Sir Edward West On the Application of Capital to Land, 1815
Sir Edward West On the Application of Capital to Land, 1815
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We return then to the old question, whether the diminution of the prolits of stock in the progress of improvement can be caused by the increase of the wages of labour. Now, 1st, If such were the fact, how comes it that both the wages of labour and profits of stock are high at the same moment in America.
The wages of labour being higher in America than in this country, if the rise of the wages of labour were the only rea- son of the diminution of the profits of stock, the profits of 22 Sib Edwar...d West stock in America should be lower than they are here. But we know that they are much higher.
To enter a little more particularly into the subject of the wages of labour, they, like the price of every thing else, must depend on the supply and demand. The supply of course depends on the amount of the population; the demand de- pends, as Dr. Smith states, on the amount of the stock of the 28 country.* If then || the stock increase faster than the popu- lation, the demand increases faster than the supply, and wages must rise; if the stock and population increase equally, wages will remain stationary; and if population increase more rapidly than the stock, wages must fall.
What to read after Sir Edward West On the Application of Capital to Land, 1815?
You can find similar books in the "Read Also" column, or choose other free books by West, Edward, Sir, 1782-1828 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
We return then to the old question, whether the diminution of the prolits of stock in the progress of improvement can be caused by the increase of the wages of labour. Now, 1st, If such were the fact, how comes it that both the wages of labour and profits of stock are high at the same moment in America.
The wages of labour being higher in America than in this country, if the rise of the wages of labour were the only rea- son of the diminution of the profits of stock, the profits of 22 Sib Edwar...d West stock in America should be lower than they are here. But we know that they are much higher.
To enter a little more particularly into the subject of the wages of labour, they, like the price of every thing else, must depend on the supply and demand. The supply of course depends on the amount of the population; the demand de- pends, as Dr. Smith states, on the amount of the stock of the 28 country.* If then || the stock increase faster than the popu- lation, the demand increases faster than the supply, and wages must rise; if the stock and population increase equally, wages will remain stationary; and if population increase more rapidly than the stock, wages must fall.
What to read after Sir Edward West On the Application of Capital to Land, 1815?
You can find similar books in the "Read Also" column, or choose other free books by West, Edward, Sir, 1782-1828 to read onlineMoreLess
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