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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INTRODUCTORY 21 value of goods by small changes in their supply, the differences made to the worth of capital by slight accessions to its quan tity, the differences made to the burden of labour by some lengthening of the hours of work, and so forth. The marginal theory has been caustically described as the theory that the tail wags the dog. There is a certain truth in the remark; but the intended jibe, instead of nailing a fallacy to the counter, draws attention to a highly significant fact. In the determination of value it is the last steps that count—the last step on the side of demand, and the last step on the side of supply. Foreshadowings and even partial applica tions of the marginal theory may be dis covered in the old economics ; but it is one thing to understand the essential nature of a particular kind of causation and detect its workings in apparently dissimilar actions and reactions, and another thing to give now and then a reason for phenomena implying the same kind of causation, without being alive to its peculiarity and far-reaching influence. “Demand” and “supply” used to be the magic wands for solving all economic problems, —and in the worst days of error they were indiscriminately applied to everything “from

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