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 73 ruination of the results of such efforts, nature plays a predominant part, and the best and most conveniently situated natural resources are strictly limited in quantity. It is hardly needful to say that the realistic laws of returns and the abstract laws of returns supplement one another. They both relate to the same facts, broadly speaking; but while the realistic laws have a more practical value in adding directly to our information about economic affairs, as the latter imme diately present themselves to us, it is the abstract laws which have the greater specula tive value in satisfying our minds as to the causes of things. One defect of the realistic laws is that they cannot be universally affirmed. We have to introduce such qualify ing phrases as “usually” or “generally.” The abstract laws attain absolute universality, but only at the sacrifice of immediate applica bility. All this is a digression, though a necessary digression. We may now pick up the main thread of our argument, and at once hasten to unite it with our earlier exposition of demand. The supplies of reproducible things we have seen depending upon ruling prices. When constant returns is found there is one supply

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