30 
POLITICAL ECONOMY 
mean the price attained after the employer 
had taken every possible step to increase 
his output, on the assumption that meanwhile 
no new machinery had been constructed, no 
new mines had been opened up, and no new 
labour had been specialized. The long-period 
effect on price would be the alteration in price 
ultimately reached after full time had been 
given for the change to work out its complete 
consequences, provided that no other change 
bearing upon the situation took place mean 
while. 
The three ends distinguished above are 
not found in independent existence in the 
actual world, because all the tendencies to 
which we have referred are unceasingly act 
ing together. The ends actually met with 
are the intermixed effects of compounded 
forces with shorter or longer time periods. 
It is in particular true of the long-period 
tendencies that their full economic results arc 
never actually attained. Other changes, set 
ting on foot other tendencies, are bound to 
intervene before a given change can eventuate 
in its final outcome. We may, therefore, be 
led to question whether a study of long-period 
phenomena fulfils any useful purpose ; but 
a brief deliberation should lead us to an 
affirmative answer. The study is of value