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 53 things being equal, the destruction of a large monetary surplus connected with one com modity is likely to mean greater real loss than the destruction of a smaller surplus connected with another thing. In the “ other things being equal is impounded such a proviso as the following, that each of the two things is consumed in bulk by the same class or by different classes in about the same proportions. This conclusion will instantly suggest some of the uses that can be made of the doctrine of consumers’ surplus. In taxation, for a given gain on the part of the Government, one tax may wipe out more consumers’ surplus than another tax. The one that wipes out least is, of course, to be preferred, other things being equal. Hence we may deduce that it is well, in the absence of strong reasons to the contrary, to avoid the taxation of things the demand for which is highly elastic, because, when demand is of this kind, a small tax will largely reduce the consumption and so the consumers’ surplus. It is an equally legitimate inference that the taxation of things strongly subject to increasing returns (which will be explained in the next chapter) is to be avoided, because the taxation of such things raises price by sub stantially more than the amount of the tax,

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