The Rural Science Series Edited by L. H. Bailey Rural Wealth and Welfare Economic Principles Illustrated and Applied in Farm Life By Geo. T. Fairchild, LL.D. New York The MacMillan Company London: MacMillan & Co., Ltd. 1900 CONTENTS Dedication Preface. Introduction. General Welfare. Part I. Productive Industries: Analysis of Aims, Forces, Means and Methods. Chapter I. Aims Of Industry. Chapter II. Forces In Production Of Wealth. Chapter III. Labor Defined And Classified. Chapter IV. Capital Defined And Classified. Chapter V. Personal Attainments. Chapter VI. Combination Of Forces For Individual Efficiency. Chapter VII. Methods Of Association. Chapter VIII. Exchange: Advantages, Limitations And Tendencies. Chapter IX. Value The Basis Of Exchange. Chapter X. Exchange—Its Machinery. Chapter XI. Banks And Banking. Chapter XII. Deferred Settlement And Credit Expansion. Chapter XIII. Technical Division Of Labor. Chapter XIV. Aggregation Of Industry. Chapter XV. Special Incentives To Production. Chapter XVI. Business Security. Part II. Distribution of Wealth for Welfare. Chapter XVII. General Principles Of Fair Distribution. Chapter XVIII. Wages And Profits. Chapter XIX. Conflict Between Wage-Earners And Profit-Makers. Chapter XX. Proceeds Of Capital: Interest And Rent. Chapter XXI. Principles Of Interest. Chapter XXII. Principles Of Land Rent. Part III. Consumption of Wealth. Chapter XXIII. Wealth Used By Individuals. Chapter XXIV. Prudent Consumption. Chapter XXV. Imprudent Consumption. Chapter XXVI. Social Organization For Consumption. Chapter XXVII. Economic Functions Of Government. Chapter XXVIII. Economic Machinery Of Government. Conclusion. Index. Advertisements. DEDICATION To The Thousands Of Students In Agricultural Colleges With Whom I Have Studied Economic Questions During The Past Thirty-Five Years This little volume is thankfully dedicated In Remembrance Of Many Pleasant Hours Geo. T. Fairchild PREFACE. In giving these pages to the public I offer no apology for a restatement of fundamental principles always requiring adjustment to new life and circumstances; but economic literature has usually dealt too exclusively with the phenomena of manufactures and commerce to gain the sympathy of rural people. An experience of more than thirty years in handling such subjects at the Michigan and Kansas Agricultural Colleges, together with the expressed confidence of former pupils whose judgment I trust, has led me into the effort to bring the subject home to farmers and farmers’ families in this elementary way.