They have no economic advantage in going to war.
But three years later a new economic development began.
The decline in the economic benefits of war for businesses.
The increased economic viability of smaller countries.
In 1901-1902 the social economic condition of Italy was a matter of grave concern.
Thus a large all-round increase in secondary and higher education is shownsatisfactory in many respects, but showing that more young men devote themselves to the learned professions (especially to the law) than the economic condition of the country will justify.
This is a straight shot to economic poverty for any country desperate enough to try it.
The article Fisheries deals with the subject from the economic and commercial point of view, and Angling with the catching of fish as a sport.
If the poor remove rich people's incentives to produce economic gain, the rich, who behave somewhat rationally, will stop producing.
The fact that small nations can adopt standard treaties, laws, currencies, and international practices of larger countries means that a small economic unit can be viable.
A competing company decides to make an up-front investment and build a new factory in a distant land, high in the mountains where residents who choose to live there have less economic opportunity.
The State Geological and Economic Survey has made a careful study of the fishes of North Carolina, of the shad fisheries, of oyster culture, and of the development of terrapin.
The strikes and other economic agitations at this time may be divided roughly into three groups: strikes in industrial centres for higher wages, shorter hours and better labor conditions generally; strikes of agricultural laborers in northern Italy for better contracts with the landlords; disturbances among the south Italian peasantry due to low wages, unemployment (particularly in Apulia), and the claims of the laborers to public land occupied illegally by the landlords, combined with local feuds and the struggle for power of the various influential families.
All this together means that our economic fates are more intertwined than ever.
The year 1903, although not free from strikes and minor disturbances, was quieter, but in September 1904 a very serious situation was brought about by a general economic ~ and political agitation.
Roughly a quarter of the way through our list of factors that will end war, we have reached the end of the economic ones.
The decline of military alliances and the rise of economic ones.
Rathenau published various books, pamphlets and articles, on social and economic questions, some of which attracted world-wide attention, especially his Von kommenden Dingen (1920).
Is there a logical end to that—a physical or economic law of some kind that says only 10 percent or 20 percent or 30 percent of people can ever be this wealthy?
What I am saying is that as more factors align toward peace, peace becomes ever more the better economic option.
- For physical description, resources, industries, &c., see State Board of Agriculture, North Carolina and its Resources (Raleigh, 1896); North Carolina Geological Survey Reports (Raleigh, 1852, sqq.); the publications of the North Carolina Geological and Economic Survey (Raleigh, 1893, sqq.), e.g.
Roosevelt is saying that freedom itself cannot exist apart from some amount of economic liberty.
Technology is simply the combining of other economic products in new ways.
Taken together, those findings suggest that almost all economic growth in the last 120-plus years was from technology.
The law considers as charitable institutions (opere pie) all poorhouses, almshouses and institutes which partly or wholly give help to able-bodied or infirm paupers, or seek to improve their moral and economic condition; and also the Congregazioni di caritd (municipal charity boards existing in every commune, and composed of ~embers elected by the municipal council), which administer funds destined for the poor in general.
The economic and moral condition of the peasantry was little improved by freedom, and in many districts there were signs of positive impoverishment and demoralization.
What good is our high economic standing in the world if we do not use it for good purposes?
MAD is now back, but in economic form.
The period between May 1881 and July 1887 occupied, in the region of foreign affairs, by the negotiation, conclusion and renewal of the triple alliance, by the Bulgarian crisis and by the dawn of an Italian colonial policy, was marked at home by urgent political and economic problems, and by the parliamentary phenomena known as trasformismo.
As we transition from one set of economic realities to another, there will be severe disruptions along the way.
The Communist system eschewed political liberties in favor of economic ones.
As long as these states were to share a currency, a military, provide for interstate trade, and have a single foreign policy, they could retain the economic advantages of being a large nation while maximizing individual liberty and self-determination.
I think no matter what, energy costs will fall dramatically in the future, probably to near zero, because the economic incentives to unlock that technical puzzle are so overwhelming.
Owing to the historical past of Naples, and its social and economic condition at the end of the 17th century, the only study that really flourished there was that of law; and this soon penetrated from the courts to the university, and was raised to the level of a science.
He adopted the economic principles of List, and founded a society, the "Vedegylet," the members of which were to consume none but home produce.
All yield a soft, easily-worked timber, which, though very perishable when exposed to weather, possesses sufficient durability when kept dry to give the trees a certain economic value.
As Eisenhower's presidency neared an end, he spoke of war again, but less in terms of economic costs.
Though harmful to the economic condition of the island, it left agriculture comparatively unaffected, because the insolvent institutions had never fulfilled the objects of their foundation.
The acorns of the oak possess a considerable economic importance as food for swine.
My relative definition of poverty is "the state of being unable to reliably purchase a bundle of goods that allow one to participate in the economic norms of one's society."
Like a TV star that doesn't scale back his expenses after his show is cancelled, these benefits expand, not contract, during periods of economic decline, for two main reasons.
After speaking about the economic costs of war, the burden it places on the economy, and the toll this takes on the people, Eisenhower closed by describing the peace proposals he was offering Russia and China.
Unfavourable political and economic conditions of a temporary character influence the emigration movement.
Public Debt.The national debt of France is the heaviest of any country in the world., Its foundation was laid early in the 15th century, and the continuous wars of succeeding centuries, combined with the extravagance of the monarchs, as well as deliberate disregard of financial and economic conditions, increased it at an alarming rate.
The prime cause in most cases was the unsatisfactory economic condition of the working classes, which they realized all the more vividly for the very improvements that had been made in it, while education and better communications enabled them to organize themselves.
Boris has often been called the creator of serfage in Russia, but in reality he merely accelerated a process which was the natural result of economic conditions.
In one understanding of economic history, the rich get ahead, and the gap between them and the poor widens.
Or these jobs can be divorced from economic realities, as the struggling painter or actor decides simply to do what he loves and live off the minimum income afforded by this planet-wide prosperity.
We will begin with the economic factors I believe will help end war, eleven in all.
In all other questions of this kind he shows himself far in advance of the economic fallacies of the day.
The supreme peril to the autocracy in Russia lay in the genuine grievances of the peasants, less political than economic, which had opened their minds to revolutionary propaganda.
But the economic and financial situation was one of almost hopeless embarrassment and confusion, and Pellegrini proved himself incapable of grappling with it.
This act liberated the serfs from a yoke which was really terrible, even under the best landlords, and from this point of view it was obviously an immense benefit.2 But it was far from securing corresponding economic results.
The meeting confined its attention to economic questions, and had no political character whatever.
I referred to it as a dance, but it is a dance to economic death.
Economic entomology >>
First, let's consider the macroeconomic impact of this change—the effect it will have on the net economic status of the planet.
The overall economic output of the planet, GWP (gross world product), will rise dramatically in the years to come, but its distribution will be quite skewed.
the country districts, and to exclude from the franchise numbers of peasants and small proprietors who, though of more conservative temperament and of better economic position than the artizan population of the large towns, were often unable to fulfil the scholarship qualification.
The economic development of Uruguay was retarded by the corruption of successive governments, by revolutionary outbreaks, by the seizure of farm stock without adequate compensation for the support of military forces, by the consequences of reckless borrowing and over-trading in 1889 and 1890, and also by the transference of commercial undertakings from Montevideo to Buenos Aires between 1890 and 1897.
The rugged nature of the country made slavery unprofitable, and time only increased the social, political and economic differences between the two sections of the state.
Amber and certain similar substances are found to a limited extent at several localities in the United States, as in the greensand of New Jersey, but they have little or no economic value.
they came to the province not from religious but economic motives."
Through the adoption of standardized treaties, they can enter into economic agreements, adopt the same weights and measures, and agree to honor the intellectual property of the others.
than in Italy; both at home and abroad she is hemmed in ~ / by political and economic conditions which leave un/s a.
trans., 1896), an admirable account, partly historical, partly based on personal observation of the government, religion and the social and economic conditions of Russia; Combes de Lestrade, La Russie economique et sociale (Paris, 1896); " Nikolai " (pseudonym of Danielson), Histoire des developpement economique de la Russie depuis l'abolition du servage (Paris, 1899).
In Italy these railways are called " economic railways," and are divided into five types.
(1792-1835) economic and social restrictions were numerous.
But in spite of the relative economic displacement they all cause, free trade, outsourcing, and technological displacement all have a positive net effect on the economics of the planet.
In a world of economic superabundance, people will no longer tolerate poverty.
While engagements contracted by Depretis in regard to public works had more than ~n1anciaj neutralized the normal increase of revenue from taxation, the whole credit of the state had been affected by the severe economic and financial crises of the years 1889-1893.
Political And Economic Conditions Population.
Economic changes that have long-term positive benefits for society often have short-term negative ones.
This is how our Founding Fathers intended our nation to behave: To try to achieve our foreign policy aims through negotiation and, if that failed, through economic sanctions.
Whereas in the past the strikes had been purely local and due to local conditions, they now appeared of more general and political character, and the sympathy strike came to be a frequent and undesirable addition to the ordinary economic agitation.
24) are of economic importance, as they contain a vesicant substance used for raising medicinal blisters on the human skin.
Thus the cultivators, whether noble or peasant, have not profited much from the change in their economic circumstances brought about by the social emancipation of 1861.
But economic laws are often too strong for civil vagaries or sectarian fanaticism, and as the commerce of Austria suffered by the absence of the Jews, it was impossible to exclude the latter from the fairs in the provinces of from the markets of the capital.
The report also cited a mid-1950s report that found 85 percent of economic growth was attributed to technological change in the period 1890 to 1950.
Such radical redistribution attempts are dangerous games, for the rich are creators of economic opportunity, not just for themselves, but as employers, for society.
26, Economic Resources of the Northern Black Hills, 1904), and of the South Dakota School of Mines (Bulletin No.
Economic accomplishments replacing military ones for men.
As my professors told me the first day I started studying economics in college (and never tired of repeating), scarcity is the central underlying assumption of all economic theory.
Technology brings about economic wealth through improved production, facilitation of trade, and promoting the division of labor.
Rightly applied, however, it is the only sound economic principle.
And say the net cost to society of having a gallon of polluted water dumped into the river—the cleanup cost, or the economic impact of the gallon of dirty water—is $10.
The decrease of the disease is a direct result of the efforts made to combat it, in the form of special hospitals or pellagrosarf, economic kitchens, rural bakeries and maize-drying establishments.
By the beginning of February the agitation had spread all over Italy, and the government was faced by the possibility of a strike which would paralyse the whole economic life of the country.
The substitution of steel for iron as the material for rails which made possible the axle loads and the speeds of Lto-day, and, by reducing the cost of maintenance, contributed enormously to the economic efficiency of railways, was one of the most important events in the history of railways, and a scarcely less important element of progressive economy has been the continued improvement of the steel rail in stiffness of section and in toughness and hardness of material.
In 5878 he founded a weekly economic review, La Rassegna Settimanale, which four years later he converted into a political daily journal.
My purpose is to explain the net effect of free trade, technological advance, and outsourcing on the overall economic system of the planet.
The individual had no liberties, or at least very few, but in exchange was, in theory, entitled to certain economic rights.
The economic uses of orchids are not remarkable.
It is useful and necessary, and plays somewhat the same part in economic investigation as ton-mile statistics do in the administration of a railway.
Definite economic problems can very rarely be dealt with by merely quantitative methods.
During the next six years, he so constantly advocated a responsible executive as the one cure for the political and economic evils of the time that he was known as "the man of one idea."
A similar absence of remains may be noticed outside other Romano-British towns, and is significant of their economic position.
In his pamphlet on "Insular Free Trade" the prime minister reviewed the economic history since Cobden's time, pointed to the falsification of the promises of the early free-traders, and to the fact that England was still the only free-importing country, and insisted that he was "in harmony with the true spirit of free-trade" when he pleaded for "freedom to negotiate that freedom of exchange may be increased."
The situation was confused by personal suspicion and distrust as well as by economic difficulties.
For currants and raisins, both produced by varieties of the grape-vine, see the respective articles.] Apart from their economic value, vines are often cultivated for purely ornamental purposes, owing to the elegance of their foliage, the rich coloration they assume, the shade they afford, and their hardihood.
His writings include: The Emancipation of Massachusetts (1887); The Law of Civilization and Decay (1895); America's Economic Supremacy (1900); and The New Empire (1902).
The development of mining and manufacturing was accompanied by economic distress among the farming classes, which found expression in the Jeffersonian Democratic party, organized in 1892.
From 1885 onward he was more and more associated with every branch of Canadian mercantile and financial life, and as a publicist gave shrewd expression to his views on political and economic questions.
- On economics of construction and of operation, see Wellington, The Economic Theory of Railway Location (5th ed., New York, 1896).
When we have mentioned vanilla, which consists of the fleshy pods of an orchid, we have mentioned about the only economic product that now comes into market.
Meanwhile, in the Farther East so rapid has been the progress of geographical research since the first beginnings of investigation into the route connexion between Burma and China in 1874 (when the brave Augustus Margary lost his life), that a gradually increasing tide of exploration, setting from east to west and back again, has culminated in a flood of inquiring experts intent on economic and commercial development in China, essaying to unlock those doors to trade which are hereafter to be propped open for the benefit of humanity.
Specially noteworthy in the Lezioni are the sections on human wants as the foundation of economical theory, on labour as the source of wealth, on personal services as economic factors, and on the united working of the great industrial functions.
In these two situations he made a close study of local economic conditions, personally supervising the cultivation of his lands, and entering into relations with the principal merchants of Rouen.
In it he drew a picture of the general ruin of all classes of Frenchmen, caused by the bad economic regime.
Ashley in his translation (Economic Classics, New York, 1898), but the original MS. has never been found.
Higgs's review of the latter in the Economic Journal, Dec. 1896.
Condorcet's statement that Turgot corresponded with Smith is disproved by a letter of Smith to the duc de la Rochefoucauld, published in the Economic Journal (March 1896), p. 165, in which he says, "But tho' I had the happiness of his acquaintance: Turgot owed his appointment to the ministry to Maurepas, the" Mentor "of Louis XVI., to whom he was warmly recommended by the abbe Very, a mutual friend.
It would seem that in his fits of despondency one of the thoughts that marred his dreams of human improvement was the apparently inexorable character of economic laws, condemning thousands of labourers to a cramped and miserable existence, and thousands more to semistarvation.
Its chief importance is perhaps the stress which it laid on the vital connexion which must subsist between true economic theory and the wider facts of social and national development.
A similar fate has befallen Mill's economic theories.
And in the same spirit Mill desired, whilst incorporating all the results arrived at in the special science by Smith's successors, to exhibit purely economic phenomena in relation to the most advanced conceptions of his own time in the general philosophy of society, as Smith had done in reference to the philosophy of his century.
With respect to economic method he shifted his position, yet to the end occupied uncertain ground.
But at any moment special causes may bring into the field of economic inquiry whole departments of life which have hitherto been legitimately ignored.
In the middle ages this differentiation of the industrial, municipal and political life had not taken place, and in order to understand the working of at first sight purely economic regulations it is necessary to make a close study of the functions of local government.
Further, as the country became more consolidated and the central government extended its authority over economic affairs, new regulations came into force, new organs of government appeared, which were sometimes in conflict, sometimes in harmony, with the existing system, and it becomes for a time far more difficult to obtain a clear view of the actual working of economic institutions.
Thus the study of the economic life of the middle ages is one of the most complicated subjects which can engage the attention of man.
Materials for forming such an estimate no doubt exist, but before doing so we have to study in infinite detail a vast number of separate manors, municipalities or other separate economic areas.
Meanwhile we can illustrate the economic life of the middle ages, describe its main features, indicate the more important measures of public policy and draw attention to some of the main lines of development.
It is only as we approach more modern times that the conditions of economic study are realized and economic science, as we understand it, becomes possible.
This condition cannot be realized without great difficulty, for " economic motives " are very different in different periods, nations and classes, and even for short periods of time in the same country are modified by the influence of other motives of an entirely different order.
In studying the economic history of the 18th century, for example, it is not enough to assume with Defoe that " gain is the design of merchandise."
The community we are studying must have reached such a stage of development that its economic functions and those immediately cognate to them form a well-defined group, and adequate means must be available so that we can, as it were, watch the performance of these functions and test our hypotheses and conclusions by observation and experience.
From the close of the middle ages until the middle of the 18th century thousands of pamphlets and other works on economic questions were published, but the vast majority of the writers have little or no scientific importance.
In modern times the conditions which have made economic science possible have also made it necessary.
While it is impossible to give a strictly economic interpretation of the earlier history of nations, economic interests so govern the life and determine the policy of modern states that other forces, like those of religion and politics, seem to play only a subsidiary part, modifying here and there the view which is taken of particular questions, but not changing in any important degree the general course of their development.
This may be, in the historical sense, merely a passing phase of human progress, due to the rapid extension of the industrial revolution to all the civilized and many of the uncivilized nations of the world, bringing in its train the consolidation of large areas, a similarity of conditions within them, and amongst peoples and governments a great increase in the strength of economic motives.
But, for the time, if we know the economic interests of nations, classes and individuals, we can tell with more accuracy than ever before how in the long run they will act.
Public policy therefore requires the closest possible study of the economic forces which are moulding the destinies of the great nations of the world.
In most civilized countries except England this is recognized, and adequate provision is made for the study of economic science.
In the old Prussian provinces alone there were fifty-three different customs frontiers, and German manufactures could not develop until the growth of the Zollverein brought with it commercial consolidation, internal freedom and greater homogeneity of economic conditions.
There is no subject of human study which may not be at some time or other of economic significance, and anything which affects the character, the ideals or the environment of man may make it necessary to modify our assumptions and our reasoning with regard to his conduct in economic affairs.
There is no method of investigation which is peculiarly economic or of which economics has the monopoly.
As a matter of fact, discussions of method and the criticism of hypotheses and assumptions are very rarely found in early economic works.
We shall best illustrate the character and method of economic reasoning by examples, and for that purpose let us take first of An all a purely historical problem, namely, the effect on of the wage-earners of the wages clauses of the Statute of Apprenticeship (1563).
There is no reason why we should apply to this particular act a different method of inquiry from that we should apply to any other of the numerous acts, of more or less economic importance, passed in the same session of parliament.
Without having recourse to any elaborate process of economic reasoning, by confining out attention to one simple question, namely, what happened, we can establish conclusions of the greatest interest to economic historians and, further, define the problem we have to investigate.
But these conclusions, after all, suggest more difficulties than they remove, for they show that our inquiry, instead of presenting certain well-marked features which can be readily dealt with, has to be split up into a number of highly specialized studies: the investigation of rates of wages, prices and the standard of comfort in different localities, bye-industries, regularity of employment, the organization of particular trades, the economic functions of local authorities, apprenticeship and a host of other subjects.
Every volume of records we look through contains a mass of detailed information on the economic life of England in the period we are studying.
A correct sense of proportion and the faculty of seizing upon the dominant factors in an historical problem are the result partly of the possession of certain natural gifts in which many individuals and some nations are conspicuously wanting, partly of general knowledge of the working of the economic and political institutions of the period we are studying, partly of what takes the place of practical experience in relation to modern problems, namely, detailed acquaintance with different kinds of original sources and the historical imagination by which we can realize the life and the ideals of past generations.
If all the industries belong to one economic area over which, so far as we can tell from general statistics of wages and prices, and other information, fairly homogeneous conditions prevailed, we may be able to reach some useful conclusions as to the operation of the act.
In economic affairs the argument post hoc propter hoc never leads to the whole truth, and is frequently quite misleading.
For this reason guesswork must continue to play an important part in economic history.
But every genuine attempt to overcome its difficulties brings us into closer touch with the period we are examining; and though we may not be able to throw our conclusions into the form of large generalizations, we shall get to know something of the operation of the forces which determined the economic future of England; understand more clearly than our forefathers did, for we have more information than they could command, and a fuller appreciation of the issues, the broad features of English development, and be in a position to judge fairly well of the measures they adopted in their time.
But like the early statisticians of the 17th century, economic historians are the " beginners of an art not yet polished, which time may bring to more perfection."
As an explanation of what has taken place in later years, or of the actual economic life of the present day, it is ludicrously inadequate.
Economic motives, again, are as varied as the forms of competition, and their development is coeval with that of human society.
But they supply the bases for that general theory which, as we have seen, is indispensable in economic investigation.
From the standpoint of general theory economic movements assume an impersonal character and economic forces operate like the forces of nature.
Although economic motives have become more complex, they have just as much and no more to do with general economic reasoning and analysis than the causes of death with the normal expectation of life, or domestic ideals with the birth-rate.
Whether such large numbers have the character of the " economic man " of the early economists matters very little.
To many minds the interest and usefulness of economics depend entirely on the application of these methods, for it is the actual working of economic institutions about which the statesman, the publicist, the business man and the artisan wish to know.
In modern problems we can watch the economic machine actually at work, cross-examine our witnesses, see that delicate interplay of passions and interests which cannot be set down or described in a document, and acquire a certain sense of touch in relation to the questions at issue which manuscripts and records cannot impart.
If we take the mere popular view of what is meant by the " old Political Economy," that is, that a generation or so ago economics was comprised in a neatly rounded set of general propositions, universally accepted, which could be set forth in a question we have really to determine is how we can make the best use of the accumulated knowledge of past generations, and to do that we must look more closely into the economic science of the 10th century..
Any one who has taken the trouble to trace the history of one of the modern schools of economists, or of any branch of economic science, knows how difficult it is to say when it began.
" Anticipations " of method and doctrine can generally be found by the diligent investigator in the economic literature of his own or a foreign country.
So that cross-sections of the stream of economic thought will reveal the existence, at different times, in varying proportions and at different stages of development, of most of the modern " schools."
Again, the classification of an economic bibliography at once shows how varied has been the character of economic investigation, ranging from the most abstract speculation on the one hand to almost technical studies of particular trades on the other.
In stating the position of economics during this time we cannot ignore all writers, except those who belonged to one group, however eminent that group may have been, simply because they did not represent the dominant ideas of the period, and exercised no immediate and direct influence on the movement of economic thought.
We must include the pioneers of the historical school, the economic historians, the socialists, the statisticians, and others whose contributions to economics are now appreciated, and without whose labours the science as we know it now would have been impossible.
That they must be studied by the economic historian is equally clear, owing to their practical influence and the fact that they furnished the theoretical bases of much of the economic policy of the 10th century.
If by the " old Political Economy " we mean the methods and conclusions of certain great writers, who stood head and shoulders above their contemporaries and determined the general character of economic science, we are still under no obligation to define the attitude of the present generation with regard to them.
There has been no revolution in economic science, and is not likely to be any.
Of economic students, many are unaware of the fact that he wrote any other book than the Essay on the Principle of Population, and what is of permanent importance in that work is contained in the generalization which it suggested to Darwin.
When the generation whose economic training was based upon J.
But great as the achievements of this school have been, it has not developed any scientific machinery which can take the place of theory in economic investigation.
If our view is correct that, broadly speaking, the two ways of regarding economic questions are complementary rather than mutually exclusive, there does not seem to be any reason why the growth of the historical school should have been destructive of the " old Political Economy " if it had been well founded.
On the principles we have explained, therefore, the Ricardian economics should supply just that body of general theory which is required in the investigation of modern economic problems, and the reputation of at any rate the leading writers should be as great as ever.
Modern economic criticism and analysis has destroyed the authority of the " old Political Economy " as a scientific system.
It is, in fact, quite true that many of them were more interested in practical aims than in the advancement of economic science.
No one who is really experienced in economic investigation cares to emphasize the originality, still less the revolutionary character of his own work.
The result will be that while the doctrines are apparently being brought into closer correspondence with the facts of life, they will in reality be made quite useless for practical purposes or economic investigation.
The position we have described is no doubt partly due to the unsettlement of economic opinion and the hostile criticism of old-established doctrines which has characterized the last generation.
Or it may be the result of economic agnosticism, combined with unwillingness to cut adrift from old moorings.
Whatever the cause, the complete restatement of economic theory, which some heroic persons demand, is clearly impossible, except on conditions not likely to be realized in the immediate future.
The span of life is limited; the work requires an extensive knowledge of the economic literature of several countries and the general features of all the important departments of modern economic activity.
This is largely a question of the organization of economic studies, and it is of the greatest importance that, if possible, such an effort should be made to present in a connected form the best results of modern criticism and analysis.
The very effectiveness of modern criticism and analysis,which has brought great gains in almost all branches of economic theory, has made the science more difficult as a subject of ordinary study.
In the case of many subjects this would matter very little, but in that of economics, which touches the ordinary life of the community at so many points, it is of great importance, especially at a time like the present, when economic questions determine the policy of great nations.
The " economic man " of the earlier writers, with his aversion from labour and his desire of the present enjoyment of costly indulgences, has been abandoned by their successors, with the result that in the opinion of many good people altruistic sentiment may be allowed to run wild over the whole domain of economics.
The " economic man " has, on the other hand, been succeeded by another creation almost as monstrous, if his lineaments are to be supposed to be those of the ordinary individual - a man, that is, who regulates his life in accordance with Gossen's Law of Satiety, and whose main passion is to discover a money measure of his motives.
Much suggestive work on this subject of a general character is incorporated in economic books of the present day, but there is room for a whole series of careful monographs on a question of such fundamental importance.
If they could, by some happy chance, have been left for discovery by modern economists, they would without doubt have received different treatment, to the great advantage of economic science.
No economic doctrine so well illustrates the achievements and the defects of modern economic analysis.
Moreover, the study of the theory of rent has had a very great influence on all branches of economics by destroying the notion that it is possible to draw sharp lines of distinction, or deal with economic conceptions as though they were entirely independent categories.
That modern economic analysis is incomparably more accurate than that of earlier times there can be no question.
But the net result of the development of the doctrine of rent is that all problems in which this factor appears, and they embrace the whole range of economic theory, must apparently be treated on their merits.
It is clear that in the interests of general economic theory we require a vast number of special studies before an adequate restatement can be undertaken.
It must be clearly recognized that the functions of economic science in the present requirements of the world cannot possibly be discharged by treatises on economic theory.
General theory never has been, and in the nature of things never can be, the actual reflex of the life and movement of the economic world.
If the necessary limitations of general economic theory are recognized, most of the difficulties we have noticed disappear.
For such a general theory there is ample material in the economic literature of all civilized countries.
At present the language of economics is for the ordinary Englishman like a foreign language of exceptional difficulty, because he is constantly meeting with words which suggest to his mind a whole world of associations quite different form those with which economic theory has clothed them.
The refinements of economic analysis, as distinguished from its broader achievements, should be reserved for special studies, in which a technical scientific terminology, specially devised, can be used without danger of misconception.
Economic studies should be as relevant to existing needs as those of engineering and other applied sciences.
The backwardness of economic science has been an index of the danger threatening the industrial and commercial supremacy of the United Kingdom.
If we take, for example, the corner-stone of the British commercial system in the 19th century, namely, the policy of "free trade ", the public do not now read the economic works which supplied the theoretical basis of that policy, and, indeed, would not be convinced by them.
It thus became the work of economic science ruthlessly to analyse the existing situation, explain the issues involved in the commercial policy of different countries, and point out the alternative methods of dealing with present difficulties, with their probable results.
Local governing authorities now discharge economic functions of enormous importance and complexity, involving sums of money larger than sufficed to run important states a generation ago.
On this subject many monographs and larger works have been published in recent years, but dealing rather with such questions as trade unionism, co-operation and factory legislation, than the structure and organization of particular industries, or the causes and the results of the formation of the great combinations, peculiarly characteristic of the United States, but not wanting in England, which are amongst the most striking economic phenomena of modern times.
TREATIES; TRUSTS; MONEY; FINANCE; &c. The bibliography of economics as a whole would include a history of all the writers on the subject, and .is beyond our scope here; see the numerous articles on economic subjects throughout this work.
Shield Nicholson's Principles of Political Economy (3 vols.) not only gives a survey of economic principles since Mill's time, but contains much suggestive and original work.
Ashley's Economic History, while Vinogradoff's Villenage in England and The Growth of the Manor, as well as Maitland's Domesday Studies, are of great importance to the student of early economic institutions.
Other books dealing with special subjects are likely to take a very high place in economic literature.
These books are generally regarded as typical of the best English work of recent years in economic investigation.
Studies of particular questions, both concrete and theoretical, in foreign languages are too numerous to specify, and much of the best modern work is to be found in economic periodicals.
The most important of the firs, in an economic sense, is the Norway spruce (Picea excelsa), so well known in British plantations, though rarely attaining there the gigantic height and grandeur of form it often displays in its native woods.
The resinous products of the Norway spruce, though yielded by the tree in less abundance than those furnished by the pine, are of considerable economic value.
Numerous other firs are common in gardens and shrubberies, and some furnish valuable products in their native countries; but they are not yet of sufficient economic or general interest to demand mention here.
The interest of insects to the eastern races was, however,economic, religious or moral.
Though Riley was especially interested in the bearings of insect life on agriculture and industry - economic entomology (q.
The economic situation was of the gravest.
This characteristic is of great economic importance, the natural twist facilitating the operation of spinning the fibres into thread or yarn.
Of the two Italian botanists who in comparatively recent years have monographed the group, Parlatore (Le Specie dei cotoni, 1866) recognizes seven species, whilst Todaro (Relazione sulla culta dei cotoni, 18 7718 78) describes over fifty species: many of these, however, are of but little economic importance, and, in spite of the difficulties mentioned above, it i s possible for practical purposes to divide the commercially important plants into five species, placing these in two groups according to the character of the hairs borne on the seeds.
This selection of one market for detailed examination does not rob our sketch of generality, as might at first be thought, since broadly the history of the development of one market is the history of the development of all, and on the whole the economic explanation of the evolution that has taken place may be universalized.
has been collected, but the reader must bear in mind that if improvement can be traced it cannot logically be attributed unhesitatingly to the perfecting of the machinery of speculation, whereby a larger use has been made of " futures," since many other economic changes have taken place concomitantly and they may have wrought the major effect.
vii.); articles by Chapman and Knoop in the Economic Journal (December, 1904) and the Journal of the Royal Statistical Society (April, 1906); Emery's Speculation on Stock and Produce Exchanges of the United States (small portions of which relate to cotton).
Beside the local trade of a rich surrounding farming country, the railway facilities of St Joseph have enabled it to build up a great jobbing trade (especially in dry goods), and this is still the greatest economic interest of the city.
He did not deal with the history of the people, with economic or social problems - the dignity of history was to him a reality.
Thus, it would appear, the whole of the expansion of the Latin kingdom (which may be said to have attained its height in 1131, at the death of Baldwin II.) may be shown to have been dictated, at any rate in large part, by economic motives; and thus, too, it would seem that two of the most powerful motives which sway the mind of man - the religious motive and the desire for gain - conspired to elevate the kingdom of Jerusalem (at once the country of Christ, and a natural centre of trade) to a position of supremacy in Latin Syria.
The emperor Isaac Angelus had not only the old grudge of all Eastern 1 The "economic" motive for taking the cross was strengthened by the papal regulations in favour of debtors who joined the Crusade.
Although the economic value of the phosphate deposits was first realized about 1889, between 1894 and 1907 Florida produced, each year, more than half of all the phosphate rock produced in the whole United States, the yield of Florida (1,357,365 long tons) in 1907 being valued at $ 6, 577,757; that of the whole country at $10,653,558.
The king fish and tarpon are hunted for sport, while mullet, shad, redsnappers, pompano, trout, sheepshead and Spanish mackerel are of great economic value.
By his economic legislation Solon placed Athenian agriculture once more upon a sound footing, and supplemented this source of wealth by encouraging commercial enterprise, thus laying the foundation of his country's material prosperity.
Tantalum has in recent years been turned to economic service, being employed, in the same manner as tungsten, for the production of the filaments employed in incandescent electric lighting.
A masterly conspectus of the general character of the Hellenistic kingdoms in their political, economic and social character, their artistic and intellectual culture is given by Beloch, Griech.
But he also attacked, from the point of view of his own socialistic theories, the economic outcome of the Revolution.
But for the appalling economic conditions produced by the fall in the value of assignats, Babeuf might have shared the fate of other agitators who were whipped into obscurity.
It was the attempts of the Directory to deal with this economic crisis that gave Babeuf his real historic importance.
With the development of the economic crisis, however, Babeuf's influence increased.
The order is of little economic value.
In support of this decision it was urged that it was no good pursuing people whom it was impossible to catch, that the isolated posts in the interior had not been able to protect the friendly tribes; and that the semi-desert nature of the country did not justify any attempt at economic development.
He was crowned in the Sistine Chapel 3rd March 1878, and at once began a reform of the papal household on austere and economic lines which found little favour with the entourage of the former pope.
It appears to be true that, in the words of Dunoyer, the economic regime of every society which has recently become sedentary is founded on the slavery of the industrial professions.
For its economic effects, when it is regarded as an organization of labour, reference may be had to Smith's Wealth of Nations, book iii.
Since the restoration of tranquillity and the establishment of sound political and economic conditions in the Nile valley, Alexandria has greatly expanded.
1, 1 9 03), considering it more important to complete his work in South Africa, where economic depression was becoming pronounced.
He left South Africa while the economic crisis was still acute and at a time when the voice of the critic was audible everywhere; but, in the words of the colonial secretary (Mr Alfred Lyttelton) he had in the eight eventful years of his administration "laid deep and strong the foundation upon which a united South Africa would arise to become one of the great states of the empire."
In recent years there has been an immigration of Italians into Louisiana, which seems likely to prove of great social and economic importance.
Among economic plants should be mentioned the coffee, cacao, citron, cinnamon, cocoanut and rubber tree.
The dependence of the island on one crop has been an artificial economic condition often of grave momentary danger to prosperity; but generally speaking, the progress of the industry has been steady.
So early also began dissatisfaction with the economic regulations of the colonial system, even grave resistance to their enforcement; and illicit trade with privateers and foreign colonies had begun long before, and in the 17th and 18th centuries was the basis of the island's wealth.
There is no more evidence to warrant the wholly erroneous statement sometimes made that emancipation was an economic set-back to Cuba than could be gathered to support a similar statement regarding the United States.
The demands of the Liberals were as in 1868; those for personal and property rights were much more definitely stated, and among explicit reforms demanded were the separation of civil and military power, general recognition of administrative responsibility under a colonial autonomous constitutional regime; also among economic matters, customs reforms and reciprocity with the United States were demanded.
This was met in a very large measure by deposits of natural nitre and the products of artificial nitrieres, whilst additional supplies are available in the ammoniacal liquors of the gas-manufacturer, &c. The possible failure of the nitre deposits led to attempts to convert atmospheric nitrogen into manures by processes permitting economic success.
The revenues produced by the customs duties for the five years1905-1906to1909-1910are as follows: Finance Preliminary Sketch.-From the outset of their history the Osmanli Turks adapted to their own needs most of the political, economic and administrative institutions which existed before them.
The economic effect of the railways upon the districts through which they run is apparent from the comparative values of the tithes in the regions traversed by the Anatolian railway in 1889 and 1898 in which years it so happened that prices were almost at exactly the same level, and again in 1908-1909, when they were only slightly higher.
These attracted so much attention that he was sent in the same year on an economic mission to England, which resulted in his publication (in 1838) of Des interets materiels de la France.
It is mainly because these fisheries are seasonal that the periodicity has been noticed, and because of the economic interests involved the study of the seasonal and longer periodicities has become very important.
Many economic changes probably occurred in consequence of the variations in tide-generating force, as, for instance, the decline in the mediaeval Baltic herring fisheries controlled by the Hanseatic League.
Gold is found in the sands of all its upper tributaries, and coal and petroleum are amongst the chief mineral products which have been brought into economic prominence.
All parts of the date palm yield valuable economic products.
Watt, Dictionary of the Economic Products of India (1892); and The Date Palm, U.S. Department of Agriculture, Bureau of Plant Industry, Bulletin No.
No trustworthy estimate of the rate of the increase of production can, however, be formed, as several uncertain economic factors have to be taken into account.
Consult further Materials for the Study of the Economic Conditions of West Siberia (22 vols., St Petersburg, 1889-1898), condensed in Peasant Land-Tenure and Husbandry in Tobolsk and Tomsk (St Petersburg, 1894), both in Russian.
Sheets of mica which have been subjected to earth-movements are frequently cracked and ridged parallel to these directions, and are then valueless for economic purposes.
Dana and C. Hintze; for economic questions, the following: T.
Beyond the small fertile valley in which it stands is the barren desert, on which rain rarely falls and which has no economic value apart from its minerals (especially saline compounds).
But there is also an economic side to it by reason of the conditions of modern warfare.
There are many short streams along this coast, fed by heavy rainfalls, but they have no geographic importance and no economic value under existing conditions.
This is one of the most important fluvial systems of Brazil, but its economic value is impaired by the great waterfalls of Guayra, or Sete Quedas, and Uribu-punga, and by the rapids and waterfalls in the majority of its affluents near their junction with the main stream.
The economic plants of Brazil, both indigenous and exotic, are noticeably numerous.
Other economic plants and fruits having a wide distribution are tobacco, maize, rice, beans, sweet potatoes, bananas, cacao (Theobroma cacao), mandioca or cassava (Manihot utilitissima), aipim or sweet mandioca (M.
Among the palms there are several of great economic value, not only as food producers but also for various domestic uses.
The arrivals fluctuate greatly in number from year to year, influenced by the prevailing economic conditions in the country.
The emperor occupied himself to a far greater extent with the economic development of his people and country than with active political life.
It includes a herbarium and palm house, with an extensive range of hot-houses, a museum of economic botany, a lecture-room and other requisites for the study of botany.
The strife was largely economic, the people desiring to deprive the nobles of the immunity of taxation which they had enjoyed.
A lack of imagination and of the philosophic spirit prevented him from penetrating or drawing characters, but his analytical gift, joined to persevering toil and honesty of purpose enabled him to present a faithful account of ascertained facts and a satisfactory and lucid explanation of political and economic events.
It has superseded Antioch as the economic centre of N.
During the seven years between the formation of the league and its final triumph, he devoted himself wholly to the work of promulgating his economic doctrines.
It becomes equivalent to economic laisser-faire and "Manchesterism," and as such it must fight its own corner with those who now take into consideration many national factors which had no place in the early utilitarian individualistic regime of Cobden's own day.
documents, mainly concerned with the Slovaks; Rene Gonnard, La Hongrie au XX e siecle (Paris, 1908), an admirable description of the country and its people, mainly from the point of view of economic development and social conditions; Geoffrey Drage, Austria-Hungary (London, 1909), a very useful book of reference; P. Alden (editor), Hungary of To-day, by members of the Hungarian Government (London, 1909); see also " The Problem of Hungary " in the Edinburgh Review (No.
Himself a Calvinist, he succeeded in putting an end to the old quarrel of Catholic and Protestant and uniting them in a common enthusiasm for a race ideal; nominally a Liberal, he trampled on every Liberal principle in order to secure the means for governing with a firm hand; and if the political corruption of modern Hungary is largely his work, 4 to him also belongs the credit for the measures which have placed the country on a sound economic basis and the statesmanlike temper which made Hungary a power in the affairs of Europe.
A trial of strength took place between him and Mr de Justh, the champion of the extreme demands in the matter of Hungarian financial and economic autonomy; on the 7th of November rival banquets were held, one at Mako, Justh's constituency, over which he presided, one at Budapest with Kossuth in the chair; the attendance at each foreshadowed the outcome of the general meeting of the party held at Budapest on the 11th, when Kossuth found himself in a minority of 46.
In their efforts to establish Hungarian independence on the firm basis of national efficiency they had succeeded in changing their country from one of very backward economic conditions into one which promised to be in a position to hold its own on equal terms with any in the world.
Mechanical, commercial, economic and statistical facts (the latter usually involving the time-relation) afford numerous examples.
The discontent of the rural labourers and of the poorer class of craftsmen in the towns, caused by the economic distress that followed the Black Death and the enactment of the Statute of Labourers in 1351, was brought to a head by the imposition of a poll tax in 1379 and again in 1381, and at the end of May in the latter year riots broke out at Brentwood in Essex; on the 4th of June similar violence occurred at Dartford; and on the 6th a mob several thousands strong seized the castle of Rochester and marched up the Medway to Maidstone.
After his fall from office in June 1898, his principal achievement was the negotiation of the Franco-Italian commercial treaty, though, as deputy, journalist and professor, he continued to take an active part in all political and economic manifestations.
The efforts made by the administration to restore the Boers to the land, to develop the material resources of the country, and to remove all barriers to the intellectual and moral development of the people, were soon, however, hampered by severe Economic commercial depression.
The problem was both economic and racial, and on both grounds South Africans showed a determination to exclude the competition of Indians and other Asiatics.
Mr Alfred Lyttelton (who had succeeded Mr Chamberlain as secretary of state for the colonies) endeavoured to meet the wishes of the Transvaal by sanctioning legislation which would greatly restrict the immigration of Indians, but he would allow 1 A careful summary of the facts regarding the shortage of labour and of the economic situation in the Transvaal at that time, together with the debates in the legislative council, will be found in The Annual Register for 1903, from the pen of Mr H.
Nevertheless, on economic as well as political grounds, the leaders of both parties in the Transvaal were prepared to consider favourably the proposals put forward by Dr Jameson at the close of 1906 for a closer union of all the self-governing colonies, and the first direct step to that end was taken at an inter-colonial conference held in May 1908.
Among other forest trees of economic importance are the silk-cotton tree (Bombax ceiba), the Palo de vaca, or cow-tree (Brosimum galactodendron), whose sap resembles milk and is used for that purpose, the Inga saman, the Hevea guayanensis, celebrated in the production of rubber, and the Altalea speciosa, distinguished for the length of its leaves.
The principal economic plants of the country are cacau, coffee, cassava (manioc) called " mandioca " in Brazil, Indian corn, beans, sweet potatoes, taro, sugar-cane, cotton and tobacco.
The kinds of greatest economic value are sturgeon, shad, salmon, lampreys, eels, pike and whiting.
Several of the marine species are of first-rate economic importance.
Graunt and Petty's Essays are reprinted in Economic Writings of Sir W.
He then passed the laws on the press, suppressing the censorship. By reorganization of the finances, the protection of industry and the carrying out of great public works, France regained its economic prosperity, and the ministry became popular.
Calcium cyanamide has assumed importance in agriculture since the discovery of its economic production in the electric furnace, wherein calcium carbide takes up nitrogen from the atmosphere to form the cyanamide with the simultaneous liberation of carbon.
Since the advent of the British power, the immigration of Hindus with a lower standard of comfort and of Chinamen with a keener business instinct has threatened the economic independence of the Burmese in their own country.
Cournot was the first who, with a competent knowledge of both subjects, endeavoured to apply mathematics to the treatment of economic questions.
In his Principes de la theorie des richesses (1863) he abandoned the mathematical method, though advocating the use of mathematical symbols in economic discussions, as being of service in facilitating exposition.
are dealt with, in roughly 93 paragraphs, while local administration comes in for 39 and purely economic and fiscal matter for 13 clauses.
The township and the hundred came also in for certain forms of collective responsibility, because they presented groups of people associated in their economic and legal interests.
Several subsequent risings of the ciompi, largely of an economic character, were put down, and the Guelph families gradually regained much of their lost power, of which they availed themselves to exile their opponents and revive the odious system of ammonizioni.
The last two categories, which do not become prominent anywhere in Europe until the 12th century, had, like all gilds, a religious tinge, but their aims were primarily worldly, and their functions were mainly of an economic character.
- The merchant and craft fraternities are particularly interesting to students of economic and municipal history.
On the other hand, the gild merchant was certainly an official organ or department of the borough administration, and it exerted considerable influence upon the economic and corporative growth of the English municipalities.
This transference of the authority of the latter to a number of distinct bodies and the consequent disintegration of the old organization was a gradual spontaneous movement, - a process of slow displacement, or natural growth and decay, due to the play of economic forces, - which, generally speaking, may be assigned to the 14th and 15th centuries, the very period in which the craft gilds attained the zenith of their power.
Whatever power they did secure, whether as potent subsidiary organs of the municipal polity for the regulation of trade, or as the chief or sole medium for the acquisition of citizenship, or as integral parts of the common council, was, generally speaking, the logical sequence of a gradual economic development, and not the outgrowth of a revolutionary movement by which oppressed craftsmen endeavoured to throw off the yoke of an arrogant patrician gild merchant.
Ashley, Introduction to English Economic History (2 vols., London, 188818 93; 3rd ed.
Few, however, are of economic importance.
The length of time for which the holding should last came to be specified, at first for a term of years and then for life, and some payment to the grantor was provided for, not pretending to represent the economic value of the land, but only to serve as a mark of his continued ownership.
This process had probably already begun in a small way in the growth of institutions which belong to the economic side of feudalism, the organization of agriculture on the great estates.
The chief of these are the following: the relation of vassal and lord; the principle that every holder of land is a tenant and not an owner, until the highest rank is reached, sometimes even the conception rules in that rank; that the tenure by which a thing of value is held is one of honourable service, not intended to be economic, but moral and political in character; the principle of mutual obligations of loyalty, protection and service binding together all the ranks of this society from the highest to the lowest; and the principle of contract between lord and tenant, as determining all rights, controlling their modification, and forming the foundation of all law.
They did not have their origin in economic considerations, but were either intended to mark the vassal's tenant relation, like the relief, or to be a part of his service, like the aid, that is, he was held to come to the aid of his lord in a case of financial as of military necessity.
This was particularly the case in parts of France and Germany where feudalism continued to regulate the property relations of lords and vassals longer than elsewhere, and where the underlying economic feudalism remained in large part unchanged.
In this later pseudo-feudalism, however, the political had given way to the economic, and customs which had once had no economic significance came to have that only.
After the military defeat of France by Germany in 1870, he formed the idea of acquiring a great colonial empire, not to colonize it, but for the sake of economic exploitation.
While the political element in the development of the Hanseatic League must not be underestimated, it was not so formative as the economic. The foundation was laid for the growth of German towns along the southern shore of the Baltic by the great movement of German colonization of Slavic territory east of the Elbe.
Among the factors, economic, geographic, political and social, which combined to bring about the decline of the Hanseatic League, none was probably more influential than the absence of a German political power comparable in unity and energy with those of France and England, which could quell particularism at home, and abroad maintain in its vigour the trade which these towns had developed and defended with their imperfect union.
Of his purely historical works special mention must be made of his Memoire sur les actes d'Innocent III (1857), and his Memoire sur les operations financieres des Templiers (1889), a collection of documents of the highest value for economic history.
But during the last quarter of the 19th century active steps were taken to foster the economic interests of the city.
The efforts of the Hungarians to complete their social and economic, no less than their political, emancipation from Austria and Vienna have been unremittingly pursued.
and political and economic conditions in many places then little known.
Communications.-The problem of easy and cheap transportation between the coast and the interior has been a vital one for Peru, for upon it depends the economic development of some of the richest parts of the republic. The arid character of the coastal zone, with an average width of about 80 m., permits cultivation of the soil only where water for irrigation is available.
Another new mining code was adopted in 1901, and this, with an improvement in political and economic conditions, has led to a renewal of mining enterprise.
Apparatus for the economic production of a potable water from sea-water is of vital importance in the equipment of ships.
Tsetse-flies are of great economic and pathological importance as the disseminators of tsetse-fly disease (nagana) and sleeping sickness.
The marine fauna is of economic importance.
The economic transition of the later 17th century from the agricultural to the commercial regime was followed by a further transition to the manufacturing regime during the closing years of the 18th and the early years of the 19th centuries.
EcoNoMIc CONDITIONS; VI.
and is famous for its fine scenery, which has gained for it the title of the "Austrian Switzerland"; but it owes its name (literally "salt-exchequer property") and its economic importance to its valuable salt mines.
Devoting himself to the economic side of geology in various parts of North America, he was enabled to bring out in 1861 A Practical Treatise on Coal, Petroleum and other Distilled Oils.
Coal has not been found, but peat may be exploited under favourable economic conditions.
Though not in name, in fact he was prime minister; in all internal affairs it was he who decided; and the fiscal and economic reforms of the new reign were the application of his theories.
The effects of this policy of blind obscurantism far outweighed any good that resulted from the king's well-meant efforts at economic and financial reform; and seven this reform was but spasmodic and partial, and awoke ultimately more discontent than it allayed.
By reason of its unusual geological character and great economic importance this district deserves a more extended description.
The economic importance of the region generally has been fully proved.
Its causes have been political, economic, religious, or mere love of adventure.
Effects of Emigration.-There are two views with regard to emigration: one unfavourable, viz., that it is a drain on population, reducing its economic strength and disturbing social and political relations; the second looking upon it as a relief from over-population and a congested labour market.
It is difficult to analyse closely the economic effect of emigration, because so much depends upon the character of the emigrants and the condition of the labour market.
Emigration is therefore an economic gain, both directly and indirectly.
(b) Economic effects: The economic gain of immigration to new countries is evident.
Attempts have sometimes been made to put a money value on the economic gain by immigration.
The causes of migration from country to city are mainly economic. In early stages of culture men are scattered over the country, or at most gathered together in hamlets and villages.
Few genera have greater claims to notice from an economic point of view.
Fresh visitations of the Black Death, in 1362 and 1369, intensified the social and economic disturbances which had begun with the first outbreak in 1348.
For economic and social history see W.
Ashley's English Economic History, and W.
Bismuth is extracted from its ores by dry, wet, or electro-metallurgical methods, the choice depending upon the composition of the ore and economic conditions.
On account of their work in destroying plant-eating insects, the ichneumonflies are of great economic importance.
The enormous rate at which aphids multiply under favourable conditions makes them of the greatest economic importance, since the growth of immense numbers of the same kind of plant in close proximity - as in ordinary farm-crops - is especially advantageous to the insects that feed on them.
See Economic Entomology, Scale-Insect.
Those of economic value are kaolin, mined chiefly in the vicinity of Hockessin, New Castle county, the static kaolin product being exceeded in 1903 only by that of Pennsylvania among the states of the United States; granite, used for road-making and rough construction work, found near Wilmington; and brick and tile clays; but the value of their total product in 1902 was less than $500,000.
Previously, however, in August 1680, the duke of York had leased this territory for ro,000 years to William Penn, to whom he conveyed it by a deed of feoffment in August 1682; but differences in race and religion, economic rivalry between New Castle and the Pennsylvania towns, and petty political quarrels over representation and office holding, similar to those in the other American colonies, were so intense that Penn in 1691 appointed a special deputy governor for the " lower counties."
2 Chap. v., where Nehemiah reviews his past conduct as governor, turns aside to economic reforms and scarcely falls within the fifty-two days of the building of the walls.
This article is restricted to general oceanography in its physical aspects, the closely-related meteorological,, biological and economic aspects being dealt with elsewhere.
This is actually the case; the Carboniferous, Cretaceous and Jurassic systems (qq.v.) contain coal-bearing strata though in unequal degrees,- the first being known as the Coal Measures proper, while the others are of small economic value in Great Britain, though more productive in workable coals on the continent of Europe.
The European region poorest in coal (proportionately to area) is Scandinavia, where there is only one field of economic value - a small one in the extreme south of Sweden.
The Rhenish-Westphalian coalfield was fully described in all details, geological, technical and economic, in a work called Die Entwickelung des niederrheinisch-westfcilischen Steinkohlen Bergbaues in der zweiten Hcilfte des 19 ten Jahrhunderts (also known by the short title of Sammelwerk) in twelve quarto volumes, issued under the auspices of the Westphalian Coal Trade Syndicate (Berlin, 1902-1905).
The area of yellow pine forests (the stand is estimated at 67,568.5 million ft.), and the lesser one of hardwood, together with considerable softwood, represent lumber-producing possibilities of much economic importance.
The pine and hardwood forests are of great economic value because of the density of their growth, and there are at hand the means of profitable development of this industry in the numerous watercourses which make logging cheap and expeditious.
For economic description see The Natural Resources and Economic Conditions of the State of Texas (New York, 1901).
Some of the more important of his economic theses, as summarized by W.
As a result of this visit more humane methods in the treatment of the natives were introduced, and measures taken to develop more fully the economic resources of the country.
Timber of economic value is scarce.
The economic interests of Los Angeles centre in the culture of fruits.
Its economic influence was multiform and incalculable, owing to its vast property, its system of taxation and its encouragement of monasticism.
The records of printing indicate that religious, social and economic betterment was the subject of an ever-increasing number of pamphlets.
The Newfoundland Bank fisheries were of greater economic importance and are still very important.
Hill on " First Stages of the Tariff Policy of the United States " in American Economic Association Publications, vol.
For economic history, W.
Weeden, Economic and Social History of New England, 1620-1789 (2 vols., Boston, 1890); C. H.
Increasing numbers of Creoles came home for education, and though they rarely went beyond Spain, yet Spain itself was being permeated by the influence of French philosophic and economic writers.
1562-1580); - for ecclesiastical history, Teatro historico de las iglesias de Aragon (Pamplona, 1770-1807); for economic history, Historia de la economia politica de Aragon, by I.
An instrument for superintending this coordination in the social and economic aspects was ready to hand in the Economic Council of the German Reich, set up by the new Republican constitution of 1919.
Among topics which have exercised the collective mind of modern Congregationalism, and still exercise it, are church-aid and home missions, church extension in the colonies, the conditions of entry into the ministry and sustentation therein, Sunday school work, the social and economic condition of the people (issuing in social settlements and institutional churches), and, last but not least, foreign missions.
Phosphorite, when occurring in large deposits, is a mineral of much economic value for conversion into the superphosphate largely used as a fertilizing agent.
The deposits were rich but irregular and local, and were much worked from 1866 to 1884, but are no longer of economic importance.
This was of much importance in early wars; but it is of only minor importance as a commercial highway since it leads to Canada through a region of little economic importance.
In fact the economic development of Asia Minor, a backward but richly endowed land, great in area as Germany herself, had been secured for German enterprise when the first Balkan War intervened.
Apart from gold-mining, coal-mining and gum-digging, the industries are still mainly the growing of food and raw material; and the occupation of the land is easily the chief of all economic questions.
The systematic development of the colony, the opening up of the hinterland and the exploitation of its economic resources date from the appointment of Captain Binger as governor, a post he held for over three years.
These two volumes deal with the history, geography, zoology and economic condition of the Ivory Coast.
But Herzl approached the subject entirely on its secular side, and his solution was economic and political rather than sentimental.
He devoted his leisure to the improvement of his economic treatise, which had for some time been out of print, but which the censorship did not permit him to republish; and in 1814 he availed himself (to use his own words) of the sort of liberty arising from the entrance of the allied powers into France to bring out a second edition of the work, dedicated to the emperor Alexander, who had professed himself his pupil.
In the same year the French government sent him to study the economic condition of Great Britain.
His great service to mankind lay in the fact that he disseminated throughout Europe by means of the French language, and popularized by his clear and easy style, the economic doctrines of Adam Smith.
During the period of Brand's presidency a great change, both political and economic, had come over South Africa.
This alteration in the political outlook was accompanied, and in part occasioned, by economic changes of great significance.
In carrying out this policy of government regulation and supervision of corporations he became involved in a great struggle with the powerful financial interests whose profits were threatened, and with those legislators who sincerely believed that government should solely concern itself with protecting life and property, and should leave questions of individual and social relations in trade and finance to be settled by the operation of so-called natural economic laws.
Barton, " On the economic distribution of material in the sides of wrought iron beams " (Proc. Inst.
Then the economic span is 1= loo-1 PI / G.
The establishment in Austria of universal suffrage in 1907 had as its aim the creation, in the place of the old Parliament, which was crippled by the strife of nationalities, of a Chamber in which social and economic interests should prevail over national ones.
17 1917 by the Croatian representatives proclaimed, as a condition of the national existence and the cultural and economic development of the Southern Sla y s, that they should remain under the House of Habsburg.
A great economic and social programme 'was announced, including the extension of waterways, the exploitation of electricity, an improved system of communication, industrial insurance, and a department for public health.
This bold plan met with no success; the economic programme in particular did not come into force; it was an empty promise, which was not taken seriously.
(C. BR.) Economic Conditions Pre-War Period.
- During the years 1910-4, immediately preceding the World War, economic conditions in Austria showed no uniform tendency, for in many fields the signs pointed to a crisis, while in others developments seemed full of promise.
It is true that nobody could have foreseen coming events; but things kept on occurring which counselled prudence, and threatened the economic situation from without.
A good general impression of the economic situation can easily be gained from the returns of the state of the labour market.
The deposits and withdrawals were respectively, in thousands of kronen: After the heavy withdrawals of 1912 the decline in deposits together with a continuance of heavy withdrawals in 1913, is a clear sign of economic depression.
The economic situation of Austria shared in this respect in the general development of world affairs, in which also, after a period of prosperity, a reaction set in in 1913.
The year 1914 soon showed signs of a coming relaxation of the economic crisis; but this development was interrupted by the World War.
The Hungarian Government could claim the right to take independent economic measures for her own territory in war-time; a joint arrangement was only possible for the territories of the Dual Monarchy - which were united for tariff purposes - by agreements between the Austrian and Hungarian Governments; and since neither Government was exclusively concerned to carry out an adjustment of economic conditions solely in accordance with what was necessary for waging war and holding out with the supplies at their disposal, but each had also to champion the interests of one half of the monarchy against the other, the negotiations between the two Governments were often attended with the greatest difficulties, and constantly ended unsatisfactorily.
Hungary, in accordance with her economic situation, had always the advantage in these negotiations, since she was incomparably richer than.
The more complete the economic isolation of the monarchy the more the lack of raw materials made itself felt, both for the manufacture of indispensable war supplies and for the feeding of the civil population.
This system of State control prevented industries which used grain as their raw material from buying in an open market, and in their case too it was found necessary to regulate supplies by means of an organization analogous to that of the economic associations already mentioned.
No better picture can be obtained of its overwhelming economic impoverishment than by studying the figures which show the decline in the crop returns for Austria, and taking into account the fact that imports from Hungary and the territories under military occupation naturally fell far below the proportion of foodstuffs formerly imported.
To these purely economic difficulties was added the growing opposition of the population to the measures of compulsion.
This in part depended on national factors, which became more clearly visible as the situation of the Central Powers became more and more unfavourable, but it was in part due simply to the exhaustion due to economic need.
He now devoted himself principally to economic studies.
de Gournay (1712-1759), who was also an earnest inquirer in the economic field; and round these two distinguished men was gradually formed the philosophic sect of the Economistes, or, as for distinction's sake they were afterwards called, the Physiocrates.
His economic writings are collected in the 2nd vol.
Oncken (Frankfort, 1888); a facsimile reprint of the Tableau economique, from the original MS., was published by the British Economic Association (London, 1895).
There are steam flour mills, furniture factories and various other small manufactories; but the main economic interest of the city is in brickyards and coal-mines in its immediate vicinity.
Among the rocks of economic importance may be mentioned granite of numerous kinds, syenite, serpentine, porphyry, marble, sandstones and marls.
For these several political units see the separate articles; a general view, however, is here given of the government, economic conditions, &c., of the Dutch possessions, which the Dutch call Nederlandsch-Indic. Netherlands India Administration.-The Dutch possessions in Asia lie between 6° N.
Everywhere the object was the same: the supreme obligation of the Rule, the renewal of discipline, and also the economic improvement of the monasteries.
The life of the Church, moreover, was affected by the economic changes due to the rise of the power of money as opposed to the old economic system based upon land.
The country had been brought by the Austro-Hungarian war policy to the very brink of economic and financial ruin.
13 1920, with Rumania April 23 1921), positive in so far as it aimed at the establishment and maintenance of peace, security and normal economic conditions in central Europe, and defensive in so far as it was directed against all attempts at reaction menacing the existence of the new states.
In respect of Austria Czechoslovakia was animated by the desire to assist in relieving the economic situation of the country, while opposed both to the incorporation of Austria with Germany and to the foundation of a Danubian confederation.
It was in favour of aiding Austria on a broad basis of financial and economic help, to be rendered generally to the states of central Europe by international agreement.
It was in favour of creating in central Europe a new political and economic system by which permanent peace would be secured - a definite understanding between all the " Succession States " of the former AustroHungarian monarchy in the matter of communications, post, telegraphs, navigation, finance and banking, exchange of goods and commercial treaties generally, opening up the way to a system of unfettered economics and freer trade - but at the same time jealously guarding the economic and political sovereignty of the Czechoslovak Republic.
In pursuance of its practical policy of rapprochement and economic cooperation in the reconstruction of central Europe in particular and of Europe in general, Czechoslovakia concluded a series of commercial treaties with her various neighbours and with the Allied Powers.
,originally introduced as an emergency measure, but the economic conditions following the war necessitated the maintenance and extension of this form of insurance, which for normal times has been given legal sanction according to the Ghent system, by State contributions to the payments made by the trade unions.
The idea underlying these councils was to create, as it were, a certain constitution for factories by which the workman who had hitherto been a mere machine should become a creative factor, closely identified with the organization of the undertaking, conscious of responsibility, and thus making of democracy the same reality in economic life as it had already become in political life.
Long before the political revolution of 1918 the Czechoslovaks had been convinced of the necessity for a far-reaching measure of land reform, both from a social and economic point of view as well as from national considerations.
The demand for the nationalization of the great landed estates was thus not only supported as a social and economic necessity in order to provide the landless population, notably the legionaries, with land, but was, deep in the minds of the people, regarded as a legal rectification of the wrongs suffered through the confiscations which followed the defeat of the White Mountain.
The economic and financial position of Czechoslovakia showed signs in 1921 of steady recovery from the chaos which succeeded the close of the war.
The economic importance of Czechoslovakia is strikingly shown by a comparison with the rest of the former Austro-Hungarian Monarchy.
pp. 495-508; Andrew Murray, Economic Entomology, Aptera, pp. 33 1 -374 (1876); and F.
But in Germany, as in France, a combination of political and of economic forces led before long to a reaction towards protection.
The factors which have brought about this reaction have been, as was already noted, partly economic, partly political: on the one hand, the pressure of competition from distant countries in agricultural products, a consequence chiefly of improved transportation; on the other hand, the revival of national sentiment and prejudice.
But it is no more than an accident that this year constitutes the dividing line in both cases, the change in the United States being due to the Civil War, which so profoundly influenced the fiscal, economic and political history of the country in all directions.
His next publications also were on economic or political subjects, Rationale of Political Representation (1835), and Money and its Vicissitudes (1837), now practically forgotton; about the same time also appeared some of his pamphlets, Discussion of Parliamentary Reform, Right of Primogeniture Examined, Defence of Joint-Stock Banks.
August Cieszkowski has written on philosophical and economic subjects.
Holyoake founded a society in London which subsequently under the leadership of Charles Bradlaugh advocated the disestablishment of the Church, the abolition of the Second Chamber and other political and economic reforms.
Of the twenty-one species of freshwater fish, five are peculiar to the country, but none is of much economic value save the barbel and eel.
Profoundly troubled as Algeria was in the last years of the 19th century by the anti-Semitic agitation, which occasioned frequent changes of governors, it appears to-day to have turned aside from sterile political struggles to interest itself exclusively in the economic development of the country.
There are mineral springs, especially salt springs, in various parts of the state, particularly in the Blue Grass Region; these are now of comparatively little economic importance; no salt was reported among the state's manufactures for 1905, and in 1907 only 736,920 gallons of mineral waters were bottled for sale.
The history of economic opinion in modern times, down to the third decade of the r9th century, is, in fact, strictly bipartite.
The second stage is occupied with the gradual rise and ultimate ascendancy of another system founded on the idea of the right of the individual to an unimpeded sphere for the exercise of his economic activity.
This shows how little it was Smith's habit to separate (except provisionally), in his conceptions or his researches, the economic phenomena of society from all the rest.
This theory is, of course, not explicitly presented by Smith as a foundation of his economic doctrines, but it is really the secret substratum on which they rest.
The improvement in the productiveness of labour depends largely on its division; and he proceeds accordingly to give his unrivalled exposition of that principle, of the grounds on which it rests, and of its greater applicability to manufactures than to agriculture, in consequence of which the latter relatively lags behind in the course of economic development.
These first two books contain Smith's general economic scheme; and we have stated it as fully as was consistent with the brevity here necessary, because from this formulation of doctrine the English classical school set out, and round it the discussions of more modern times in different countries have in a great measure revolved.
The fourth book is principally devoted to the elaborate and exhaustive polemic against the mercantile system which finally drove it from the field of science, and has exercised a powerful influence on economic legislation.
His teaching on the subject is not altogether unqualified; but, on the whole, with respect to exchanges of every kind, where economic motives alone enter, his voice is in favour of freedom.
He has regard, however, to political as well as economic interests, and on the ground that "defence is of much more importance than opulence" pronounces the Navigation Act to have been "perhaps the wisest of all the commercial regulations of England."
It discredited the economic policy of the past, and promoted the overthrow of institutions which had come down from earlier times, but were unsuited to modern society.
"Smith" in Coquelin and Guillaumin's Dictionnaire de l'economie politique; Bagehot's Economic Studies (1880); and Cossa's Guide to the Study of Political Economy (Eng.
In 1832 he published a Political Economy, the chief purpose of which was to enforce the truth that the right economic condition of the masses is dependent on their right moral condition, that character is the parent of comfort, not vice versa.
Of the economic plants and products of Mexico, the list is surprisingly long and interesting.
Among other economic plants are the fibre-producing agaves, the best known of which is the A.
spired by an able Conservative leader, Lucas Alaman, proved strongly Centralist: one is especially noteworthy, the establishment of the ministry of " fomento," or encouragement to public works, education, and intellectual and economic development, which is a conspicuous aid to Mexican welfare to-day.
President Diaz's policy was to keep down disorder with a strong hand; to enforce the law; to foster railway development and economic progress; y '?
In brief, under President Diaz's rule the history of Mexico is mainly economic. In the six financial years1893-1894to1899-1900inclusive the yield of the import duties increased by upwards of 80%; the revenue from ogressic stamps over 60%, though the duties were reduced; the postal revenue from1895-1896to1899-1900rose 60%; the telegraph revenue over 75%.
The economic condition of Adrianople was much impaired by the war of 1877-78, and was just showing signs of recovery when, in 1885, the severance from it of Eastern Rumelia by a Customs cordon rendered the situation worse than ever.
In the last part of the, 9th century its decline was rapid, not only because of the increasing scarcity of whales, but because of the introduction of the mineral oils, and by the end of the century whaling had ceased to be of any economic importance.
3 the overseers or bishops and deacons, though their functions are less spiritual than administrative and economic, are allowed to take the place of the prophets and teachers.
The natural resources of Guatemala are rich but undeveloped; and the capital necessary for their development is not easily obtained in a country where war, revolution and economic crises recur at frequent intervals, where the premium on gold has varied by no less than 500% in a single year, and where many of the wealthiest cities and agricultural districts have been destroyed by earthquake in one day (18th of April 1902).
When the two lowlands are traced eastward they become confluent after the Niagara limestone has faded away in central New York, and the single lowland is continued under the name of Mohawk Valley, an east-west longitudinal depression that has been eroded on a belt of relatively weak strata between the resistant crystalline rocks of the Adirondacks on the north and the northern escarpment of the Appalachian plateau (Catskills-Helderbergs) on the south; forming a pathway of great historic and economic importance between the Atlantic seaports and the interior.
Among the more important periodicals are the Bulletin of the Geological Society of America (Rochester, N.Y., 1889 seq.); the American Journal of Science (New Haven, Conn., 1818 seq.); the American Geologist (Minneapolis, i888 seq.); Journal of Geology (Chicago, 1893 seq.); Economic Geology (Lancaster, Pa., 1905 seq.).
In the eastern forest region the number of species decreases somewhat from south to north, but the entire region differs from the densely forested region of the Pacific Coast Transition zone in that it is essentially a region of deciduous or hardwood forests, while the latter is essentially one of coniferous trees; it differs from the forested region of the Rocky Mountains in that the latter is not only essentially a region of coniferous trees, but one where the forests do not by any means occupy the whole area, neither do they approach in density or economic importance those of the eastern division of the country.
The St Lawrence is far the most important Canadian river from the historic and economic points of view, since it provided the main artery of exploration in early days, and with its canals past rapids and between lakes still serves as a great highway of trade between the interior of the continent and the seaports of Montreal and Quebec. It is probable that politically Canada would have followed the course of the States to the south but for the planting of a French colony with widely extended trading posts along the easily ascended channel of the St Lawrence and the Great Lakes, so that this river was the ultimate bond of union between Canada and the empire.
Coal and lignitic coal are the principal economic minerals met with in this central plain, though natural gas occurs and is put to use near Medicine Hat, and " tar sands " along the northeastern edge of the Cretaceous indicate the presence of petroleum.
Socialism presupposes that broad masses of the people have been accustomed to organization, that numerous economic and political organizations exist, and can develop in perfect freedom.
The economic development has, since the Civil War, been steady and continuous.
The success of the economic system was such that in 1860 the cotton crop of Alabama was nearly 1,000,000 bales (9 8 9,955 bales), being 18.4% of the entire cotton product of the United States.
But in the 'nineties the price of the cotton fell below the cost of production, owing to the enormous supply, and this was accompanied by economic depression.
As a bulwark against the Spanish, the colony was successful, but as an economic experiment it was a failure.
Plantations have been made in America with an economic view, the tree growing much faster, and producing good timber at an earlier age than the native hackmatack (or tamarack), while the wood is less ponderous, and therefore more generally applicable.
Watt, Dictionary of the Economic Products of India (1890).
It contained very complicated problems affecting deeply the economic, social and political.
The Balkan Wars, and Poincare's attitude towards the problem raised by them, greatly increased his prestige; he declared on Dec. 4 to the Foreign Affairs Committee of the Chamber that he was determined to secure respect for the economic and political interests of France, not only in the Balkan Peninsula, but in the Ottoman Empire generally, and especially in Syria.
At the end of the year 1864 Ruskin delivered at Manchester a new series of lectures - not on art, but on reading, education, woman's work and social morals - the expansion of his earlier treatises on economic sophisms. This afterwards was included with a Dublin lecture of 1868 under the fantastic title of Sesame and Lilies (perhaps the most popular of his social essays), of which 44,000 copies were issued down to 1900.
This little collection of "Thoughts," written with wonderful vivacity, ingenuity and fervour, is the best summary of the author's social and economic programme, and contains some of his wisest and finest thoughts in the purest and most masculine English that he had at his command.
Cook's Studies in Ruskin (1890), which contains the particulars of his university lectures and of his economic and social experiments.
With regard to his economic and social ideas there is far less.
Hobson, in John Ruskin, Social Reformer (2nd ed., 1899), has elaborately discussed his social and economic teaching, and claims him as "the greatest social teacher of his age."
Watt's Dictionary of the Economic Products of India (1893).
A very full account of the cultivation of rice in India will be found in Sir George Watt's Dictionary of the Economic Products of India.
Economic crises, due in great part to the existing system of excessive armaments, were transforming armed peace into a crushing burden, which peoples had more and more difficulty in bearing.
Disarmament, or to speak more correctly, the contractual limitation of armaments, has become, of late years, as much an economic as a humanitarian peace-securing object.
National culture, economic progress and the production of wealth are either paralysed or developed in a wrong direction.
Economic disturbances are caused in great measure by this system of excessive armaments; and the constant danger involved in this accumulation of war material renders the armed peace of to-day a crushing burden more and more difficult for nations to bear.
The general public, more particularly in Great Britain and France, shows an ever-increasing distrust of the rapid growth of armaments as a possible cause of grave economic troubles.
The convention sets out the scope and objects of the institute, which a recent British official publication states has been joined by 38 states, including Great Britain and all other great powers, as follows: Whilst limiting its action to international questions, it shall be the duty of the institute: (a) To collect, elaborate and publish, with as little delay as possible, statistical, technical, or economic information regarding the cultivation of the soil, its productions, whether animal or vegetable, the trade in agricultural products, and the prices obtained on the various markets.
All questions relating to the economic interests, the legislation and administration of any particular state, must be excluded from.
In 1867 he was appointed geologist-in-charge of the United States Geological and Geographical Survey of the Territories, and from his twelve years of labour there resulted a most valuable series of volumes in all branches of natural history and economic science; and he issued in 1877 his Geological and Geographical Atlas of Colorado.
Among the artificial causes may be classed war and economic errors in the production, transport and sale of food-stuffs.
With the reform of the civil service elections become less a scramble for office and more a contest of political or economic principle.
The culture of such algae may prove of economic importance; gelatine, glue and agar-agar would be valuable by-products.
Of all the mixed motives that went to the evolution of church architecture in the middle ages, this rivalry in ostentation was probably the most fertile in the creation of new forms. A volume might be written on the economic effects of this locking up of vast capital in unproductive buildings.
Economic distress increased the number of highway robberies, these in turn lamed commercial intercourse.
The famines of the 'forties, with their subsequent political and economic difficulties, transferred to America millions of the Irish, whose genius for organization in politics has not fallen short of their zeal for religion.
The Susquehanna is a wide and shallow stream with a zigzag course and numerous islands, but both the Susquehanna and the Delaware, together with their principal tributaries, flow for the most part transverse to the geological structure, and in the gorges and water-gaps through which they pass ridges in the mountain region, is some of the most picturesque scenery in the state; a number of these gorges, too, have been of great economic importance as passages for railways.
A remarkable economic feature is the almost universal distribution of gold throughout Tibet.
Deposits of brown iron ore of great economic value occur in many sedimentary rocks, such as the Lias, Oolites and Lower Greensand of various parts of England.
Whatever opinion may be held as to this, it is certain that Frederick spent the money well: he did much for the development of the economic and intellectual improvement of the country.
Strikes are very common, seventy-three having occurred in such a year of comparative quiet as 1903; but the causes of disturbance are almost as often political as economic, and the annals of the city include a long list of revolutionary riots and bomb outrages.
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