A History of the Theories of Production And Distribution in English Political Ec

Cover A History of the Theories of Production And Distribution in English Political Ec
A History of the Theories of Production And Distribution in English Political Ec
Edwin Cannan
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2 Political Economy, p. 261. 8 Elements, 2d ed. Pp. 24, 25 ; 3d (slightly altered), pp. 24, 25. 5. ] ITS FUNCTIONS 117 treating of the way in which the capital increases the pro- ductive powers of labour, he adds as a sort of appendix : * There are other considerations which equally illustrate the extreme importance of the accumulation and employment of capital. The produce of the labour of a nation cannot be increased otherwise than by an increase in the number of its labourers or in their pro...- ductive powers. But without an increase of capital it is in most cases impossible to employ another workman with advantage. If the food and clothes destined for the support of the labourers, and the tools and machines with which they are to operate, be all required for the maintenance and efficient employment of those already in exist- ence, there can be no additional demand for others. ' 1 The theory, however, finds no place in Senior's Political Economy, and was gradually losing its hold on men's minds, when it re-appeared in J.

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