The Place of Science in Modern CivilizationTransaction Publishers - 509 pages |
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Common terms and phrases
Adam Smith animistic argument Aryan blond business enterprise capital capitalistic causal causal sequence chap character civilised Clark's classical classical economics classical economists commonly community's conceived conception conduct course culture cumulative discussion distribution doctrine dolicho-blond economic theory economists efficiency elements Europe exigencies expedient factor facts force formulation gain generalisations given ground growth habits of thought hand hedonism hedonistic Hegelian Ibid ical imputed industrial inquiry institutions intangible assets interest investment J. S. Mill knowledge labor labor power less Magdalenian Marx Marxian Marxist material equipment matter matter-of-fact means mechanical Mediterranean race ment metaphysical method modern science natural laws nomic normal organisation outcome ownership pecuniary phase phenomena Physiocrats point of view postulates pragmatic preconception production Professor Schmoller propensity question race relation scheme scientific situation social socialistic speculation spiritual substantial taken tangible assets technological teleological theoretical things tion tive utility Veblen wages wealth
Popular passages
Page 115 - By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.
Page 133 - The annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually consumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.
Page 66 - Happily, there is nothing in the laws of Value which remains for the present or any future writer to clear up; the theory of the subject is complete...
Page 115 - Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily leads him to prefer that employment which is most advantageous to the society.
Page 204 - ... the value of a thing is just as much as it will bring...
Page 119 - This division of labour, from which so many advantages are derived, is not originally the effect of any human wisdom, which foresees and intends that general opulence to which it gives occasion. It is the necessary, though very slow and gradual, consequence of a certain propensity in human nature which has in view no such extensive utility; the propensity to truck, barter, and exchange one thing for another.
Page 118 - When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price.
Page 129 - Labour was the first price, the original purchase-money that was paid for all things. It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased...
Page 116 - ... led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it.
Page 74 - The hedonistic conception of man is that of a lightning calculator of pleasures and pains, who oscillates like a homogeneous globule of desire of happiness under the impulse of stimuli that shift him about the area, but leave him intact.