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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174 POLITICAL ECONOMY amount per week that the payments made to him, plus interest upon them calculated up to the time when the harvest was sold, amounted to £50, or, in other words, he would receive the discounted value of his expected marginal worth, an allowance being made for the element of uncertainty as regards what his marginal worth would turn out to be. This doctrine comes to the same thing as the one previously laid down, provided that in our first enunciation we meant by marginal worth the anticipated worth, at the time when he was paid, of the result of the wage-earner’s work, in calculating which discount would have a place. Up to this point we have been disentangling the influences on the side of demand which help to fix the remuneration for employed factors in production. We have next to pick out the equally important influences which are active on the side of supply. These latter influences, we shall observe, are not the same for all factors. Let us take land to begin with. A comparatively fixed supply of land has been provided by nature for all time. For purposes of exposition let us picture the conditions on a small island, which has no intercourse with the rest of the world, and

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