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 223 wages and the general well-being of the wage earning classes. We may take it as commonly allowed in these days that the workers have generally benefited in income from the capitalisation of industry ; but it is not always recognised how exactly the benefit has come about. The correct view of the relation between wages and capital is certainly this, that as capital increases wages must tend to rise. One might at first, perhaps, hesitate about subscribing to this doctrine, because one might feel dis posed to contend that the introduction of more capital displaces labour—that is to say that satisfying the demand for productive agents with capital weakens the demand for labour, capital and labour being largely alter natives. Such an argument would be sound were it a fact that the quantity of things demanded, tangible and intangible, was abso lutely fixed in amount. In that case, the advent of labour-saving appliances would throw men out of work, and the out-of-works, by competing with those left in employment, would bring down the rate of wages. But this effect could never be met with in the long run, because, when the price of a thing is reduced in consequence of an improvement in the method of making it, more of the thing is

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