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 59 good enough to get employment is called the marginal workman or the workman of marginal quality. Also the employer in an industry whose capacity only just attains the level which enables him to make a living in the industry is the employer of marginal quality. It is exceedingly important that the distinc tion between these two uses of marginal should be firmly grasped. We are now adequately equipped to define wealth and value. Broadly understood all that people want is wealth. But sometimes the conception is narrowed to exclude things that are accessible to all and unlimited in quantity such as air ; and sometimes in addition the qualification is introduced that desirable things to be wealth must have been produced by labour. Value may mean value in use or value in exchange. By the former is meant the utility, as above defined, of things that are wanted ; and by the latter is meant the quantity of other things that the thing in question will exchange for. The value in exchange of an article or service is evidently dependent upon its marginal utility to would-be purchasers and the marginal utilities of the things offered for it. When what is offered is money, value in exchange is

Access restriction

Copyright

fullscreen: Political economy

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation