Principles of Political Economy |
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Common terms and phrases
according Adam Smith agriculture amount association bank called capital capitalists cause cent circulation classes classical economists coin commerce commodity consumers consumption coöperative cost of production demand desire division of labor dollars duction economic economic equilibrium economists employed employer England enterprise entrepreneur example exchange exports fact factors factors of production farms foreign France Gresham's law Hence human important income increase industrial interest invention issue John Stuart Mill Karl Marx land less machinery manufacturing means ment metallic money method moreover nation natural necessary nomic notes object obliged organization paper money persons physiocrats political economy population possess precious metals profits purchase quantity regard rent result rise seigniorage sell social socialists society supply supposed theory things tion to-day token money trade transportation United utility wages wants wheat workman
Popular passages
Page 275 - July 14, 1890, are legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract. United States notes are legal tender for all debts, public and private, except duties on imports and interest on the public debt.
Page 175 - ... could scarce, perhaps, with his utmost industry, make one pin in a day, and certainly could not make twenty. But in ' the way in which this business is now carried on, not only the whole work is a peculiar trade, but it is divided into a number of branches, of which...
Page 326 - But it cannot be expected that individuals should, at their own risk, or rather to their certain loss, introduce a new manufacture, and bear the burden of carrying it on, until the producers have been educated up to the level of those with whom the processes are traditional.
Page 175 - ... could make among them upwards of forty-eight thousand pins in a day. Each person, therefore, making a tenth part of fortyeight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and independently, and without any of them having been educated to this peculiar business, they certainly could not each of them have made twenty, perhaps not one pin in a day...
Page 582 - ... their productive powers. At the same time, the rent of the first quality will rise, for that must always be above the rent of the second, by the difference between the produce which they yield with a given quantity of capital and labour. 'With every step in the progress of population...
Page 175 - I have seen a small manufactory of this kind where ten men only were employed, and where some of them consequently performed two or three distinct operations. But though they were very poor, and therefore but indifferently accommodated with the necessary machinery, they could, when they exerted themselves, make among them about twelve pounds of pins in a day.
Page 582 - On the first settling of a country, in which there is an abundance of rich and fertile land, a very small proportion of which is required to be cultivated for the support of the actual population, or indeed can be cultivated with the capital which the population can command, there will be no rent ; for no one would pay for the use of land, when there was an abundant quantity not yet appropriated, and, therefore, at the disposal of whosoever might choose to cultivate it.
Page 107 - Nothing could be more narrow or monotonous than the occupation of a weaver of plain stuffs in the old time. But now one woman will manage four or more looms, each of which does many times as much work in the course of the day as the old hand-loom did ; and her work is much less monotonous and calls for much more judgment than his did.
Page 326 - ... from having begun it sooner. There may be no inherent advantage on one part, or disadvantage on the other, but only a present superiority of acquired skill and experience. A country which has this skill and experience yet to acquire, may in other respects be better adapted to the production than those which were earlier in the field ; and besides, it is a just remark of Mr.
Page 277 - that money wages responded with unmistakable slowness to the inflating influences of the Civil War. In 1865, when prices stood at 217 as compared with 100 in 1860, wages had only touched 143. The course of events at this time shows the truth of the common statement that in times of inflation wages rise less quickly than prices, and that the period of transition is one of hardship to the wagereceiving class.