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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182 POLITICAL ECONOMY using machines and tilling the ground, and so forth, that the real income of the com munity is maximised. When we say that the marginal utility of capital is a certain amount—which means that interest must be that amount—we mean that the employ ment of another increment of capital (i.e., the employment of a little more labour in making machines and so forth) would raise the net income of the community by that amount. That is to say, there will be a net gain from employing more capital so long as the marginal utility of capital is above zero. Why, then, is not capital applied to production until interest drops to zero ? The answer cannot be given in a single sentence. In the first place, sacrifice must be made in the form of deferment of con sumption, or saving, some time before the reward is reaped, and the share of this sacrifice which fell to the poorer classes might be quite beyond their saving powers. Robinson Crusoe could not have made all at once every kind of instrumental capital that he needed. He had to calculate the time he could spare from rest, recreation and the work which was more immediately productive of what he wanted to live. In the second place, the providence of many people is

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