Economics: A Practical Exposition of the Science of Business, with Illustrations from Actual Experience |
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Common terms and phrases
advantage American amount anthracite coal apprentices Baldwin Locomotive Bank of England bonds borrower capital Carnegie Steel Company carried cent charges child labor cities cloth coal commodities Company competition consumer consumption corporation cost demand deposits division of labor dollars duction earnings economic effect efficiency employed employer employés example exports factory Fargo farm force gold hand illustration important income increase industry iness influence interest investment iron and steel J. S. Mill land large number large-scale production loans machine machinery manufacturing materials medium of exchange ment method mills Minneapolis modities monopoly National Bank nature operation organization paid pay money payment pig iron Pittsburgh profits promises to pay purchase railroad railway receive rent result secure sell social socialist supply tariff things tion trade trade union trust union United utility wages wealth wheat women workers
Popular passages
Page 82 - One man draws out the wire, another straightens it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head : to make the head requires two or three distinct operations ; to put it on is a peculiar business; to whiten the pins is another ; it is even a trade by itself to put them into the paper; and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which in some manufactories are all performed by distinct hands,...
Page 326 - That it shall be unlawful for any common carrier subject to the provisions of this Act to charge or receive any greater compensation in the aggregate for the transportation of passengers or of like kind of property, under substantially similar circumstances and conditions, for a shorter than for a longer distance over the same line, in the same direction, the shorter being included within the longer distance...
Page 363 - The fact that an article is manufactured for export To another State does not of itself make it an article of interstate commerce, and the intent of the manufacturer does not determine the time when the article or product passes from the control of the State and belongs to commerce.
Page 4 - But when mankind increased in number, craft, and ambition, it became necessary to entertain conceptions of more permanent dominion, and to appropriate to individuals, not the immediate use only, but the very substance of the thing to be used.
Page 266 - When land of the third quality is taken into cultivation, rent immediately commences on the second, and it is regulated as before, by the difference in their productive powers. At the same time, the rent of the first quality will rise, for that must always be above the rent of the second, by the difference between the produce which they yield with a given quantity of capital and labor. With every step in the progress of population...
Page 3 - THERE is nothing which so generally strikes the imagination, and engages the affections of mankind, as the right of . property ; or that sole and despotic dominion which one man claims and exercises over the external things of the world} in total exclusion of the right of any other individual in the universe.
Page 304 - The tax which each individual is bound to pay ought to be certain, and not arbitrary. The time of payment, the manner of payment, the quantity to be paid, ought all to be clear and plain to the contributor, and to every other person.
Page 83 - ... a day. There are in a pound upwards of four thousand pins of a middling size. Those ten persons, therefore, could make among them upwards of forty-eight thousand pins in a day. Each person, therefore, making a tenth part of forty-eight thousand pins might be considered as making four thousand eight hundred pins in a day.
Page 83 - But if they had all wrought separately and independently, and without any of them having been educated to this peculiar business, they certainly could not each of them have made twenty, perhaps not one pin in a day ; that is, certainly, not the two hundred and fortieth, perhaps not the four thousand eight hundredth, part of what they are at present capable of performing, in consequence of a proper division and combination of their different operations.
Page 85 - ... the division of labour, by reducing every man's business to some one simple operation, and by making this operation the sole employment of his life, necessarily increases very much the dexterity of the workman.