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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RENT 215 most capable operatives from getting the full value of their differential advantages ; but it must not be taken for granted that such restraints are necessarily without beneficial results. The personal rent enjoyed by an employer is naturally a more substantial quantity than any personal rent enjoyed by a workman. A very capable employer will ultimately have under his control a far greater quantity of agents in production than the marginal em ployer. Though the very capable employer with a small business might immensely magnify his earnings by enlarging it, the marginal employer would find that any attempt on his part to do the same would meet with loss instead of gain. Whether regarded broadly or narrowly, the rent paid for a productive agent does not deter mine the price of the thing to the creation of which it is instrumental. In this sentence we have presented to us one of the most famous dogmas of economics. Not uncommonly it has been expressed thus : “ rent does not enter into price.” In this form, however, it invites misunderstanding. The rent of farm land and business premises must come out of the receipts made up of the prices of things, since

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