Outlines of Economic Theory
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In our eReader you can find the full English version of the book. Read Outlines of Economic Theory Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Outlines of Economic Theory
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Broadly defined, economic competition is a struggle for maximum economic com^et«;f^^ ° rewards (minimum sacrifice). On the part of producers, it is an attempt to undersell each other, — to find a 201 202 OUTLINES OF ECONOMIC THEORY profitable way of offering more for less ; on the part of buyers, it is an attempt to obtain most for least ; speaking generally, it is a method by which each member of society gets most from society by rendering largest services. In outworking, it is a defective but... automatic method of apportioning rewards to services, and in a secondary way, in some sort of rough approx- imation, a method of apportioning compensation to sacrifice.
The apportionment is accurate only at the margins. In the absence of the ingenuity which competition has stimulated, the economic progress achieved by the race would hardly have been possible. Each producer, in his attempt to economize productive energies, has helped society to its present measure of economic comfort. Competition, always gravitating toward normal values, serves as a permanent indicator of the point of seemingly most profitable adjustment for all individual interests.
What to read after Outlines of Economic Theory?
You can find similar books in the "Read Also" column, or choose other free books by Davenport, Herbert Joseph, 1861-1931. [from Old Catalog] to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Broadly defined, economic competition is a struggle for maximum economic com^et«;f^^ ° rewards (minimum sacrifice). On the part of producers, it is an attempt to undersell each other, — to find a 201 202 OUTLINES OF ECONOMIC THEORY profitable way of offering more for less ; on the part of buyers, it is an attempt to obtain most for least ; speaking generally, it is a method by which each member of society gets most from society by rendering largest services. In outworking, it is a defective but... automatic method of apportioning rewards to services, and in a secondary way, in some sort of rough approx- imation, a method of apportioning compensation to sacrifice.
The apportionment is accurate only at the margins. In the absence of the ingenuity which competition has stimulated, the economic progress achieved by the race would hardly have been possible. Each producer, in his attempt to economize productive energies, has helped society to its present measure of economic comfort. Competition, always gravitating toward normal values, serves as a permanent indicator of the point of seemingly most profitable adjustment for all individual interests.
What to read after Outlines of Economic Theory?
You can find similar books in the "Read Also" column, or choose other free books by Davenport, Herbert Joseph, 1861-1931. [from Old Catalog] to read onlineMoreLess
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