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Home > Art, Film & Photography > The Physiology of Industry; Being an Exposure of Certain Fallacies in Existing Theories of Economics
The Physiology of Industry; Being an Exposure of Certain Fallacies in Existing Theories of Economics

The Physiology of Industry; Being an Exposure of Certain Fallacies in Existing Theories of Economics


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About the Book

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: we find a shop or town suffering from a rapid decline of trade, this decline does not cause an accumulation of stock, but, on the contrary, the stock offered for sale decreases more or less in proportion. The same holds good of the manufacturer. If a manufacturer finds his sales decreasing, he decreases the quantities of raw material under treatment, and does not even maintain the whole of his plant in efficient repair. Every contraction in the quantity demanded, therefore, operating through price and profit, reduces the stock of shop goods and raw material, and causes portions of the existing plant to be no longer maintained. No matter how much capital may be available for use, the inducement to use it depends exclusively on the demand for commodities, and if this demand decreases a force is set in operation which, working through price and profit at each stage in the process of production, decreases the quantity of forms of capital in existence. This decrease is in no wise due to any difficulty in maintaining and keeping these forms in order or in replacing them by new ones, but is due exclusively to the fact that no cue has any inducement to maintain them or to replace them by new ones. Although it has been shown in the preceding argument that the money income of the community, being composed of the margins of gain at different points in the productive process, varies with consumption, it is important to identify the actual money paid by consumers for commodities as the ultimate source of all incomes. If we consider the individual in a community, it is evident that his income is received by him as payment for the use of that requisite of production which he owns. If he be a labourer, hereceives his income (wages) as. a demand for the use of his labour; if he owns land, mi...


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Product Details
  • ISBN-13: 9781458929099
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 108
  • Spine Width: 6 mm
  • Width: 189 mm
  • ISBN-10: 1458929094
  • Publisher Date: 01 Oct 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 209 gr


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