Excerpt from The Principles of Economics: With Applications to Practical Problems<br><br>This book had its beginning ten years ago in a series of brief discussions supplementing a text used in the class room. Their purpose was to amend certain theoretical views even then generally questioned by economists, and to present most recent Opinions on some other questions. These eriti cal comments evolved into a course of lectures following an original outline, and were at length reduced to manuscript in the form of a stenographic report made from day to day in the class-room. The propositions printed in italics were dictated to the class, to give the key-note to the main divi sions of the argument. Repeated revisions have shortened the text, cut out many digressions and illustrations, and remedied many of the faults both of thought and of ex pression; but no cfiort has been made to conceal or alter the original and essential character of the Simple, informal, class room talks by teacher to student. To this origin are trace able many conversational phrases and local illustrations, and the occasional use of the personal form of address. The lectures, at the outset, sought to give merely a sum mary of Widely accepted economic theory, not to offer any contribution to the subject. While they were.in progress, however, special studies in the evolution of the economic concepts were pursued, and the manuscript of a book on that more Special subject was carried well toward comple tion. That work, which it is hoped some time to complete, was, for several reasons, put aside While the present text was preparing for publication. The economictheories of the present transition period Show many discordant elements.<br><br>About the Publisher<br><br>Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com<br><br>This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.