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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86 POLITICAL ECONOMY theory, in an exaggerated long run it is the marginal cost of every producer, as it is the marginal demand of every consumer, which settles price. But there is a difficulty in our new view. Does abstract theory hold with such precision of the facts on the side of supply as of the | facts on the side of demand? The latter may be co-ordinated in systems as non- viscous as water but the former in systems as viscous as tepid tar. Before he has made any tests an employer cannot accurately guess at what is the most economical size of business for him to aim at, and once businesses are established their elasticity may be checked by cramped space in their premises and in the vicinity and the limited horse power of the engines originally installed. Again, though it may be worth while to attempt a large expansion, the trouble of making a little expansion may quite outweigh the gains. Moreover it is indubitable that a certain size of business is likely to become typical of certain industries despite the differences between employers in respect of capacity. Consequently we cannot allege that the tendency for the marginal cost of a firm to equal price will be as a rule triumphant. In numerous instances it may be indefinitely

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