30

POLITICAL  ECONOMY

mean  the  price  attained  after  the  employer
had  taken  every  possible  step  to  increase
his  output,  on  the  assumption  that  meanwhile
no  new  machinery  had  been  constructed,  no
new  mines  had  been  opened  up,  and  no  new
labour  had  been  specialized.  The  long-period
effect  on  price  would  be  the  alteration  in  price
ultimately  reached  after  full  time  had  been
given  for  the  change  to  work  out  its  complete
consequences,  provided  that  no  other  change
bearing  upon  the  situation  took  place  meanwhile. ­

The  three  ends  distinguished  above  are
not  found  in  independent  existence  in  the
actual  world,  because  all  the  tendencies  to
which  we  have  referred  are  unceasingly  acting ­
  together.  The  ends  actually  met  with
are  the  intermixed  effects  of  compounded
forces  with  shorter  or  longer  time  periods.
It  is  in  particular  true  of  the  long-period
tendencies  that  their  full  economic  results  arc
never  actually  attained.  Other  changes,  setting ­
  on  foot  other  tendencies,  are  bound  to
intervene  before  a  given  change  can  eventuate
in  its  final  outcome.  We  may,  therefore,  be
led  to  question  whether  a  study  of  long-period
phenomena  fulfils  any  useful  purpose  ;  but
a  brief  deliberation  should  lead  us  to  an
affirmative  answer.  The  study  is  of  value