Principles of Political Economy by William Roscher
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The Project Gutenberg EBook of Principles Of Political Economy by William Roscher This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever. You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at http://www.gutenberg.org/license Title: Principles Of Political Economy Author: William Roscher Release Date: January 4, 2009 [Ebook 27698] Language: English ***START OF THE PROJECT GUTENBERG EBOOK PRINCIPLES OF POLITICAL ECONOMY*** Principles Of Political Economy By William Roscher, Professor of Political Economy at the University of Leipzig, Corresponding Member of the Institute of France, Privy Counsellor To His Majesty, The King Of Saxony. From the Thirteenth (1877) German Edition. With Additional Chapters Furnished By The Author, For This First English And American Edition, On Paper Money, International Trade, And The Protective System; And A Preliminary Essay On The Historical Method In Political Economy (From the French) By L. Wolowski The Whole Translated By John J. Lalor, A. M. Vol. I. New York: Henry Holt & Co. 1878 Contents Translator's Preface. 3 Author's Preface. (1st Edition.) . 5 From The Author's Prefaces. (2d to 11th Edition.) . 7 Preliminary Essay. 10 Introduction. 60 Chapter I. Fundamental Ideas. 60 Section I. Goods—Wants. 60 Section II. Goods.—Economic Goods. 64 Section III. Goods.—The Three Classes Of Goods. 66 Section IV. Of Value.—Value In Use. 68 Section V. Value.—Value In Exchange. 71 Section VI. Value.—Alleged Contradiction Be- tween Value In Use And Value In Ex- change. 73 Section VII. Resources Or Means (Vermögen). 76 Section VIII. Valuation Of Resources. 77 Section IX. Wealth. 80 Section X. Wealth.—Signs Of National Wealth. 81 Section XI. Of Economy (Husbandry). 86 Section XII. Economy.—Grades Of Economy. 90 Section XIII. Political Economy.—The Eco- nomic Organism. 94 Section XIV. Origin Of A Nation's Economy. 98 Section XV. Diseases Of The Social Organism. 100 Chapter II. Position Of Political Economy In The Circle Of Related Sciences. 102 Section XVI. Political Or National Economy. 102 iv Principles Of Political Economy Section XVII. Sciences Relating To National Life.—The Science Of Public Econ- omy.—The Science Of Finance. 106 Section XVIII. Sciences Relating To National Life.—Statistics. 108 Section XIX. Private Economy—Cameralistic Science. 111 Section XX. Private Economy. (Continued.) . 113 Section XXI. What Political Economy Treats Of. 115 Chapter III. The Methods Of Political Economy. 120 Section XXII. Former Methods. 120 Section XXIII. The Idealistic Method. 124 Section XXIV. The Idealistic Method. (Continued.)125 Section XXV. The Idealistic Method. (Continued.)128 Section XXVI. The Historical Method—The Anatomy And Physiology Of Public Economy. 129 Section XXVII. Advantages Of The Historical Or Physiological Method. 130 Section XXVIII. Advantages Of The Historical Method. (Continued.) . 132 Section XXIX. The Practical Character Of The Historical Method In Political Economy. 133 Book I. The Production Of Goods. 136 Chapter I. Factors Of Production. 136 Section XXX. Meaning Of Production. 136 Section XXXI. The Factors Of Produc- tion.—External Nature. 137 Section XXXII. External Nature.—The Sea.—Climate. 139 Section XXXIII. External Nature.—Gifts Of Na- ture With Value In Exchange. 144 Section XXXIV. External Nature. (Continued.) . 146 v Section XXXV. External Nature.—Elements Of Agricultural Productiveness. 148 Section XXXVI. External Nature.—Further Di- visions Of Nature's Gifts. 151 Section XXXVII. External Nature.—The Geo- graphical Character Of A Country. 153 Section XXXVIII. Of Labor.—Divisions Of Labor.156 Section XXXIX. Labor.—Taste For Labor.—Piece-Wages. 158 Section XL. Labor.—Labor-Power Of Individuals.164 Section XLI. Labor.—Effect Of The Esteem In Which It Is Held. 168 Section XLII. Of Capital.—The Classes Of Goods Of Which A Nation's Capital Is Made Up. 170 Section XLIII. Capital.—Productive Capital. 177 Section XLIV. Capital.—Fixed Capital, And Cir- culating Capital. 180 Section XLV. Capital.—How It Originates. 182 Chapter II. Co-Operation Of The Factors. 187 Section XLVI. The Productive Coöperation Of The Three Factors. 187 Section XLVII. Productive Co-Operation Of The Three Factors. The Three Great Periods Of A Nation's Economy. 188 Section XLVIII. Critical History Of The Idea Of Productiveness. 190 Section XLIX. Critical History Of The Idea Of Productiveness.—The Doctrine Of The Physiocrates. 193 Section L. The Same Subject Continued. 198 Section LI. The Same Subject Continued. 201 Section LII. Idea Of Productiveness. 202 Section LIII. The Same Subject Continued. 204 vi Principles Of Political Economy Section LIV. Importance Of A Due Proportion In The Different Branches Of Productiveness.205 Section LV. The Degree Of Productiveness. 210 Chapter III. The Organization Of Labor. 212 Section LVI. Development Of The Division Of Labor. 212 Section LVII. Development Of The Division Of Labor.—Its Extent At Different Periods. 213 Section LVIII. Advantages Of The Division Of Labor. 216 Section LIX. Conditions Of The Division Of Labor.218 Section LX. Influence Of The Extent Of The Market On The Division Of Labor. 219 Section LXI. The Division Of Labor—Means Of Increasing It. 221 Section LXII. The Reverse, Or Dark Side Of The Division Of Labor. 225 Section LXIII. Dark Side Of The Division Of Labor.—Its Gain And Loss. 227 Section LXIV. The Co-Operation Of Labor. 230 Section LXV. The Principle Of Stability, Or Of The Continuity Of Work. 231 Section LXVI. Advantage Of Large Enterprises. 233 Chapter IV. Freedom And Slavery. 239 Section LXVII. The Origin Of Slavery. 239 Section LXVIII. The Same Subject Continued. 241 Section LXIX. Origin Of Slavery.—Want Of Freedom. 242 Section LXX. Emancipation. 244 Section LXXI. Disadvantages Of Slavery. 247 Section LXXII. Effect Of An Advance In Civi- lization On Slavery. 250 Section LXXIII. The Same Subject Continued. 252 Section LXXIV. The Same Subject Continued. 258 vii Section LXXV. The Same Subject Continued. 259 Section LXXVI. (Appendix To Chapter IV.) The Domestic Servant System. 262 Chapter V. Community Of Goods And Private Prop- erty. Capital—Property. 269 Section LXXVII. Capital.—Importance Of Pri- vate Property. 269 Section LXXVIII. Socialism And Communism. 270 Section LXXIX. Socialism And Communism. (Continued.) . 274 Section LXXX. Socialism And Communism. (Continued.) . 279 Section LXXXI. Community Of Goods. 283 Section LXXXII. The Organization Of Labor. 289 Section LXXXIII. The Organization Of Labor. (Continued.) . 292 Section LXXXIV. The Organization Of Labor. (Continued.) . 295 Section LXXXV. The Right Of Inheritance. 298 Section LXXXVI. Economic Utility Of The Right Of Inheritance. 299 Section LXXXVII. Landed Property. 302 Section LXXXVIII. Landed Property. (Continued.)304 Chapter VI. Credit. 309 Section LXXXIX. Credit In General. 309 Section XC. Credit—Effects Of Credit. 312 Section XCI. Debtor Laws. 317 Section XCII. History Of Credit Laws. 319 Section XCIII. Means Of Promoting Credit. 322 Section XCIV. Letters Of Respite (Specialmora- torien). 328 Book II. The Circulation Of Goods. 332 Chapter I. Circulation In General. 332 viii Principles Of Political Economy Section XCV. Meaning Of The Circulation Of Goods. 332 Section XCVI. Rapidity Of Circulation. 335 Section XCVII. Freedom Of Competition. 337 Section XCVIII. How Goods Are Paid For.—The Rent For Goods. 340 Section XCIX. Freedom Of Competition And International Trade. 343 Chapter II. Prices . 348 Section C. Prices In General. 348 Section CI. Effect Of The Struggle Of Opposing Interests On Price. 349 Section CII. Demand. 355 Section CIII. Demand.—Indispensable Goods. 357 Section CIV. Influence Of Purchaser's Solvabil- ity On Prices. 360 Section CV. Supply. 361 Section CVI. The Cost Of Production. 362 Section CVII. Equilibrium Of Prices. 366 Section CVIII. Effect Of A Rise Of Price Much Above Cost. 367 Section CIX. Effect Of A Decline Of Price Below Cost. 370 Chapter CX. Different Cost Of Production Of The Same Goods. 372 Section CXI. Different Cost Of Production Of The Same Goods. (Continued.) . 374 Section CXII. Exceptions. 376 Section CXIII. Exceptions. (Continued.) . 379 Section CXIV. Prices Fixed By Government. 381 Section CXV. Influence Of Growing Civilization On Prices. 384 Chapter III. Money In General. 390 ix Section CXVI. Instrument Of Exchange. Mea- sure Of Value. Barter. 390 Section CXVII. Effect Of The Introduction Of Money. 399 Section CXVIII. The Different Kinds Of Money. 403 Section CXIX. The Metals As Money. 408 Section CXX. Money—The Precious Metals. 412 Section CXXI. Value In Use And Value In Ex- change Of Money. 420 Section CXXII. Value In Exchange Of Money. 422 Section CXXIII. The Quantity Of Money A Na- tion Needs. 424 Section CXXIV. The Quantity Of Money A Nation Needs. (Continued.) . 431 Section CXXV. Uniformity Of The Value In Exchange Of The Precious Metals. 432 Section CXXVI. Uniformity Of The Value In Ex- change Of The Precious Metals. (Con- tinued.) . 437 Chapter IV. History Of Prices. 442 Section CXXVII. Measure Of Prices,—Constant Measure. 442 Section CXXVIII. Value In Exchange Estimated In Labor. 443 Section CXXIX. The Precious Metals The Best Measure Of Prices. 446 Section CXXX. History Of The Prices Of The Chief Wants Of Life. 451 Section CXXXI. History Of The Prices Of The Chief Wants Of Life. (Continued.) . 453 Section CXXXII. History Of The Prices Of The Chief Wants Of Life. (Continued.) . 459 Section CXXXIII. History Of The Prices Of The Chief Wants Of Life. (Continued.) . 468 x Principles Of Political Economy Section CXXXIV. History Of The Prices Of The Chief Wants Of Life. (Continued.) . 470 Section CXXXV. History Of The Values Of The Precious Metals.—In Antiquity And In The Middle Ages. 475 Section CXXXVI. Effect On The Discovery Of American Mines Etc. On The Value Of The Precious Metals. 477 Section CXXXVII. Revolution In Prices At The Beginning Of Modern History. 481 Section CXXXVIII. Revolution In Prices.—Influence Of The Non-Monetary Use Of Gold And Silver.