interrelations and interactions numberless419

interdependence and substitution420

traditional classification indicted421

summary421

CHAPTER ⅩⅩⅢ LAWS OF RETURN:PROFITABLE PROPORTIONS:PROFITABLE SIZE423

Industrial facts underlying the law of proportions423

social-static formulation424

social-dynamic425

competitive-static426

differences in entrepreneurs427

classification of factors irrelevant428

a price calculation,despite various authorities429

deductions430

more than a land law431

or than technological law431

competitive-dynamic formulation433

deductions434

distributive applications435

general applications437

advantage in size437

size vsproportions438

applies to industries in competition with one another441

long-time and short-time best size442

law illustrated in what industries442

the applications442

summary443

CHAPTER ⅩⅩⅣ DISTRIBUTION AND THE LAW OF PROPORTIONS446

Costs mainly distributive shares446

traditional exaggeration of technology446

some factors technological,others not447

interdependence and substitutions448

distribution favors the relatively scarce448

complementary factors449

relation of population to wages450

confusions of static with dynamic450

wages and standard of living451

changes in factors require new distributive analysis452

effects of changed industrial technique454

especially in agriculture on land rent455

elasticity of consumption related to land rent455

Gregory Kings law456

CHAPTER ⅩⅩⅤ COSTS IN CORPORATE AND LARGE BUSINESSES459

Profits in the large organizations459

related to interest,dividends,and risks460

stockholdersoperations in corporate stocks461

managersoperations for private gain461

business code of ethics461

cost related to monopoly supply463

giant industry contrasted with farming464

temporary cost not inconsistent with loss467

idle plants468

supply in average conditions469

in favorable conditions470

in adverse conditions471

partial applications of monopoly methods472

summary473

CHAPTER ⅩⅩⅥ COMPETITION AND MONOPOLY474

Monopoly and competition antithetical474

yet monopoly competitive in spirit476

good and ill in competition476

laissez faire criticized477

wastes of competition478

com?petition often self-destructive479

economies and advantages of size479

monopoly affecting buyersand sellerssurpluses480

buyersand sellerscombination481

monopoly theory and competitive theory482

pressure toward monopoly,cut-throat competition482

unwise legislation484

combinations of combinations485

a degree of monopoly in all successful business486

CHAPTER ⅩⅩⅦ THE SOCIAL DIVIDEND AND THE INDIVIDUAL INCOME488

Social dividend the total of valuable benefits488

distributed mainly through money incomes490

products the primary fact490

in what these consist491

different sorts of services491

service from durable properties491

privilege and power as income493

primary and secondary distribution494

property,especially natural bounty,related to distribution495

also franchises and monopolies496

great wealth controls high ratio of gains497

which defy accurate division into interest and profit498

summary501

CHAPTER ⅩⅩⅧ THE DISTRIBUTIVE ANALYSIS IN THE LARGE504

Scope of the chapter504

genesis of current economic doctrines504

unproductive labor505

cameralism505

mercantilism506

physiocracy507

later views,egAdam Smith,JSMill508

influence of English legal system510

Providence guides511

natural law controls512

laissez faire513

modern views summarized514

criticized515

the census of wealth in the United States519

criticized for its concept of capital521

natural bounty522

wealth and poverty in the United States523

enormous production and its explanation523

single tax and other taxes527

exploitation by franchises,monopolies,and private property in natural bounty528

the need of a new economics528