The Demand and Supply Con, Cepts: An Introduction to the Study of Market Price, a Dissertation Submitted to Io Faculty (Classic Reprint)

The present work has been undertaken in the belief that the existing status of economic theory calls urgently for the restatement of economic concepts and for the revision of fundamental economic problems. In the world of business and industry most essential changes have been wrought out in the past half-century. The rapid subjugation of nature by social forces; the growing predominance of the pecuniary or acquisitive over industrial motivation; the progressive concentration of pecuniary authority and discretion as illustrated in the development of monopolies and in the increasing directive power of small groups of financial agents; the growing importance of the time element in economic activity resulting from the roundaboutness of the modern industrial process and a transition from money to credit economy1 1T he purposes of this introduction forbid more than this bare reference to the revolutionary forces in contemporary economic life. These forces and their implications have recently been treated at considerable length by writers of repute, and notably by A mericans. The distinction between the pecuniary and industrial motives and the implications of this distinction are considered by Dr. Thorstein B. Veblen in his recently published Theory of Business Enterprise (S cribner s, 1904). This work also contains a suggestive chapter on The Use of Loan Credit in Modern Business, which is practically reprinted from the Decennial Publications of the University of Chicago, First Series, Vol. IV, p. 31- The distinction between pecuniary and industrial is brought out also by Dr. Werner Sombart in Der moderne Capitalismus (L eipzig, 1902). The implications of the time element have been systematically considered by Dr. Frank
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