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 173 we shall consider shortly) gets as its pay is its marginal worth in production. This statement is sometimes expressed in another and more complicated form, which comes, however, to the same thing in sub stance. It is said, for instance with refer ence to labour, that wages must equal the discounted worth of the expectation of its marginal product. Strictly speaking the element of anticipation must be introduced, as it is here, because the work must be done before its result is attained, and wages are usually arranged prior to the performance of the work. And so also must the notion of discounting be introduced, in order to meet the case, which is a common one, in which the saleable product is not obtained until long after the labour has been paid for. Suppose that the addition of another labourer to a farmer’s staff, other things remaining unchanged, is expected to raise his harvest by 100 bushels of wheat a year, that the wheat is expected to be worth 10s. a bushel and that the labourer works and is paid for fifty weeks in the year. Then the labourer would not get £1 a week (that is £50 a year, which is the expected value of his marginal product) because the product is not obtained until twelve months after his work begins ; but he would tend to get such an

Access restriction

Copyright

fullscreen: Political economy

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation