Economics: A Practical Exposition of the Science of Business, with Illustrations from Actual ExperienceAlexander Hamilton Institute, 1913 - 471 pages |
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Common terms and phrases
advantage American amount anthracite coal apprentices Baldwin Locomotive bonds capital Carnegie Steel Company carried cent charges child labor cities closed shop cloth coal commodities Company competition consumer consumption corporation cost demand deposits division of labor dollars duction earnings economic effect efficiency employed employer employés example factory farm force gold hand illustration important income increase indirect taxes individual industry iness influence interest investment iron and steel land large number large-scale production loans machine machinery manufacturing materials means medium of exchange ment method mills Minneapolis modities monopoly National Bank nature operation organization paid payment pig iron Pittsburgh plant possible profits promises to pay purchase railroad railway receive rent result secure sell social social surplus socialist supply tariff things tion trade trade union trust union United utility wages wealth wheat women workers
Popular passages
Page 83 - One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head; to make the head requires two or three distinct operations; to put it on is a peculiar business; to whiten the pins is another; it is even a trade by itself to put them into the paper; and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which in some manufactories are all performed by distinct hands,...
Page 84 - I have seen a small manufactory of this kind, where ten men only were employed, and where some of them consequently performed two or three distinct operations. But though they were very poor, and therefore but indifferently accommodated with the necessary machinery, they could,, when they exerted themselves, make among them about twelve pounds of pins in a day.
Page 327 - That it shall be unlawful for any common carrier subject to the provisions of this Act to charge or receive any greater compensation in the aggregate for the transportation of passengers or of like kind of property, under substantially similar circumstances and conditions, for a shorter than for a longer distance over the same line, in the same direction, the shorter being included within the longer distance...
Page 364 - The fact that an article is manufactured for export To another State does not of itself make it an article of interstate commerce, and the intent of the manufacturer does not determine the time when the article or product passes from the control of the State and belongs to commerce.
Page 84 - But if they had all wrought separately and independently, and without any of them having been educated to this peculiar business, they certainly could not each of them have made twenty, perhaps not one pin in a day...
Page 3 - But when mankind increased in number, craft, and ambition, it became necessary to entertain conceptions of more permanent dominion, and to appropriate to individuals, not the immediate use only, but the very substance of the thing to be used.
Page 267 - When land of the third quality is taken into cultivation, rent immediately commences on the second, and it is regulated as before, by the difference in their productive powers. At the same time, the rent of the first quality will rise, for that must always be above the rent of the second, by the difference between the produce which they yield with a given quantity of capital and labor. With every step in the progress of population...
Page 2 - THERE is nothing which so generally strikes the imagination, and engages the affections of mankind, as the right of . property ; or that sole and despotic dominion which one man claims and exercises over the external things of the world} in total exclusion of the right of any other individual in the universe.
Page 84 - ... a day. There are in a pound upwards of four thousand pins of a middling size. Those ten persons, therefore, could make among them upwards of forty-eight thousand pins in a day. Each person, therefore, making a tenth part of forty-eight thousand pins might be considered as making four thousand eight hundred pins in a day.
Page 86 - ... the division of labour, by reducing every man's business to some one simple operation, and by making this operation the sole employment of his life, necessarily increases very much the dexterity of the workman.