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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184 POLITICAL ECONOMY it would be as well not to apply the term “ profit ” to the payment of the employer for his positive activities in undertaking and organising production, apart from his gains as a capitalist ; but unfortunately there is no suitable short term to indicate what we have in mind. The appearance of a theory of payment for employing was comparatively late in the history of political economy ; the reason being, no doubt, that early employers were largely working with their own capital, and that their earnings were commonly reckoned as a per centage on their capital. In the economic writings of past generations we invariably find more or less confusion between payment for capital and payment for employing. In order to make sure of avoiding the pitfalls into which some economists have fallen, we shall take the seemingly eccentric course of arguing on the false assumption that every employer is working entirely with borrowed means ; in which case all that he received would be on account of the work that he did, including his enterprise. We shall also continue provisionally to make the assumption that all employers are equal in capacity, application and character generally. Now imagine, to begin with, that in a

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