Ability, variety, 177-83;
physical differences, 178;
intelligence, 179;
training, 180;
moral qualities, 180;
inequality, 181;
scarcity, 182;
and occupation, 203;
grades, 212;
types, 264;
selection, 270-2;
sterilization, 561-2
Abstinence, definition, kinds, 163;
see Saving
Acquisition vs. social production, 259
Affection in personal distribution, 402
Agricultural classes, opposition to commercial, 113
Agricultural stage, 261
Agriculture, machinery in, 238
Alternative uses, relation to costs, 277
America, farms let on shares, 59;
land changes hands, 60;
exhaustion of the lands, 82;
use of interchangeable parts, 85;
destruction of forests, 87;
coal deposits, 88-9;
improvement of horses, 91;
watch-factory, 92;
price of horses in Boer War, 95;
discovery of mines, 102;
varied industrial conditions, 108;
use of money, 109;
expression of wealth, 114;
land became part of world's supply, 155;
standard of living, 192;
size of families, 193;
food supply, 194;
increase of population, 194;
army rations, 196;
standard of food, 196;
caste, 199;
democracy and efficiency, 200;
wage system dominant, 227;
wages, 232;
changing occupations, 234;
favorable effect of machinery, 242;
difference of race among workers, 247;
industrial superiority, 262;
Oriental competition, 263;
fortunes, 271;
profit-sharing, 283;
producers' coÖperation, 296;
consumers' coÖperation, 300;
industrial stage, 313;
crises, 352;
gifts by wealthy men, 368;
law of inheritance, 373;
fortunes, 375;
dress of workers, 397;
colonial policy toward, 425, 426;
custom, 426;
gold standard, 432;
silver supplies from, 441;
gold supplies, 442;
paper money, 448-9;
effect of silver supplies from, 454, 457;
effect of gold output, 457;
banks, 468-70;
discussion of taxation, 479;
prices in California, 483;
in different sections, 484;
protective tariff, 491-503;
growth of manufactures, 497;
factory laws, 509-12;
state enterprise, 514-17;
early settlement on the coast, 526;
trade in War of 1812, 526;
canals, 528;
railroad building, 529;
aid to railroads, 535
American Federation of Labor, 245;
claims of, 254
American Revolution, economic issues in, 8
Animal economy, provision for wants, 40
Animals, problem of numbers, 185-6
Antisocial profits, 289;
of monopoly, 311;
from speculation, 377;
antisocial use of ability, 378
Appropriation stage, 261
Ashley, W. J., 575
Assignats, 448
Attribution of product, 176
Austrian economists, 570
Authoritative distribution, 406-8;
use of, 410-11
Balance of trade, international, 486-7;
so-called favorable, 493
Bank-notes, and paper money compared, 447;
typical, 465-8;
in United States, 469
Banks, and credit, 462-70;
functions, 462-5;
in United States, 468-70
Barter, definition, 31;
under simple conditions, 32-5;
difficulty of, 99;
decline, 108-14;
economy in Middle Ages, 110
Bequest, limitation of right, 368
Bets, see Gambling
Bimetallism, international, 457-9;
national, 459-61
Biologic doctrine of population, 186, 187
Biology, shows inequality of talents, 181
Birth-rate, of animals, 187;
decreasing American, 193, 561
BÖhm-Bawerk, E. von, 570, 571, 572, 577, 580, 583
Boycott, 251
Brooks, R. C., 593
Building laws, 505
Bullock, C. J., 568
Buyers, bidding, 34;
margin of advantage, 35
Canadian bank-notes, 468, 470
Canals, as carriers, 528-9
Cannan, Edwin, 571, 573
Capital, origin of term, 112;
concept in modern business, 114-7;
definition, 115;
not identical with money, 115;
purpose of borrowing, 116;
sum, expressed in years' purchase, 121;
sum of expected rents, 122;
value not primary, 123;
stock, 127;
value of stocks fluctuate, 134;
time-value and, 142;
fixed and increasable forms, 152-3;
use by enterprisers, 285;
insured by enterprisers, 286;
in coÖperation, 295;
large, 312;
amount in factories, 315;
value affected by protection, 501
Capitalistic, age, 114, 117;
monopoly, 306
Capitalization, of all forms of rent, 118-30;
rent-charges as an example of, 118;
of land rents, 124;
of uniform or varying series of rents, 125-6;
increasing role, 127;
of any continuing income, 128;
of franchises, 129;
of corporate incomes, 130;
rate, 147;
and interest, 168;
influenced by taxation, 475
Capitalization, theory of crises, 353-4
Carlyle, T., on wage, 229
Carnegie, Andrew, 268, 270, 372, 377;
economies of gifts to libraries, 387, 390
Carver, T. N., 578
Cassel, 578
Caste, and efficiency, 199
Chance, unavoidable, 333;
average in industry, 334;
artificial, 334;
legitimate and illegitimate, 335
Character, affected by expenditure, 398;
highest point of production, 400;
unity of choice determining, 401
Charitable distribution, 405-6
Charity, public, 507
Cheating and gambling, 335
Child-labor legislation, 509
Choice, of goods, harmony in, 400
Cities, wealth of, contrasted with feudal estates, 111, 113;
growth, 504;
large, on waterways, 528
City ownership, 514-5;
see Public ownership
Clark, J. B., 398;
theory of profits and wages, 418, 573, 575, 584
Clews, Henry, on Wall Street finance, 378
Climate, and income, 48
Closed shop, 249-50
Clothing and efficiency, 196;
effect of choice of, 396
Coal, use and exhaustion, 88, 558;
strike of 1902, 251, 252
Coinage, 433-6;
definition, 433;
free or gratuitous, 434-6;
token, 443-7;
free and gratuitous, 443
Coins, light-weight, 443-7
Collective bargaining, 248
Collective enjoyment, as a mode of distribution, 408
Collectivism, 552
Combination and wages, 253-6;
of the factors, 260;
opposes competition, 429;
of capital, see Trusts
Comforts, relative meaning, 11;
and luxury, 388
Commercial monopoly, 306
Commercial paper, discounting of, 132
Commissions, to control railroads; 541-3;
to control corporations, 545
Commodity-money theory, 450
Common denominator of values, see Money
Commons, J. R., 573
Communism, among Germanic tribes, questioned, 365
Comparative costs, doctrine of, 482-3
Competition, definition, 33;
one-sided, 33;
present limitations on, 228;
the worker in, 229;
reduced by trade-unions, 248-50;
costly in mercantile business, 298;
free, not equality of efficiency, 303;
alleged cause of trusts, 322;
persistence of, 331;
and state action, 422-30;
and custom, 422-5;
economic harmony through, 425-8;
social limiting of, 428-30;
modern restrictions, 504
Competitive distribution, 409-10
Competitive price, forces governing, 308
Complementary agents, and value, 78;
intensive use of, 78;
labor and wealth, 175
Compulsory distribution, 404
Conquest theory of property, 363
Consolidation of railroads, 539-40
Consumers, determining costs, 280;
gain from trusts, 325
Consumers', choice influences value, 392;
choice influences wages, 394;
coÖperation, 298-301;
League, 394
Consumption, reaction upon production, 392-401;
definition of economic, 181;
of labor, 195-204;
equality of, not essential to competition, 423;
see Ability
Ely, Richard T., 568, 584
Emery, Henry C., 585

Employer, adjusts labor to interest rate, 220;
see Enterpriser
Employment, no lack of, 183
Energy, sources of, and income, 50
Engels, Frederick, 416
England, idea of rent in, 59;
long leases, 59;
food supply during Napoleonic wars, 69;
coal deposits, 89;
wages, 232;
changes in 18th century, 237;
loans, 240;
abnormal effect of machinery, 241;
coÖperation, 296, 299;
use of term monopoly, 304;
cotton crisis, 345;
crises, 348;
endowments limited, 368;
grants to royal families, 373;
gold standard, 432;
prices in Napoleonic wars, 442;
bank restriction act, 448-9;
balance of imports, 493;
discussion of protection, 496
Enjoyable goods, see Consumption goods
Enterprise, income, and social service, 376-7
Enterpriser, function of, 265-72;
qualities of, 267-70;
selection of, 270-2;
his task, 273-5;
his costs, 275;
medium for consumers' estimates, 280;
profits of, 283;
origin of term, 284;
his services reviewed, 285-8;
his risk, 287;
intermediary in industry, 287;
lacking in coÖperation, 297;
relation to profit-sharing and coÖperation, 300;
as risk-taker, 338
Environment, betterment, 92, 162
Ethics, definition, 6;
and economics of time-value, 144;
of consumption, 395, 398, 401;
of railroad problem, 532, 539;
see Morality
Europe, industrial methods of, 262
Exchange, in a market, 30-8;
and demand, 30, 31;
advantage, 31;
isolated, 32;
of present and future goods, 145-9;
as a conventional division of political economy, 419;
foreign and domestic, of money, 463;
international, see International trade
Extensive margin of indirect goods, 78-9;
see Utilization
Extravagance to give employment, 386
Factors, definition, 260;
combination of, 260-4;
cost of, 274;
proportioning of, 275;
mutual employment of, 420
Factory, system, growth and effect, 243-4;
change in number, 314;
limits to growth, 319;
legislation, 509-13
Farmers and the tariff, 498-9
Fauna and income, 49
Feeling and utility, 26
Fiat-money theory, 450-1
Fisher, Irving, 571, 575
Fixed charges, 168
Flora and income, 49
Food, and income, 50;
and efficiency, 196;
effect of, 396;
laws and inspection of goods, 506
Foreign exchanges, theory of, 485-8
Forestry, need of, 88
Forests, destruction of, 87-8
Franchises, for public utilities, 96;
capitalizing of, 129;
granting monopolies, 522
Free competition, see Competition
Free coinage, money value, 435
Freedom, economic, 422-30;
definition, 422
Free goods, definition, 19;
on the margin of utilization, 75
Free-silver movement in America, 459-61
Free trade, see International trade
Future rents capitalized, 125
Gambling vs. insurance, 333-8;
definition of typical, 334;
economic theory of 336
George, Henry, his theory of value, 417
Gibson, A. H., 577
Gilman, N. P., on profit-sharing, 293
Glut theory of crises, 351-2
Gold, fitness as money, 102;
as money, 432-3;
supply of, 435;
discoveries, 442;
as a standard, 455, 457;
increased output, 461;
shipping point, 485
Goods, definition, 19;
adjustment to wants, 21;
shifting series, 27;
substitution, 27;
series of, 39;
relation of indirect to gratification, 46;
enjoyable, 47;
durable, 47;
unripened, 47;
degrees of durableness, 48;
limited number, 52;
free and unlimited, 152
Government, a condition of efficient labor, 198;
as consumptive good and productive agent, 473;
paper money, see Paper money
Granger stores, 300
Gratification, defined, 16;
and marginal utility, 22;
temporary, 39;
at different times, 45;
time-value of, 141, 143
Greenbacks, 448, 451
Gresham's law, 446-7
Hadley, A. T., 579, 580
Happiness, and wealth, 18;
and ostentation, 388;
and character, 401
Hildebrand, 575
Historical diminishing returns, 68;
confused with technical, 70;
see Diminishing returns
Home-market argument for protection, 498-9
Honesty, a condition of efficiency, 198;
of public officials, 551
Household industry in America, 313
Immigration and protection, 498
Improvements to increase products, 90
Incidence of taxation, 476
Income, as a flow of goods, 39-42;
national, social, individual, private, objective, money, 40;
gross, net, 41;
of consumption goods, 41;
present, future, 41;
funded, unfunded, 42;
as a series of gratifications, 43;
psychic, 43-5;
all sources of, are productive, 43;
affected by objective conditions, 48-52;
affected by increasing capital, 152;
and social service, 370-80;
from property, 370-6;
from personal services, 376-80;
justice of large, 389-91;
distribution of the social, 402-11;
and taxation, 474-7;
affected by crises, 354-5;
personal and impersonal shares, 359-62;
personal, 361;
complex sources of psychic, 403
Increasable agents, 153-5;
scale of increasableness, 158
Increase, of product, 90;
of agents, 92, 95;
of rent-bearer affects others, 93
Indestructibility imputed to rented agents, 55
Indirect goods, see Goods
Individualism, extreme, its ideal of competition, 410
Industrial depressions, definition, 346
Industrial revolution caused by machinery, 237
Industrial stage, 261
Industry, changes in, affecting money, 101;
money reacts upon, 102;
diversity of condition in America, 108;
changes in Europe, 109;
growing complexity as interest falls, 168
Infant-industry argument for protection, 497
Inheritance, effect on industry, 12;
social effects, 369-73
Insurance, origin, 337;
economic theory of, 338;
sound conditions in, 338
Integration of industry, 321
Intensive margin, see Utilization
Interest, opposition to, in Middle Ages, 112;
the modern contract forms for borrowing wealth, 114;
contract and rent contract, 116;
on loans contrasted with rent-charges, 120;
increased use of, 121;
permitted by Rome, 122;
two modes of approach, 123;
"the prevailing rate" and capitalization, 124;
on money loans, 131-7;
gross and net, 132;
in credit sales, 134108-17;
use in various countries, 109;
increasing use in medieval cities, 111;
not identical with capital, 115;
time-value and, 142;
form taken by saving, 167;
movement of, before a crisis, 346;
use, coinage, and value, 431-42;
the precious metals as, 431-6;

quantity theory of, 436-42;
standard, or primary, 432;
fundamental use, 436;
average demand for, 437;
effect of changes in supply, 454, 457, 459;
territorial distribution, 487-8;
and foreign trade, 484
Money-changing, 463
Money market, for short-time loans, 137;
for productive loans, 139
Money theories of crises, 352-3
Monopoly, of labor, 253;
profits, 302-11;
nature of, 302-5;
definition, 304;
kinds of, 305-8;
test of, 308;
price fixed by, 308-11;
meaning, 312;
and supply, 324;
profits, social burden, 326;
in protective tariff, 500-1;
in localized public utilities, 519-21;
public gain from, 522;
power of the railroad, 530, 533
Moral qualities in industry, 180
Morality, as motive, 13-14;
of luxury, 389;
opposes competition, 429
Mortgages, nature of security, 133
Motives, economic, 9-14;
see Wants
Nail trust, 329
Natural economy, 110
Natural law, philosophy of, 426
Natural resources, and income, 49;
exhaustion of, 89, 558;
adapted and improved, 90;
machinery an adaption of, 91;
development of, 560;
see Land
Natural-rights theory of property, 364
National ownership, 516-7;
see Public ownership
Necessities, relative meaning, 11
Negro, simple wants, 11;
caste sentiment regarding, 199;
working hours, 201
Normal price, 37
Occupation and talent, 203
Occupation theory of property, 363
Oil trust, 328
Open shop, 249-50
Organization, of workers, need of, 246;
required for efficiency, 262;
and the enterpriser's function, 265-72
Orthodox economists, 415, 416;
predictions of, 557
Over-production theory of crises, 351
Ownership, forms of, 363
Paper money, bank-notes as political, 466;
experiments, 447-9;
definition, 447;
theories of, 450-2
Par of exchange, definition, 485, 486
Pastoral stage, 261
Patten, S. N., 586
Permanent possession, 53;
see Capitalization, Property
Personal distribution, see Distribution
Physiocratic school, 415
Political corruption and industrial legislation, 550
Political economy, see Economics
Political money, see Paper money
Political monopoly, 305
Political security, and saving, 163;
a condition of efficiency, 198
Politics, definition, 6;
and the tariff, 503;
influence of railroads in, 538
Population, growth in Europe in 18th century, 69;
doctrine of, 184-7;
related to resources, 184;
animal stage of problem, 185;
human population, 186;
in human society, 187-90;
excess, 188;
control, 188;
current aspect of, 191-4;
resultant of many forces, 191;
growth not fatalistic, 191;
quality, 193, 561, 562;
increase in the 19th century, 194
Present and future, wants, 44;
rents, 125;
goods, 145;
competing for labor, 220-21
Price, definition, 36;
market and normal, 37;
under competition, 308;
under monopoly, 309-310;
of trusts affected by competition, 331;
a social fact, 360;
changes, see Money
Primitive society, war in, 188;
custom in, 424
Private property, and saving, 164;
and monopoly, 306;
and inheritance, 359-69;
origin, 362-6;
limitations, 367-9;
vs. socialism, 376
Producers injured by trusts, 330
Producers' coÖperation, 295-7;
definition, 295
Production, and rate of interest, 166-9;
agents of, 175;
two sources of economic, 222;
and the combination of the factors, 257-64;
nature of, 257;
economic and personal, 258;
social, 259;
vs. welfare, 398;
unity of process, 418;
as a conventional division of political economy, 419;
by transportation, 525
Productive goods, definition, 20;
affect output of labor, 195
Productive and unproductive industries, 260
Productive labor, see Labor
Profits, unearned, by some directors, 130;
on purchase of capital, 138;
margin of, 275;
loss of, 282-91;
definition, 282, 291;
meaning of terms, 282-5;
a species of economic wages, 284;
fluctuation of, 288;
statement of law, 289;
pseudo, 289;
chance, 289-90;
conditioned on skill, 290;
risk theory of, 291;
to promoters of trusts, 322;
of promoter, 342;
of trustee, 343;
before and after a crisis, 347;
relation to wages, 415;
Clark's theory, 418;
in foreign trade, 495
Profit-sharing, 292-5;
definition, 292
Progress, of the masses, 232;
cause of, 232-3;
must grow out of wage system, 234;
marked by control over nature, 261;
stimulated by luxury, 388;
and refinement of desire, 399;
by wise method of distribution, 411;
due to temporary conditions, 558;
social vs. racial, 560;
depends on race quality, 561;
depends on competition, 562;
endangered by status and envy, 563
Promoter, services of, 342;
profits, 342-3
Property, private, effect on industry, 12;
effect on population, 189, 190;
and wealth, 361-2;
definition, 362;
and social expediency, 370;
in land, 374;
defense of, 374-5;
see Private property
Property tax, 475
Protective social and labor legislation, 504-13
Protective tariff, claimed to be socially expedient, 374, 491-503;
definition, 491;
nature and claims of protection, 491-6;
measure of justification in, 496-501;
values as affected by, 501-3;
compared with other social legislation, 512
Psychic income, 39-45;
complex sources of, 403;
see Income
Psychology of crises, 354
Public control of industry, examples, 544-8;
difficulties, 548-51
Public interests, limiting private property, 367;
paramount in social legislation, 505-9
Public officers, interested in corporations, 343
Public ownership of industry, 514-24;
examples of, 514-7;
economic aspects of, 517-24
Public policy as to control of industry, see Public control
Public utilities, increase of rents from, 96
Public wants, development of, 472
Publicity of corporation management, 546-7
Quantity theory of money, 436-42;
definition, 438;
objections to, 439 -41
Railroad, need of repairs, 83;
and industry, 525-33;
as a carrier, 527-30;
economic vs. technical efficiency, 527;
public nature of, 534-43;
privileges of, 534-8;
obligations of, 536-8;
political and economic power of, 538-40;
commissions to control, 541-3
Railroad rates, discrimination in, 530-3;
similarity to taxes, 538
Rank of goods, technical, 46
Rapp, George, 266
Real wages, definition, 207;
raised by machinery, 242
Recreation, influence on efficiency, 397
Religion, as economic motive, 13-14;
opposes competition, 429
Remuneration, profit-sharing as a method, 295;
methods of, see Wages
Rent, the renting contract, 53-60;
origin of term, 53;
several meanings, 54;
essence, 55;
as usufruct, 55;
imputed durableness of rented agents, 55;
gross and net, 55;
economic and contract, 56-7;
history of contract, 56-60;
rent charge, 58;
economic rent wider than renting contract, 60;
connection with gratification, 73;
varies with quality, 75;
with quantity, diagram, 77;
limits of, 79;
economic and contract, 79-80;
of wealth, affected by repair, depreciation, and destruction, 81-9;
changes in, 90-7;
of money, 106;
basis of capitalization, 122-4;
discounted, 123;
relation to time-discount, 150-1;
and wages, mutually influence, 175;
"of ability," 178;
and wages, 205;
"of labor," 205;
relation to wages, 215-8, 221;
as personal or impersonal income, 359;
conventional conception of, 413;
as usufruct, 414;
in Middle Ages, 424
Rent-bearers and rents, 90-7
Rent-charges, 58;
sale and purchase, 118-22
Renting contract, 53-60;
definition, 68;
confused with historical, 507
Temporary use, 53;
see Rent
Tenement-house laws, 505
Time, in relation to wants, 44;
relation to gratification, 161
Time-discount, of future rents, 125-6;
rate fixed in practice, 126
Time relations of goods to wants, 46
Time-value, and interest, 131;
theory of, 141-51;
definition and scope, 141-5;
fixing of rate, 145-51;
and rate of interest, 159-50;
relation to wages, 219-22;
the highest problem of value, 414
Tin-plate trust, 329
Token coins, 445-6
Trade-unions, 245-56;
objects, 245-8;
methods, 248-53;
claims of, 254;
effects, on wages, 253-6;
and profit-sharing, 294;
monopoly of labor, 308
Transportation, as a form of production, 525;
changes in 19th century, 529-30
Trant, book on trade-unions, 254-5
Trustee, speculating, 343
Trusts, in United States, growth of, 312-22;
recent organization of, 315-7;
economic possibilities of consolidation, 321;
causes of, 320-2;
in legal and popular sense, 320;
effect on prices, 323-32;
control of, 332
Under-consumption theory of crises, 351
Unearned increments, various kinds, 96
Unions, see Trade-unions
United States, see America
Unproductive labor, see Labor
Unripe goods, see Goods
Usufruct, see Rent
Usury, in Middle Ages, 113;
usury laws, 508
Utility, broad sense, 19;
see Marginal utility
Utilization, intensive margin, 64;
extensive, 65;
diagram, 65;
equilibrium of two margins, 66;
of indirect goods, 78-9
Value, definition, 20;
relation of labor to, 222-5;
characteristics of, 258;
cost of production explanation, 277;
genealogy of, (diagram) 278-80;
law of, and monopoly price, 311;
law of, and trusts, 323;
survey of the theory, 412;
the unit of, 413;
stages of value, 414;
various aspects, 419;
generality of the law, 420;
effect of taxation on, 475-7;
future trend of, 555-63
Value theories, relation to social reforms, 415-8
Volitional control, of population, 188, 189, 191, 193, 561
Wage contract, terms of, 229
Wage-fund theory of wages, 217
Wages, related to scarcity, 182;
and efficiency, 196;
law of, 205-14;
nature of, 205-8;
and rent, 205;
economic and contract, 206;
real and nominal, 207;
modes of earning, 208-11;
methods of remuneration, 211;
and the general law of value, 211-4;
term "general rate," 211;
differences in, 212;
statement of law, 213;
and rent, 215-8;
and time-value, 219-22;
law of wages, 215;
iron law, 216;
and ambition, 230;
rise of money form of, 232;
real, changes in, 232;
more better-paid callings, 233;
raised by machinery, 242;
in general industry determined by impersonal economic forces, 255;
and profits, 284;
and profit-sharing, 295;
as personal or impersonal income, 359;
influenced by consumers' choice, 394;
relation to profits, 415;
and protective tariff, 495;
laws regulating payment, 511
Wages system, and its result, 226-35;
defined, 226;
development, 227;
as it is, 229-31;
progress under, 232-5;
gloomy view of, 233
Walker, Francis A., theory of wages, 417, 578
Wants, material, 9-12;
non-material, 13-4;
of animals, 9;
primitive, 10;
civilized, 10;
and progress, 11;
growth, 12;
refinement, 12;
complex, 14;
dependence on things, 15;
relation to goods, 16;
kinds, 21;
changing, 26;
recurrence, 39;
in series, 39;
present and future, 44;
see Consumption
War, to remedy over-population, 188;
affects productive agents, 394
Waste, and luxury, 381-91;
of wealth, 381-5;
individual, 384;
in public outlay, 384-5;
fallacy of, 385
Water routes, influence on local advantages, 526-7;
economy of, 528
Wealth, and welfare, 15-20;
definition, 17, 18;
and income, 41;
related to gratification, 44;
and its indirect uses, 46-52;
conditions of economic, 48-52;
in city and country, contrasted, 111;
loan of, in Middle Ages, 112;
concept, and capital concept, 116;
and property, 362;
inequality of, 375
Welfare, and wealth, 15-20;
and instinctive choice, 395;
vs. production, 398
Wieser, 570, 571, 580, 583
Wind and water as sources of power, 51
Woman's work, 510
Work, see Labor
Workers, effect of machinery on, 239-44;
need of organization, 246;
need of direction, 265-7;
and profit-sharing, 294;
gains from trusts, 325;
health in factories, 509-10
Years' purchase, 120

[1] Compiled from data given by "The Journal of Commerce and Commercial Bulletin," reprinted in "The Commercial Year Book," Vol. V, 1900, pp. 564-569.