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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POLITICAL ECONOMY 172 It must be firmly grasped that any class of employed agents in production has a marginal worth which varies, other things being equal, with its supply: the larger the supply, in relation to given supplies of other factors, the lower the marginal worth. It is these marginal worths, or their equiva lents, which tend to accrue to the agents in production as their earnings ; and it is vital to an understanding of the economic functioning of a community to recognise that in these payments the value of the things produced is expressed. Workpeople have a value to the employer because, in conjunc tion with other agents, they create what has a direct or indirect value to consumers. Their value to the employer is in effect the value of what is made transmitted through the demand of the employer; and the value of what is made may actually originate in themselves, because it may be settled on the one side by their own demand for goods. Similarly the value of every other agent in production is the transmitted value of what it adds to production at the margin. So we may lay it down in the rough that, subject to reservations arising out of social friction, the sum which each agent in pro duction (apart from the employer, whose case

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