Political economy

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

WAGES, PROFITS AND INTEREST 171 business equalled what he had to pay for it. In short in organising his business he would act according to the law of equi marginal returns which is fully expounded in Chapter II. In the above example the nature of the demand for one of the agents in production is made fully explicit. Let us next consider how demand works in relation to supply, still concentrating our attention on the reward of labour. Suppose that this happens to have settled at £2 a week as a result of the forces previously operative and that each employer has 101 workpeople, when all workpeople are employed, though the marginal worth of labour to each of them is £2 3s. a week, as stated in the table. Then each employer will strive to get more labour because to succeed in getting it would be to augment his profit. But ex hypothesi there is no more labour to be had : we imagined that all the labour was occupied when each employer had 101 hands. The effect of the employers’ action, therefore, cannot be to enlarge their businesses but will probably be to lever up the rate of wages until it approximates roughly to £2 3s. a week. Exactly the same can be said with reference to the payment for other factors.

Access restriction

Copyright

fullscreen: Political economy

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation