1. The effects of division of labor and the ways in which we may retain its advantages while reducing its detrimental effects. How division of labor arose. The extent to which it is now carried in industry. Its physical effects. Social, political, and economic effects. Its value. How its defects can be overcome. The reduction of hours in certain industries. Vocational education for the worker. The restriction of child labor. The better organization of the labor market. Recreation for the workers after work-hours. The merits and practical difficulties of each plan. References: F. W. Taussig, Principles of Economics, Vol. I, pp. 30-48; Thirteenth annual report of the United States Commissioner of Labor on Hand and Machine Labor (for illustrative material); H. R. Seager, Introduction to Economics, pp. 153-158; R. T. Ely, The Evolution of Industrial Society, pp. 398-424. See also the references given at end of chapters XX-XXI in this book.

2. The justification of private property. References: L. C. Marshall, Readings in Industrial Society, pp. 144-223; 947-988; John M. Mecklin, Introduction to Social Ethics, pp. 302-322; F. A. Cleveland and Joseph Schafer, Democracy in Reconstruction, pp. 69-95; Herbert Spencer, Social Statics, pp. 62-65.

1. Our chief economic wants. L. C. Marshall, Readings in Industrial Society, pp. 9-15; 270-277; 828-833; C. J. Bullock, Introduction to the Study of Economics, pp. 79-87.

2. Economic ideals. H. R. Burch, American Economic Life, pp. 17-27.

3. Is labor a commodity? C. J. Bullock, Introduction to the Study of Economics, pp. 432-436.

4. The relation of wages to the standard of living. H. R. Burch, American Economic Life, pp. 47-56; J. H. Hammond and J. W. Jenks, Great American Issues, pp. 83-96.

5. How capital is accumulated. R. T. Ely, Outlines of Economics, pp. 116-130.

6. The place of capital in modern agriculture, industry, and commerce. L. C. Marshall, Readings in Industrial Society, pp. 154-212.

7. Natural monopolies. C. J. Bullock, Introduction to the Study of Economics, pp. 309-324.

8. Freedom of contract. L. C. Marshall, Readings in Industrial Society, pp. 570-574.

9. Thrift as a national asset. F. A. Cleveland and Joseph Schafer, Democracy in Reconstruction, pp. 244-262.

10. The place of luxury in economic life. T. N. Carver, Principles of National Economy, pp. 584-597.

1. Make a list of the chief human wants that existed a thousand years ago. Also a list of the principal human wants of the United States today. Name the ones that are freely satisfied by nature.

2. What is meant by “economic goods”? Which of the following things are economic goods, and which are not: a phonograph record; opium; the sunken Lusitania; a silver dollar; a Liberty bond; electricity; Mr. Bryan’s skill as an orator; desert land in the middle of Africa; weeds in a wheat field; a wide acquaintance among business men; a ten dollar bill; a public park; a band concert; keen eyesight; a cask of rum? Give your reasons in each case.

3. Give some examples of the production of economic goods (a) without the use of labor or capital; (b) with labor but without capital; (c) with capital but without labor.

4. Explain what one would mean by speaking of the “productive consumption of wealth”. Give some examples.

5. Is division of labor carried as far in agriculture as in industry? Are the evils of division of labor as great in country districts as in towns and cities? What remedies would you suggest to counterbalance the monotony of industrial labor?

6. Which of the various productive factors are most important in (a) sheep raising; (b) banking; (c) the coining of money; (d) training a brass band; (e) selling newspapers on the street?

7. How would you estimate the ground rent of a piece of land, situated on the main business street of a large city, with a store built upon it?

8. Would an increase in the price of wheat lead to a rise in the general rate of rental paid for farm land or would a rise in the general rate of rental cause the price of wheat to go up?

9. Why is there more capital in the United States than in China although the population of China is three times as large?

10. If all payment of interest were forbidden by law, would people continue to save? If not, why does saving sometimes increase when the rate of interest goes down?

11. Why are each of the following paid a high or a low rate of remuneration as the case may be: (a) a locomotive engineer; (b) a hod carrier; (c) a movie actor; (d) a member of the state legislature; (e) a steeple jack; (f) a corporation lawyer?

12. To what different things may a fall in wages be due? A fall in profits? If all large production could be eliminated, would we be worse or better off?

13. If all men were of equal business ability and had the same opportunities, would there be any business profits?

14. What are the advantages of a corporation as compared with a partnership?

15. In what ways is democracy likely to enhance production to a greater degree than despotism?

16. Can you think of something possessing value but not utility? Utility but not value? Both value and utility but having no price?

17. What is meant by the saying that “competition is the life of trade”?

18. Make a list of all the natural monopolies that you can remember. How may the evils of legal and artificial monopolies be lessened?

19. How is freedom of contract related to the institution of private property? Do you think you would look forward to greater or less happiness in life if all private property were now to be abolished?

20. Which of the following are proper limitations on the freedom of contract or the right of private property: (a) a rule that billboards must not be built of wood; (b) a provision that no one shall buy or sell explosives without a license; (c) a regulation that no owner of a city lot shall build on it any building costing less than ten thousand dollars; (d) a requirement that no one sell cigarettes to persons under sixteen years of age?

1. Labor contributes more than management to national prosperity.

2. High prices are an advantage (or a disadvantage) to the workers of the United States.

3. Every earner of income should be required to save a certain portion of his earnings each year, thus making all men capitalists as well as workers.