ral theory here offered. The theory
of capital here stated was first presented in a monograph of the
American Economic Association for May, 1888, and the discussion of
money of which the present work gives a summary, in articles in the
_Political Science Quarterly_ for September, 1895, and for June and
September, 1896. The discussion of the relation of protective duties
to monopoly appeared in the same quarterly for September, 1904.

The author should, perhaps, apologize for the fewness of the citations
from other works which this volume contains. The richness of the
recent literature of Economic Theory, especially in America, would
have made it necessary to use much space if the resemblances and the
contrasts presented by points in this volume, and corresponding points
in other volumes, had been noted.

Worthy of special attention, if citations had been given, would have
been the writings of Professors Irving Fisher, Simon N. Patten, and
Frank A. Fetter of this country, and Professor Friedrich von Wieser of
Prague, who have worked in various parts of the same field in which
the studies here offered belong, and also those of Minister Eugen von
Boehm-Bawerk of Vienna, who has treated some of the same themes in a
strongly contrasted way. If merited attention were paid to the works
of Hadley, Taussig, Carver, Seligman, Giddings, Seager, Walker, and a
host of eminent foreign scholars, a large part of the space in the
book would have to be thus preempted.

I desire most gratefully to acknowledge the assistance which in the
preparation of this book I have received from my colleague, Professor
H. L. Moore of Columbia University, from my son, Mr. John Maurice
Clark, Fellow in Economics in Columbia University, and from my former
colleague, Professor A. S. Johnson of the University of Nebraska.
Besides reading the manuscript and offering valuable suggestions,
Professor Johnson has kindly taken upon himself the reading of the
proof.

JOHN BATES CLARK.

CONTENTS

CHAPTER PAGE
I. WEALTH AND ITS ORIGIN 1
II. VARIETIES OF ECONOMIC GOODS 20
III. THE MEASURE OF CONSUMERS' WEALTH 39
IV. THE SOCIALIZATION OF INDUSTRY 59
V. PRODUCTION A SYNTHESIS; DISTRIBUTION AN ANALYSIS