System der volkswirthschaft. English
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The Project Gutenberg EBook of Principles Of Political Economyby William RoscherThis eBook is for the use of anyone anywhere at no costand with almost no restrictions whatsoever. You may copyit, give it away or re-use it under the terms of the ProjectGutenberg License included with this eBook or online athttp://www.gutenberg.org/licenseTitle: Principles Of Political EconomyAuthor: William RoscherRelease Date: January 4, 2009 [Ebook 27698]Language: English***START OF THE PROJECT GUTENBERG EBOOKPRINCIPLES OF POLITICAL ECONOMY***Principles Of Political EconomyByWilliam Roscher,Professor of Political Economy at the University of Leipzig,Corresponding Member of the Institute of France,Privy Counsellor To His Majesty,The King Of Saxony.From the Thirteenth (1877) German Edition.With Additional Chapters Furnished By TheAuthor,For This First English And American Edition,On Paper Money, International Trade,And The Protective System;And A Preliminary EssayOn The Historical Method In Political Economy(From the French)ByL. WolowskiThe Whole Translated ByJohn J. Lalor, A. M.Vol. I.New York:Henry Holt & Co.1878ContentsTranslator's Preface. . . . . . . . . . . . . . . . . . . . . . 3Author's Preface. (1st Edition.) . . . . . . . . . . . . . . . 5From The Author's Prefaces. (2d to 11th Edition.) . . . . . 7Preliminary Essay. . . . . . . . . . . . . . . . . . . . . . 10Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . 60Chapter I. ...

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The Project Gutenberg EBook of Principles Of Political Economy
by William Roscher
This eBook is for the use of anyone anywhere at no cost
and with almost no restrictions whatsoever. You may copy
it, give it away or re-use it under the terms of the Project
Gutenberg License included with this eBook or online at
http://www.gutenberg.org/license
Title: Principles Of Political Economy
Author: William Roscher
Release Date: January 4, 2009 [Ebook 27698]
Language: English
***START OF THE PROJECT GUTENBERG EBOOK
PRINCIPLES OF POLITICAL ECONOMY***Principles Of Political Economy
By
William Roscher,
Professor of Political Economy at the University of Leipzig,
Corresponding Member of the Institute of France,
Privy Counsellor To His Majesty,
The King Of Saxony.
From the Thirteenth (1877) German Edition.
With Additional Chapters Furnished By The
Author,
For This First English And American Edition,
On Paper Money, International Trade,
And The Protective System;
And A Preliminary Essay
On The Historical Method In Political Economy
(From the French)
By
L. Wolowski
The Whole Translated By
John J. Lalor, A. M.
Vol. I.
New York:
Henry Holt & Co.
1878Contents
Translator's Preface. . . . . . . . . . . . . . . . . . . . . . 3
Author's Preface. (1st Edition.) . . . . . . . . . . . . . . . 5
From The Author's Prefaces. (2d to 11th Edition.) . . . . . 7
Preliminary Essay. . . . . . . . . . . . . . . . . . . . . . 10
Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . 60
Chapter I. Fundamental Ideas. . . . . . . . . . . . . . 60
Section I. Goods—Wants. . . . . . . . . . . . . 60 II. Goods.—Economic Goods. . . . . . . 64
Section III.—The Three Classes Of Goods. 66 IV. Of Value.—Value In Use. . . . . . . 68
Section V. Value.—Value In Exchange. . . . . . 71 VI. Value.—Alleged Contradiction
Between Value In Use And Value In
Exchange. . . . . . . . . . . . . . . . . . . 73
Section VII. Resources Or Means (Vermögen). . 76 VIII. Valuation Of Resources. . . . . . . 77
Section IX. Wealth. . . . . . . . . . . . . . . . . 80 X.—Signs Of National Wealth. . 81
Section XI. Of Economy (Husbandry). . . . . . . 86 XII. Economy.—Grades Of Economy. . . 90
Section XIII. Political Economy.—The
Economic Organism. . . . . . . . . . . . . . 94
Section XIV. Origin Of A Nation's Economy. . . 98 XV. Diseases Of The Social Organism. . 100
Chapter II. Position Of Political Economy In The Circle
Of Related Sciences. . . . . . . . . . . . . . . . 102
Section XVI. Political Or National Economy. . . 102iv Principles Of Political Economy
Section XVII. Sciences Relating To National
Life.—The Science Of Public
Economy.—The Of Finance. . . . . . 106
Section XVIII. Sciences Relating To National
Life.—Statistics. . . . . . . . . . . . . . 108
Section XIX. Private Economy—Cameralistic
Science. . . . . . . . . . . . . . . . . . . 111
Section XX. Private Economy. (Continued.) . . . 113 XXI. What Political Economy Treats Of. 115
Chapter III. The Methods Of Political Economy. . . . . 120
Section XXII. Former Methods. . . . . . . . . . 120 XXIII. The Idealistic Method. . . . . . . 124
Section XXIV. The (Continued.)125 XXV. The Idealistic Method. (Continued.)128
Section XXVI. The Historical Method—The
Anatomy And Physiology Of Public
Economy. . . . . . . . . . . . . . . . . . 129
Section XXVII. Advantages Of The Historical
Or Physiological Method. . . . . . . . . 130
Section XXVIII. Advantages Of The Historical
Method. (Continued.) . . . . . . . . . . . 132
Section XXIX. The Practical Character Of The
Historical Method In Political Economy. 133
Book I. The Production Of Goods. . . . . . . . . . . . . . 136
Chapter I. Factors Of Production. . . . . . . . . . . . . 136
Section XXX. Meaning Of Production. . . . . . . 136 XXXI. The Factors Of
Production.—External Nature. . . . . . . . . . . 137
Section XXXII. External Nature.—The
Sea.—Climate. . . . . . . . . . . . . . . 139
Section XXXIII. External Nature.—Gifts Of
Nature With Value In Exchange. . . . . . . 144
Section XXXIV. External Nature. (Continued.) . 146v
Section XXXV. External Nature.—Elements Of
Agricultural Productiveness. . . . . . . . 148
Section XXXVI. External Nature.—Further
Divisions Of Nature's Gifts. . . . . . . . . . 151
Section XXXVII. External Nature.—The
Geographical Character Of A Country. . . . . 153
Section XXXVIII. Of Labor.—Divisions Of Labor.156 XXXIX. Labor.—Taste For
Labor.—Piece-Wages. . . . . . . . . . . 158
Section XL. Labor.—Labor-Power Of Individuals.164 XLI. Labor.—Effect Of The Esteem In
Which It Is Held. . . . . . . . . . . . . . 168
Section XLII. Of Capital.—The Classes Of
Goods Of Which A Nation's Capital Is
Made Up. . . . . . . . . . . . . . . . . . 170
Section XLIII. Capital.—Productive Capital. . . . 177 XLIV.—Fixed Capital, And
Circulating Capital. . . . . . . . . . . . . . 180
Section XLV.—How It Originates. . . . 182
Chapter II. Co-Operation Of The Factors. . . . . . . . 187
Section XLVI. The Productive Coöperation Of
The Three Factors. . . . . . . . . . . . . 187
Section XLVII. Productive Co-Operation Of The
Three Factors. The Three Great Periods
Of A Nation's Economy. . . . . . . . . . 188
Section XLVIII. Critical History Of The Idea Of
Productiveness. . . . . . . . . . . . . . . 190
Section XLIX. Critical History Of The Idea Of—The Doctrine Of The
Physiocrates. . . . . . . . . . . . . . . . 193
Section L. The Same Subject Continued. . . . . . 198 LI. The Same . . . . 201
Section LII. Idea Of Productiveness. . . . . . . . 202 LIII. The Same Subject Continued. . . . 204vi Principles Of Political Economy
Section LIV. Importance Of A Due Proportion In
The Different Branches Of Productiveness.205
Section LV. The Degree Of Productiveness. . . . 210
Chapter III. The Organization Of Labor. . . . . . . . . 212
Section LVI. Development Of The Division Of
Labor. . . . . . . . . . . . . . . . . . . . 212
Section LVII. Development Of The Division Of
Labor.—Its Extent At Different Periods. . 213
Section LVIII. Advantages Of The Division Of
Labor. . . . . . . . . . . . . . . . . . . . 216
Section LIX. Conditions Of The Division Of Labor.218 LX. Influence Of The Extent Of The
Market On The Division Of Labor. . . . 219
Section LXI. The Division Of Labor—Means Of
Increasing It. . . . . . . . . . . . . . . . 221
Section LXII. The Reverse, Or Dark Side Of The
Division Of Labor. . . . . . . . . . . . . 225
Section LXIII. Dark Side Of The Division Of
Labor.—Its Gain And Loss. . . . . . . . 227
Section LXIV. The Co-Operation Of Labor. . . . 230 LXV. The Principle Of Stability, Or Of
The Continuity Of Work. . . . . . . . . . 231
Section LXVI. Advantage Of Large Enterprises. . 233
Chapter IV. Freedom And Slavery. . . . . . . . . . . . 239
Section LXVII. The Origin Of Slavery. . . . . . 239 LXVIII. The Same Subject Continued. . 241
Section LXIX. Origin Of Slavery.—Want Of
Freedom. . . . . . . . . . . . . . . . . . 242
Section LXX. Emancipation. . . . . . . . . . . . 244 LXXI. Disadvantages Of Slavery. . . . . 247
Section LXXII. Effect Of An Advance In
Civilization On Slavery. . . . . . . . . . . . 250
Section LXXIII. The Same Subject Continued. . 252 LXXIV. The Same . 258vii
Section LXXV. The Same Subject Continued. . . 259 LXXVI. (Appendix To Chapter IV.) The
Domestic Servant System. . . . . . . . . 262
Chapter V. Community Of Goods And Private
Property. Capital—Property. . . . . . . . . . . . . . . 269
Section LXXVII. Capital.—Importance Of
Private Property. . . . . . . . . . . . . . . . 269
Section LXXVIII. Socialism And Communism. . 270 LXXIX. And Communism.
(Continued.) . . . . . . . . . . . . . . . 274
Section LXXX. Socialism And Communism.
(Continued.) . . . . . . . . . . . . . . . 279
Section LXXXI. Community Of Goods. . . . . . 283 LXXXII. The Organization Of Labor. . . 289
Section LXXXIII. The Of Labor.
(Continued.) . . . . . . . . . . . . . . . 292
Section LXXXIV. The Organization Of Labor.
(Continued.) . . . . . . . . . . . . . . . 295
Section LXXXV. The Right Of Inheritance. . . . 298 LXXXVI. Economic Utility Of The
Right Of Inheritance. . . . . . . . . . . . 299
Section LXXXVII. Landed Property. . . . . . . . 302 LXXXVIII. (Continued.)304
Chapter VI. Credit. . . . . . . . . . . . . . . . . . . . 309
Section LXXXIX. Credit In General. . . . . . . . 309 XC. Credit—Effects Of Credit. . . . . . 312
Section XCI. Debtor Laws. . . . . . . . . . . . . 317 XCII. History Of Credit Laws. . . . . . . 319
Section XCIII. Means Of Promoting Credit. . . . 322 XCIV. Letters Of Respite
(Specialmoratorien). . . . . . . . . . . . . . . . . . . 328
Book II. The Circulation Of Goods. . . . . . . . . . . . . 332
Chapter I. In General. . . . . . . . . . . . . 332viii Principles Of Political Economy
Section XCV. Meaning Of The Circulation Of
Goods. . . . . . . . . . . . . . . . . . . 332
Section XCVI. Rapidity Of Circulation. . . . . . 335 XCVII. Freedom Of Competition. . . . . 337
Section XCVIII. How Goods Are Paid For.—The
Rent For Goods. . . . . . . . . . . . . . 340
Section XCIX. Freedom Of Competition And
International Trade. . . . . . . . . . . . . 343
Chapter II. Prices . . . . . . . . . . . . . . . . . . . . 348
Section C. Prices In General. . . . . . . . . . . . 348 CI. Effect Of The Struggle Of Opposing
Interests On Price. . . . . . . . . . . . . 349
Section CII. Demand. . . . . . . . . . . . . . . . 355 CIII.—Indispensable Goods. . . 357
Section CIV. Influence Of Purchaser's
Solvability On Prices. . . . . . . . . . . . . . . . 360
Section CV. Supply. . . . . . . . . . . . . . . . 361 CVI. The Cost Of Production. . . . . . . 362
Section CVII. Equilibrium Of Prices. . . . . . . . 366 CVIII. Effect Of A Rise Of Price Much
Above Cost. . . . . . . . . . . . . . . . 367
Section CIX. Effect Of A Decline Of Price Below
Cost. . . . . . . . . . . . . . . . . . . . 370
Chapter CX. Different Cost Of Production Of
The Same Goods. . . . . . . . . . . . . . 372
Section CXI. Different Cost Of Production Of
The Same Goods. (Continued.) . . . . . . 374
Section CXII. Exceptions. . . . . . . . . . . . . 376 CXIII. (Continued.) . . . . . 379
Section CXIV. Prices Fixed By Government. . . 381 CXV. Influence Of Growing Civilization
On Prices. . . . . . . . . . . . . . . . . . 384
Chapter III. Money In General. . . . . . . . . . . . . . 390ix
Section CXVI. Instrument Of Exchange.
Measure Of Value. Barter. . . . . . . . . . . 390
Section CXVII. Effect Of The Introduction Of
Money. . . . . . . . . . . . . . . . . . . 399
Section CXVIII. The Different Kinds Of Money. 403 CXIX. The Metals As Money. . . . . . . 408
Section CXX. Money—The Precious Metals. . . 412 CXXI. Value In Use And Value In
Exchange Of Money. . . . . . . . . . . . . 420
Section CXXII. Value In Exchange Of Money. . 422 CXXIII. The Quantity Of Money A
Nation Needs. . . . . . . . . . . . . . . . . 424
Section CXXIV. The Quantity Of Money A
Nation Needs. (Continued.) . . . . . . . 431
Section CXXV. Uniformity Of The Value In
Exchange Of The Precious Metals. . . . . 432
Section CXXVI. Uniformity Of The Value In
Exchange Of The Precious Metals.
(Continued.) . . . . . . . . . . . . . . . . . . 437
Chapter IV. History Of Prices. . . . . . . . . . . . . . 442
Section CXXVII. Measure Of Prices,—Constant
Measure. . . . . . . . . . . . . . . . . . 442
Section CXXVIII. Value In Exchange Estimated
In Labor. . . . . . . . . . . . . . . . . . 443
Section CXXIX. The Precious Metals The Best
Measure Of Prices. . . . . . . . . . . . . 446
Section CXXX. History Of The Prices Of The
Chief Wants Of Life. . . . . . . . . . . . 451
Section CXXXI. History Of The Prices Of The
Chief Wants Of Life. (Continued.) . . . . 453
Section CXXXII. History Of The Prices Of The
Chief Wants Of Life. . . . . 459
Section CXXXIII. History Of The Prices Of The
Chief Wants Of Life. (Continued.) . . . . 468x Principles Of Political Economy
Section CXXXIV. History Of The Prices Of The
Chief Wants Of Life. (Continued.) . . . . 470
Section CXXXV. History Of The Values Of The
Precious Metals.—In Antiquity And In
The Middle Ages. . . . . . . . . . . . . . 475
Section CXXXVI. Effect On The Discovery Of
American Mines Etc. On The Value Of
The Precious Metals. . . . . . . . . . . . 477
Section CXXXVII. Revolution In Prices At The
Beginning Of Modern History. . . . . . . 481
Section CXXXVIII.
Revolution In Prices.—Influence Of The
Non-Monetary Use Of Gold And Silver. . 487
Section CXXXIX. History
Of Prices.—Californian And Australian
Discoveries. . . . . . . . . . . . . . . . . 491
Section CXL. Revolution In Prices.—Its
Influence On The National Resources. . . . . 500
Section CXLI. Effect Of An Enhancement Of
The Price Of The Precious Metals. . . . . 506
Section CXLII. The Price Of Gold As Compared
With That Of Silver. . . . . . . . . . . . 507
Section CXLIII. The Price Of Gold As Compared
With That Of Silver. (Continued.) . . . . 510
Appendix I. Paper Money. . . . . . . . . . . . . . . . 512
Section I. Paper Money And Money-Paper. . . . 512 II. Advantages And Disadvantages Of
Paper Money. . . . . . . . . . . . . . . . 516
Section III. Kinds Of Redemption. . . . . . . . . 520 IV. Compulsory Circulation. . . . . . . . 525
Section V. Resumption Of Specie Payments. . . . 535 VI. Paper Money—A Curse Or A Blessing?539
Footnotes . . . . . . . . . . . . . . . . . . . . . . . . . . 545