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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190 POLITICAL ECONOMY cost of its plant, it will naturally be continued until its plant wears out. Moreover, in many industries the individual business can only be enlarged with difficulty. As we have already learnt, restrictions which endure for a lengthy period may be imposed upon its expansion. An employer might find himself in a position in which, if he had to lay plant down anew, it would pay him to provide for a business ten per cent, larger than the one which he already directed; but it might not pay him to make his existing business ten per cent, larger, for an extension of his premises and an increase of his engines and boilers might only be attainable, in view of all circumstances, at excessive cost. There are industries, of course, such as building and farming, where these particular restrictions are experienced less, if at all. In the whole of this exposition we have imagined for the sake of simplicity that every business is managed by a single em ployer who is its owner. This supposition, the reader will be fully aware, does not correspond with fact. Many businesses are organised as public companies and function under the control of a Board of Directors and a salaried manager, while other businesses are co-operative in form. Nevertheless, the

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