The Development of Economics,1750-1900

The Development of Economics,1750-1900

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...supply bears to the demand." 68 This was in itself quite a conundrum. However, by the time that J. S. Mill wrote his "Principles" it was necessary to go still farther, lest the public should be altogether in the dark. So now, in spite of an audacious juxtaposition of labor costs and expenses--in which even taxes had a part--the theorem was propounded which has since become a commonplace. To wit, we are told that supply and demand cannot be ratios, nor that it is fair to think of a causal relation running in one direction, since in reality the definition of demand and value prove merely that supply and demand must equate at some point, for "competition equalizes them." Say had long ago called attention to the inadequacy of the Smithian formula. Now, a half century later, it is argued that demand depends on value just as truly as the reverse may be asserted. For commodities therefore "not susceptible of being multiplied at pleasure" (and this class Mill admitted is large), "the value which a commodity will bring in any market is no other than the value which, in that market, gives a demand just sufficient to carry off the existing or expected supply." B9 Nominally this explanation covered only the group mentioned, namely, the non-reproducibles at will, but on second thought its importance for all other articles became palpable enough. If Mill, therefore, found a price law for goods not reproducible at all, and a second for goods reproducible at changing returns, this did not deceive other writers. Increasingly expenses are analyzed at the sacrifice of non-competitive costs; increasingly the issue is seen to lie as between demand and supply, the latter going back to expenses. The absence of a proportionate "Principles of Political Economy, ch. 2, ...show more

Product details

  • Paperback | 102 pages
  • 189 x 246 x 5mm | 195g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 123666423X
  • 9781236664235