Volkswirtschaftliches Lesebuch für Kaufleute

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Monograph

Identifikator:: 879457236

URN:: urn:nbn:de:zbw-retromon-16989

Document type:: Monograph

Title:: Volkswirtschaftliches Lesebuch für Kaufleute

Place of publication:: Frankfurt a. O.

Publisher:: Verlag der Waldow'schen Buch- und Kunsthandlung (R. Wengler)

Year of publication:: 1905

Scope:: 1 Online-Ressource (XV, 514 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Sechster Teil. — Volkswirtschaftliche Zustände in den Vereinigten Staaten von Amerika

Collection:: Economics Books

70 POLITICAL ECONOMY first enunciate the abstract law and the corresponding abstract law of decreasing returns and briefly justify them, and after wards proceed to enunciate and explain the realistic uniformities. Abstractly the law of increasing returns affirms that when an industry enlarges there must be increasing returns (that is to say, the marginal cost of production must fall), pro vided—and this is a significant point—that there is no dearth of agents in production at least equal in quality to those engaged at the old margin. The truth of this generalisation will be immediately apparent. When the industry enlarges all parts of its working will tend to become more specialised, and special ism will tend more thoroughly to interpenetrate the industries subsidiary to it. Specialising is economical, so, if nothing happens to counteract its effects, the marginal cost of production must fall. Now the only thing which could counteract its effects would be a limitation of suitable agents in production at least equal in economic value to those at the old margin ; and the possibility of this has been rejected. Hence the inevitable tendency to increasing returns in the circum stances described. But we must not, of course, jump to the conclusion that, when-

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