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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88 POLITICAL ECONOMY on the side of supply by differentiating the experiences of businesses—their experiences as a whole—to use the phrase previously employed, just as it is possible to explain value on the side of demand by differentiating the experiences of consumers. The necessity of taking experience as a whole in our theorising may be emphasised again, now that we deal with it on the side of supply. Neither demand nor supply can be atomistically conceived. I do not know the utility of sugar when it is in my cup of coffee, but I do know the difference that it makes to the utility of the cup of coffee ; as a producer of steel I could not separate the cost of a particular ton of steel from the costs of other tons of steel made by me (because many tons of steel are made at a time by groups of productive factors working as a whole), but it would be theoretically feasible to calculate what difference its pro duction made to my total costs. However, it happens, as we have seen, that the cost per unit of output in a business comes on to the stage among the supply forces, and that, in relation to the marginal business, when supplemented in the manner already indi cated, it serves the purpose (the settlement of supply prices) which would be served in a

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