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The Depression in Trade and the Wages of Labor

The Depression in Trade and the Wages of Labor


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Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: it sometimes turns out in the end that the learned were wrong and the people right, ? that the finely drawn arguments, on which the former built their theories, involved fallacies fatal to the truth of their conclusions, while the rougher reasoning processes of the latter led them by a sort of instinct to true results. With regard to general over-production, ? by which is meant, not a production in excess of mankind's readiness to consume if products were to be distributed gratuitously, but a production in excess of the demand which is backed by both the inclination to acquire, and the ability to pay for, the things demanded,1 ? those who claim that such over-production is possible, certainly have an appearance of facts in their favor. They say that it is possible, because it actually exists at the present time, and as evidence of the truth of this assertion they point to the fact that the chief producers in every branch of industry (and these men may well be supposed to be acquainted each with the state of the market for his own products) have long been complaining that in their respective lines of business over-production actually exists. Factoryowners have, for this reason, been working their factories below their full capacity, and have endeavored to reduce the aggregate of production by mutual agreements with others in the same business, whereby the products of each should, during a certain period, be limited to a prescribed amount. If there is evident over-production in all the more important branches of business, what can be the branches in which there is an amount of under-production sufficient to redress the balance and leave the world with, on the whole, no excess of production over consumption ? Unless such instances of under-production can be pointed out, it is evident...


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Product Details
  • ISBN-13: 9780217951326
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 229 mm
  • No of Pages: 22
  • Spine Width: 1 mm
  • Width: 152 mm
  • ISBN-10: 0217951325
  • Publisher Date: 14 Oct 2010
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 45 gr


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