PREFACE GROWING appreciation of the importance of economics is causing the subject to be introduced into a number of technical and professional schools. As a rule the course is shorter in such schools than the usual college course, and a briefer text-book is required. The following treatise has been prepared with special reference to this need. Although based on the author's larger Introduction to Economics, it is in essential respects an independent work. Not only are several topics there discussed entirely omitted, but the treatment of others is simplified as well as condensed. In general the qualities chiefly aimed at in the first, or theoretical, half of the book have been clearness and brevity, and those sought in the second, or practical, half, adequacy and up-to-dateness. The treatise is thus intended primarily for teachers who wish to give only that amount of attention to economic theory that is essential to the intelligent discussion of practical economic problems. Since this is the normal position of the busy man of affairs, it is possible that the book may be of interest to some readers outside the class-room. The bibliographical note at the end of Chapter I. and the references for collateral reading appended to all of the chapters except the last are intended for the guidance of general readers. Asterisks (*) are used to designate the titles which are especially recommended. PETERBORO, NEW HAMPSHIRE, November 2, 1908. CONTENTS 1. Definition of Economics-2. Relation of Economics to other Social Sciences-3. The Motives to Business Activity-4. Char- acteristics of the Business, or Economic," Man-5. Defini- tions of Common Terms-6. Production and Consumption- 7. Work and Pay-8. Property and its Earnings-9. The 12. Characteristics of Human Wants-13. The Law of Diminish- ing Utility-14. Present vs. Future Goods-15. The Law of Demand-16. The Law of Variety-17. The Law of Harmony -18. The Law of Least Social Cost-19. Economical Consump- tion-20. Are Expenditures for Luxuries Justifiable?—21. Sav- 24. How Values in Use are Determined-25. The Relation be- tween Values and Costs-26. Marginal Utility and Value in Industrial Society-27. Marginal Cost and Value in Indus- trial Society-28. Values in Use, Values in Exchange and Prices-29. The Value of Money-30. The Determination of PAGE |