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MP3 Audio CD. Principles of Economics, Book 2: Some Fundamental Notions CHAPTER I INTRODUCTORY 1. WE have seen that economics is, on the one side, a Science of Wealth; and, on the other, that part of the Social Science of man's action in society, which deals with his Efforts to satisfy his Wants, regards in so far as the efforts and wants are capable of being measured in terms of wealth, or its general representative, i.e. money. We shall be occupied during the greater part of this volume with these wants result of and efforts; and with the causes by which the prices that measure Efforts. the wants are brought into equilibrium with those that measure the efforts. For this purpose we shall have to study in Book III wealth in relation to the diversity of man's wants, which it has to satisfy; and in Book IV wealth in relation to the diversity of man's efforts by which it is produced.

MP3 Audio CD. Principles of Economics, Book 6: The Distribution of National Income CHAPTER I PRELIMINARY SURVEY OF DISTRIBUTION 1. THE keynote of this Book is in the fact that free human beings are not brought up to their work on the same principles as a The drift of machine, a horse, or a slave. If they were, there would be very little difference between the distribution and the exchange side of value; for every agent of production would reap a return adequate to cover its own expenses of production with wear-and-tear, etc.; at all events after allowance had been made for casual failures to adjust supply to demand. But as it is, our growing power over nature makes her yield an ever larger surplus above necessaries; and this is not absorbed by an unlimited increase of the population. There remain therefore the questions :-What are the general causes which govern the distribution of this surplus among the people? What part is played by conventional necessaries, i.e. the Standard of Comfort? What by… Read More

MP3 Audio CD. Principles of Economics, The Appendices APPENDIX A THE GROWTH OF FREE INDUSTRY AND ENTERPRISE 1. The last section of the first chapter of Book I describes the purpose of Appendices A and B; and may be taken as an introduction to them. Individual Although the proximate causes of the chief events in history are to be found action in the actions of individuals, yet most of the conditions which have made these events possible are traceable to the influence of inherited institutions act and and race qualities and of physical nature. Race qualities themselves are, react however, mainly caused by the action of individuals and physical causes in on one more or less remote time. A strong race has often sprung, in fact as well as in another: name, from some progenitor of singular strength of body and character. The share usages which make a race strong in peace and war are often due to the wisdom influenced of a few great thinkers who have interpreted and developed its customs and by physical… Read More

MP3 Audio CD. Principles of Economics, Book 5: General Relations of Demand, Supply and Value CHAPTER I INTRODUCTORY. ON MARKETS 1. A BUSINESS firm grows and attains great strength, and afterwards perhaps stagnates and decays; and at the turning point Biological there is a balancing or equilibrium of the forces of life and decay, the latter part of Book IV has been chiefly occupied with such notions balancing of forces in the life and decay of a people, or of a method of industry or trading. And as we reach to the higher stages of our of opposed work, we shall need ever more and more to think of economic forces. forces as resembling those which make a young man grow in strength, till he reaches his prime; after which he gradually becomes stiff and inactive, till at last he sinks to make room for other and more vigorous life. But to prepare the way for this advanced study we want first to look at a simpler balancing of forces which corresponds rather to the mechanical equilibrium of a stone… Read More

MP3 Audio CD. Principles of Economics, Book 2: Some Fundamental Notions CHAPTER I INTRODUCTORY 1. WE have seen that economics is, on the one side, a Science of Wealth; and, on the other, that part of the Social Science of man's action in society, which deals with his Efforts to satisfy his Wants, regards in so far as the efforts and wants are capable of being measured in terms of wealth, or its general representative, i.e. money. We shall be occupied during the greater part of this volume with these wants result of and efforts; and with the causes by which the prices that measure Efforts. the wants are brought into equilibrium with those that measure the efforts. For this purpose we shall have to study in Book III wealth in relation to the diversity of man's wants, which it has to satisfy; and in Book IV wealth in relation to the diversity of man's efforts by which it is produced.

MP3 Audio CD. Principles of Economics, Book 1: Preliminary Survey CHAPTER I INTRODUCTION 1. Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on the one side a study of wealth; and on the other, Economics and more important side, a part of the study of man. For man's character has been moulded by his every-day work, and the material and a part resources which he thereby procures, more than by any other influence unless it be that of his religious ideals; and the two great man. forming agencies of the world's history have been the religious and the economic. Here and there the ardour of the military or the artistic spirit has been for a while predominant : but religious and economic influences have nowhere been displaced from the front rank even for a time; and they have nearly always been… Read More

MP3 Audio CD. Principles of Economics, Book 5: General Relations of Demand, Supply and Value CHAPTER I INTRODUCTORY. ON MARKETS 1. A BUSINESS firm grows and attains great strength, and afterwards perhaps stagnates and decays; and at the turning point Biological there is a balancing or equilibrium of the forces of life and decay, the latter part of Book IV has been chiefly occupied with such notions balancing of forces in the life and decay of a people, or of a method of industry or trading. And as we reach to the higher stages of our of opposed work, we shall need ever more and more to think of economic forces. forces as resembling those which make a young man grow in strength, till he reaches his prime; after which he gradually becomes stiff and inactive, till at last he sinks to make room for other and more vigorous life. But to prepare the way for this advanced study we want first to look at a simpler balancing of forces which corresponds rather to the mechanical equilibrium of a stone… Read More

MP3 Audio CD. Principles of Economics, Book 3: On Wants and Their Satisfaction CHAPTER I INTRODUCTORY 1. The older definitions of economics described it as the The science which is concerned with the production, the distribution, the relation in exchange, and the consumption of wealth. Later experience has which the present shown that the problems of distribution and exchange are so closely connected, that it is doubtful whether anything is to be gained by the to the attempt to keep them separate. There is however a good deal of remainder of the general reasoning with regard to the relation of demand and supply Volume. which is required as a basis for the practical problems of value, and which acts as an underlying backbone, giving unity and consistency to the main body of economic reasoning. Its very breadth and generality mark it off from the more concrete problems of distribution and exchange to which it is subservient; and therefore it is put together in Book V on " The General Theory of… Read More

MP3 Audio CD. Principles of Economics, Book 4: The Agents of Production CHAPTER I INTRODUCTORY 1. THE agents of production are commonly classed as Land Labour and Capital. By Land is meant the material and the forces which Nature gives freely for man's aid, in land and water, agents of production. It is the main stock of wealth regarded as an agent of production rather than as a direct source of gratification. Capital consists in a great part of knowledge and organization : and of this some part is private property and other part is not. Knowledge is our most powerful engine of production; it enabler; us to subdue Nature and force her to satisfy our wants. Organization aids knowledge; it has many forms, e.g. that of a single business, that of various businesses in the same trade, that of various trades relatively to one another, and that of the State providing security for all and help for many. The distinction between public and private property in knowledge and organization is of great and… Read More

MP3 Audio CD. Principles of Economics, Book 1: Preliminary Survey CHAPTER I INTRODUCTION 1. Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on the one side a study of wealth; and on the other, Economics and more important side, a part of the study of man. For man's character has been moulded by his every-day work, and the material and a part resources which he thereby procures, more than by any other influence unless it be that of his religious ideals; and the two great man. forming agencies of the world's history have been the religious and the economic. Here and there the ardour of the military or the artistic spirit has been for a while predominant : but religious and economic influences have nowhere been displaced from the front rank even for a time; and they have nearly always been… Read More

MP3 Audio CD. Principles of Economics, Book 4: The Agents of Production CHAPTER I INTRODUCTORY 1. THE agents of production are commonly classed as Land Labour and Capital. By Land is meant the material and the forces which Nature gives freely for man's aid, in land and water, agents of production. It is the main stock of wealth regarded as an agent of production rather than as a direct source of gratification. Capital consists in a great part of knowledge and organization : and of this some part is private property and other part is not. Knowledge is our most powerful engine of production; it enabler; us to subdue Nature and force her to satisfy our wants. Organization aids knowledge; it has many forms, e.g. that of a single business, that of various businesses in the same trade, that of various trades relatively to one another, and that of the State providing security for all and help for many. The distinction between public and private property in knowledge and organization is of great and… Read More

MP3 Audio CD. Principles of Economics, Book 3: On Wants and Their Satisfaction CHAPTER I INTRODUCTORY 1. The older definitions of economics described it as the The science which is concerned with the production, the distribution, the relation in exchange, and the consumption of wealth. Later experience has which the present shown that the problems of distribution and exchange are so closely connected, that it is doubtful whether anything is to be gained by the to the attempt to keep them separate. There is however a good deal of remainder of the general reasoning with regard to the relation of demand and supply Volume. which is required as a basis for the practical problems of value, and which acts as an underlying backbone, giving unity and consistency to the main body of economic reasoning. Its very breadth and generality mark it off from the more concrete problems of distribution and exchange to which it is subservient; and therefore it is put together in Book V on " The General Theory of… Read More

MP3 Audio CD. Principles of Economics, The Appendices APPENDIX A THE GROWTH OF FREE INDUSTRY AND ENTERPRISE 1. The last section of the first chapter of Book I describes the purpose of Appendices A and B; and may be taken as an introduction to them. Individual Although the proximate causes of the chief events in history are to be found action in the actions of individuals, yet most of the conditions which have made these events possible are traceable to the influence of inherited institutions act and and race qualities and of physical nature. Race qualities themselves are, react however, mainly caused by the action of individuals and physical causes in on one more or less remote time. A strong race has often sprung, in fact as well as in another: name, from some progenitor of singular strength of body and character. The share usages which make a race strong in peace and war are often due to the wisdom influenced of a few great thinkers who have interpreted and developed its customs and by physical… Read More