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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WAGES, PROFITS AND INTEREST 18» greater. This movement, as the one pre viously dealt with, would continue until the earnings of employers were just sufficient to maintain the supply under the new conditions. In other words, the payment of employers for the work that they do is governed on the one side by the surpluses over expenses of production when businesses are of different sizes, and on the other side by the incomes at which different numbers of employers will be forthcoming. So we may say that the earnings of employers are settled by demand and supply. The surpluses just mentioned express the demand, and supply means the supplies of organising power forthcoming when different incomes are to be expected. The importance of marginal effects in this theory is apparent. It will be understood that the earnings of employers for the work that they do can only be regarded as approximating to a defined limit in an exaggerated long run, a long run which is much longer than the time required to bring interest or wages to their normal levels. The reason is that an industrial business is an economic organism of very slow growth, and that once a business has been established, unless it is worked at a positive loss apart from payments to cover the

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