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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54 POLITICAL ECONOMY inasmuch as the supply price (apart from the tax) of the smaller quantity is higher than that of the larger quantity. The price being thus doubly elevated, consumers’ surplus is doubly sacrificed. One minor difficulty arising out of the conception that a surplus as above explained is met with in consumption, may be at once stated and removed. It is derived from the fact that the initial demands for absolute necessities of life are indefinitely high. Any body, for example, would be ready to give all that he had for a little water rather than die of thirst. In cases of this character, in reckoning consumers’ surplus we must leave out initial demands ; but only very few of the particular things that we purchase happen to be strictly essential to the maintenance of life. The reader will not, of course, allow himself to fancy that consumer’s surplus exists anywhere as a separable sum of something which can be pointed to as the surplus and labelled as such. The bare idea is ridiculous ; and did it in any sense correspond with fact consumer’s surplus would have been discovered ages ago. It is on the contrary hidden in experience as the ether around us—if it exist —is hidden in everything. The consumer’s

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