The Principles of Economics Part 61

3. In a period of depression is there less money than usual in the country? In the banks?

4. If there were twice as much money in the world, would panics take place?

5. Before a financial crisis how are prices, high or low? After a panic?

6. What economic changes occurred in your own community in the panic of 1893-4, or in the years 1903-4?

7. Do people save more in good times or hard times?

CHAPTER 38. PRIVATE PROPERTY AND INHERITANCE

1. If the law permits certain cla.s.ses to be fleeced without redress, is wealth thereby reduced?

2. What are vested rights? Do they ever stand in the way of progress?

Examples.

3. Is it right that the lucky inventor of a popular toy should make $100 a day from it?

4. Is it right that an inventor should by patent laws be able to keep the profits of his business high?

5. Do you know of any father who created more wealth because he could bequeath it to his son?

6. Does the son work as hard when he inherits his father's wealth?

7. What is the effect of private property on saving?

8. If capital is needed in production why is the question of justice raised when its use is paid for?

CHAPTER 39. INCOME AND SOCIAL SERVICE

1. What is it to earn a living? How many people do it?

2. When is a man poor?

3. Would it be a good thing if the boot-black got a dollar a shine?

4. Does luck have greater influence on business success in an old country or a new one?

5. Ditto in agriculture, mining, commerce, or manufactures?

6. A rare coin and a piece of land sold for the same price one year, and the next year both sold for double the amount. Was there an unearned increment in both cases, and of the same kind?

7. If rewards were equal, what would determine the choice of work?

NOTE.--The most important contributions to the theory of consumption have been made by S. N. Patten in his numerous writings, among them: _The Consumption of Wealth_ (1889); _Theory of Dynamic Economics_ (1892); _The Theory of Prosperity_ (1902). A number of the ideas are well restated in more simple terms by E. T. Devine in _Economics_, especially pp. 375-396, and 73-111 (applies to chapter 41).

CHAPTER 40. WASTE AND LUXURY

1. Can we determine what luxury is, or give the notion definiteness?

2. Do you feel a sense of injustice when you read of a millionaire's ball if you are not a millionaire?

3. Can you excuse the sense of injustice felt by the hungry man when he sees you wear patent-leather shoes and kid gloves?

4. Under private property, can men complain of the use made by others of their wealth on the ground merely that it was unwise?

5. Is luxury necessary to give employment to labor?

6. Is the spendthrift the best friend of labor?

7. Ought legislation attempt to prevent luxury, or can public opinion affect it?

8. Is smoking high-priced cigars economically justifiable, a.s.suming that the smoker is wealthy and does not injure his health thereby?

9. Wines, b.a.l.l.s, pensions are said to be good because they put money into circulation. Criticize.

10. What is the difference between the consumption of wealth and its destruction?

11. In what ways can a piece of iron be consumed, economically speaking?

12. Was the great Chicago fire, which led to the rebuilding of the city, a good thing economically?

CHAPTER 41. REACTION OF CONSUMPTION ON PRODUCTION

1. What are complementary goods? Give some ill.u.s.trations.

2. Can people live on the future, consuming in advance of production?

How is it with the nation in time of war?

3. Does economic theory throw any light on the ethics of miserliness?

4. It is said that the demand of the day-laborer for cheap white shirts has reduced the wages of the women who make them. Criticize.

5. What effect on wealth would a change of climate have, whereby the consumption of coal would be decreased?

6. If manna fell from heaven daily in a climate where clothing and shelter were unnecessary, what effect on wealth would result?

CHAPTER 42. DISTRIBUTION OF THE SOCIAL INCOME

1. What different ideas does the expression "distribution of wealth"

suggest to you?

2. What different methods of obtaining an income have you noted among the men you know?