The more thoro analysis of the economic properties of goods and actions has shown the need of new terms and of new definitions for old terms, as in the cases of usance, the sepa rable use, rent, labor-income, time-preference, capital, interest, abstinence, consumptive, durative, and many other expressions. It is hoped that this revision of fundamental concepts, as well as the new treatment of enterprise and profits, the fuller statement of the capitalization theory of interest, and the separation of the dynamic from the static theory, will be found helpful to teachers and acceptable in the end to all economic students.
A clear distinction is drawn throughout this volume be tween value and price in one class of cases and between/ value and utility in another. Each of the first four parts bek gins with the individual aspect of the problem of choice (sub jective value) and concludes with the study of the com mercial or price aspect. The fifth part deals with which, as the investment function, is purchaser of uses and services and the payer of the various contractual incomes, —the reward of which, therefore, from its very nature, can be only of a non-contractual character. The distinction be
tween value and utility marks the contrast between the per sonal, acquisitive, aspects of value, which are the subject of the first five parts, and the "utility" and social welfare aspects which are treated in part six.
A number of the practical applications of the principles have been reserved for a second volume, which will deal with the facts, theories, and public policies relating to money, bank ing, international trade, labor organization, the trust problem, taxation, insurance, ete.
I cannot undertake to express individually my many obliga tions to fellow teachers, to graduate students, and to other friends for the stimulation, appreciation, and cooperation that have so greatly aided in the development of this work. I must, however, gratefully make an exception in the case of my colleague Professor W. M. Adriance, to whom is due a special acknowledgment for his numerous and valuable criticisms and suggestions.
F. A. F. Princeton, N. J.