CHAPTER 33

VOLITIONAL DOCTRINE OF POPULATION

§1. Volitional control; beginning and development. §2. Volitional control and private property. §3. Class differences in volitional control. §4. The standard of life. §5. The quality of population. §6. Decrease of the successful elements. §7. The menace to progress. §8. The net resultant of population. §9. Volitional control decentralized. §10. Conclusion on Malthusianism.

CHAPTER 34

DECREASING AND INCREASING RETURNS

§1. Estimates of the world’s population. §2. Population growth in Europe since 1800. §3. Increase since 1790 in America. §4. Relation of population to resources. §5. Birth rates. §6. Death rates. §7. Population growth and intensive cultivation. §8. Law of increasing and decreasing returns. §9. Increasing returns in the nineteenth century. §10. Rhythmic changes of population. §11. Cumulative dynamic economy. §12. Individual and general adjustment to static conditions. §13. Adjustment to dynamic forces.

CHAPTER 35

BASIC MATERIAL RESOURCES: THEIR USE, CONSUMPTION, AND CONSERVATION

§1. Changes in the land supply. §2. New land supplies by means of drainage and irrigation. §3. Abuse of agricultural land. §4. Means of restoring lost fertility. §5. Land for products other than food. §0. Destruction of the natural forests. §7. Rapid consumption of coal. §8. Disappearance of mineral stores. §9. Civilization’s consumption of earth’s stores. §10. Land as a site for residence, commerce, and manufacture. §11. Production of usable land surface in cities. §12.

CHAPTER 36

MACHINERY AND WAGES

§1. Progressive control over natural conditions. §2. Labor-saving invention as a dynamic factor. §3. The lump of labor notion. §4. Evils of “the industrial revolution.” §5. Some evils of the introduction of machinery. §6. Loss to the less efficient workers. §7. Effect of machinery in different industries. §8. Beneficial effect of machinery upon wages. §9. Dependence on abstinence. §10. Grades of labor and gains from machinery. §11. Opposing tendencies.

CHAPTER 37

WASTE AND LUXURY

§1. Accidental destruction of wealth. §2. Intentional destruction of wealth by the owner. §3. Intentional destruction of others’ wealth. §4. Careless waste. §5. Waste in public outlay. §6. The fallacy of waste. §7. Definitions of luxury. §8. Luxury to give employment. §9. The fallacy of luxury. §10. Sudden changes in standards of luxury. §11. Happiness and the simple life. §12. The question of justice. §13. Animal choice. §14. Choice by primitive men. §15. Desires and progress. §16. Function of moderate discontent. §17.

CHAPTER 38

ABSTINENCE AND PRODUCTION

§1. Dynamic movement of saving. §2. Orderly government favorable to saving. §3. Private property favorable to saving. §4. Opportunities for investment. §5. Get-rich-quick schemes. §6. Slower and safer plans. §7. Relation of the interest rate and saving. §8. Bountiful income and abstinence. §9. The interest rate and waiting. §10. Duplicate agents and slower processes. §11. Lower interest rate stimulating invention. §12. Time-price determining the selection of processes. §13.

CHAPTER 39

VALUE THEORY AND SOCIAL WELFARE

§1. Epoch of the dismal science. §2. Communism and value theory. §3. The single-tax doctrine. §4. Optimistic theories of wages. §5. An organic theory of value. §6. Labor and its environment. §7. Aspects of wealth. §8. Welfare. §9. The paradox of value in practice. §10. Conflict of individual and general interests. §11. Business economy and social economy.

A

Ability, rarity of, 207

Abstinence, 285, 287, 465, 482–499; see also Saving

Agriculture, principle of proportionality in, 131

Agriculture, see land

Annuities, 284

Auction, 53, 57, 66

B

Bargaining power, 221

Barter, 42–49, 53

Basic material resources, 442–455

Bastiat, Frederic, 471

Bidders, 54; for land usance, 165; for labor, 214; for loans, 307

Binet test, 179

Biologic, basis for choice, 240; stage of population, 411

Publications of the International Finance Section of the Depart-ment of Economics and Social Institutions in Princeton University Walker Foundation

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E. W. KEMMERER
Director of Research

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EXCHANGE, PRICES, AND PRODUCTION
IN HYPER-INFLATION: GERMANY, 1920-1923