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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220 POLITICAL ECONOMY price. It is extremely important to observe that this theory in its bearing on employed factors does not declare that each agent gets what it makes, but merely that each agent gets the difference that it makes to the total output of a productive group which is organized to work as a whole. Finally, to complete the theory we have the doctrine of rent which accounts for payments made on behalf of agents which enjoy differential advantages. It needs no specific intimation that in this theory it is marginal incidents that play the leading parts, just as it was marginal incidents which enabled us to comprehend fully the phenomena of price. Now, in relation to price, we observed that an incisive applica tion of the marginal method on the side of demand brought out a novel feature known as consumer’s surplus ; and it remains to investigate whether a similar feature may not be revealed on the side of supply. It may be said at once that a similar feature will be found to exist. It is called producer’s surplus. Broadly put consumer’s surplus stands for the difference between the value that a con sumer gets from a thing and the value that he gives for it when he purchases it. Then, to be strictly analogous, producer’s surplus should stand for the difference between the

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