ASCOT Library Zabali Campus

Chapter: the study of economics. – Chapter Ii: fundamental economic concepts. – Chapter III: production. – Chapter IV: land. – Chapter V: labor. – Chapter VI: capital. – Chapter VII : business organization. – Chapter VIII: specialization in production. – Chapter IX: risk, speculation and insurance. – Chapter X: the exchange of goods. – Chapter XI: value and prices: general principles. – Chapter XII: demand and price. – Chapter XIII: supply and price. – Chapter XIV: supply and rice (continued). – Chapter XV: monopoly rice. – Chapter XVI: price under monopolistic competition. – Chapter XVII: the principles of money. – Chapter XVIII: banking and credit. – Chapter XIX: central banking. – Chapter XX: international trade. – Chapter XXI: business cycles. – Chapter XXII: the distribution of wealth and income. – Chapter XXIII: economic rent. – Chapter XXIV: wages. – Chapter XXV: interest. – Chapter XXVI: profits. – Chapter XXVII: consumption. – Chapter XXVIII: the control of consumption. Chapter XXIX: the standards of consumption.

"The teaching of the introductory course in principles of economics in colleges and universities in the Philippines has long been handicapped by the lack of a suitable textbook. There are excellent and valuable textbooks written by American authors, but these books are obviously intended for an American public, and are not therefore well suited to the needs of Filipino students. The illustrative materials and discussion of topics not infrequently presuppose an acquaintance with the facts and practices of a highly industrialized economy, which are familiar enough to American students and readers, but are not within the limited experience of Filipino students with a more simple economic environment. My experience in teaching elementary economics for more than decade in various local universities has made me realize the need for a textbook that would fit the background and experience of Filipino students. This work is an attempt to meet this need.
The chief aim of this work is to present the fundamental principles of economics to Filipino students and to those who are taking up a systematic study of the subject for the first time. I have used examples and illustrative data drawn chiefly from Philippine economic life and experience, so as to enable the uninitiated student and reader to follow the discussion with interest, which is often lacking when the contemporary scene is substituted by one they have read only in books. It is to be observed that certain economic theories are difficult, and a lot of confusion has resulted from the superficial and specious explanation given to them. I have not avoided difficult theories, and I have tried to explain them in a simple language in an effort to make them intelligible to beginners. technical terms have been given a simple definition, and common terminology has been employed as much as possible. If at times I have used valuable space to explain what seems to be obvious, it is because of my desire to be clear to those whose background is limited.
Economics is a rapidly growing science, and many of its conclusions on different subjects are by no means definite. some doctrines are considered obsolete, while others are of doubtful validity. The treatment ahs been chiefly confined to those theories and principles that are generally accepted, and on which competent authorities have more or less reached definite conclusions. I have not, however, neglected to present those theories that are still the subject of controversy among economists, but I have offered my own interpretation of what I consider to be the correct point of view. I have not included any formal discussion of such subjects as taxation, labor problems, transportation, agricultural problems, etc., because these are usually taken up in the second semester of the one-year course in principles with emphasis on problems, and in advances courses in economics. I have followed substantially the sequence of topics that I have found to be effective in presenting the subject clearly and interestingly to my students, and I hope that this book may be found useful to other instructors of the introductory course in economic principles, as well as of interest to the general reader.
I am indebted beyond the possibility of specific acknowledgment to numerous writers who have made the science of economics what it is today, and to the authors of many excellent textbooks on elementary economics whose works are included as some of the references at the end of the charters. I am also indebted to my former students who have done much to induce me to undertake this work. I am most happy to make grateful acknowledgement of the inspiration and excellent instruction I received in the classes and seminars of Professors Jon M. Clark, Welsey C. Mitchell, James W. Angell, Vlademir G. Symkhovitch and the late professors Edwin R. A. Seligman, Henry parker Willis and henry R. Seager of Columbia University. My thanks are due to Professor Federico Mañgahas for reading the manuscript for exposition and assistance in more ways than one. Mr. Cresencio Basco has helped in the tedious work of reading the proofs. I wish to acknowledge my obligations to numerous friends for their helpful suggestions, although responsibility for sins of both omission and commission is mine alone. My wife's constant encouragement has enabled me to bring this work to an early completion.
It is scarcely necessary to emphasize the fact that all the opinions expressed in this work are entirely my own and should in no way be associated with my official position in the National Economic Council.