CHAPTER III

ONE-SIDED COMPETITION

CHAPTER IV

TWO-SIDED COMPETITION

THE case of two-sided competition is the most common in economic life, as it is the most important in the development of the Law of Price. It demands, therefore, our most careful attention.

CHAPTER V

THE LAW OF SUPPLY AND DEMAND

CHAPTER VI

THE INDIVIDUAL DETERMINANTS OF PRICE

IN the chapter before last we saw that price is determined at a level fixed by the valuations of the marginal pairs. We have still to ask, What are the circumstances which determine whether this level itself is high or low?

CHAPTER VII

THE LAW OF COSTS

BOOK V

PRESENT AND FUTURE

CHAPTER I

PRESENT AND FUTURE IN ECONOMIC LIFE

CHAPTER II

DIFFERENCES IN WANT AND PROVISION FOR WANT

CHAPTER III

UNDERESTIMATE OF THE FUTURE

IT is one of the most pregnant facts of experience that we attach a less importance to future pleasures and pains simply because they are future, and in the measure that they are future. Thus it is that, to goods which are destined to meet the wants of the future, we ascribe a value which is really less than the true intensity of their future marginal utility. We systematically underestimate future wants, and the goods which are to satisfy them.

CHAPTER IV

THE TECHNICAL SUPERIORITY OF PRESENT GOODS