1. What is Political Economy? Political Economy treats of the wealth of nations; it inquires into the causes which make one nation more rich and prosperous than another. It aims at teaching what should be done in order that poor people may be as few as possible, and that everybody may, as a general rule, be well paid for his work. Other sciences, no doubt, assist us in reaching the same end. The science of mechanics shows how to obtain force, and how to use it in working machines. Chemistry teaches how useful substances may be produced—how beautiful dyes and odours and oils, for instance, may be extracted from the disagreeable refuse of the gasworks. Astronomy is necessary for the navigation of the oceans. Geology guides in the search for coal and metals.
Suppose that in the early stages of society, the bows and arrows of the hunter were of equal value, and of equal durability, with the canoe and implements of the fisherman, both being the produce of the same quantity of labour. Under such circumstances the value of the deer, the produce of the hunter’s day’s labour, would be exactly equal to the24 value of the fish, the produce of the fisherman’s day’s labour.
Or view this book in html format.
The contents of this book are organized as follows
PART I. RESOURCES AND ECONOMIC ORGANIZATION.
1. Material resources of the nation
2. The present economic system
PART II. MONEY AND PRICES.
3. Nature, use, and coinage of money
4. The value of money
5. Fiduciary money, metal and paper
6. The standard of deferred payments
PART III. BANKING AND INSURANCE.
7. The functions of banks
8. Banking in the United States before 1914
9. The Federal Reserve Act
10. Crises and industrial depressions
11. Institutions for saving and investment
12. Principles of insurance
In this section you will find a collection of selected eBooks for free download.