CONTENTS SECTION I.-VALUE-AND-DISTRIBUTION A. THE OBJECTS AND METHODS OF POLITICAL ECONOMY. An inaugural lecture delivered at Oxford, 1891. A critical survey of the distribution of products among the agents of production as effected by Competition and Collective Bargaining. C. LAWS OF INCREASING AND DIMINISHING RETURNS An examination of the conceptions proposed for the definition of these terms and the propositions into which the terms enter. A discussion of the dialectical question whereby theoretically the modification of a purely competitive regime by the introduction of some monopolistic discrimination of prices might prove beneficial A general view of economic equilibrium and incidence of taxation in a regime of monopoly; differing in an essential point from Application of mathematical reasoning to some railway problems, especially those connected with discrimination. H. MEASUREMENT OF CHANGE IN VALUE OF MONEY. I. TESTS OF ACCURATE MEASUREMENT Pertaining to the preceding article. J. VARIORUM NOTES ON INDEX-NUMBERS On views of Taussig, Courtney, Ross, Merriam, Lehr and others. 578303 M. MR. WALSH ON THE MEASUREMENT OF EXCHANGE-VALUE 369-383 N. PROFESSOR WESLEY MITCHELL ON INDEX-NUMBERS 384-405 An account of monetary censuses, especially that instituted for the Rupee circulation by Mr. F. C. Harrison. Contributions to questions that were burning" in the 'nineties of last century. INTRODUCTION THESE Volumes contain articles and reviews which appeared in the ECONOMIC JOURNAL during the first thirty years of its existence (1891-1921 inclusive). The republication is undertaken by the Royal Economic Society acting through its Council. I highly appreciate the honour of appearing for the second time under the auspices of the Society. Where that honour could not be regarded even by the partiality of an author as deserved, I have not availed myself of the permission to reappear. It may be proper to state more fully why on behalf of certain writings I have not accepted the handsome offer of the Society. The omissions fall under four heads. There are, firstly, passages which involve erroneous reasoning. I have noticed only two or three passages which deserve to be placed in this category. But I dare say that kind critics will add to the number. Next are controversial writings which may be described as "intricate "; in that they refer to other writings not quoted in full and probably not present to the reader's mind. Controversial matter in which are mixed up what the author said and what the critic said is apt to distract and offend the reader; especially after the lapse of years, when interest in the subject has died down. The objection was not equally applicable to the original publication of the said passages at a time when the questions were burning and the arguments disputed were easily recognised-often contained in then recent numbers of the ECONOMIC JOURNAL. A further objection to reproducing portions of bygone controversies is that injustice may be done to a writer by quoting separately some particular utterance apart from the general tenor of the author's thought. This motive is not entirely altruistic. For I am sensible that the reproduction of some of my contentions, as they stand in the ECONOMIC JOURNAL, might produce an unfairly unfavourable impression. In particular, the arguments which I have employed against distinguished writers in defending the thesis of Torrens and Sidgwick, that the introduction of Free Trade might possibly prove injurious to a nation, do not stand well alone; they require to be qualified vii by the explicit admission made subsequently, that in fact the supposed case, though possible, is rendered improbable by the probability of finding employment for labour in general, in the long run-what Professor Pigou, referring with approval to this explanation, describes as the Elasticity of the Demand for Labour. These considerations have called for several omissions. Yet the reader need not be afraid that the spice of controversy will be wanting to the Collection. A third class of passages are omitted on the ground of what may be called excessive elaboration. It is not intended thereby to attribute excess to the original publication. What is worth saying once may not be worth repeating. For instance, I have not thought it useful to reproduce the long note occupying four pages of small print in the ECONOMIC JOURNAL for 1910 (p. 300): "on the probability of a tax on one of two articles which are partially substitutes for each other producing a fall in the prices of both articles; in a regime of monopoly." And yet it may have been worth while once for all to array the received principles of Probabilities against the authority of a distinguished economist who had derided the possibility of the two articles becoming cheaper in consequence of the tax. In a fourth category I place reviews, which are merely declaratory of a book's contents, and perhaps of the critic's summary opinion as to the worth of the book. In the same limbo may be placed some biographies, and numerous abstracts of official reports and other publications; mostly unsigned, some initialed. The second and third grounds for rejection, but not as far as I can judge the first, have sometimes conduced to the exclusion of a review. Wherever a passage of any significance in the original has been omitted, the reader's attention has been called to the omission. But I have not thought it necessary to notice every abridgment of a paragraph or alteration of a phrase that I have taken the opportunity of introducing. The Royal Economic Society have placed me under an additional obligation by including in this Collection papers dealing with economic subjects which I have contributed to the organs of other learned Societies. The inclusion of this set extends the period which the Collection covers by three or four years back to the later 'eighties of last century. A collection of papers written at different times and for various destinations is naturally deficient in unity of design. I have endeavoured to palliate this defect by re-arranging some of the papers under five comprehensive headings, namely, Valueand-Distribution, Monopoly, Money, International Trade, and |