Outlines of Political Economy

BOOK I: Scope and Method. Ch I: Nature and Scope of Political Economy, Definition, Positive and normative sciences and Arts, Political economy embrace a positive science, a normative, science, and several arts, Positive economic science may or may not be evolutionary, Classification of economic studies. Ch II: Assumptions and methods of Economic Science, Can the actions of free agents be reduced to law? The permanence of character and social assimilation, the abstract method, Historic and realistic methods, Much of the data of economics is measurable, Divisions of political economy and relations between them. BOOK II: Consumption, or Demand and Its Satisfaction. Ch III: Wants and demand, Scope of the economics of consumption, Wants, utility, Satisfaction And Demand, Psychological basis of demand, systems of demand. Ch IV: Diminishing Utility and Marginal Use, Total and marginal Utility, The Law of diminishing utility and its limitations, Diagrammatic representation of diminishing utility, Are all wants satiable? The utility of complements and substitutes, The basis of laws of Utility, Marginal quality. Ch V: Demand Princes, Expenditures and Consumers’ Surplus, The law of demand prince, Elasticity of demand, Diagrammatic representation of demand, the law of substitution or indifference, or equi-Marginal utility, Observations on the law of Substitution, Consumer’s surplus of Satisfaction , The Measurement in money of consumer’s surpluses, Total Consumers Surplus in a Country as a whole.’ Ch VI: Value, Goods and Wealth, Value, Goods and Wealth, Necessaries, comforts and Luxuries. BOOK III: Production on Supply. Ch VII: Nature Production and the Agents of Production, What is production? Manufacture specializes the possible uses of materials, the agents in production and their efficiency, Adaptability of the Productive system. Ch VIII: Capital, What is social capital? Are free gifts of nature and personal wealth social capital? Industrial capital and classification of social capital, Private capital, Production with capital is a round about process. Ch IX: Machinery and Division of Labour, the Economics of Substituting machinery for labour, What becomes of the displaced labour? Economics of specialized labour and machinery, Effect of specialization and machinery on Labour. Ch X: The Growth and Specialization of Businesses, the Growth of businesses, The Normal Magnitude of the Business, the law of substitution, indifference, or equi-marginal returns, Expansion and contraction of businesses, Specialization of businesses, internal and external economics and the localization of industries. Ch XI: The laws of increasing and Decreasing Returns, Meaning of increasing decreasing, and constant returns, the Non-evolutionary laws of increasing and decreasing returns, The evolutionary law of increasing returns, Diagrammatic representation of the counteraction of diminishing return. Ch XII: Markets and Commercial functions, what are markets? Evolution of markets, Future dealings, Technicalities of dealings in futures, Markets for capital, Price steadiness and its effects, Price steadiness and its effects, does speculation steady prices? Marketing and the risks of anticipating, Distribution of the risks of anticipating, Differentiation of productive systems, Reactions of commercial organization on industrial organization. Ch XIII: Types of Productive Organization, Agricultural Systems, Private businesses and companies, co-operation, classes of monopolies, Trusts and Kartels, Generation and stability of trusts and Kartels. BOOK IV: Exchange, on the Equilibrium between Demand and Supply. Ch XIV: Competition, Barter and the Price of Non-Reproducible, Things, competition, The theory of barter, Diagrammatic treatment of barter, The Price of fixed stocks. Ch XV: The Long period and Supply Prices, Normal or long-Period effects, determination of supply Prices, Refinements of the theory of supply prices; Cost of productions has many meanings. Ch XVI: Normal Price: Equilibrium of demand and supply, equilibrium of demand and supply diagrammatically treated, Joint, composite, and alternate demand and supply. Ch XVII: The short period and Sub-Normal Price, The Short Period and Sub-Normal Price, The Short Period, Sub-Normal Prices, Some Features of sub-normal conditions. Ch XVIII: Theory of Monopoly Prices, Fundamental ideas, Determination of monopoly price in the absence of Price discriminations, Price discriminations, Dumping, Determination of Prices when discriminations are possible, Monopoly Price diagrammatically explained, Restrictions experienced by monopolists. Ch XIX: international Trade, Differences between the theories of home and foreign exchange, International immobility of labour and capital, permanent international trade stares when there are differences between comparative values, International values, Balance of trade, Effects of foreign loans on imports and exports, diagrammatic representation. BOOK V: Money and the Mechanism of Exchange. Ch XX: The theory of Money, Inconveniences of barter and emergence of money, choice of the money commodity, Determination of the Value of money, Symbolic and diagrammatic expression of the theory of the Value of Money, Functions of money summarized, Appreciation and depreciation of money, Are rising, falling or steady Prices best? Index numbers of prices. Ch XXI: Theory of banking and Credit Money, Banking creates a loan fund, a plausible fallacy, Theory of credit money, Functions and value of banks, Interdependence of banks and bank amalgamation. Ch XXII: Forms of Money, Classification of money, Free and Gratuitous coinage and Gresham’s law, Credit money, Governmental limitation of note issues, Inconvertible money, Currencies may be exclusively paper but convertible, Bimetallism, Why bimetallism has been advocated. The Forces Exchanges and Reserves, Some definitions, The foreign exchanges, methods of dealing with foreign drain of gold, Reserves, The Foreign exchanges and monetary problems during the War. Ch XXIV: Trade and Credit Cycles and Crises, Synchronism and periodicity of fluctuations in trade, The Climate explanation, The psychological explanation, The explanation based on competition, Are trade fluctuations increasing? Banking in relation to trade cycles. BOOK VI: Distribution, or the Sharing of Wealth. Ch XXV: Introductory and Interest, Analysis of Distribution, Gross and net interest, demand for capital, Why Capital is saved, saving and the power to save, insurance and saving, Interaction of demand and supply, Possibility of a Zero rate of interest, Effect of progress on the rate of interest and value of capital effect of the appreciation and depreciation of money on the rate of interest, The earnings and value of fixed capital, Diagrammatic treatment. Rent and Quashi-Rent: Meaning of rent, Rent of differential fertility, Marginal value of land, Numerical example, Diagrammatic representation, Situational rent of agricultural land, Rent of building sites, Personal rents, Rent does not determine price, Rent of mines, quarries and fisheries, Quasi-rent. Ch XXVII: Wages and profits, The value of services supplied by labour alone, wages and profits under group production, Allowance for differences in efficiency between employers, Definition of profits, Supplies of labour, competition between grades- Vertical mobility, Conclusion as regards the determination of Wages, The Doctrine of the wages fund and the iron law of wages. Ch XXVIII: Summary of the theory of Distribution- Producers, Surplus and Labour problems, summary of the theory of distribution, Producers surplus of satisfaction or utility, Diagrammatic exposition of producer’s surplus of utility, the hours of labour, collective bargaining, Piece-rates, time, rates, Premium systems, sliding scales, and profit-sharing, methods of industrial peace, Unemployment, Causes of unemployment, Remarks, Means of mitigating the distress caused by unemployment. BOOK VII: PUBLIC ECONOMICS AND PUBLIC FINANCE. Ch XXX: The State in relations to business, Classification of state action which is economic, The need for supplementing private enterprise, State industries, State Control, Bounties or subsides, Protection fair trade, retaliation, and reciprocity, Laws to facilitate business, Emergency measures.

Ch XXXI: The State in Relations to Social Conditions, Factory acts and public health acts, The State in Relation to wages and employment, The State in relation to wages and employment, The State in relation to social insurance, The State in relation to the Provision of opportunities, Public Provision of the higher social goods and housing public aid, The doctrine of maximum satisfaction. Ch XXXII: Public Finance, Public revenues, The Principle of quality in taxation, Progressive taxation, Other principles of taxation, Betterment and the unearned increment, Public debts including war loans. Ch XXXIII: The incidence of taxes, Nature of the problem of incidence, Taxes on income and property, Taxes connected with land, Taxes on commodities and services, Diagrammatic treatment of taxes on commodities, Taxes on monopolies, Import and export duties, Incidence of taxation system as a whole. BOOK VIII: Development of Political Economy. Ch XXXIV: From Early times to Adam smith, early and medieval times, The Transition form medievalism, Mercantilism and its critics, Adam Smith. Ch XXXV: From Adam Smith to the Present time, The classical School and some of its critics, The historical and socialistic relations, After John Stuart Mill, Appendix, Select list of books, Index.

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