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OUTLINES OF ECONOMICS

THE CITIZEN'S LIBRARY OF ECONOMICS, POLITICS,

AND SOCIOLOGY.

12mo.

Half leather.

$1.25 net each.

MONOPOLIES AND TRUSTS. BY RICHARD T. ELY, PH.D., LL.D.
THE ECONOMICS OF DISTRIBUTION. By JOHN A. HOBSON.
WORLD POLITICS. By PAUL S. REINSCH, PH.D., LL.B.
ECONOMIC CRISES. By EDWARD D. Jones, PH.D.
OUTLINES OF ECONOMICS. BY RICHARD T. ELY.
GOVERNMENT IN SWITZERLAND.

PH.D.

By JOHN MARTIN VINCENT,

ESSAYS IN THE MONETARY HISTORY OF THE UNITED STATES. BY CHARLES J. BULLOCK, PH.D.

SOCIAL CONTROL. By EDWARD A. Ross, PH.D.

HISTORY OF POLITICAL PARTIES IN THE UNITED STATES. By JESSE MACY, LL D.

MUNICIPAL ENGINEERING

BAKER, PH. B.

AND SANITATION. By M. N.

DEMOCRACY AND SOCIAL ETHICS. By JANE Addams.
COLONIAL GOVERNMENT. BY PAUL S. REINSCH, PH.D., LL.B.
AMERICAN MUNICIPAL PROGRESS. BY CHARLES ZUEBLIN.
IRRIGATION INSTITUTIONS. By ELWOOD MEAD, C.E., M.S.
RAILWAY LEGISLATION IN THE UNITED STATES.
B. H. MEYER, Ph.D.

THE EVOLUTION OF INDUSTRIAL SOCIETY.
T. ELY.

By

By RICHARD

THE AMERICAN CITY: A PROBLEM IN DEMOCRACY.
DELOS F. WILCOX, PH.D.

MONEY. BY DAVID KINLEY, PH.D.

By

IN PREPARATION.

LABOR PROBLEMS By THOMAS S. ADAMS, PH.D.

NEWER IDEALS OF PEACE. By JANE ADDAMS.

CUSTOM AND COMPETITION. BY RICHARD T. ELY, PH.D., LL.D. SOME ETHICAL GAINS THROUGH LEGISLATION. By MRS. FLORENCE Kelley.

BRITISH CITIES AND THEIR PROBLEMS. By MILO Roy MALTBIE, PH.D.

COLONIAL ADMINISTRATION. By PAUL S. REINSCH, PH.D., LL.B THE ECONOMICS OF AGRICULTURE. By HENRY C. TAYLOR, PH.D. INTRODUCTION TO SOCIAL THEORY. BY GEORGE E. VINCENT PH.D., and Ralph G. Kimble, PH.D.

THE MACMILLAN COMPANY,

66 FIFTH AVENUE.

0

OUTLINES OF ECONOMICS

BY

RICHARD T. ELY, PH.D., LL.D.

PROFESSOR OF POLITICAL ECONOMY AND DIRECTOR OF THE SCHOOL
OF ECONOMICS, POLITICAL SCIENCE, AND HISTORY

IN THE UNIVERSITY OF WISCONSIN

New York

THE MACMILLAN COMPANY

LONDON: MACMILLAN & CO., LTD.

1907

All rights reserved

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PREFACE.

WHEN I began the present work I asked the assistance of Mr. H. H. Powers, then of the graduate department of the University of Wisconsin, and now professor-elect of Economics and Sociology in Smith College, Northampton, Mass. I anticipated help which could be passed over with little more than mere mention in the preface, but the aid received is so great that it becomes both my duty and pleasure to make particular acknowledgment of it and to state frankly that this book is a joint product. While I am primarily responsible for the whole, as according to agreement I have freely rejected, qualified, or accepted what has been done by Mr. Powers, it should be known that much credit is due to my fellow-worker for whatever success the book achieves.

Mr. M. B. Hammond has rendered efficient assistance in the collection and critical examination of statistics, and Mr. J. W. Crook has read the proofs of the book and offered useful suggestions from time to time. I am also indebted to Mr. David Kinley for helpful suggestions. All of these

gentlemen are connected with the graduate department of Economics in the University of Wisconsin, and I wish to express to them my thanks for their aid. Professors Turner and Haskins, of the same institution, have read the earlier chapters in the book, and I have to thank them for helpful criticism.

The present book was begun as a revision of my Introduc

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