CHAPTER I PURPOSE AND NATURE OF PRODUCTION §1 Production and National Welfare The subject which we are now about to discuss may, in a certain sense, be said to excite more interest than aoy other subject within the domain of economics. Think of the important part which production plays in the life of a nation, and what sacrifices the community makes for its sake! a Almost every Government nowadays regards it as a duty to do awav with taxes which weaken the incentive to produce, and to adont measures by Which nrnrhir.t.io'n is ftnp.miracrfid. It seems therefore unnecessary to emphasise the great importance of this subject. Richard Cobden has said that tho future belongs to the nation that labours and produces -a dictum which sounds very like a commonplace. It is no commonplace, however. The present age, which has effected more than any other in the sphere of production, and still labours for the extension of that sphere, only half believes in the salutary effect of that exteTable of...

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