Volkswirtschaftliches Lesebuch für Kaufleute

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Monograph

Identifikator:: 879457236

URN:: urn:nbn:de:zbw-retromon-16989

Document type:: Monograph

Title:: Volkswirtschaftliches Lesebuch für Kaufleute

Place of publication:: Frankfurt a. O.

Publisher:: Verlag der Waldow'schen Buch- und Kunsthandlung (R. Wengler)

Year of publication:: 1905

Scope:: 1 Online-Ressource (XV, 514 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Dritter Teil. — Industrie

Collection:: Economics Books

SUPPLY AND DEMAND 69 and constant returns must not be confounded with the so-called laws of increasing, de creasing, and constant returns. Let us confine our attention for the. moment to increasing returns and remember that all that is affirmed about it applies mutatis mutandis to decreasing and constant returns. The conception of increasing returns has been explained. Now the law of increasing returns is best interpreted, in my opinion, as defining the conditions under which increasing returns with reference to industries are met with. There is not yet among economists complete agreement upon this matter ; but in a brief introduction to economic theory I must be content to put for ward my own views, which are those of others also, as regards the most appropriate inter pretation, while warning the reader that they are not universally accepted I should take it, then, that the law of increasing returns defines the conditions under which increasing returns are met with in industries. These conditions can be easily formulated, but we may formu late them at different levels of abstraction ; and it goes without saying that the more complete the abstraction the more universal will the law be. It will probably be a con venience to recognise two laws, namely, the abstract law and the realistic law. I shall

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