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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188 POLITICAL ECONOMY output of the industry will increase, inasmuch as the same amount of labour and capital at least will be employed in the industry, while more effective use will be made of them in view of the larger number of employers. We must also allow for the fact that an alteration in the number of employers through its effect, for instance, on the specialism of businesses, might in itself render the industry more or less productive. A new position of equilibrium will eventually be reached at which the surplus left in each business for the employer is less. This movement will con tinue until the surplus remaining for employers is just sufficient to induce the continued functioning in the industry of as many employers as there are. Were the surplus too small instead of too large, some employers would be working at a rate of pay at which it was not worth their while to continue working. Gradually, therefore, employers would begin to desert the industry, and no others would take their place, since it has been supposed that the earnings are insufficient to attract any fresh organising talent into the industry. Con sequently, for reasons already explained, businesses would expand in size, and the surplus left for employers would become

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