Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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M WAGES, PROFITS AND INTEREST 177 the world as it is. Consequently wages in some trades would be poor in comparison with those in other trades, even if labour could move with ease from place to place and trade to trade. Moreover, for the performance of a particular kind of work which was agreeable rather than disagreeable comparatively rare qualities might be requisite, so that substantial remuneration would have to be paid for it. Our general conclusion is that wages in a given trade are settled by the marginal worth of labour in that trade and the supply price for labour in the trade, that is the wage at which an additional labourer will be forth coming. The wage is the amount at which equal quantities of labour will be demanded and supplied. It is marginal incidents, we see, which clinch the bargain. It may be, however, that the lowest class of labour has no supply price—that its numbers are inde pendent of its wages given sufficient for subsistence—in which case its wages are settled finally by its numbers in relation to the marginal worth associated with them. We now arrive at the conditions of the supply of capital. Capital we must be content to regard for the present as wealth devoted to production. Few, if any, industries can be carried on to-day without it. The demand

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