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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so POLITICAL ECONOMY the marginal expense in the business, for it is the addition made to the total expense in the business when the output is increased by one pair of boots. Let the output of the business continue to increase by increments of one pair of boots each ; then there would be corresponding additions to total cost (called marginal costs or expenses as we have seen) say, 14s. lid., 14s. 10d., 14s. 8d., 14s. 9d., and so on successively. If we watched such a gradual growth of a business or firm from an insignificant size it would be found that marginal costs would fall at first, for reasons already advanced. Now, can this fall in marginal expense go on in definitely ? The obvious and correct answer is that it cannot ordinarily. If it did, the chances are that by this time each industry would have become the monopoly of a single firm, which owed its position to the fact that, having once got a start, it was enabled to undersell its competitors until there were no competitors left to undersell. The fall in marginal cost cannot ordinarily continue without end, because the scope for further specialism and use of machinery afforded by further extensions of the business would tend to be neglected by the over-taxed brain of the ultimate head ; and any economy

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