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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110 POLITICAL ECONOMY production, because he realises more than normal profit on his sales in his own country. But this easy elucidation of the mystery leaves us the hopeless task of explaining away the folly of the producer who, having amassed something of a fortune by his operations at home, elects to dissipate some or the whole of it by carrying on a losing trade with foreign customers. Why should he spend wealth realised out of his home trade on unprofitable trade elsewhere ? We must not, however, conclude that because this popular explanation is unsound it can never pay a monopolist to aim at selling con tinuously abroad beneath cost of production. We shall see that there is a reasonable account of the matter. Now it is evident from the fore going that any reasonable account of the matter involves proving that the sales abroad leave the monopolist better off. With a view to proving this let us examine the phrase “ sales beneath cost of production ” and consider whether it can be interpreted in such a way that the making of an immediate gain out of producing with the intention of selling some portion of the output beneath cost of production is not unthinkable. It is apparent that cost of production must not mean the addition to the monopolist’s aggregate costs

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