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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168 POLITICAL ECONOMY A brief study of distribution will disclose a fundamental identity of theory underlying the determination of wages, and the deter mination of interest, profits, and so forth : though, of course, in detail there are many differences between these several determin ations arising out of the diverse natures of the various factors engaged in production. It will be my first object so to expound the theory of distribution as a whole as to bring out the identity of theory. In order to do this it will be requisite to make certain assumptions. The first thing assumed will be that all production is group production : and as a matter of fact under modern conditions in the Western world most production is group production. Group production means, it will be remembered, that the individual does not produce independently but in conjunction with a number of other individuals and other productive agents. The second assumption is that each member of each class of factors is equal in efficiency ; in other words that there is nothing to choose between the various members of any class of factors. All the employers in an industry, we suppose, are equally clever, alert and diligent ; all the workmen, we suppose, are equal in respect of their physical and mental powers, and are

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