부산대학교 도서관

The article presents information about the book "Elementary Economics." The author says that the book is strictly for the beginners and tells people how the things are and how they ought to be. There are excellent chapters on industrial history, business organization, marketing, transportation, governmental functions, laws of price and about money, banking etc. The problems of business organization are treated briefly and also distribution of wealth. The book also talks about the economics of government, taxation, problem of labor and briefly about economic reform. Illustrations of demand and supply schedules and curves and also about the marginal cost theory of value are given. The rate of interest is determined in the market by the forces of demand and supply. The rate of wages for any group of workers depends on the demand and supply of labor at that point at which it is equal to the discounted value of the product of the marginal man in that group. The book is conservative in its philosophy of conservatism appearing in various connections in the discussion of the Russian economic situation.