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.

DEMAND 45 ence of income from the one line of expenditure to the other, so long as the two marginal utilities differed. Hence, I should try to get the two marginal satisfactions equal. What is. true in this matter of two things is evidently true of any number. There is a reason for most things, even for this law’s profusion of names. Each name is appropriate and, in the absence of any fixation of terminology by convention, some writers have favoured one name and some another. The law is called the law of equi marginal returns because when it is observed equi-marginal returns result. It is called the aw of substitution because the end, equi marginal returns, is attained by the process, of substitution already described. It is called the law of indifference because, when it is observed, a person’s scheme of expenditure is so devised that it is a matter of indifference to him whether he spends a minute accession of income on any one thing or on any other. Before concluding our study of demand and expenditure, a few words are needed to indicate the extent to which the laws of demand and expenditure hold in actual practice. It may have been gathered from the exposition above that the individual is unceasingly engaged in balancing the utilities of different courses

Access restriction

Copyright

fullscreen: Political economy

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation