CHAPTER I 



INTRODUCTION 



The subject matter of Economics, or Political 

 Economy, is found in the relations arising among 

 men in their efforts to gain a livelihood, and 

 in the relations between man and the physical 

 universe consequent upon these efforts. Eco- 

 nomics deals primarily with human relations aris- 

 ing under certain conditions ; for example, wages, 

 rent, interest, and taxes, all rest upon such rela- 

 tions. But in order to make a living man must 

 shape Nature to his purposes ; therefore we must 

 examine into the given conditions under which 

 men come into contact with each other and with 

 Nature in their efforts to secure the necessaries, 

 conveniences, and luxuries of life. 



While she has provided abundant opportunities 

 for producing the means of satisfying human 

 wants, Nature has decreed that man must work, 

 "In the sweat of thy face shalt thou eat bread." 1 

 Or to give Virgil's version of the same law, 



The sire of all, great Jove himself decreed 



No works save those that task us should succeed.* 



Since it is by work that the wants of men are sat- 

 isfied, it is of general interest that this work shall 



1 Genesis, Chapter III, verse 19. 

 1 The Georgics of Virgil, Book L 



