The Theory of Wages Adjusted to Recent Theories of Value

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G. H. Ellis, printer, 1894 - 28 стор.
 

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Сторінка 17 - 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 26 - 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 27 - Here the supply of that kind of labor will cease ; and its rate of wages will be measured by the productivity, as well as by the expense of the marginal increment. Those who are able to acquire proficiency in that line of work at a less cost than the marginal man enjoy a rent for their personal qualities.* The nature of what is usually termed superior ability or talent needs examination. It may mean the capacity * This may be illustrated by the diagram on page 399.
Сторінка 26 - 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 11 - But the manufacturer, as well as the carpenter or blacksmith, always comes to a point where the advantages of a few more tools are not sufficient to repay their cost. If labor increases relatively to land and capital, the laborer is handicapped by lack of proper tools and sufficient room to work to the best advantage. He can therefore be less profitably employed than he can when there is a smaller number of laborers. The last laborer added to the supply adds less to the total product than his predecessors....
Сторінка 28 - ... 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 21 - ... want of a better term we are compelled to use the term " domestic affections " in a somewhat general sense, including the sum total of those motives which impel toward marriage and the begetting of offspring. If we distinguish between the animal passions and the higher domestic affections, we shall find that the latter quite often check rather than increase population by making parents more considerate of the future of their children, and unwilling to risk their best interests by having too many...
Сторінка 26 - ... taken of differences in native and hereditary qualities, just as we must take account of difference in situation and " original and indestructible powers of the soil " in the rent of land. The marginal productivity of labor of any class determines the rate of wages of that class. But, with different kinds and qualities of labor, there are different causes for the limitation of the supply. Hitherto we have simply discussed the causes which limit the general class of unskilled labor. When we consider...
Сторінка 22 - ... at a high price. The standard of living of laborers and the cost of producing wheat only affect wages and the price of wheat by limiting the quantity supplied. It is, perhaps, more nearly true to say that the marginal increment of labor is determined by the price of labor than to say that the price is determined by the marginal increment, though * Wealth and Progress and Principles of Social Economics.
Сторінка 19 - ... production of that commodity. 3. The laborer does not consciously estimate what it has cost to produce him, and then set the price of his labor accordingly. Neither does the farmer thus set the price of his wheat. In either case, production precedes sale; and the seller gets all he can, regardless of cost of production. But in either case, if the sellers are unable to get enough to induce a continuance of the same rate of production, the supply will be eventually diminished until the price does...

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