Principles of Social Economics Inductively Considered And Practically Applied
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In our eReader you can find the full English version of the book. Read Principles of Social Economics Inductively Considered And Practically Applied 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 Principles of Social Economics Inductively Considered And Practically Applied
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The same difficulty arises here as in the case of prices ; indeed, wages are simply the price of labor. If D pays higher wages, then the laborers of C, B, and A will refuse to work unless they can have the same. If A is compelled to raise wages equal to 25 cents a bushel, the cost and hence the minimum price of his product will necessarily rise to $1. 25 a bushel, which will then be the price of the whole product. Thus, all that D, C, and B are by this means forced to give to the laborer in hig...her wages, A is forced to demand back again from the consumer in higher prices, and the difference or surplus will be exactly as before, the only change being that both wages and prices have risen 25 cents. In short, there are no economic means by which A can obtain an equivalent of the cost of his product which will not give B, C, and D a surplus ; and con- versely, there are no means by which D can sell at cost which will not bankrupt C, B, and A.
There are two conditions which, under economic freedom, all competing producers must fulfil or leave the business : other things being the same, they must pay the same wages and sell their products at the same price as their competitors in the same market.
What to read after Principles of Social Economics Inductively Considered And Practically Applied?
You can find similar books in the "Read Also" column, or choose other free books by George Gunton to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The same difficulty arises here as in the case of prices ; indeed, wages are simply the price of labor. If D pays higher wages, then the laborers of C, B, and A will refuse to work unless they can have the same. If A is compelled to raise wages equal to 25 cents a bushel, the cost and hence the minimum price of his product will necessarily rise to $1. 25 a bushel, which will then be the price of the whole product. Thus, all that D, C, and B are by this means forced to give to the laborer in hig...her wages, A is forced to demand back again from the consumer in higher prices, and the difference or surplus will be exactly as before, the only change being that both wages and prices have risen 25 cents. In short, there are no economic means by which A can obtain an equivalent of the cost of his product which will not give B, C, and D a surplus ; and con- versely, there are no means by which D can sell at cost which will not bankrupt C, B, and A.
There are two conditions which, under economic freedom, all competing producers must fulfil or leave the business : other things being the same, they must pay the same wages and sell their products at the same price as their competitors in the same market.
What to read after Principles of Social Economics Inductively Considered And Practically Applied?
You can find similar books in the "Read Also" column, or choose other free books by George Gunton to read onlineMoreLess
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