Economic essays

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Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

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Title:: Elasticity of supply as a determinant of distribution / Paul H. Douglas

Collection:: Economics Books

118 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK of the factors, (3) the degree to which the actual course of wages, interest rates, and the proportions of the total product received by the factors have conformed to what would be expected from our analysis once the elasticities, etc., are known. I have for overayear® been attempting to determine inductively from English and American experience the probable nature of the supply curve of labor and capital. The relationship between the short-run supply of labor and the rate of real wages has been tested as regards the proportions gainfully employed, the stand- ard hours worked, the percentages of absenteeism, turnover, ete. The interconnections between the movements of real wages and of birth and net fertility rates have also been studied in great detail, as have the relationships between real wages and the total number of man hours offered for sale. The supply curve of capital has also been explored by com- puting indexes of the growth of physical capital in both England and the United States, and correlating these changes with changes in the rate of interest. Several other lines of investigation have also been started and it is hoped that all of these inductive studies may soon be published. It is not pretended, however, that more than a begin- ning can be made by any one man. A large group of inductive workers is needed to secure the concrete values for the many unknowns, and thus put content into what are at present, rather empty economic boxes. If this article serves only to indicate the nature of the problem, to analyze the forces at work, and to stimulate others with the desire of adding concrete material for the solution, it will have fulfilled its purpose. 1 Since the early part of 1925. aan SIS

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