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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72 POLITICAL ECONOMY to decreasing returns would pass into actuality The realistic laws of increasing and de creasing returns are derived from observation of actual economic conditions ; in short, they are inductively established ; but at the same time, as in the case of other inductive general isations, for their complete explanation deduc tion must be enlisted. The realistic law of increasing returns declares that an enlarge ment of a manufacture is usually accom panied by increasing returns. The law holds generally because manufacture is seldom confronted with a dearth of any essential agents which play a part in settling the cost of production. The new labour, the new machines, the new employers are not likely to prove inferior in any marked degree to those already incorporated in the industry. Material may be an exception, but in most manufactur ing the cost of material forms a small part of the cost of production. It is not probable, therefore, that in manufacture the economies of specialism associated with expansion will meet with any serious counteracting influences. The realistic law of decreasing returns pro claims that efforts to obtain larger supplies of natural products are usually accompanied by decreasing returns. Obviously, in the deter-

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