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 Excerpt: ...article was held not to include rentals. As long as his concept of one-use lands, no-rent lands, differential productivities, and population-pressure seemed irrefutable rent could not figure in such prices. But what of the law of supply and demand? Was this to be trodden under foot because of costs in the objective ...
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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 Excerpt: ...article was held not to include rentals. As long as his concept of one-use lands, no-rent lands, differential productivities, and population-pressure seemed irrefutable rent could not figure in such prices. But what of the law of supply and demand? Was this to be trodden under foot because of costs in the objective sense? The answer was: By no means. Demand, meaning by it want accompanied by purchasing power, was as genuine a factor in the situation as ever; but one should, nonetheless, regard it as only a function of value on the one hand, and of supply on the other. Malthus, e. g., had already warned his readers that supply and demand is "the dominant principle in the determination of prices," and "costs of production can do nothing but in subordination to it, that is merely as this cost affects... the relation which the supply bears to the demand." 58 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 suscept...
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Add this copy of The Development of Economics 1 to cart. $27.23, new condition, Sold by Paperbackshop rated 4.0 out of 5 stars, ships from Bensenville, IL, UNITED STATES, published 2019 by Hardpress Publishing.
Add this copy of The Development of Economics to cart. $36.97, new condition, Sold by Booksplease rated 3.0 out of 5 stars, ships from Southport, MERSEYSIDE, UNITED KINGDOM, published 2019 by Hardpress Publishing.
