Essentials Of Economic Theory, As Applied To Modern Problems Of Industry And Public Policy
PREFACE
In a work on the "Distribution of Wealth," which was published in
1899, I expressed an intention of offering later to my readers a
volume on "Economic Dynamics, or The Laws of Industrial Progress."
Though eight years have since passed, that purpose is still
unexecuted, and it has become apparent that any adequate treatment of
Economic Dynamics will require more than one volume of the size of the
present one. In the meanwhile it is possible to offer a brief and
provisional statement of the more general laws of progress.
Industrial society is going through an evolution which is transforming
its structure and all its activities. Four general changes are going
on within the producing organization, and the resultant of them, under
favorable conditions, should be an enrichment in which all classes
would share. Population is increasing, capital is accumulating,
technical methods are improving, and the organization of productive
establishments is perfecting itself; while over against these changes
in industry is an evolution in the wants of the individual consumer,
whom industry has to serve. The nature, the causes, and the effects of
these changes are among the subjects treated in this volume.
The Political Economy of the century following the publication of the
"Wealth of Nations" dealt more with static problems than with dynamic
ones. It sought to obtain laws which fixed the "natural" prices of
goods and those which, in a like way, governed the natural wages of
labor and the interest on capital. This term _natural_ as thus used,
was equivalent to static. If the laws of value, wages, and interest
had at this time been correctly stated, they would have furnished
standards to which, in the absence of all change and disturbance,
actual values, wages, and interest would ultimately have conformed.
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