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The aim of the authors has been to cover the entire field of economics, feeling that in this way they best serve the purposes of those students who are going to carry their studies further as well as those whose systematic school study of economics will end with the present treatise.

At certain points in the discussion of distribution, use has been made of the so-called "productivity theory.” In order that there may be no misapprehension, it may be well to say here, what is repeated in the text, that in our view this theory has little or no ethical significance, and that its principal value is as an expeditious method of approaching the supply and demand theory, with which it is in complete harmony. When properly handled, it has the pedagogical virtue of leading the student directly to a study of the innumerable forces which condition supply and demand. But to regard the productivity theory as an end, is to mistake the problem for its solution; and to pass from this theory lightly to the immediate solution of those problems which the theory of distribution is designed to explain, is to offer, in place of scientific explanation, a mass of pretentious platitudes.

Valuable suggestions have been received from Dr. H. C. Taylor and from Dr. W. H. Price, both of the University of Wisconsin.

In conclusion, I wish to express my high appreciation of the work of my friends and colleagues in the revision of this book.

RICHARD T. ELY.

MADISON, WISCONSIN,

July, 1908.

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Diversity of economic study, 3; Definition of economics, 4; A
social science, 5; Studies man in process of development, 6; Econo-

mic laws, 7; Principal divisions of economics, 15.

CHAPTER IX. - PRODUCTION

Production defined, 121 ; The factors of production, 122; Saving
and capital formation, 123; Production and sacrifice, 124 ; Cost of
production and expense of production, 125; Separation in owner-
ship and organization of factors, 126; The undertaker, 127; Kinds

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