Principles of Economics with Applications to Practical Problems cover

Principles of Economics with Applications to Practical Problems

Frank Albert Fetter (1863-1949)

1. Preface
2. Chapter 1 - The Nature and Purpose of Political Economy
3. Chapter 2 - Economic Motives
4. Chapter 3 - Wealth and Welfare
5. Chapter 4 - The Nature of Demand
6. Chapter 5 - Exchange in a Market
7. Chapter 6 - Psychic Income
8. Chapter 7 - Wealth and Its Direct Uses
9. Chapter 8 - The Renting Contract
10. Chapter 9 - The Law of Diminishing Returns
11. Chapter 10 - The Theory of Rent
12. Chapter 11 - Repair, Depreciation, and Destruction of Wealth
13. Chapter 12 - Increase of Rent-Bearers and of Rents
14. Chapter 13 - Money as a Tool in Exchange
15. Chapter 14 - The Money Economy and the Concept of Capital
16. Chapter 15 - The Capitalization of All Forms of Rent
17. Chapter 16 - Interest on Money Loans
18. Chapter 17 - The Theory of Time-Value
19. Chapter 18 - Relatively Fixed and Relatively Increasable Forms of Capital
20. Chapter 19 - Saving and Production as Affected by the Rate of Interest
21. Chapter 20 - Labor and Classes of Laborers
22. Chapter 21 - The Supply of Labor
23. Chapter 22 - Conditions for Efficient Labor
24. Chapter 23 - The Law of Wages
25. Chapter 24 - The Relation of Labor to Value
26. Chapter 25 - The Wage System and Its Results
27. Chapter 26 - Machinery and Labor
28. Chapter 27 - Trade-Unions
29. Chapter 28 - Production and the Combination of the Factors
30. Chapter 29 - Business Organization and the Enterpriser's Function
31. Chapter 30 - Cost of Production
32. Chapter 31 - The Law of Profits
33. Chapter 32 - Profit-Sharing, Producers' and Consumers' Cooperation
34. Chapter 33 - Monopoly Profits
35. Chapter 34 - Growth of Trusts and Combinations in the United States
36. Chapter 35 - Effect of Trusts on Prices
37. Chapter 36 - Gambling, Speculation, and Promoters' Profits
38. Chapter 37 - Crises and Industrial Depressions
39. Chapter 38 - Private Property and Inheritance
40. Chapter 39 - Income and Social Service
41. Chapter 40 - Waste and Luxury
42. Chapter 41 - Reaction of Consumption on Production
43. Chapter 42 - Distribution of the Social Income
44. Chapter 43 - Survey of the Theory of Value
45. Chapter 44 - Free Competition and State Action
46. Chapter 45 - Use, Coinage, and Value of Money
47. Chapter 46 - Token Coinage and Government Paper Money
48. Chapter 47 - The Standard of Deferred Payments
49. Chapter 48 - Banking and Credit
50. Chapter 49 - Taxation in its Relation to Value
51. Chapter 50 - The General Theory of International Trade
52. Chapter 51 - The Protective Tariff
53. Chapter 52 - Other Protective Social and Labor Legislation
54. Chapter 53 - Public Ownership of Industry
55. Chapter 54 - Railroads and Industry
56. Chapter 55 - The Public Nature of Railroads
57. Chapter 56 - Public Policy as to Control of Industry
58. Chapter 57 - Future Trend of Values

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Summary

Frank Albert Fetter was an American economist of the Austrian school, but referred to himself as a member of the “American Psychological School” instead. Fetter contested the position that land is theoretically distinct from capital, arguing that such a distinction was impractical. His stand on this issue led him to oppose ideas like the land value tax. Fetter also asserted that just as the price of each consumer good is determined solely by subjective value, so the rate of interest is determined solely by time preference. He maintained that time valuation was prerequisite to the determination of the market rate of interest, and he emphasized the time valuation element in all consumption and production choices. Fetter taught at Cornell University, Indiana University, and Stanford University. He was the first chairman of Princeton University's Department of Economics and Social Institutions, an interdisciplinary department that incorporated history, politics, and economics.