c.5. CAPITAL AND LABOR

Sec.6. CONCLUSIONS AS TO JOINT SUPPLY AND JOINT DEMAND

Sec.7. COMPOSITE SUPPLY AND COMPOSITE DEMAND

Sec.8. ULTIMATE REAL COSTS

CHAPTER VI

LAND

Sec.1. THE SPECIAL CHARACTERISTICS OF LAND

Sec.2. THE SCARCITY ASPECT

Sec.3. THE DIFFERENTIAL ASPECT

Sec.4. THE MARGIN OF TRANSFERENCE

Sec.5. THE NECESSITY OF RENT

Sec.6. THE QUESTION OF REAL COSTS

Sec.7. RENT AND SELLING PRICE

CHAPTER VII

RISK-BEARING AND ENTERPRISE

Sec.1. PROFITS AND EARNINGS OF MANAGEMENT

Sec.2. THE PAYMENT FOR RISK-BEARING

Sec.3. MONTE CARLO AND INSURANCE

Sec.4. RISK UNDER LARGE SCALE ORGANIZATION

Sec.5. THE ENTREPRENEUR

Sec.6. RISK-TAKING AND CONTROL

Sec.7. GENERAL ANALYSIS OF PROFITS

CHAPTER VIII

CAPITAL

Sec.1. A REFERENCE TO MARX

Sec.2. WAITING FOR PRODUCTION

Sec.3. WAITING FOR CONSUMPTION

Sec.4. CAPITAL NOT A STOCK OF CONSUMABLE GOODS

Sec.5. THE ESSENCE OF WAITING

Sec.6. INDIVIDUAL AND SOCIAL SAVING

Sec.7. THE NECESSITY OF INTEREST

Sec.8. THE SUPPLY OF CAPITAL

Sec.9. INVOLUNTARY SAVING

Sec.10. INTEREST AND DISTRIBUTION

CHAPTER IX

LABOR

Sec.1. A RETROSPECT ON LAISSEZ-FAIRE

Sec.2. IDEAS AND INSTITUTIONS

Sec.3. THE GENERAL WAGE-LEVEL

Sec.4. THE SUPPLY OF LABOR IN GENERAL

Sec.5. THE APPORTIONMENT OF LABOR AMONG PLACES

Sec.6. THE APPORTIONMENT OF LABOR AMONG SOCIAL GRADES

Sec.7. THE APPORTIONMENT OF LABOR AMONG OCCUPATIONS

Sec.8. WOMEN'S WAGES

CHAPTER X

THE REAL COSTS OF PRODUCTION

Sec.1. COMPARATIVE COSTS

Sec.2. THE ALLOCATION OF RESOURCES

Sec.3. UTILITY AND WEALTH

Sec.4. CRITERIA OF POLICY

SUPPLY AND DEMAND

CHAPTER I

THE ECONOMIC WORLD

Sec.1. _Theory and Fact_. The controversy between the "Theorist" and the
"Practical Man" is common to all branches of human affairs, but it is
more than usually prevalent, and perhaps more than usually acrid in
the economic sphere. It is always a rather foolish controversy, and I
have no intention of entering into it, but its prevalence makes it
desirable to emphasize a platitude. Economic theory must be based
upon actual fact: indeed, it must be essentially an attempt, like all
theory, to _describe_ the actual facts in proper sequence, and in true
perspective; and if it does not do this it is an imposture. Moreover,
the facts which economic theory seeks to describe are primarily
economic facts, facts, that is to say, which emerge in, and are
conce