An outline of the principles of economics

PREFACE TO THIRD EDITION In the third edition of this Outline of Economics, the chapters on Money and Credit and Banking have been largely rewritten! In addition to minor revisions throughout the book, important changes have been made in the chapters on Consumption, Business Cycles, Distribution of Wealth and Income, Agricultural Problems, Labor Problems and International Economic Relations. These changes present, briefly, recent economic legislation and new economic interpretations. This Outline is designed to furnish students of elementary economics with a brief, systematic account of fundamental principles and problems. Since the student is assumed to have a general background in the social sciences, the detailed descriptions and explanations found in textbooks on economics are omitted. All the essentials of economics, however, are briefly treated. In part the treatment is comparative. The definitions and analyses of widely used textbooks are not in complete agreement. Many of these differences are indicated for the student in order to enable him to follow closely a given text or teacher and at the same time to make him aware of other points of view. Some of the material included in the Outline is not to be found in all general texts, e.g., parts of chapters I and XX dealing respectively with the writings of economists and international trade theory, and scattered references to the "New Deal" legislation. There are several ways in which the Outline may be used. It may supplement a textbook. Laborious note-taking is greatly reduced. Lecture notes and a few special notes from the textbook can be added to blank pages and margins in the Outline. Preparation for quizzes and examinations is simplified. It may also serve as a syllabus in a reading course for college students, or for adult study groups in various organizations. The Outline enables the student in a reading course to organize systematically his material. Various chapters offer a convenient guide to adult study and discussion groups. Other readings may easily be added to the selected references at the end of each chapter. C. L. J. Ohio State University October, 1936.