Elements of Economics of Industry
Being the First Volume of Elements of Economics
Description:... Excerpt from Elements of Economics of Industry: Being the First Volume of Elements of Economics
This Volume is an attempt to adapt the first Volume of my Principles of Economics (Second Edition, 1891), to the needs of junior students.
The necessary abridgement has been effected not by systematic compression so much as by the omission of many discussions on points of minor importance and of some difficult theoretical investigations. For it seemed that the difficulty of an argument would be increased rather than diminished by curtailing it and leaving out some of its steps. The argumentative parts of the Principles are therefore as a rule either reproduced in full or omitted altogether; reference in the latter case being made in footnotes to the corresponding places in the larger Treatise. Notes and discussions of a literary character have generally been omitted.
The influence of Trade-Unions on wages depends much on the course of Foreign Trade and on Commercial Fluctuations; and therefore in the Principles all discussion of the subject is postponed to a late stage. But in the present Volume, the practical convenience of discussing it in close connection with the main theory of Distribution seemed to outweigh the disadvantages of treating it prematurely and in some measure incompletely; and a Chapter on Trade-Unions has been added at the end of Book VI.
A few sentences have been incorporated from tho Economics of Industry, published by my wife and myself in 1879.
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