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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WAGES, PROFITS AND INTEREST 169 equally willing and manageable ; and likewise between the inanimate agents we imagine there is nothing to choose. This broad assumption, which for the purposes of argument removes the private properties of things of the same order does violence to the facts, but later we shall dispense with it and introduce into our doctrine the alterations which will then be requisite. We shall suppose provisionally that in a given community there are a fixed number of employers and a fixed number of labourers. Each employer, producing under the guidance of demand, will aim at working with so much capital and so much labour that he maxi mises his profit. Now the first point to settle is this : How will the employer who is trying to maximise his profit be governed in regulating the relative supplies of work- peop e, material and plant in his business ? The answer is not far to seek. Brief reflection should render it broadly evident that the employer will engage so much of each class of producing power that no increase of it, in view of the price which he has to pay for it, will mean a greater loss than gain, other things being equal. Thus let us write L. for labour, C. for capital and M. for the remainder of the agents in production, namely the site of

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