.5 113 COPYRIGHT 1914 BY THE UNIVERSITY OF CHICAGO All Rights Reserved Preliminary Edition Privately Printed by Published August 1915 Second Impression February 1916 Feen. Dest, Econ.l. Composed and Printed By of some PREFACE The addition of this collection of readings to the long list of books in elementary economics is due to no premeditated design. It had assumed dimensions too formidable to be suppressed before the decision to publish it was made. It has emerged as a by-product years of experience with classes in current economic problems. Its beginning is to be found in the use, as supplementary material, of some readings quite different in kind from the matter presented in the texts. As time has passed, the purpose, viewpoint, subject-matter, and arrangement of the course have all undergone constant modification. The readings, accordingly, have also changed in purpose, in character, and in arrangement. They have increased in number until the collection eventually has come to assume pretentious size. Its growth has known its periods of gradual accretion and its times of stress and strain. The latter have resulted in the appearance of a collection of readings in mimeographed form nearly three years ago, a revision in printed form a year later, and the present re-revised edition. Its gradual emergence is the result, in part of the editor's developing conception of the subject, in part of class room experience. Unfortunately both of these forces impelling development are still in process. The editor can, accordingly, give no guaranty that for the indefinite future he will vouch for the present collection, either in its general outlines, or in its detailed arrangement. But, if there is to be no end, there must be, for a time at least, a respite from experimen tation. An attempt has been made to adapt these readings to the needs introductory course. This has been all the more necessary, because the greater part of them were not intended for this use. of an This adaptation has involved the elimination of extraneous matter, as well as the omission of discussions of subtle points. The latter, however valuable to advanced students, are likely to divert the minds of novices in economics from the main issues. In this process most of the readings have been reduced materially in length. In many cases the reduction has been quite drastic. Since this volume is not intended for reference purposes, the omissions have not been indicated in the text. The footnotes of the originals, except where imperatively demanded, have been dispensed with. Most of the titles are of the editor's selection. An attempt has been made, however, faithfully and accurately to preserve the viewpoint and vii PREFACE The addition of this collection of readings to the long list of books in elementary economics is due to no premeditated design. It had assumed dimensions too formidable to be suppressed before the decision to publish it was made. It has emerged as a by-product of some years of experience with classes in current economic problems. Its beginning is to be found in the use, as supplementary material, of some readings quite different in kind from the matter presented in the texts. As time has passed, the purpose, viewpoint, subject-matter, and arrangement of the course have all undergone constant modification. The readings, accordingly, have also changed in purpose, in character, and in arrangement. They have increased in number until the collection eventually has come to assume pretentious size. Its growth has known its periods of gradual accretion and its times of stress and strain. The latter have resulted in the appearance of a collection of readings in mimeographed form nearly three years ago, a revision in printed form a year later, and the present re-revised edition. Its gradual emergence is the result, in part of the editor's developing conception of the subject, in part of class room experience. Unfortunately both of these forces impelling development are still in process. The editor can, accordingly, give no guaranty that for the indefinite future he will vouch for the present collection, either in its general outlines, or in its detailed arrangement. But, if there is to be no end, there must be, for a time at least, a respite from experimen tation. An attempt has been made to adapt these readings to the needs of an introductory course. because the greater part of them were not intended for this use. This adaptation has involved the elimination of extraneous matter, as well as the omission of discussions of subtle points. The latter, however valuable to advanced students, are likely to divert the minds of novices in economics from the main issues. In this process most of the readings have been reduced materially in length. This has been all the more necessary, In many cases the reduction has been quite drastic. Since this volume is not intended for reference purposes, the omissions have not been indicated in the text. The footnotes of the originals, except where imperatively demanded, have been dispensed with. Most of the titles are of the editor's selection. An attempt has been made, however, faithfully and accurately to preserve the viewpoint and vii thought of the authors. Very little liberty has been taken with their words, the few verbal changes made being intended to establish coherence. The dates in the bibliographical footnotes are intended to represent, not the copyrights of the books from which the readings are taken, but the first appearances of the selections in the forms in which they are given here. A cursory examination of this volume will furnish sufficient evidence that the editor could not, no matter how ardent his desires, assume responsibility for the opinions expressed in the readings. For the volume as a whole his responsibility is only that of selecting efficient teaching materials and presenting faithfully the various elements and attitudes which are factors in current economic problems. He is, of course, responsible for the unsigned readings. But these were written, in lieu of selections by others for which he made diligent but futile search, to meet definite classroom needs. Several of them are quite at variance with his own opinions. He accepts, however, full responsibility for the opinions expressed in the various introductory sections. The editor has used the book to meet two needs. The first is that of a course in current problems which complements a separate course in "principles." The second is in a course in general economics, covering both fields. In the former case he has relied upon it as the principal pedagogical instrument. In the latter he has used a text, one of the more unpretentious kind, to cover the work in value and distribution and for description of economic mechanism. In both cases he has used problems and exercises as supplementary material. The book has sufficient volume for a year's work. It should serve the need of one semester course, perhaps all the better, by presenting a wide variety of subjects from which to choose the particular topics which are to be discussed. If a part remain unused, so much the better; it will concretely illustrate the too often neglected truth that the subject of study is too large to be pent up in any course or textbook. Perhaps it is permissible to state in passing that the editor has in preparation a book of outlines, exercises, and problems covering the field of this volume. He expects to publish it within the next few months. In conclusion the editor wishes to acknowledge his obligations to those who have helped to make the book what it is. He has drawn very largely upon the classroom experience of those who were associated with him at the University of Michigan in the course in "Current Economic Problems." He is also under particular obligations to his former colleague, Professor Fred M. Taylor, of the University of Michigan, to whom, more than to |