An Introduction to the theory of statistics

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Monograph

Identifikator:: 1751730271

URN:: urn:nbn:de:zbw-retromon-127610

Document type:: Monograph

Author:: Yule, George Udny http://d-nb.info/gnd/12910504X

Title:: An Introduction to the theory of statistics

Edition:: 8. ed. rev

Place of publication:: London

Publisher:: Griffin

Year of publication:: 1927

Scope:: XV, 422 S; Ill., Diagr

Digitisation:: 2021

Collection:: Economics Books

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70 POLITICAL ECONOMY first enunciate the abstract law and the corresponding abstract law of decreasing returns and briefly justify them, and after wards proceed to enunciate and explain the realistic uniformities. Abstractly the law of increasing returns affirms that when an industry enlarges there must be increasing returns (that is to say, the marginal cost of production must fall), pro vided—and this is a significant point—that there is no dearth of agents in production at least equal in quality to those engaged at the old margin. The truth of this generalisation will be immediately apparent. When the industry enlarges all parts of its working will tend to become more specialised, and special ism will tend more thoroughly to interpenetrate the industries subsidiary to it. Specialising is economical, so, if nothing happens to counteract its effects, the marginal cost of production must fall. Now the only thing which could counteract its effects would be a limitation of suitable agents in production at least equal in economic value to those at the old margin ; and the possibility of this has been rejected. Hence the inevitable tendency to increasing returns in the circum stances described. But we must not, of course, jump to the conclusion that, when-

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