Lectures on Political Economy
Subject Index
Abstinence, I, 236
Accumulation of capital—effect on labour, I, 216–7
—general theory of, I, 207 ff.
—and increase in durability, I, 266 ff.
—limits to, 1, 155
—low interest rates and, I, 241; II, 205
—and money, II, 24–5
—and prices of original factors, II, 12–13
—in stationary conditions, I, 203
—and wages and rent, I, 157, 163–4, 183, 268
See also Saving.
Adding up problem of distribution, I, 125 ff.
Advances to labour, I, 118
Amortisation of capital, I, 261 ff.
Amsterdam Bank, history of, II, 75–6
Arbitrage, II, 16
Artificial capital, creation of by bank credit, II, 183
Assignats, II, 153
Assumptions—in economics, I, 9
—of free competition, I, 72
Average costs, and prices, I, 231
Balance of payments—II, 92 ff.
—and foreign lending, II, 93 ff.
—and increased production of gold, II, 162 ff.
Balance of trade, see Balance of payments
Bank of England—early history of, II, 77–8
—and gold premium policy, II, 117–18
—and open market policy, II, 118
Banking—II, 59 ff.
—origin of, II, 73
—and velocity of circulation, II, 82
Banking principle, II, 172 ff.
Banking routine, II, 204
Bank notes—and cheques compared, II, 89
—nature of, II, 88
—origin of, II, 75–6
Bank rate—and balance of payments, II, 98, 110
Bank rate—correlation with price level, II, 202 ff.
—graph of, 1850–1915, II, 203
—and speculation, II, 184 ff.
See also Discount Rates and Central Bank Policy.
Bank reserves—functions of, I, 249; II, 14, 90–1, 175
—and loan rates, II, 201–2, 204, 206
—pressure on, II, 189
Banks—and control of price level, II, 216
—and creation of deposits, II, 86
—functions of, II, 14
—and offsetting of risks, II, 83 ff.
—as users of idle money capital, II, 10
Barter, or direct exchange, I, 55
Bimetallism—II, 29, 34, 51
—abandonment of, II, 40
—in nineteenth century, II, 37
—and price level, II, 130
Bilateral monopoly, indeterminateness under, I, 53
Bills of exchange—in international trade, II, 102 ff.
—and velocity, II, 69–70
Capital—concept, I, 144 ff., 154, 185 ff.
—destruction of by State, I, 212
—determination of value of, I, 149
—division into circulating and fixed, I, 137, 184
—formula for value of, I, 179
—inclusion of land under, I, 185–6
—inclusion of man under, I, 185
—as intermediate products, I, 187
—maintenance of, I, 191, 155–6, 261 ff.
—measurement of, I, 149
—role of in advancing wages, I, 118
—Socialist view of, I, 99
—as source of income, I, 185
—supply of, I, 105, 207 ff.
—and time, I, 150, 173
—and wages and rent, I, 157, 163–4, 183, 191, 268
See also Accumulation and Saving.
Capital consumption, impulse to, I, 241
Capital disposal, I, 238–40
See also Free Capital.
Capital goods—I, 145
—durability of, I, 237, 239, 240, 246, 258 ff.
—as factor of production, I, 226
—and investments for different time periods, I, 165
—origin of, I, 149, 151
Capitalistic production—I, 144 ff., 168; II, 99
—and saving, II, 12
Capital market, II, 27
Cash balances—determinants of size of, II, 71–2, 90, 142–3
—functions of, II, 15, 23, 71
—general theory of, II, 59 ff.
—and interest rates, II, 197, 206
—and velocity of circulation, II, 61 ff.
Central Bank co-operation, II, 223
Central Bank policy, I, 254; II, 109 ff., 115 ff., 223
Cheques—and bank notes compared, II, 89
—limitations on use of, II, 88
Choice, freedom of, I, 227
Circulating capital, effect on wages of transformation into fixed capital, I, 164, 186; II, 26
Coinage, history of, II, 32 ff.
Collective bargaining and indeterminateness, I, 51
Collective wants, I, 221
Collectivist Society, and savings, I, 211
Comparative costs, theory of, II, 180
Compensated dollar—II, 128
—criticism of, II, 225 ff.
Competition—compared with monopoly, I, 88 ff.
—and determinateness of exchange, I, 49 ff.
—and maximum satisfaction, I, 74–83, 141
Competitive demand, I, 42
Competitive prices under monopoly, I, 89
Complementary demand, I, 42
Constant returns—I, 111
—and optimum size of firm, I, 129
—and theory of marginal productivity, I, 126
Consumer’s choice, effect on relative demand for labour and capital, I, 191
Consumption, theory of, I, 5
Consumption of capital, I, 154
Convertibility of notes, significance of, I, 249–60; II, 91, 125, 151, 175
Co-operative farming and large-scale production, I, 132
Cost, of production—and prices, I, 97
—and theory of value, I, 21
—theory of value of money, II, 146 ff.
Costs—difficulties in imputing, I, 85 ff., 230
—and interdependance with exchange value, I, 198
Credit—forms of, II, 70 ff.
—general theory of, II, 59 ff.
—and capital structure, II, 100
—limits to increase in, II, 188, 204
—and price level, II, 66 ff., 168 ff.
—and velocity, II, 65 ff.
Crises, causes of, II, 209 ff.
Currency, origins and history of, II, 30ff.
Currency theory, II, 171 ff.
Current accounts and velocity, II, 68 ff.
Debasement of currency, II, 33
Debts, and fluctuations in value of money, II, 55 ff.
Decreasing costs and indeterminateness, I, 231
See also Increasing Returns.
Deflation, how effected, II, 170, 200 ff.
Demand—and changes in value of capital, I, 202
—effectiveness of, I, 19
—for money, II, 15, 20 ff., 168
—and utility, I, 19
Deposit banking, development of I, 76, 79–80
Deposit rates, importance of, I, 253
Deposits, bank creation of, II, 86
Diminishing returns, law of—I, 106, 243–4
—as basis of rent, I, 122
—difficulties in empirical verification of, I, 122
—from social and individual standpoints, I, 123
—universality of, I, 111
Discontinuities—I, 68, 70
—in period of production, I, 177
Discount policy—and gold flows, II, 109 ff.
—and production, II, 113
Discount rates—and foreign borrowing, I, 253
—graph of, 1850–1915, II, 203
—and price-level stabilization, II, 222 ff.
Distribution—general theory of, I, 101 ff.
—and adding up problem, I, 125 ff.
—mathematical treatment of, I, 178 ff., 203 ff.
Distribution—social aspects of, I, 142
Distributive shares—and capital accumulation, I, 157 ff.
—as determined by marginal productivity, I, 133 ff.
—diagrammatical representation of, I, 115
—as affected by exchange, I, 206
—and inventions and machinery, I, 133 ff.
Division of labour, and scale, I, 133
Double standard, see Bimetallism.
Duopoly, I, 96–7
Durability of, capital goods, I, 237, 240, 246, 258 ff.
Economic friction, I, 68, 71
Economics—author’s division of, I, 5ff.
—classical division of, I, 8
—and ethics, I, 3, 227
—and equality, I, 4
—nature of, I, 1 ff.
Efficiency of money, II, 19
Elasticity of demand, I, 222
Entrepreneur—function of in hiring factors, I, 109, 110
—income of considered as wages, I, 126
Equations, system of, and equilibrium I, 34–5, 46–9, 54, 66–7, 201, 225
Equilibrium—between demand and supply, I, 20
—determinants of position of, I, 198, 201
—in investment over time periods, I, 160, 165
—between natural and money rates of interest, II, 185, 192, 201
—between production and consumption, I, 98
—with no profits, 1, 126
Exchange—between alternative uses, I, 35 ff.
—at given prices, I, 43 ff.
—between two individuals, I, 49 ff.
—of two commodities, I, 52 ff.
—of more than two commodities, I, 63 ff.
—and relative shares of factors, I, 206
—utility from, I, 205
Exploitation of labour, Marxian theory of, 1, 119–20, 195
Factors of production—classification of, I, 107, 185
—elasticity of supply of, I, 205
—supply of, I, 103–4
Final utility, I, 30.
Foreign balances—and balance of payments, II, 93 ff.
—and exchange rates, II, 115
—and interest rates, II, 111 ff.
Foreign exchange rates—and foreign balances, I, 252–4; II, 115
—general theory of, II, 102 ff.
—and seigniorage, II, 50
Free capital, I, 145, 234; II, 192
Free competition—advantages of, I, 72 ff.
—in classical system, I, 227
—danger of restricting, I, 81–2
—and determinateness, I, 53
—and equilibrium, I, 52 ff.
—extent of, I, 132
—limitations on, I, 72
—and maximination of profits, I, 105
—and social justice, I, 227
Free goods, I, 18
Free minting, and the price level, II, 218
See also Minting.
Gold flows—and bank policy, II, 104 ff.
—decreasing importance of, II, 120–1
—determinants of, II, 101 ff., 162
—and prices, I, 251; II, 162 ff., 215
Gold points, II, 107–9
Gold premium policy, II, 116–8
Gold production—and balance of payments, II, 162 ff.
—and interest rates, II, 124
—and marginal costs, II, 148
—in nineteenth century, II, 37, 39, 41, 43, 125
—and price level, I, 254; II, 161 ff., 216–17
Gold reserves—decreasing importance of, II, 122, 217
—and loan rates, II, 201–2, 204
—functions of, II, 110, 119–20
Gold and Silver Commission, II, 10, 127
Gold and silver “ratio”, II, 33 ff., 52, 219
Gold standard—adoption of by England, II, 36; by Germany, II 39, 55–7; by U.S.A., II, 41
—and price stabilization, II, 220 ff.
Greenbacks, II, 40
Gresham’s law, II, 33, 35, 37
Hamburg giro bank, II, 78–9
Harmony economics, I, 4
Historical School, I, 11
Hoarding—significance of, II, 8
—historical importance of, II, 9
—in Middle Ages, II, 32
—and velocity, II, 21
Hours of labour—and profits of capital I, 194–5
—variability of, I, 46, 104, 205
Imperfect competition, I, 83 ff.
Import duties, effect on price level, II, 138 ff., 156
Imputation, difficulties of, I, 85, 230
Inconvertibility of notes, and price level stabilization, II, 217
See also Convertibility.
Increasing returns, law of—I, 243–4
—application to society as a whole, I, 133
—assumptions of, I, 111
—incompatibility with competitive equilibrium, I, 128–9
—and monopoly, I, 131, 232
See also Decreasing Costs.
Indeterminateness—of exchange, I, 50 ff.
—in Böhm-Bawerkion theory of interest, I, 169
—in bilateral monopoly, I, 197
—and competition, I, 53
—in costs of production, I, 85 ff., 230
—and decreasing costs, 1, 231—introduced by nature of capital, I, 202
Index numbers, II, 132 ff.
Indifference, law of, I, 34, 52, 133
Indirect exchange, I, 63 ff.
Individualism—doctrine of, I, 1
—compatibility with the social interest, I, 2 ff.
—predominance of, I, 2
Inequalities of income and maximum satisfaction, I, 77
Infant industry argument for protection, I, 76
Inflation, and demand for money, II, 168
—and prices, II, 166
—and velocity of circulation, II, 153
Interest—as an agio, I, 169
—Böhm-Bawerkian theory of, I, 167 ff.
—causes of, I, 154 ff,
—defence of, I, 146
—definition of, I, 154
—as marginal productivity of waiting, I, 177
Intermediate producta, I, 187
International trade, as problem of immobility of resources, I, 196–201
Inventions—and booms, II, 211–12
Inventions—as factor of production, I, 107
—and investment, I, 164; II, 186
—and long-term investment, I, 164
—and rate of interest, I, 110; II, 206
—and rent, I, 119. 136
—and wages, I, 121, 133–4, 164
—and total product, I, 136 ff., 143
Joint demand, and prices, I, 83 ff.
Joint price, I, 85
Joint supply—I, 26, 84 ff.
—in services of durable capital goods, I, 240, 260
Labour—definition of, I, 107
—effects of increase in supply of, I, 164
—supply of, I, 45, 104–5
—supply of and distributive share, I, 194
—policy, and maximum satisfaction, I, 78
Labour theory of value—I, 23, 28
—and value of money, II, 130
Land—definition of, I, 107
—inclusion under capital, 1, 185–6
—effect of fall in rate of interest on value of, I, 214–15
—treatment of quality differences in, I, 124–5
—values, and the national income, I, 233
Large-scale production—extension of I, 131–2
—and increasing returns, 1, 111
Latin Currency Union, II, 38–9, 58
Law’s notes, II, 78
Legal tender, importance of, II, 49,. 53
Leisure, demand for, I, 46, 103, 104, 205
Liquid capital, conversion into fixed in boom, II, 209–12
See also Circulating capital.
Loan rates, limits to lowering of, II, 201–2, 204
Long-term rate of interest, and short-term rate, I, 161
Machinery—adoption of affected by level of wages, I, 134
—and relative shares of factors, I, 135 ff.
—and wages, I, 134
—and unemployment, I, 135
Manchester School, I, 73
Marginal costs, and prices, 1, 231
Marginal principle—in classical theory, I, 22–3
—universality of, I, 14
Marginal productivity—of capital, I, 147 ff.
—and quality differences, I, 113
—and marginal utility, I, 112
—and rent, I, 125
—of stages of production, I, 189
—and wages, I, 112 ff.
—of waiting, I, 177, 184, 269
Marginal products—adding up of, I, 125 ff.
—and relative shares, I, 135
—wages and rent equal to under competition, 1, 130; and proportional to under monopoly, I, 130, 132
Margin of production—and gold mining, II, 148
—shiftability of, I, 24 ff.
Marginal utility—concept of, I, 29 ff.
—and scarcity, I, 32, 221
—theory of value, I, 29 ff. and quality differences, I, 69
—of money, II, 20, 130, 131
Marginal utilities—equality of and maximum satisfaction, I, 81—and exchange between present and future goods, I, 169
—interdependence of, I, 48
—proportionality to prices, I, 31, 37, 222
—of work and leisure, I, 205
Market price and natural price, I, 97
Market rate of interest, effect of divergence from natural rate, II, 27, 185 ff., 194 ff.
Maximization of production—I, 141
—and free competition, I, 142, 165
Maximum satisfaction, and free competition, I, 74–83, 141
Medium of exchange, II, 15 ff.
Mercantilism—I, 223
—and gold flows, II, 106
Minimum wage regulation and unemployment, I, 141
Minting—charges for, II, 49
—modern practice, II, 50
—purpose of, II, 48
Monetary standards—changes in and effect on contracts, II, 55 ff.
—classification of, II, 42
Money—changes in quantity of, II, 141 ff.
—demand for, II, 15, 20 ff.
—and determination of prices, I, 67, 224
—and equilibrium in indirect exchange, I, 63; II, 16 ff.
Money—fluctuations in value of, II, 54, 128 ff.
—functions of, I, 224; II, 6 ff.
—importance of theory of, I, 9
—marginal utility of, II, 20, 130, 131
—meaning of stability of value of, II, 128 ff.
—place of in economic science, II, 3
—relation to barter assumptions, II, 6
—utility of holding, II, 8
Money market, and capital market, II, 27
Money rate of interest—correlation with price level, II, 202 ff., 207–8
—determinants of, II, 190 ff.
—limitations to lowering of, II, 189
See also Market Rate.
Monometallism, II, 29, 51
Monopoly—concept of, I, 88
—compared with competition, I, 88 ff.
—general theory of, I, 88 ff.
—general price level, II, 156
—and increasing returns, I, 131, 232
—and marginal productivity theory of distribution, I, 130, 132
•—and overhead costs, I, 91
—and prime costs, I, 92
—results of its becoming general, I, 229
—and retail prices, I, 87
—tendency towards, I, 228
Monopoly profits—maximization of, I, 90 ff.
—taxation of, I, 93 ff.
Multiple equilibrium, I, 59–60, 75, 200, 205
Natural price and market price, I, 97
Natural rate of interest—changes in and effect on price level, II, 205 ff.
—definition of, II, 192
—effect of divergence from market rate, II, 27, 185 ff., 194 ff., 215 ff.
—raising of by inventions, II, 186, 206
Normal rate of interest, II, 192
Open market policy, II, 118
Optimum population, I, 124
Optimum size of firm, I, 129
Organization as a factor of production, I, 107–8
Overhead costs and monopoly price, I, 91
Over-production, I, 98
Paper money, effects of increased issues of, II, 166 ff.
Parallel standard, II, 34
Parity of foreign exchanges, II, 107–9
Patents—and monopoly, I, 88, 89
—as capital, I, 232–3
Peel’s Bank Act, II, 171–3, 182
Period of production—and amount of capital, I, 173 ff., 235, 270
—as conceived by classics, II, 13
—discontinuities in, I, 177
—lengthening of, I, 158 ff., 168
—limits to length of, I, 170
—and rate of interest, I, 117, 177, 184
Political Economy, definition of, I, 1
Poor relief, and minimum wage regulation, I, 141
Population—importance of theory of, I, 6, 8
—optimum density of, I, 124
—and rate of interest, I, 211, 213
—and rent, I, 121
—and returns, I, 123
—and wages, I, 121
—Wicksell’s interest in problem of, I, xi–xii
Precious metals—use of as currency, II, 30 ff.
Present and future goods—choice between, 1, 154, 169, 208, 217, 241
Price, meaning of, I, 16
Price level—causes of, instability of, II, 215 ff.
—and changes in rate of interest, II, 176 ff.
—conditions of stability of, II, 185
—connection with prosperity, II, 157–9
—control of by banks, II, 216
—effects of rise in, II, 219
—graph of, 1850–1915, II, 203
—measurement of, II, 132 ff.
—and value of money, II, 20
Prices—and cost of production, I, 97
—effect of regulation of on equilibrium, I, 76
Pricing mechanism, I, 223 ff.
Prime costs and monopoly price, I, 92
Private property—assumption of, I, 5, 7
—effect on maximum satisfaction, I, 77
—and effects of fall in rate of interest, I, 214
Production, theory of—I, 101 ff.
—and distribution interdependent, I, 7
Production, theory of—and exchange interdependent, I, 196
—as a problem of exchange, I, 102
—not as a technical but an economic problem, I, 106
Productivity function of capital, I, 264 ff.
Profits—absence of in equilibrium, I, 126
—entrepreneur’s aim to maximize, I, 244
—maximization of by monopolist, I, 90 ff.
—tendency to zero, I, 229, 244
Profit-sharing and capital accumulation, I, 195
Property, effects of unequal distribution of, I, 77 ff.
Public finance, place of in economics, I, 1, 8, 71
Purchasing power of money, in early times, II, 35
Quality differences—and marginal productivity theory of distribution, I, 113
—and marginal utility theory of value, I, 69
Quantity theory of money, I, 249; II, 141 ff.
Rate of interest—and balance of payments, II, 186
—determinants of, I, 147, 174 ff., 236
—equilibrium between long and short-term rates, I, 161
—and gold production, II, 124
—and inventions, I, 110
—Jevonian formula for, I, 179
—limits to fall in, I, 210
—as marginal productivity of waiting, I, 177, 184
—and movements in price level, I, 250; II, 164 ff., 176 ff.
—mathematical treatment of, I, 175 ff.
—and non-stationary conditions, I, 154
—and rents, I, 215
—and stability of price level, II, 185
—and State policy, I, 212
—and supply of capital, I, 208 ff. II, 205
—and trend in price level, II, 202 ff.
—tendency to zero, I, 148, 157, 170, 209 ff., 214, 241
See also Bank Rate and Discount Rates.
Real capital—not identical with money stocks, I, 217; II, 25
—and interest, I, 258 ff.; II, 192
—mathematical treatment of, I, 274 ff.
—accumulation via increase of credit, II, 101
Real rate of interest, I, 250; II, 205
See also Natural Rate.
Real wages in the trade cycle, I, 256
Relative shares of factors—effect of inventions and machinery on, I, 135 ff.
Rent—conditions for, I, 110
—as determined by marginal productivity, I, 125
—diagrammatical representation of, I, 115, 139
—and increase in capital, I, 157, 163, 183
—interest on advances for, I, 191
—and inventions, 1, 136 ff.
—as residual income, I, 113
—Ricardian theory of, I, 110, 116 ff., 242–5
—and wages, mutual determination of, I, 115
Rentengüler, I, 237, 246
Retail prices—as example of joint supply, I, 86
—and monopoly, I, 87
Risk premium and long-term loans I, 161
Risks—and credit transactions, II, 72
—offsetting of by banks, II, 83 ff.
Routine in banking, II, 204
Saving—classical theory of, II, 12
—compared with hoarding, II, 11–12
—and exhaustion of natural resources, I, 213
—and increasing wealth, I, 213
—motives for, I, 208 ff.
—and prices of consumers’ goods, II, 158
—and price level, II, 8–9
—and rate of interest, II, 205
See also Accumulation of Capital.
Scale of values, I, 33
Scarcity—and value, I, 18
—and marginal utility, I, 32
—principle of, I, 221 ff.
Seigniorage—II, 49–50
—effects on foreign exchanges, II, 50
Short-term lending and banks. II, 80
Short-term rate of interest, relation to long-term rate, I, 161; II, 191–2
Silver policy in U.S.A., II, 40, 219
Silver production, II, 36, 39, 41, 43
Site values, increase in, I, 215
Socialist State—wages in, I, 248
—accumulation of capital in, I, 248
Socialist theory of value, I, 28
Space and monopoly, I, 88, 96, 131
Speculation, effect of low bank rate on, II, 184 ff.
Stabilization of price level, II, 185, 215 ff.
State, and destruction of capital, I, 212
State debts and changes in monetary standards, II, 57
Stationary state—I, 105
—and irreplaceable resources, I, 151
—absence of new savings in, I, 171
—and capital accumulation, I, 203 Stock Exchange, functions of, II, 73
Stocks, accumulation of in depression, II, 213–14
Subsistence fund, I, 168, 187–8, 246
Subsistence level of wages, I, 141
Substitutability—between commodities: effect on equilibrium, I, 60
—between factors, I, 98–9, 230, 244
Supply and demand—formula of in classical system, I, 20
Supply and scarcity, I, 19
Sweden, currency of, II, 44 ff.
Swedish Riksbank, early history of, II, 77
Taxation of monopoly profits, I, 93
Taxes, effects of on price level, II, 156
Time elements—and capital, I, 100, 150, 167, 172 ff., 236, 246
—and theory of prices, I 98
—and velocity of circulation of money, II, 18
Token money, II, 51 ff.—limits on, II, 49, 53
Trade cycles—I, 255–6
—causes of, II, 209 ff.
Trade unions and employment, I, 121
Transport, effects of fall in costs of, on price levels, II, 155
Uncertainty, effect on saving, I, 211
Under-consumption, I, 98
Under valuation of future goods, I, 154, 170, 211
Unemployment and machinery, I, 135
Unfavourable balance of payments, meaning of, II, 105
Unstable equilibrium, I, 59
—in money rate of interest, II, 187
Utility—meaning of, I, 15
—immeasurability of, I, 38, 221
Utility—of holding money, II, 8
—of possibilities of exchange, I, 205
Value—classical theory of, I, 20 ff.
—Cassel’s rejection of modem theory of, I, 220 ff.
“—in exchange,” T, 18, 29–30
—labour theory of, I, 23, 28
—marginal utility theory of, I, 29 ff.
—meaning of, I, 16
—relation to usefulness, I, 17
—and relative scarcity, I, 18
—Ricardian theory of, I, 23 ff.
—supply and demand theory of, I, 21
—theory of, as foundation of economics, I, 8, 14
—theory of in final form, I, 196 ff,
“—in use,” I, 18, 29–30
Value of money—II, 127 ff.
—conditions for stability of, II, 132 ff.
—cost of production theory of, II, 146 ff.
—quantity theory of, I, 249; II, 141 ff.
—special determinants of, II, 20 See also Price Level.
Velocity of circulation—and cash balances, II, 61 ff.
—causes of changes in, II, 64, 150
—definition of, II, 60
—general theory of, II, 59 ff.
—and hoarding, II, 21
—and inflation, II, 153
Velocity of circulation—and quantity theory, II, 143
—and time element in exchange, II, 18, 22
—time variation in, II, 22
Verzinsungsenergie, I, 178
Virtual velocity, II, 67 ff.
Voluntary savings, effect of inflation on, II, 199
Wage fixing—and maximum satisfaction, I, 78
Wages—and increase in capital, I, 157, 163, 183
—and inventions, I, 134 ff.
—iron law of, I, 245
—and maintenance of capital, I, 191
—marginal productivity theory of, I, 112 ff.
—and price level, II, 156–7
—and rent, mutual determination of, I, 115
—stability as criterion of monetary policy, II, 130
—and supply of labour, I, 46
Wages-fund, I, 137, 193, 216, 233, 245, 246
Waiting—as factor of production, I, 236–7
—concept of, I, 138
—and interest, I, 177, 184, 269
Wants—theory of, I, 5
—as primary director of economic activity, I, 8
Work and leisure, marginal utility of, I, 205
