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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INTERNATIONAL TRADE 163 view of theory they must be admitted. They are special cases of the general exception to the doctrine of maximum satisfaction, to which Dr. Marshall has drawn attention. The doctrine of maximum satisfaction, accord ing to one interpretation of it, laid it down that under competition labour and capital tend to be devoted to their most profitable uses ; but Dr. Marshall has pointed out that this generalisation does not invariably hold, since, for example, consumers’ surplus could be increased by diverting some demand from things produced according to decreasing returns and concentrating it instead on things of which the production was subject to increasing returns. The explanation of this curious conclusion, which, of course, only holds when other things are equal, is that under competition the individual acts for himself and consequently leaves out of his calculations that the price of some things would fall when they were consumed less while the price of other things would fall when they were consumed more. I might know this as a fact, but I should not be disposed to act accordingly, because what I alone did would have very little effect and there would be no reason to suppose that others would follow my example if I acted

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