The Principles of Economics, with Applications to Practical Problems

A scientific publication written in the early 20th century. This comprehensive text on political economy covers various topics related to economic theory, including the nature of demand, the relationship between wealth and welfare, and the complexities of market exchanges. It aims to provide a unified understanding of economic principles and their practical implications in society. The beginning of the book introduces the concept of political economy, defining it as the study of how individuals earn a living and interact with resources to satisfy desires. The author attempts to clarify the vagueness surrounding economics by discussing its role among the social sciences, emphasizing how it differs from natural sciences through its focus on human behavior and social relations. Fetter stresses the importance of understanding economic motives and the relationship between goods and wants, setting the stage for a detailed exploration of economic principles and the practical problems they address throughout the text.