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Rural Health and Welfare   By:

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The Rural Science Series

Edited by L. H. Bailey

Rural Wealth and Welfare

Economic Principles Illustrated and Applied in Farm Life


Geo. T. Fairchild, LL.D.

New York

The MacMillan Company

London: MacMillan & Co., Ltd.



Dedication Preface. Introduction. General Welfare. Part I. Productive Industries: Analysis of Aims, Forces, Means and Methods. Chapter I. Aims Of Industry. Chapter II. Forces In Production Of Wealth. Chapter III. Labor Defined And Classified. Chapter IV. Capital Defined And Classified. Chapter V. Personal Attainments. Chapter VI. Combination Of Forces For Individual Efficiency. Chapter VII. Methods Of Association. Chapter VIII. Exchange: Advantages, Limitations And Tendencies. Chapter IX. Value The Basis Of Exchange. Chapter X. Exchange Its Machinery. Chapter XI. Banks And Banking. Chapter XII. Deferred Settlement And Credit Expansion. Chapter XIII. Technical Division Of Labor. Chapter XIV. Aggregation Of Industry. Chapter XV. Special Incentives To Production. Chapter XVI. Business Security. Part II. Distribution of Wealth for Welfare. Chapter XVII. General Principles Of Fair Distribution. Chapter XVIII. Wages And Profits. Chapter XIX. Conflict Between Wage Earners And Profit Makers. Chapter XX. Proceeds Of Capital: Interest And Rent. Chapter XXI. Principles Of Interest. Chapter XXII. Principles Of Land Rent. Part III. Consumption of Wealth. Chapter XXIII. Wealth Used By Individuals. Chapter XXIV. Prudent Consumption. Chapter XXV. Imprudent Consumption. Chapter XXVI. Social Organization For Consumption. Chapter XXVII. Economic Functions Of Government. Chapter XXVIII. Economic Machinery Of Government. Conclusion. Index. Advertisements.


To The Thousands Of Students In Agricultural Colleges With Whom I Have Studied Economic Questions During The Past Thirty Five Years

This little volume is thankfully dedicated

In Remembrance Of Many Pleasant Hours

Geo. T. Fairchild


In giving these pages to the public I offer no apology for a restatement of fundamental principles always requiring adjustment to new life and circumstances; but economic literature has usually dealt too exclusively with the phenomena of manufactures and commerce to gain the sympathy of rural people. An experience of more than thirty years in handling such subjects at the Michigan and Kansas Agricultural Colleges, together with the expressed confidence of former pupils whose judgment I trust, has led me into the effort to bring the subject home to farmers and farmers' families in this elementary way.

I have carefully refrained from quotations, or even references to works consulted, for the obvious reason that such formalities would distract the attention of most readers from the direct, common sense thinking desired, and render the style of the book more complex. I hereby acknowledge my debt to the leading writers of past and present upon most of the topics treated, not excluding any school or party.

The statements of facts I have taken from best authorities, with care to verify, if possible, by comparisons. Many data have been diligently compiled and rearranged for more exact presentation of facts, and the phenomena of prices of farm crops have been analyzed with especial care. The necessities of the printed volume have to some extent obscured the charts by reduction, but I trust they may be intelligible and interesting to all students of agricultural interests.

No attempt has been made to argue or to expound difficulties beyond a simple statement of principles involved, and the spirit of controversy has been absent from my thoughts throughout... Continue reading book >>

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