The Annals of the American Academy of Political and Social Science Volume 4, PT. 1

The Annals of the American Academy of Political and Social Science Volume 4, PT. 1

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1894 edition. Excerpt: ...in the present case, because Dr. von Wieser fails to apprehend the classical account of economic cost, and adopts, on his own part, a view that is closely allied to, if not at bottom identical with, the employer's conception of cost. The employer looks on cost of production firom a purely personal standpoint. For him cost is a question of payments: of outlay for necessary buildings, machinery, materials and labor. By careful book-keeping he can tell with approximate accuracy how much each unit of product costs him. With this as a basis, he can readily tell how much profit can be made by selling his product at any given price. And this, I need_ hardly say, is his primary interest in the whole question. In his view cost is lowered quite as eifectually by a fall in the wages of his laborers as by an improvement in machinery, or the discovery of more prolific sources of materials. Cost is raised, in his estimation, when for any cause his own necessary outlay is increased, even though the whole increase go merely to swell the rewards of others engaged, equally with himself, in the production of the commodity. The mass of mankind has clearly an interest in the cost of production of commodities that finds little recognition in the employer's way of looking at the matter. The economic view of cost must recognize this interest. It can do so only by taking the broadly human point of view: by ignoring the division of men into employers and laborers, and making cost of production a question of the whole exertion or sacrifice men have to undergo in order to produce the various commodities they need. In this view we are to direct our attention solely to the process of production itself, ignoring wholly the arrangements men have made between...show more

Product details

  • Paperback
  • 189 x 246 x 13mm | 440g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236959175
  • 9781236959171