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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DEMAND 43 economics is that which is known as the law of substitution, indifference, or equi-marginal returns. It is simple—so simple, indeed, that one might at first feel inclined to refuse it the dignified title of “ law ”—but its recognition, nevertheless, has led to the most far-reaching consequences in economic analysis. In a spirit of some exaggeration, one might liken its role to that of the law of the survival of the fittest in biology—another absurdly obvious generalisation. In fact, the two laws are not merely alike but akin ; as is apparent when we take any example of substitution, say, substitution in consumption, which means the survival in choice of the things fittest to satisfy some direct or indirect demand. It frequently happens in science that the pro- foundest truths at first strike one as self- evident and unimportant. The law of substitution, indifference, or equi-marginal returns, applies not merely to consumption but to every branch of economics. For the present, however, I shall define it in its application merely to consumption. With reference to consumption, the law points out that income will be expended in such a way that the marginal utilities of different things to any person will be made the same, when marginal utilities are reckoned with respect

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