Principles of Political Economy volume 3

Cover Principles of Political Economy volume 3
Principles of Political Economy volume 3
Nicholson, J. Shield (Joseph Shield), 1850-1927
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We cannot in this case, consistently with the view taken in this work, adopt as our standard maximum utility, 230 ECONOMIC FUNCTIONS OF GOVERNMENT.
and simply consider how far individual freedom fails to realise this ideal ; nor can we take for our standard some particular meaning of justice as determined by ethics, or by natural or revealed religion.
Whatever view, however, is taken of the ultimate ideal of distribution, the principal question to determine is this : How far does perfect freedo
...m of competition, or more generally the individualistic system, as regards labour and property, secure for each the net value l of his contribution to the national dividend? To what extent failure in this respect amounts to a failure in justice or a loss of utility or of liberty involves a wider philosophical inquiry.
In previous portions of this work I have noticed the failures of distribution due to practical difficulties in se- curing full play to freedom, the failures due to want of mobility of labour and capital, and to the friction of use and wont and other social influences.


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