Institutes of economics; a succinct textbook of political economy for the use of classes in colleges, high schools and academies

Elisha Benjamin Andrews

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of > ^ hzJO ^^^^S^'X^ 1^-X.du>Afi , BOUGHT WITH THE INCOME OF THE EDGELL-LIBKAHY-FUND '.Icicssii/it^i>/ /^r/^ /('flt/t/t'l)ject, placing in the list in fact more call- ^ings than their own definition required. Their classifi- followed most writers of the Englishcation has been by School. Not by the French,^ who, even when disciples THE NATURE OF PRODUCTION32 of Adam Smith, have usually reckoned as productive all labor imparting economic modifications to the immate- rial nature of man. Roscher goes further still, and de- fines every sort of activity as productive which society is willing to pay for.^ This is now the prevalent doctrine. ^ =Cf. 7. "Active" commerce preponderance of export= favorable§ " "= =l^alance of trade : passive of import unfavorable balance of trade [Roscher, 48].§ ^ TheyCf. 9. believed manufacturing to do nothing but change the§ whateverform of things, value it added being just the sum of the raw ma- terials consumed by the laborers in the manufacture.process of Quesnay indeed saw that not all the new worth added by manufacturing could be ex-so plained, but considered the rest the outcome of natural or legal monopoly. "Trade too the physiocrats thought sterile," merely passing wealth from one hand into the other. What merchants won was at cost of the nation. all this, and the easy refutation of it, Roscher, and n. 2.

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• Economics

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• Publié par: les_archives_du_savoir
• Nombre de lectures: 55
• Langue: English
• Poids de l'ouvrage: 10 Mo

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!AHKKi:^INSTITUTES OF ECONOMICS
A SUCCINCT TEXT-BOOK OF POLITICAL ECONOMY
FOR THE USE OF CLASSES IN COLLEGES
HIGH SCHOOLS AND ACADEMIES
BY
ELISHA BENJAMIN ANDREWS D.D. LL.D.
President of Brown University
Late Professor Political Economyof and Finance in Cornell University
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BOSTON
SILVER, BURDETT & COMPANY
1897'1?3
7^=^-
Copyright, i888
E. benjamin ANDREWSBy
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Presswork by Berwick & Smith, BostonTO
Hof-Rath Dr. Joh. vonA. R. HELFERICH
Professor of Economics and Finance in the
University of Munich
By his former pupil
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Xenophon, Oikonomikos, I, 2.1,PREFACE
Two main motives have prompted the composition of this book,
excellentone concerning method, the other, doctrine. The most
manuals of Political Economy now in use seem to the author to
involve two serious faults of method. One is that they nearly
everywhere say too much, totally ignoring the instructor, and on
most points leaving the pupil himself little thinking to do even
when they stop short of positively confusing his mind in its efforts
thatto construe the thought in its own way. The other is they do
not mark for the eye, in differences of type, any distinction between
their exhibiting prin-substantive and subsidiary material, pages
ciple and illustration, statement and amplification, clothed in equal
form. It is believed both on psychological groundsdignity of
and from much experience, that the best printed presentation of a
for class-room briefest which clearness willsubject purposes is the
allow, leaving indispensable amplifications and illustrations to notes,
and all fuller exposition to the teacher's wit or the student's search.
This is the aim of the following pages. That the pupil, so soon as
master of the essential idea, may be able to at once enlarge and
tighten his grasp upon it through reading, most of the paragraphs
are introduced by references to the best accessible authorities, more
timerecondite works being at the same named for the behoof of
teachers. On collateral subjects of special importance the ablest
convenient discussions are listed in notes. The analysis and ar-
rangement of topics are in many particulars new, and it is hoped
that some of the changes introduced will prove welcome. As the
result of careful reflection, a prominence which may at first seem
grotesque has been given to the paragraph-captions. Students will
find this not merely a mnemonic convenience for the purposes of
review and examination, but a most efficient objective help in grasp-PREFACEVI
ing the science. Touching the doctrine of this new class-book
there is less to say. As Economics is now in transition many depre-
cate all effort at present to summarize it afresh. This logic, strictly
taken, presupposes the advent, sooner or later, of a fixedness in
fervently hope will never arise,the science which we since it could
not but imply stagnation in economic thought. Meantime our best
with all that is true, profound, and well said in them,texts, blend
not a few propositions that what may be called the general judg-
ment of progressive economists pronounces inadequate, misleading,
or erroneous. Such are especially numerous in regard to the nature
of Wealth, the scope of Economics, and in the weighty rubrics of
Value, Money, Interest, Wages, and Profits. Nearly all our trea-
tises, besides, betray from beginning to end a deceptive air, a wry
ensemble, springing from writers' too sharp sundering of Economics
from general Sociology. Whether the volume now offered to the
in these respects aught of true amendment,public contains those
who read and use it must judge. They will at any rate find in it,
always adopted but at least sympathetically mentioned so far asnot
these are sufficiently non-technical to be named in a work of this
character, the latest views which can with any propriety pretend
to be settled. The book has been written during the odd moments
very busy year, and it will be a wonder if the critic's keenof a
glance shall not unearth in it some inconsistencies and errors of
detail. The author will be happy to be notified of any such. He
gentlemen their kind pains inis indebted to several for looking over
the proof sheets as they have appeared. In this, Professor W.
J.
Ph.D., Franklin College, has rendered peculiarlyMoncrief, of a
grateful service.
E. BENJ. ANDREWS.
July 3, 1889.