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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PROBLEMS OF DISTRIBUTION 221 value which a producer gets for his work (exclusive of the element of consumer’s surplus) and what he sacrifices in doing it. Let us take the case of a workman. What he sacrifices is the disutility or dissatisfaction involved in working, which we must remember to interpret as experience which would not be chosen for itself, but to avoid which, on the contrary, the workman would be prepared to pay something. What he gets is first his wage and secondly any satisfaction obtained by him from the work itself. And there is little work in the world which from minute to minute, day in and day out, never stirs the sense of enjoy ment. Generally speaking the beginning of the day’s work goes against the grain ; but soon our activities become pleasurable ; and they continue pleasurable until weariness again causes disutility to predominate. Now in a land where labour is not in slavery the marginal utility of the wage multiplied by its amount is practically certain to exceed the disutility involved in work. This excess with any positive utility got from the activity of working is analogous to consumer’s surplus and is called the workman’s producer’s surplus. It may also be defined as the net utility result ing from work, apart from consumer’s surplus, when the utility of the wage is taken into

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