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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226 POLITICAL ECONOMY cheaper for the poor—and transparently more can be produced for the poor when their demand has to compete to a less extent with rich people’s demand for consumers’ goods. It has been counterclaimed above, as against the pessimists who dread lest wages should fall as more machinery is used, that the effect of using capital in production is to intensify the demand for labour, so that a bigger real wage will be paid when much capital is used than when little capital is used. The ground on which this counter claim rests is that the productivity of labour is enhanced with every additional accession of suitable appliances : and labour is remuner ated, if our theory is correct, in proportion to its productivity. The rate of interest may be very high, and the proportion of the national income absorbed by capitalists may be very large, but nevertheless t he capital must have added to the national product under normal conditions a larger amount than is paid for it. Another way of proving this conclusion is to derive it from the doctrine of consumers’ surplus ; for capital as well as labour is paid only its marginal worth, and the initial returns to capital are very much higher than the later returns. Hence there is a

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