Outline Study of Political Economy

Cover Outline Study of Political Economy
Outline Study of Political Economy
G M George Mckendree Steele
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It has been the design to present the argiuiients on both sides, as clearly and forcibly as possible with the limits at our disposal. Some of the argimients on botli sides are specious rather than conclusi\"e ; though, of course, different writers see in them severally different degrees of force. It is not improbable that much more stress has been laid upon the protectionist argument of the prevention of the degra- dation of labor, than belongs to it. While labor is better paid generally in the... United States than in almost any other countr)', it is not therefore necessarily any more costly to the employer ; since the costliness of labor is estimated not so much by the amount paid for it as by its greater or less effi- ciencv. We have alreadv seen, that, while in Enirland wasres are higher than on the Continent, the same effect of labor costs less in the former than in the latter. So if we compare the European Continent with Southern Asia. Doubtless the same comparison will furnish analogous results as between this countr}- and Great Britain.

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