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. 1914 Excerpt: ...considerable increase in the demand for labor (other things equal), will not take place except at greatly reduced wages. If, therefore, the industry of a country is forced into a line of sharply increasing labor cost, real wages must become lower; though it is likewise true that if industry is forced into a line of ...
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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. 1914 Excerpt: ...considerable increase in the demand for labor (other things equal), will not take place except at greatly reduced wages. If, therefore, the industry of a country is forced into a line of sharply increasing labor cost, real wages must become lower; though it is likewise true that if industry is forced into a line of constant labor cost into which it would not naturally go, real wages will probably become lower.1 1 See 5 5 of this chapter (V of Part II). Ignoring interest, the law of which we have already stated, the surplus of production above the amounts paid as wages constitutes land rent and goes to the owners of land. In our illustration, at wages of $20 a week or slightly less, not more than four men would be employed on the given farm. No one of them would be employed at more than $20 wages, because no one of the four adds more than 20 bushels or $20 to what the product would be without him. The weekly wages of all four will not, therefore, exceed $80. The total product, however, with four men working, is 105 bushels or $105 worth. This leaves $25 a week as land rent to the owner of the farm. If wages were lower, not only would more men be employed, but rent would be higher. If wages were higher, fewer men would be employed and rent would be lower. Some land will yield higher rent; some is so poor as to yield no-rent. When protection turns the industry of a country into a line which it otherwise would not follow, the rents of lands or sites required in this line tend to rise, and the owners of these lands and sites become more prosperous. On the other hand, the rents of lands or sites which were used in the lines from which industry has been turned, tend to fall, and the owners of these lands and sites become less prosperous. Our task is to inquire wha...
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Add this copy of International Trade, a Study of the Economic Advantages to cart. $18.00, new condition, Sold by Ingram Customer Returns Center rated 5.0 out of 5 stars, ships from NV, USA, published 2022 by Legare Street Press.
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Add this copy of International Trade, a Study of the Economic Advantages to cart. $42.31, new condition, Sold by Ria Christie Books rated 5.0 out of 5 stars, ships from Uxbridge, MIDDLESEX, UNITED KINGDOM, published 2022 by Legare Street Press.
