An Exposition in Outline of the Relation of Certain Economic Principles to Socia
An Exposition in Outline of the Relation of Certain Economic Principles to Socia
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The meaning of this, of course, is that here, other things being equal, a unit of labor and a unit of capi- tal have a greater value in a large enterprise than in a small one. But, of course, other things may not be equal ; a considerable increase in the population or a disaster in other lines of business may so stock the labor market that sixty men can be as easily obtained as fifty, with no increase of wage. So with the capital : its great abundance at the time it is possible for the entrepre...neur to enlarge his business may enable him to get his last $10, 000 though it be worth more to him than $10, 000 of his first $50, 000 at the same rate that, or even at a lower rate than, he paid for his first $50, 000. " We are not concerned to prove that the value, or even the produc- tive power (quantitatively considered), of a unit of any of the factors of production increases with the size of the combination into which it enters. On the contrary, we know that, once past the point of dimin- ishing returns, the (quantitative) productive power not necessarily the value of a unit of any one of the factors of production diminishes with the increase in the extent of the combination.
What to read after An Exposition in Outline of the Relation of Certain Economic Principles to Socia?
You can find similar books in the "Read Also" column, or choose other free books by Sanders, Frederic W. (Frederic William), 1864-1919 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The meaning of this, of course, is that here, other things being equal, a unit of labor and a unit of capi- tal have a greater value in a large enterprise than in a small one. But, of course, other things may not be equal ; a considerable increase in the population or a disaster in other lines of business may so stock the labor market that sixty men can be as easily obtained as fifty, with no increase of wage. So with the capital : its great abundance at the time it is possible for the entrepre...neur to enlarge his business may enable him to get his last $10, 000 though it be worth more to him than $10, 000 of his first $50, 000 at the same rate that, or even at a lower rate than, he paid for his first $50, 000. " We are not concerned to prove that the value, or even the produc- tive power (quantitatively considered), of a unit of any of the factors of production increases with the size of the combination into which it enters. On the contrary, we know that, once past the point of dimin- ishing returns, the (quantitative) productive power not necessarily the value of a unit of any one of the factors of production diminishes with the increase in the extent of the combination.
What to read after An Exposition in Outline of the Relation of Certain Economic Principles to Socia?
You can find similar books in the "Read Also" column, or choose other free books by Sanders, Frederic W. (Frederic William), 1864-1919 to read onlineMoreLess
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