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Excerpt from Introduction to Economics
This book is an outgrowth of classroom discussions. It contains in substance the talks on economics which have been made, for the past eleven years, to my classes in Cornell and New York Universities.
No apology is offered for the fact that this volume is limited to a discussion of principles. Even the concluding chapters on corporations are designed to exemplify principles. The time has long since passed when a single volume can treat exhaustively the whole field of economics. I shall be more than content if this work justifies the scope indicated for it in the title - Introduction to Economics.
Designed as an introduction, this book will serve as a means to the end of a more intelligent study of economic questions. It does not dispense with the necessity of reading the many excellent treatises devoted to the different phases of economics; rather it distinctly calls for such readings. It merely prepares the mind of the student for the thought contained in the more advanced and specialized works on the subject and the practical applications they reveal.
At the end of each chapter are appended exercises in the form of questions, problems, and fallacies, the object being to stimulate independent thinking as well as to develop the power of applying what the student has learned. In so far as may be, the problems are stated in the form in which they appear in practical affairs.
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