Excerpt from Principles of Economics, Vol. 1 The book, of which a translation appears in the following pages, is the first of the two volumes in which the second (revised) edition of Dr. N. G. Pierson's classical Treatise on Economics has appeared.1 The plan of the work, as explained on pp. 36-43 of the introductory chapter, involves an arrangement of the subject-matter under four general heads. Two of these are dealt with in the present volume, viz. Value IN exchange, and money - Parts I. And II. Respectively of the Treatise. The second volume (now in course of translation) treats of production, which forms Part III., and the revenue OF the state, which forms Part IV. Of the work. Only a few months have elapsed since the appearance of the revised edition of Part IV. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.