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

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

56 POLITICAL ECONOMY meaning in the conception. What is it ? What is the sense, it has been asked, of saying that an income of £100 a year is worth £1,000 ?—for that is in effect what we should say. Dr. Marshall’s answer is to my mind complete and convincing :— “ Of what avail is it to say that the utility of an income of (say) £100 a year is worth {say) £1,000 a year ? There would be no avail in saying that. But there might be use, when comparing life in Central Africa with life in England, in saying that, though the things which money will buy in Central Africa may on the average be as cheap there as here, yet there are so many things which cannot be bought there at all, that a person with a thousand a year there is not so well off as a person with three or four hundred a year here. If a man pays a penny toll on a bridge, which saves him an additional drive that would cost a shilling, we do not say that the penny is worth a shilling, but that the penny together with the advantage offered him by the bridge (the part it plays in his conjuncture) is worth a shilling on that day. Were the bridge swept away on a day on which he needed it, he would foe in at least as bad a position as if he had been deprived of elevenpence.”

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