First Principles of Political Economy: Concisely Presented for the Use of Classes in High Schools and AcademiesSheldon, 1880 - 213 pages |
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Common terms and phrases
advantage bank benefit blacksmith capital and labor cent cial circulating capital clothing co-operation of labor combined compensation competition consumed cost cotton crop demand destroyed destruction of value direct taxes distribution division of labor dollars duction economizes materials effect employed employers employment exchange EXERCISES farmer fixed capital give gold Hence hundred Illustrate important increase instrument intelligence invested involves kind of consumption kinds of labor labor and capital large establishments lating capital less loans machinery manufacturer materials means ment mutual nations natural agents number of laborers operations paid paper money parties past labor political economy prescriptive law present labor principle processes of production profits rate of interest rate of wages real wages remuneration requires salaries saving secure skill Sound economy sumption surplus tariff taxation tends term things tion trade utility wants wealth wheat workmen
Popular passages
Page 119 - The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.
Page 119 - A direct tax is one which is demanded from the very persons who, it is intended or desired, should pay it. Indirect taxes are those which are demanded from one person in the expectation and intention that he shall indemnify himself at the expense of another: such as the excise or customs.
Page 119 - ... 2. — 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. " 3. — Every tax ought to be levied at the time or in the manner in which it is most likely to be convenient for the contributor to pay it.
Page 119 - Every tax ought to be so contrived as both to take out and keep out of the pockets of the people as little as possible over and above what it brings into the public treasury of the State.
Page 191 - July 14, 1890, are legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract. United States notes are legal tender for all debts, public and private, except duties on imports and interest on the public debt.
Page 35 - He unroofs the houses, and ships the population to America. The nation is accustomed to the instantaneous creation of wealth. It is the maxim of their economists, "that the greater part in value of the wealth now existing in England, has been produced by human hands within the last twelve months.
Page 133 - The natural value of some things is a scarcity value; but most things naturally exchange for one another in the ratio of their cost of production, or at what may be termed their Cost Value.
Page 131 - The difficulty of attainment which determines value, is not always the same kind of difficulty. It sometimes consists in an absolute limitation of the supply. There are things of which it is physically impossible to increase the quantity, beyond certain narrow limits.