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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216 POLITICAL ECONOMY no other fund exists out of which it can be paid. But this is not denied. By “ entering into price ” is meant entering as a determining factor into price. That all rent which is incurred in connection with producing does not exert a direct influence on the prices of things—though, as we shall discern shortly, it may be involved indirectly in the settlement of price—can be deduced instantly from the theory of price already expounded. Take the case of wheat. From the supply side its price is fixed by the costs of the marginal producer on marginal land. Into these costs ex hypothesi differential rent does not enter ; and though the farmer of marginal land would reckon any scarcity rent among his costs, its remission would not cause an increased supply of wheat (and so an alteration of price) because, were a scarcity rent ever to appear, there would be no more land to bring into cultivation. Another and more exact way of putting the proof is to apply the marginal method of analysis intensively and point out that price is settled by the cost of the marginal return (whether from marginal land or not) which should, in strict theory, be the same on every field, and that no kind of rent figures in this cost. All farmers, though producing at different

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