SELECTIONS AND DOCUMENTS IN ECONOMICS EDITED BY WILLIAM Z. RIPLEY, PH.D. PROFESSOR OF ECONOMICS, HARVARD UNIVERSITY SELECTIONS AND DOCUMENTS IN ECONOMICS Already published TRUSTS, POOLS AND CORPORATIONS By William Z. Ripley, Ph.D., Professor of Economics, Harvard University TRADE UNIONISM AND LABOR PROBLEMS By John R. Commons, Professor of Political SOCIOLOGY AND SOCIAL PROGRESS SELECTED READINGS IN PUBLIC FINANCE By Charles J. Bullock, Ph.D., Assistant Professor of Economics, Harvard University RAILWAY PROBLEMS By William Z. Ripley, Ph.D., Professor of SELECTED READINGS IN ECONOMICS By Charles J. Bullock, Ph.D., Assistant Professor of Economics in Harvard University In preparation ECONOMIC HISTORY OF THE UNITED STATES. Vol. I, 1763-1860; Vol. II, 1860-1900. COPYRIGHT, 1907 BY WILLIAM Z. RIPLEY ALL RIGHTS RESERVED 78.5 The Athenæum Press PREFACE This collection of reprints, like its predecessor, Trusts, Pools, and Corporations, is directed to the accomplishment of two purposes: not alone to render more easily accessible to the interested public, valuable technical material upon a question of paramount interest and importance at the present time, but also to facilitate the work of the college instructor in the economics of transportation. The worst evil of modern academic life, particularly under the elective system, is that the student may so seldom be called upon to think for himself;—not merely to "cram" and memorize, to absorb information predigested by an instructor, but rather to actively use his reasoning powers in effecting recombinations of ideas. Mere passive contact for a brief period of life with cultivating influences and high ideals, as exemplified in books, general environment, and, it is to be hoped, instructors of the right sort, tends to produce the dilettante, unless at the same time the mind is constantly invigorated by action. This is especially true of the economic and social sciences. To provide material, preferably of a debatable sort, which may be worked over under discussion in the class room, instead of being merely committed to memory, constitutes the pedagogical aim of this book. Some of the extracts, especially the historical ones, are of course not susceptible of such treatment. They are merely reference readings for convenient use. But the others, notably the decisions of the Interstate Commerce Commission, usually provide debatable matter of an admirable sort. This is peculiarly true of cases or decisions with a dissenting minority opinion. Another advantage which many of these economic cases possess, over propositions in mathematics, logic, or even law, as material for training the intelligence, is that they are always charged with human, and often with great public, interest; and that they incidentally involve an acquaintance with the underlying business conditions and trade relations of the country at large. V |