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PART ONE THE BASIC ECONOMIC PROCESSES1

CHAPTER 1．INTRODUCTION3

Economic activities and human wants4

Utility and consumption4

Standards and planes of living4

Wealth and economic goods5

Objectives of economic activity6

Organization of the means of production8

Forms of economic organization8

Organization of economic life under private-business enterprise10

Private property and freedom of contract10

Operation of business enterprise under private property and contract11

The Sharing of the product：distribution12

Exchange and price13

Business enterprise and the price system13

Simplified view of the operation of individualistic exchange economy15

Economic institutions16

Government in the individualistic economy17

CHAPTER 2．PRODUCTION20

The nature of production20

The growing volume of production21

The factors of production22

Management24

The measurement of production24

Index of production25

Size of the national income26

Netvalue product26

Major branches of production27

Main types of economic fluctuation28

Roundabout production29

Division of labor30

The technology of production32

Standardization33

The automatic machine and quantity production35

Large-scale production36

Coordination of the specialized machine processes38

Science，research，and invention39

Research agencies40

Business research41

Incentives to invention and discovery42

Growth and results of research42

Conservation43

Summary44

CHAPTER 3．THE ORGANIZATION AND DIRECTION OF PRODUCTION47

The individual proprietorship47

The partnership48

The co-operative enterprise49

The government enterprise50

The corporation50

Marketing of corporate securities54

Separation of corporate ownership and control55

Evolution of forms of combination59

Big business and combination61

Suppression of competition65

The role of the promoter66

Successes and failures in combinations and big business66

Technology and large-scale production68

Leadership in big business69

Interlocking directorates70

Financing big business71

Legality of big business73

CHAPTER 4．CONSUMPTION76

The meaning of consumption77

who are the consumers？78

The measurement of consumption79

Differences in consumption81

Growth of consumption82

Changes in consumption82

Main types of fluctuation in consumption84

Budgeting of income87

Consumption a matter of making choices88

Modifications of freedom of choice88

Consumers＇ choices and the price system90

Consumer Credit92

Guidance of consumers＇ money choices94

Savings103

Current trends in consumption106

Unfavorable aspects of consumption107

Welfare and consumption109

PART TWO THE MECHANISM OF EXCHANGE111

CHAPTER 5．MONEY113

Definition of money113

Forms of money114

Deposit currency versus money114

Reasons for the general acceptability of money115

Functions of money116

Qualities of a good money119

Types of money in the United States120

Coinage123

The printing of paper money124

Legal tender124

The monetary system125

Functions of the monetary standard126

Classification of monetary standards127

Technical operation and characteristics of monetary standards127

Advantages and disadvantages of the types of monetary standards130

The controversy over standards134

Criterion for choosing the monetary standard134

Evolution of the monetary standard of the United States135

CHAPTER 6．BANKING INSTITUTIONS AND PROCESSES143

Classes of banks143

Credit Instruments146

Commercial-bank organization146

Functions of commercial banks148

Effects of commercial-bank operations on the balance sheet150

Commercial banks＇ loans and investments155

Commercial banks and the creation of purchasing power158

Interbank relationships160

Federal Deposit Insurance163

Evolution of the banking system165

CHAPTER 7．THE FEDERAL RESERVE SYSTEM172

Functions of central banks173

Background of the Federal Reserve system174

Administrative mechanism of the Federal Reserve system175

Operations and accomplishments of the Federal Reserve system180

Supervision of bank operations197

CHAPTER 8．PRICE-LEVEL MOVEMENTS200

Factors in the construction of price index numbers201

Types of price-level movements204

Consequences of money-value changes205

Supply of money208

Demand for money208

Determination of the value of money209

An equation of exchange210

Criticisms of the quantity theory of the value of money213

Monetary proposals for regulation of price levels215

Choice of a monetary standard218

CHAPTER 9．FOREIGN EXCHANGE221

The bill of exchange222

Methods of financing foreign transactions222

Bank operations in foreign echange224

Demand and supply of foreign exchange224

Rates of exchange between gold-standard countries224

Triangular and multilateral exchange226

Arbitrage227

Correctives of disequilibrium in the balance of international payments between gold-standard countries227

Rates of exchange between non-gold-standard countries230

Exchange between gold-standard and paper-standard countries231

Exchange between paper-standard countries234

The role of gold movements between paper-standard countries235

Fluctuations of exchange rates between paper-standard countries235

Exchange controls238

Correctives of disequilibrium in the balance of international payments between paper-standard countries239

Policies for stabilization of exchange rates between paper-standard countries241

Forward exchange244

Organization of foreign-exchange markets245

Relative importance of international exchange markets245

The choice of a monetary standard247

PART THREE VALUE AND PRICE251

CHAPTER 10．THE PROBLEM OF VALUE AND PRICE253

Scarcity253

Wants255

Relationship between scarcity and wants256

Three characteristics of economic goods256

Solution of the economic problem257

The phenomenon of price259

Price and value260

The role of price261

Some fundamental questions262

The principle of maximization266

Conclusion268

CHAPTER 11．AN ANALYSIS OF DEMAND271

Demand and consumption271

Utility271

Solution of the problem of consumer choice275

Equilibrium275

A general theory of consumer choice276

Effects of income changes on consumer expenditures278

Effects of price changes on consumer expenditures280

Demand282

Meaning of demand283

Negative slope of the demand curve285

Changes in demand286

Elasticity of demand287

CHAPTER 12．SUPPLY AND DEMAND291

Market situations in economic analysis291

Time periods in economic analysis298

Market supply300

Reservation price301

Changes in supply303

Elasticity of supply303

Competitive market price304

Market-equilibrium price305

Effects of changes in demand and supply306

Monopolistic market price307

CHAPTER 13．THE PRICING PROCESS UNDER COMPETITIVE CONDITIONS311

The sales curve311

Short-run normal price317

Long-run normal price320

Differential costs322

Fluctuating prices323

The normal-supply curve325

Increasing and constant costs326

CHAPTER 14．MONOPOLISTIC COMPETITION AND MONOPOLY329

The sales curve under monopolistic conditions329

Marginal revenue under monopolistic conditions330

Equilibrium under monopolistic competition332

Long-run equilibrium under different conditions334

Price policies under oligopoly335

Decreasing costs336

Prices under duopoly338

Conditions giving rise to monopoly339

Monopoly equilibrium340

Monopoly price policies340

Monopsony342

The effect of monopoly upon price343

CHAPTER 15．PROBLEMS AND PRACTICES IN VALUATION346

Valuation of corporate securities for purposes of investment or speculation346

Valuation of public utilities for purposes of rate making349

Valuation of property for purposes of taxation351

Valuation for miscellaneous purposes352

Price fixing by government353

Government price control after the First World War354

Price control and the Second World War355

Fair and unfair competition358

Price maintenance359

Discriminatory price practices360

Abstract competitive price versus reasonable price364

Continued trend toward monopoly365

Monopoly influences on price policies366

Limits to monopoly influence on prices368

PART FOUR FUNCTIONAL DISTRIBUTION OF INCOME371

CHAPTER 16．THE NATIONAL INCOME AND THE PROBLEM OF DISTRIBUTION373

Difficulties in income measurement373

The problem of income distribution380

Methods of income distribution381

Extension of governmental actvity382

Approximate functional distribution of national income383

Distribution of income during the Second World War386

Introduction to the theory of distribution387

The meaning of property rights387

CHAPTER 17．THE THEORY OF WAGES397

The Malthusian doctrine and its setting397

Long-time factors affecting labour supply399

Short-time factors affecting labor supply400

Total labor-supply variations401

The supply of labor to the individual firm or industry402

Migration and economic opportunity403

The supply of labor to the individual firm，and the time factor405

The supply of labor：summary406

The demand for labor and the determination of wage rates407

Who wants labor and why？407

Productiveness of labor in relation to number of workmen408

Reason for decrease in average output per man and possible decrease in the total409

Why the rate of growth in total output changes410

Marginal productivity411

Development of a marginal-productivity curve412

Marginal productivity measured in money414

The marginal value productivity curve in competitive industries415

The marginal value productivity curve under monopolistic conditions415

Conversion of the diminishing marginal value productivity into demand for labor415

Significance of the quantity and order417

The simplified model completed：a labor market418

Allowance for individual differences among workers and working groups420

Further significance of derived demand：Re-emphasis of marginal value productivity422

Allowance for time in determining marginal productivity423

Product price changes and the demand for labor423

Elasticity of demand for labor424

Other factors in marginal productivity and wages426

A summary and a warning426

CHAPTER 18．INSTITUTIONAL ASPECTS OF THE LABOR MARKETS429

Factors affecting size of American labor markets430

Factors affecting character of labor433

Concentration of employment438

Organic nature of human effort439

Wage adjustment and mobility444

Government control of the operation of labor markets448

Industrial accidents and diseases452

Government regulation of the employment contract457

Government encouragement of collective bargaining459

Collective bargaining and trade uinions in the labor markets461

Industrial location of unionism462

Structure of American unionism462

Trade unionism and collective-wage agreements463

Collective bargaining and the theory of wages464

Government as a mediator464

CHAPTER 19．INTEREST468

Use of equipment in the production process468

The savings and investment process470

The nature of interest471

The nature of the interest rate471

Composition of the market interest rate475

The demand for funds477

Sources of the supply of investment funds479

Determination of market rates of interest485

Explicit and implicit interest487

Interest rates and other business conditions487

Interest and the capitalization process489

CHAPTER 20．RENT493

Comparisons of land and equipment493

Merging of land and equipment in economic analysis494

The problem of unearned increment494

Distinction between economic rent and commercial rent495

Differences between rent and interest496

The demand for the uses of land497

The supply of the uses of land497

Differences in land utilization498

The margin of substitution500

The general theory of economic rent501

The law of diminishing returns503

Economic rent as a differential510

Intensive and extensive margins511

The scarcity aspect of the land factor512

Rent and cost of production515

The valuation of land517

Value appreciation and unearned increment518

Conclusion520

CHAPTER 21．THE THEORY OF PROFITS523

Composite nature of profit523

The accountant＇s concept of profits525

Profits and losses of corporations527

Differences in profits among different concerns528

Profits and dividends530

Profits a residual share531

Sources of pure profit532

Strategic position of enterprisers533

Monopoly profit534

Pure profit as related to risk and ability534

The concept of necessary profit535

CHAPTER 22．THE ROLE OF PROFIT IN PRIVATE-ENTERPRISE CAPTALISM538

Production versus profits538

Effects of production on profits539

Effects of profit expectations on production540

Profit and property valuation541

Cost of profit to the consumer542

Profit during periods of inflation543

Profit and government policy544

The profit motive and social well-being545

PART FIVE INTERNATIONAL ECONOMIC RELATIONS551

CHAPTER 23．PRINCIPLES OF INTERNATIONAL TRADE553

International trade in a free economy553

Comparison of international and domestic trade555

The United States in world trade556

Importance of international trade to the United States558

Geographical distribution of United States trade561

Commodity distribution of United States trade564

Prices and international trade566

Effect of distribution of United States trade564

Prices and international trade566

Effect of distribution of resources on trade567

Trade equilibrium and comparative differences in cost571

Foreign investment and the flow of trade576

The balance of international payments580

CHAPTER 24．PROBLEMS AND POLICIES IN INTERNATIONAL TRADE586

Purpose and nature of the tariff586

Effects of the tariff588

Method of making tariffs590

The case for and against protection591

Recent governmental trade controls599

Current problems in international trade603

Trade policy609

The International Trade Organization611

PART SIX GOVERNMENTAL FUNCTIONS AND FINANCE615

CHAPTER 25．GOVERNMENTAL FUNCTIONS，EXPENDITURES，AND DEBTS617

The role of government in economic affairs617

The productive character of governmental activities618

Increase of governmental expenditures622

Expenditures by function625

Grants-in-aid627

Government economic enterprises629

Public debts631

The federal debt633

Borrowing for war633

The lend-lease program635

Deficit spending and the depression636

State and local debts637

General conclusions regarding public debt638

The federal budget639

CHAPTER 26．THE PRINCIPLES OF TAXATION643

Basic theories of taxation643

The shifting and incidence of taxation647

Shifting，evasion，and avoidance652

Regulatory taxation653

The need for centralized administration654

Requisites of a good tax system655

CHAPTER 27．FEDERAL，STATE，AND LOCAL TAXES660

Importance of taxes for revenue660

FEDERAL TAXES：Income taxes661

Internal excise taxes665

Customs duties665

Estate taxes666

Pay-roll taxes667

War-profits and excess-profits taxes668

STATE AND LOCAL TAXES：General property tax669

State income taxes672

Corporation and business taxes673

Inheritance tax674

Gasoline taxes675

Sales taxes676

Fees677

Special assessments677

PART SEVEN THE ECONOMICS OF RISK681

CHAPTER 28．RISK IN ECONOMIC LIFE683

The nature of economic risk683

Meeting the problem of economic risk685

CHAPTER 29．BUSINESS CYCLES694

Variations and similarities of business cycles694

Duration of business cycles695

Phases of the business cycle698

Some theories of business cycles706

The business cycle an unsolved problem711

Desirability of eliminating cyclical fluctuations711

Stabilization of business712

CHAPTER 30．INSURANCE719

Insurance as a means of sharing economic risk719

Conditions necessary for insurance720

Comparison of private and social insurance724

Life insurance727

Property insurance733

Workmen＇s compensation insurance735

Unemployment insurance738

Old-age and survivors＇ insurance741

Conclusion743

PART EIGHT MAJOR ECONOMIC PROBLEMS747

CHAPTER 31．THE MAINTENANCE OF FULL EMPLOYMENT749

The meaning of full employment750

Unemployment in the United States751

Significance of unemployment in labor markets760

Unemployment and the marginal-productivity analysis761

Methods of dealing with unemployment766

The Employment Act of 1946771

Economic problems of full-employment legislation773

CHAPTER 32．PERSONAL DISTRIBUTION OF WEALTH AND INCOME775

Inequality of wealth versus inequality of income775

The problem of inequality776

Some data on inequality776

Effort versus ownership in distribution783

Institutional basis of inequalities in fortune784

The corporation as a property institution786

Diffusion of ownership786

Inequalities of fortune due to unequal privileges787

Inequalities of fortune due to unequal abilities791

Effects of extreme inequality794

Proposed methods of dealing with inequality795

CHAPTER 33．PUBLIC CONTROL799

Major factors affecting public control799

Changes in public control policies800

Economic adaptation801

Economics and government802

Public control in times of national emergency802

Government regulation803

Regulation of banking805

Labor control806

General regulation of business806

Appraisal of antitrust legislation810

Further examples of control811

State regulation813

Local regulation814

The T．V．A．814

Taxation as a means of control814

Public opinion and public control815

Reform816

Conclusion817

INDEX823