First published in 1921, this book is intended to provide a comprehensive overview of economics to beginners, with only the more intricate and controversial subjects — such as economic rent — being omitted for the sake of clarity. The subject is dealt with as concretely as possible with extensive descriptions and examples provided to further elucidate the subject while avoiding unnecessary technicalities. The arrangement of the material is based on the author’s experience of teaching economics and postpones the more difficult elements to the end of the book in order to provide a more thorough grounding in the essentials before introducing them to the reader.
Part I; I. Introduction II. Division of Labour III. Localization of Industry IV. Income V. Utility VI. The Satisfaction of Wants VII. Demand VIII. Elasticity of Demand IX. Variations of Demand X. The Entrepreneur XI. Supply or Cost of Production XII.I. Increasing and Decreasing Costs II. Elasticity of Supply XIII. Markets XIV. The Dealer XV. Maximum Prices XVI. Rationing XVII. Profits XVIII. Variations in Profit XIX.I. Large and Small Scale Production II. Co-Operative Societies XX. Profiteering XXI. Monopoly Profit XXII. Capital XXIII. Capital (continued) XXIV. Saving and Investment XXV. Interest XXVI. The Rate of Interest XXVII. The Rate of Interest (Continued) XXVIII. Rent XXIX. Land Tenure: Agricultural XXX. Land Tenure: Town XXXI. Wages or Earnings XXXII. Women’s Wages XXXIII. Hours of Labour XXXIV. Unemployment XXXV. Trade Unions and Wages XXXVI. Property XXXVII. Alternative Systems of Property; Part II; I. Barter, Money, Coin II. Token Money III. Representative Money IV. Banking V. Cheque-Paying Banks VI. The Bill of Exchange VII. The Bank of England VIII. The Money Market IX. Foreign Exchanges X. Foreign Exchanges (continued) XI. Balance of Trade and International Indebtedness XII. General Prices XIII. The Effect of a General rise of Prices; Part III; I. The Wealth of Nations II. Well-Being of Community III. The Law of Diminishing Returns IV. The Economic Functions of the State V. Taxation VI. Foreign Trade and Protection VII. Local Taxation VIII. National Debts