Economics An Account of the Relations Between Private Property And Public Welfa
Economics An Account of the Relations Between Private Property And Public Welfa
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, if the' rates of supply and demand are permanently equal at this ratio, it indicates that the cost of producing the last ounces of gold is 1. 3 of the cost of producing the last bushels of wheat supplied to such a market. For if the cost of producing an ounce of gold were greater than that of 1. 3 bushels of wheat, some of the producers would gradually cease to mine gold and devote their capital to wheat raising ; and conversely, if the cost of producing one ounce of gold were less than that ...of pro- ducing 1. 3 bushels of wheat which are exchanged for it, some of the producers would cease to grow wheat and gradually devote their capital to gold mining.
225. Now suppose that to the uses of gold in the arts is added a new use as capital. A part of the gold which was formerly used for ornament or manufacture will now be used for monetary purposes. The part which is given up to these new purposes will be that for which the purchasers were formerly willing to give the lowest rate ; in the case supposed, 1.
What to read after Economics An Account of the Relations Between Private Property And Public Welfa?
You can find similar books in the "Read Also" column, or choose other free books by Hadley, Arthur Twining, 1856-1930 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
, if the' rates of supply and demand are permanently equal at this ratio, it indicates that the cost of producing the last ounces of gold is 1. 3 of the cost of producing the last bushels of wheat supplied to such a market. For if the cost of producing an ounce of gold were greater than that of 1. 3 bushels of wheat, some of the producers would gradually cease to mine gold and devote their capital to wheat raising ; and conversely, if the cost of producing one ounce of gold were less than that ...of pro- ducing 1. 3 bushels of wheat which are exchanged for it, some of the producers would cease to grow wheat and gradually devote their capital to gold mining.
225. Now suppose that to the uses of gold in the arts is added a new use as capital. A part of the gold which was formerly used for ornament or manufacture will now be used for monetary purposes. The part which is given up to these new purposes will be that for which the purchasers were formerly willing to give the lowest rate ; in the case supposed, 1.
What to read after Economics An Account of the Relations Between Private Property And Public Welfa?
You can find similar books in the "Read Also" column, or choose other free books by Hadley, Arthur Twining, 1856-1930 to read onlineMoreLess
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