Economics
An Account of the Relations Between Private Property and Public Welfare (Classic Reprint)

Excerpt from Economics: An Account of the Relations Between Private Property and Public Welfare<br><br>This book is an attempt to apply the methods of modern science to the problems of modern business.<br><br>Within the last thirty years there have been important changes in economic theory. One school of investigators has employed the principle of natural selection to explain the development and present shape of industrial ideas and institutions. Another school has used some of the results of recent psychological study to account for the actions of individual men in pursuing their own interests under the ideas and institutions thus developed. Both these things have combined to make the economic science of the present day very different, in its methods of analysis and powers of explanation, from that which formed the basis of John Stuart Mill's Principles of Political Economy.<br><br>Meantime new problems have been developing in modern business life; most conspicuously, perhaps, in connection with large investments of capital in factories and railroads. The time which elapses between the rendering of labor and the utilization of the products of labor is now so long that the work of the speculator has far greater importance than it did a generation ago. The size of the units of capital is so large that free competition often becomes an impossibility, and theories of economics which are based upon the existence of such competition prove blind guides in dealing with modern price movements.<br><br>About the Publisher<br><br>Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com<br><br>This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.