Page:Indian Journal of Economics Volume 2.djvu/139

 REVIEWS OF BOOKS BRITISH AND FOREIGN Introduction Associate to Ectraomis. Professor of By Fasx O'H, Ph.D., Economics in the Catholic University of America, Washington, D.C. New York: The Macmillan Co. 1916. pp. 255. Price 4s. 6d. et. The author of this small text-book aims at making the general principles easy for general readers and students. The book is remarkable ferrite clearness and brevity. The author has evidently a clear head and much experience in summing up economic truths for his students. Yet, spite o! its brevity, the book deals with no less than theories of interest, and with the justification of rent interest, has chapters on economic development, on single tax and socialism, and on trust problems, legislation, and social insurance, and is in other in six and the' labor ways Thus the flow of income and it.s use is compared with the flow of a river into irrigation canals, and its evaporation in the fields. Fruit out of season is a luxury and fruit in season a necessity. Will-power and foresight in providing for the future is illustrated by the leaky roof which cannot be repaired in wet weather, and does not need repair in dry weather. The definitions are usually vivid and simple. Thus, economic goods are those which are scarce in relation to the wants they gratify. The margin of consumption is the dividing line between wants gratified and those left ungratified. Value is the power xvhieh ownership gives of securing other goods. But a market is defined both as the buyers and sellers of a commodity, and as the area of sale. There are compara- tively few arithmetical examples, and few diagrams. The curves in hse are all straight lines, but the statement is none the less clear and accurate. The assumptions are usually stated clearly; for example, the law of diminishing utility assumes that the units o! the commodity are equal in size and quality, and that the character of the want does not change, Bu in introducing diminishing returns, it is said that ten men with surprisingly thorough. The book is full of splendid examples, brief and clear.