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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81- POLITICAL ECONOMY feasible to do so, because after the supposed change in demand it would be profitable for them to do so. But at the same time the rise in price would render it possible for the would-be employer just excluded previously to make sufficient in the industry to induce him to venture his capital in it. So a new position of equilibrium would ultimately be attained with seven firms instead of six, all having a marginal cost higher than the old marginal cost, in the absence of effective tendencies to increasing returns ; and there would be a new marginal firm with a surplus left over for its employer which was just about adequate from his point of view to make it worth his while to manufacture. The new out put, we may imagine, would be 15,000 pairs of boots, and the price, say 14s. 3d., would tend to be the marginal expense in every one of the seven firms. One possibility reviving a consideration advanced earlier in the present chapter must be allowed for, and this exposition is com plete. Marginal business costs have been represented as rising with a growth of the industry. Such a representation is entirely right as regards what would immediately happen. But, as we have already learnt, the appearance of a new firm might ultimately

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