74
VI. VALUE AND ITS RELATION TO DIFFERENT INCOMES 92
VII. NORMAL VALUE 114
VIII. WAGES 127
IX. THE LAW OF INTEREST 146
X. RENT 159
XI. LAND AND ARTIFICIAL INSTRUMENTS 174
XII. ECONOMIC DYNAMICS 195
XIII. THE LIMITS OF AN ECONOMIC SOCIETY 210
XIV. EFFECTS OF DYNAMIC INFLUENCES WITHIN THE LIMITED
ECONOMIC SOCIETY 229
XV. PERPETUAL CHANGE OF THE SOCIAL STRUCTURE 244
XVI. EFFECT OF IMPROVEMENTS IN METHODS OF PRODUCTION 256
XVII. FURTHER INFLUENCES WHICH REDUCE THE HARDSHIPS ENTAILED
BY DYNAMIC CHANGES 282
XVIII. CAPITAL AS AFFECTED BY CHANGES OF METHOD 301
XIX. THE LAW OF POPULATION 321
XX. THE LAW OF ACCUMULATION OF CAPITAL 339
XXI. CONDITIONS INSURING PROGRESS IN METHOD AND
ORGANIZATION 358
XXII. INFLUENCES WHICH PERVERT THE FORCES OF PROGRESS 372
XXIII. GENERAL ECONOMIC LAWS AFFECTING TRANSPORTATION 396
XXIV. THE FOREGOING PRINCIPLES APPLIED TO THE RAILROAD
PROBLEM 416
XXV. ORGANIZATION OF LABOR 451
XXVI. THE BASIS OF WAGES AS FIXED BY ARBITRATION 470
XXVII. BOYCOTTS AND THE LIMITING OF PRODUCTS 503
XXVIII. PROTECTION AND MONOPOLY 517
XXIX. LEADING FACTS CONCERNING MONEY 538
XXX. SUMMARY OF CONCLUSIONS 555
INDEX 563

ESSENTIALS OF ECONOMIC THEORY

CHAPTER I

WEALTH AND ITS ORIGIN

The creation and the use of wealth are everywhere governed by natural
laws, and these, as discovered and stated, constitute the science of
Economics. Some of them come into operation only when men live in more
or less civilized societies and work in an organized way, while others