The Distribution of Wealth

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Сторінка 134 - Labour, like all other things which are purchased and sold, and which may be increased or diminished in quantity, has its natural and its market price. The natural price of labour is that price which is necessary to enable the labourers, one with another, to subsist and to perpetuate their race, without either increase or diminution.
Сторінка 180 - THE whole of the advantages and disadvantages of the different employments of labour and stock, must, in the same neighbourhood, be either perfectly equal, or continually tending to equality. If in the same neighbourhood, there was any employment evidently either more or less advantageous than the rest, so many people would crowd into it in the one case, and so many would desert it in the other, that its advantages would soon return to the level of other employments.
Сторінка 2 - By the price of a thing, therefore, we shall henceforth understand its value in money; by the value, or exchange value of a thing, its general power of purchasing; the command which its possession gives over purchasable commodities in general.
Сторінка 179 - M greatly increase or diminish the total supply of labor. Population changes very slowly, though the fund of unemployed labor may act more quickly on the supply. But it will be difficult to find two commodities whose supplies can be increased or diminished with precisely the same degree of expedition. Labor is simply an extreme case among those commodities whose demand and supply are very slowly adjusted to one another. Yet there is the same tendency for such an adjustment to take place as has long...
Сторінка 184 - A all cases in the determination of wages, that the standard of living and the painfulness of labor are the efficient causes for the limitation of the supply of labor in general, that the marginal cost of acquiring proficiency in the skilled occupations is the efficient cause for the limitation of the supply of specially skilled labor, and that there is an element of "rent" of personal ability as well as of land.
Сторінка 67 - ... chapter, is the condition which exists wherever men find it to their advantage to extend their cultivation to any but their best land. Leaving out of account the increasing or decreasing economy of large-scale production, we may add the following : — 3.
Сторінка 180 - The five following are the principal circumstances which, so far as I have been able to observe, make up for a small pecuniary gain in some employments, and counterbalance a great one in others...
Сторінка 256 - Clark in relation to value seems capable of a much wider application than it has yet received. Its application to the theory of value is familiar to all. This paper is an attempt to apply it to the theory of interest, and it seems to the writer that the theory of wages might be made much clearer by an application of the same principle. The question as to whether or not interest ought...
Сторінка 65 - What is the best proportion in which to combine the various factors ? 2. What is the best size for the whole business unit ? The law of diminishing returns has to do only with the former of these questions. That is to say, it relates to the varying productivity of an industrial unit when the factors are combined in varying proportions. On the other hand, the law which relates to the comparative economy of large and small scale production has to do primarily with the size of the 1 Cf. CJ Bullock on...
Сторінка 169 - ... and thus operate as a check upon further increase. (3) Owing to the law of diminishing returns, a larger number of people cannot, in any given state of civilization and the industrial arts, be so well provided for as a smaller number. (4) There is a strong natural instinct which inclines the members of our species to the multiplication of numbers, and unless this is counteracted by other motives, it will lead to an increase of population beyond the limits where comfortable subsistence is possible....

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