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Principles Of Political Economy Abridged with Critical, Bibliographical, and Explanatory Notes, and a Sketch of the History of Political Economy   By: (1806-1873)

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Principles Of Political Economy


John Stuart Mill

Abridged, with Critical, Bibliographical,

and Explanatory Notes, and a Sketch

of the History of Political Economy,


J. Laurence Laughlin, Ph. D.

Assistant Professor of Political Economy in Harvard University

A Text Book For Colleges.

New York:

D. Appleton And Company,

1, 3, and 5 Bond Street.



Preface. Introductory. A Sketch Of The History Of Political Economy. Books For Consultation (From English, French, And German Authors). Preliminary Remarks. Book I. Production. Chapter I. Of The Requisites Of Production. § 1. The requisites of production. § 2. The Second Requisite of Production, Labor. § 3. Of Capital as a Requisite of Production. Chapter II. Of Unproductive Labor. § 1. Definition of Productive and Unproductive Labor. § 2. Productive and Unproductive Consumption. § 3. Distinction Between Labor for the Supply of Productive Consumption and Labor for the Supply of Unproductive Consumption. Chapter III. Of Capital. § 1. Capital is Wealth Appropriated to Reproductive Employment. § 2. More Capital Devoted to Production than Actually Employed in it. § 3. Examination of Cases Illustrative of the Idea of Capital. Chapter IV. Fundamental Propositions Respecting Capital. § 1. Industry is Limited by Capital. § 2. Increase of Capital gives Increased Employment to Labor, Without Assignable Bounds. § 3. Capital is the result of Saving, and all Capital is Consumed. § 4. Capital is kept up by Perpetual Reproduction, as shown by the Recovery of Countries from Devastation. § 5. Effects of Defraying Government Expenditure by Loans. § 6. Demand for Commodities is not Demand for Labor. Chapter V. On Circulating And Fixed Capital. § 1. Fixed and Circulating Capital. § 2. Increase of Fixed Capital, when, at the Expense of Circulating, might be Detrimental to the Laborers. § 3. This seldom, if ever, occurs. Chapter VI. Of Causes Affecting The Efficiency Of Production. § 1. General Causes of Superior Productiveness. § 2. Combination and Division of Labor Increase Productiveness. § 3. Advantages of Division of Labor. § 4. Production on a Large and Production on a Small Scale. Chapter VII. Of The Law Of The Increase Of Labor. § 1. The Law of the Increase of Production Depends on those of Three Elements Labor. Capital, and Land. § 2. The Law of Population. § 3. By what Checks the Increase of Population is Practically Limited. Chapter VIII. Of The Law Of The Increase Of Capital. § 1. Means for Saving in the Surplus above Necessaries. § 2. Motive for Saving in the Surplus above Necessaries. § 3. Examples of Deficiency in the Strength of this Desire. § 4. Examples of Excess of this Desire. Chapter IX. Of The Law Of The Increase Of Production From Land. § 1. The Law of Production from the Soil, a Law of Diminishing Return in Proportion to the Increased Application of Labor and Capital. § 2. Antagonist Principle to the Law of Diminishing Return; the Progress of Improvements in Production. § 3. In Railways. § 4. In Manufactures. § 5. Law Holds True of Mining. Chapter X. Consequences Of The Foregoing Laws. § 1. Remedies for Weakness of the Principle of Accumulation. § 2. Even where the Desire to Accumulate is Strong, Population must be Kept within the Limits of Population from Land... Continue reading book >>

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