The Philosophy of Wealth: Economic Principles Newly Formulated

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Ginn & Company, 1907 - 235 psl.

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39 psl. - Destroyed. — When we speak of capital as permanent, we mean that using does not destroy it as it destroys the tissues of which it is composed. Fires, earthquakes, and business disasters put parts of it out of existence and affect the volume of the fund as a whole; but production itself leaves it intact. It is this very production which destroys capital goods and makes it necessary to replace them. CHAPTER III THE MEASURE OF CONSUMERS' WEALTH IN all stages of social development the economic motives...
257 psl. - Hitherto it is questionable if all the mechanical inventions yet made have lightened the day's toil of any human being. They have enabled a greater population to live the same life of drudgery and imprisonment, and an increased number of manufacturers and others to make fortunes.
195 psl. - The more important facts concerning rent have reference to the original form of it, namely, a product in kind. Whatever constitutes a part of the supply of anything affects the price of it. The surplus afforded by good looms is an element in the supply of cloth, and that afforded by good land is an element in the supply of wheat. They make these two supplies larger than they would otherwise be, and of course they are of cardinal importance in determining price. The rent of anything is an element...
360 psl. - Professor JB Clark was still writing: 'If the patented article is something which society without a patent system would not have secured at all - the inventor's monopoly hurts nobody. . . . His gains consist in something which no one loses, even while he enjoys them.
257 psl. - At its introduction an economical device often forces some men to seek new occupations, but it never reduces the general demand for labor. As progress closes one field of employment, it opens others, and it has come about that after a century and a quarter of brilliant invention and of rapid and general substitution of...
307 psl. - The machine itself is often a hopeless specialist. It can do one minute thing and that only, and when a new and better device appears for doing that one thing, the machine has to go, and not to some new employment, but to the junk heap. There is thus taking place a considerable waste of capital in consequence of mechanical and other progress.

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