PREFACE 



THIS book is intended for the student and the farmer inter- 

 ested in the study of those economic principles which underlie 

 the effective organization of the farm, and for the statesman 

 interested in establishing laws and institutions for the develop- 

 ment of agriculture. The subjects treated correspond to those 

 studies grouped under the head of Farm Management in some 

 colleges and under the head of Agricultural Economics in others. 

 From the author's point of view these two terms as used at 

 the present time cover essentially the same subject matter so 

 far as they relate to the economics of production on the indi- 

 vidual farm, but he believes that the latter term is much the 

 broader, including also the problems of marketing, land eco- 

 nomics, farm finance, and farm life. 



The matter here presented is the result of a gradual develop- 

 ment of twenty years of study hi this field. Its publication 

 marks the close of seventeen years of teaching of agricultural 

 economics by the author in the University of Wisconsin, where 

 he first gave a course to the short- course students in the winter 

 of 1902-1903, at which time a "Syllabus of Lectures on Agricul- 

 tural Economics" was printed for the use of his class. In 1905 

 "An Introduction to the Study of Agricultural Economics," 

 containing thirteen chapters, was published, the main points 

 of which have been included in the present volume. For many 

 years, parts of the present volume have been mimeographed 

 and used in the classroom. 



r While the author has been working in this field for twenty 

 years he recognizes that the pioneer stage is only now passing 

 and that the next few years will result in great progress both 

 in research and education in agricultural economics. The 

 present treatise is looked upon as being by no means a final 

 statement on the subject, but the author's change of position 



