Political economy

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

INTRODUCTORY 29 tion. Our object is to bring out the stresses and strains which broadly account for things as they are. We only fully explain a thing when we have completely isolated all relevant and appreciable tendencies at work, and estimated their several influences. But behind many of the things to.be explained we discover a complicated system of tendencies within tendencies, some of which are long in bringing about their effects, and some of which would produce their effects in a short time were they not counteracted. In economics it is convenient, therefore, to distinguish between immediate tendencies, short period tendencies, and long period tendencies. The first are predominantly effective as regards immediate results. The second are those which are com paratively speedy in their operation. The third are the tendencies remaining. When in economics we ask what is the effect of a given cause we may mean by the effect, the immediate effect, the short-period effect, or the long-period effect. Let us take to illus trate the distinction a particular example. If the demand for steel increased, the immediate effect on price would be the resultant rise in the price of steel while the agents in production were left exactly as they were. The short-period effect would

Access restriction

Copyright

fullscreen: Political economy

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation