Wealth And Welfare
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p. 254).
^ Cf. Chapman, Unemplm/ment in Lancashire, p. 87.
* Cadbury, Women's WorJc, p. 172.
188 WEALTH AND WELFARE partu that a commodity shall give rise to only a small proportion of the total cost of any further commodities, in the production of which it may be employed. The reason, of course, is that, when the proportion is small, a large percentage rise in the price of the commodity, with which we are concerned, involves only a small percentage rise in the price of these further commoditie...s, and, therefore, only a small percentage contraction of consumption.
Dr. Levy suggests that this condition brings about inelasticity of demand in respect of the ordinary raw materials of industry.^ The third condition is that the further commodities, if any, in whose production our commodity is employed, shall be such that substitutes cannot easily be found for them. Thus, the raw materials of the building trade should be subject, other things being equal, to a less elastic demand than those of the engineering trade, because foreign machines can compete with English machines much more easily than foreign houses can compete with English houses.^ A more elaborate illustration is available in respect of the particular commodity labour.
What to read after Wealth And Welfare?
You can find similar books in the "Read Also" column, or choose other free books by Pigou, A. C. (Arthur Cecil), 1877-1959 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
p. 254).
^ Cf. Chapman, Unemplm/ment in Lancashire, p. 87.
* Cadbury, Women's WorJc, p. 172.
188 WEALTH AND WELFARE partu that a commodity shall give rise to only a small proportion of the total cost of any further commodities, in the production of which it may be employed. The reason, of course, is that, when the proportion is small, a large percentage rise in the price of the commodity, with which we are concerned, involves only a small percentage rise in the price of these further commoditie...s, and, therefore, only a small percentage contraction of consumption.
Dr. Levy suggests that this condition brings about inelasticity of demand in respect of the ordinary raw materials of industry.^ The third condition is that the further commodities, if any, in whose production our commodity is employed, shall be such that substitutes cannot easily be found for them. Thus, the raw materials of the building trade should be subject, other things being equal, to a less elastic demand than those of the engineering trade, because foreign machines can compete with English machines much more easily than foreign houses can compete with English houses.^ A more elaborate illustration is available in respect of the particular commodity labour.
What to read after Wealth And Welfare?
You can find similar books in the "Read Also" column, or choose other free books by Pigou, A. C. (Arthur Cecil), 1877-1959 to read onlineMoreLess
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