I. Alleged special features of Australia's economic position, 87.— II. The argument based on the terms of trade, 89.— The question of elasticity of demand, 92.— III. The influence of diminishing returns in the primary industries, 97.— Average vs. marginal conditions, 99.— The infant industry argument, 100.—IV. Effect of protection on the distribution of the national income, 102.— Conclusions, 104.

I. Introductory; neglect of Veblen's general theory, 598.— II. His main criticisms of economics, and the fundamental standpoint implied therein, 600.— III. Psychological postulates of Veblen's theory; the evolutionary idea, 602.— IV. Summary of the theory: the savage era, 605; the barbarian era, 607; the period of handicraft, 611; the age of the machine process, 613.— V. Analysis of the modern economy, 614; its place in the general theory, 617.— VI. Integration of Veblen's ideas, 618; this a system of theory different from the Marshallian, 620.— VII. Criticism of Veblenian psychology, 622; treatment of history, 623; and institutions, 624.— Conclusion; issue of the institutional controversy, 624.