A Treatise On Political Economy
A Treatise On Political Economy
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We have seen by what agencies they are produced, how they are distributed, and in what manner consumed ; and we have seen that their present average rate in the world-wide field of production, is about five per cent, per annum. It is important that we know by what influ - ences this rate is governed. Is it the offspring of chance, and liable to change with every variation of circum- stances in the field of production ? Or do the natural laws of trade establish a standard rate, from which the pr...ofits of production cannot depart without giving ac- tion to causes which tend to bring them back ? I have advanced the opinion that they do establish such a rate, and will now proceed to demonstrate the correctness of that opinion.
CHAP. III. J LAWS OF TRADE. 117 In the first place, we will consider the commercial world as a single field of production, and we will assume that the standard rate of profit is 5 p. Ct. Per annum ; that its establishment and maintenance requires the existence of productive capital in the proportion of $500 to an adult citizen or industrial agent the market value of land being, of course, as much more ; and that the mean cost of rearing and educating chil- dren, (including the value consumed by those that die before reaching their majority, ) is equal to both- namely $1, 000 each.
What to read after A Treatise On Political Economy?
You can find similar books in the "Read Also" column, or choose other free books by George Opdyke to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
We have seen by what agencies they are produced, how they are distributed, and in what manner consumed ; and we have seen that their present average rate in the world-wide field of production, is about five per cent, per annum. It is important that we know by what influ - ences this rate is governed. Is it the offspring of chance, and liable to change with every variation of circum- stances in the field of production ? Or do the natural laws of trade establish a standard rate, from which the pr...ofits of production cannot depart without giving ac- tion to causes which tend to bring them back ? I have advanced the opinion that they do establish such a rate, and will now proceed to demonstrate the correctness of that opinion.
CHAP. III. J LAWS OF TRADE. 117 In the first place, we will consider the commercial world as a single field of production, and we will assume that the standard rate of profit is 5 p. Ct. Per annum ; that its establishment and maintenance requires the existence of productive capital in the proportion of $500 to an adult citizen or industrial agent the market value of land being, of course, as much more ; and that the mean cost of rearing and educating chil- dren, (including the value consumed by those that die before reaching their majority, ) is equal to both- namely $1, 000 each.
What to read after A Treatise On Political Economy?
You can find similar books in the "Read Also" column, or choose other free books by George Opdyke to read onlineMoreLess
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