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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MONOPOLY 111 entailed by the manufacture of the addition to his output represented by the foreign sales, for if it did the kind of dumping which we have in mind would mean buying half- crowns at two shillings apiece. But cost of production may be understood as the average cost (cost per unit of output) of the whole of the industry’s output. Now, foreign sales beneath cost of production so understood will prove worth while, provided that the foreign price is in excess of the addition made to the aggregate costs of the industry by the production of what was exported, when this addition to cost is reckoned per unit of the exported output. The implication is that the industry is subject to increasing returns. The seemingly unremunerative foreign sales pay because of the benefits resulting from the increasing returns. Making regular provision for the foreign market necessitates enlarging the industry and the enlarged industry brings about in the long run a lower cost of produc tion per unit of what is turned out. The seeming loss in the distant markets may be more than recouped by the reduction in the cost of things sold on favourable terms at home.

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