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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234 POLITICAL ECONOMY be realized. It is supposed that workpeople are in a position to sell their labour in the lump, which is to say that they are so placed that they can prevent employers from dis missing any hands when wages rise. Now employers as a body would certainly be wishful to dismiss some hands when the trade unions had forced up wages in the manner supposed, because wages, which we imagined to have been equal previously to the marginal worth of labour, would have become greater than the marginal worth of labour. That the workpeople would get wages in excess of their marginal worth, if they got their way in the case put above, can easily be demonstrated. It has been premised that the quantities both of employing power and capital engaged in industry would be reduced. This being so, the marginal worth of labour would be bound to fall because its marginal worth varies directly as the quantity of the other factors in collaboration with which it is working ; and though its marginal worth would fall in the circumstances considered, its wage has been supposed to rise. But according to the theory of wages, the employer will not pay labour more than its marginal worth : if an attempt is made to force him to do so he will turn off workpeople until he reaches the point

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