Descriptive economics; an introduction to economic science for use in academies, high and normal schools, and business colleges

Descriptive economics – is a text-book for use in academies, normal and high schools, and business colleges. This work is prepared according to the theory: The first is that the subject matter of economics does not necessarily include all the abstract and deductive reasoning commonly attributed to it. Second, that it has an extremely close connection with the practice of everyday life at all stages of social and political development. Third, this practical connection can be convincingly and easily represented by reference to the actual movement of people at different stages of economic development. Fourthly, such a delineation of economic activity, starting with the one that is associated with the lower economic levels, and moving on to the higher, not only reveals the practical side of the subject, but also arouses interest in it. Fifth and last, that the needs of a higher civilization are, after all, simply extensions and additions to the three original and necessary needs of savagery, namely the needs for food, clothing and shelter. All modern needs are just their differences. Consequently, their development, together with the development of processes that ensure their satisfaction, provides an appropriate and natural basis for learning. The work is very different from the usual plan of most elementary works on political economy, or, as it is better to call it, economics. These works usually begin with an abstract discussion of wealth or value. In the following pages, the terms “wealth” and “value” are nowhere used in a technical sense, and the same is true of most technical terms in economics. At the same time, however, the theories that give rise to these terms are indirectly discussed, and all the well-known positions of economics are clearly and completely stated. It is hoped that the student and the reader will find here a collection of economic phenomena classified and ordered as required for more abstract reasoning and generalizations pertaining to the higher sections of the subject.