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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SUPPLY AND DEMAND 71 ever there is a limitation of agents in pro duction of a high quality, increasing returns is impossible. Were the limitation not serious, or were the gains from the new specialism considerable, it might still be that costs in the new marginal firm would be beneath those in the old marginal firm. The abstract law of decreasing returns is the correlative of the abstract law of increasing returns. It declares that when the supply of some agent in production is narrowly restricted, and an industry absolutely depend ing upon it enlarges nevertheless, decreasing returns must eventually supervene. On any practical example being taken, it will be perceived that it must be so. Suppose that the population on an island of 100 square miles has to feed itself from the produce of its own land. Sooner or later, were the popula tion to grow steadily, there would be such a relatively inadequate area from which to obtain the food of the people that every addi tion to population would result in additions to the produce which constantly became less in amount, and the cost of food would rise. For a time the tendency to decreasing returns might be counteracted by the ad vantages of specialism, but the counteraction at some time would cease and the tendency

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