Grundzüge der Theorie der Statistik

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Monograph

Identifikator:: 1782637850

URN:: urn:nbn:de:zbw-retromon-178813

Document type:: Monograph

Author:: Westergaard, Harald http://d-nb.info/gnd/117574163; Nybølle, Hans Cl. http://d-nb.info/gnd/127386696

Title:: Grundzüge der Theorie der Statistik

Edition:: 2., völlig umgearb. Aufl.

Place of publication:: Jena

Publisher:: G. Fischer

Year of publication:: 1928

Scope:: 640 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: IV. Kapitel. Die Anwendung des Exponentialgesetzes

Collection:: Economics Books

80 ECONOMIC ESSAYS IN HONOR OF JOHN BATES CLARK in wages will stimulate a further flow of such labor and this lessened pressure upon natural resources in the backward areas will give rise to a further increase in population and hence to a filling of the reservoirs upon which the industrialized sections may draw. There are several extraordinary features in such theories as those advanced by Taussig and Kleene. Not the least is the fact that Taussig, who has been such an unsparing critic of the residual theory of wages of General Francis A. Walker should nevertheless have constructed a very similar explanation as his own. Furthermore, the tendency of both to regard the supply of the other factor, in Taussig’s case labor and in Kleene’s case capital, as not being related to the price it receives is crucially defective. Finally, the curious belief of both that the supply curve of a factor does not have any influence on the processes of distribution unless itis virtually paral- lel to the base (i.e., of almost infinite elasticity) and that if there is no such supply curve bar- gaining strength alone determines what the final result will be, is a serious misapprehension of the economic process. The economic process is in fact one in which equilibrium is attained through the interactions of various forces—of supply curves as well as of total and marginal products. As we shall see, supply curves of what- ever description affect the result, and do not by any means need to be of infinite elasticity. \ 1. Various Types of Supply Curves and the Meaning of Elasticity of Supply We shall secure a clearer concept of the influence of the forces of supply if we first examine the various types of supply curves that may conceivably operate and explore the meaning of rela- tive elasticity. An absolutely inelastic supply, which tends to

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