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 87 counteracted. For practical purposes, there fore, it is probably safer to say that supply prices are settled by the cost per unit of output of marginal firms ; remembering, however, that some theory of the sizes of businesses must be brought in to supplement this statement. Cost per unit of output in the marginal firm is, of course, less likely than the marginal cost of any business to diverge widely from the results which theory would lead us to expect in a frictionless economic system. We must be on our guard against making our working theories niggling and going to the extreme, so to speak, of using a razor to cut turf. Nevertheless it is worth while taking notice of a tendency even if it is overborne before it attains its end. Its recognition may enable us to account for otherwise puzzling swells on the surface of economic fact ; and more important still, perhaps, its recognition may enable us to detect a single law in seem ingly disparate causal relationships, a law which is none the less real because in part it is invariably counteracted. These considera tions apply to the tendency which we have been discussing. It is fully worth while knowing that a tendency exists which when effective renders it possible to explain value

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