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The Common Sense of Political Economy

BooksWhale-Ausgabe auf Englisch von Philip Wicksteed

An influential economics classic on choice, value, marginal utility, exchange, and everyday economic reasoning.

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The Common Sense of Political Economy

The Common Sense of Political Economy presents Philip Wicksteed’s influential analysis of value, choice, exchange, marginal utility, and economic coordination. This English original is valuable for readers of economics history, political economy, market theory, social science, and classical economic thought.

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Philip Wicksteed died in 1927, and The Common Sense of Political Economy was first published in 1910; these dates support the public-domain basis for this original English edition.

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The Common Sense of Political Economy

Philip Wicksteed

" marginal " theory to Economics, but what are the main applications of that theory inevitably demanded by the facts. The general absence of references or acknowledgments, there- fore, must not in any case be regarded as an implied claim on the author's part to a special property in the argument or illustration in question.

But whereas this general explanation will, I hope, clear me from the charge of ingratitude, or worse, with reference to the great masters and the published works on Economics, it cannot absolve me from the duty of registering some few of the personal obligations under which I have from time to time been laid during the many years over which the direct and indirect preparations for this work have extended.

To Mr. Graham Wallas, to Mr. H. H. Cunynghame, and to several members of my own family, I owe criticisms or suggestions which they may well have forgotten, but which have been of decisive importance to the development of my own thought. To very many friends, of whom I will only

mention Mr. H. T. Gerrans of Worcester College, Oxford, Professor Kuenen of Leiden, Mr. James Eigg of the Eoyal Mint, Mr. H. E. Beeton of the Stock Exchange, and Mr. S. H. Davies of York, I owe help and information un- grudgingly given on special points. To Professor Poxwell I am grateful for encouragement and support that have never failed since I first began the study of Political Economy, and to Professor Steffen of Gothenburg I owe a like debt of almost as long standing. To Professor Lees Smith I have to offer my very special thanks for his kindness in reading the manuscript of the First Book and giving me valuable suggestions about it. I need hardly add that not one of these gentlemen is either directly or indirectly responsible for any arguments or conclusions contained in this work.

Other obligations, not less deeply felt, I am, for one cause or another, precluded at present from expressly acknowledging.

Ein jeder lebt's, nicht vielen ist's bekannt. — Goethe.

We are all doing it ; very few of us imderstand what we are doing.

VorschaukapitelINTEODUCTIONVorschau

In the ordinary course of our lives we constantly consider how our time, our energy, or our money shall be spent. That is to say, we decide between alternative applications of our resources of every kind, and endeavour to administer them to the best advantage in securing the accomplishment of our purposes or the humouring of our inclinations. It is the purpose of this book to evolve a consistent system of Political Economy from a careful study and analysis of the principles on which we actually conduct this current administration of resources.

I assume no previous acquaintance on the part of the reader with works on Political Economy, and rely on no- hypotheses except such as the common experience of life suggests and explains. But since the system evolved from them will differ in some important particulars from traditional doctrine it will be suitable at the outset to render some^ account of the relation in which it stands to current or recent economic theory.

On the 1st of June 1860, William Stanley Jevons wrote to his brother, Herbert :

In the last few months I have fortunately strucik out -vvliat I have no doubt is the true Theonj of Economy, so thorough-going and consistent,, that I cannot now read other hooks on the subject without indignation.

Some eight weeks later he spoke of his theory as destined to " re-establish the science on a sensible basis " ; and at last, in 1871, he embodied it in his Theory of Political Economy. Now Jevons's great discovery, like so many others, was nothing but a discovery of the obvious ; for it was the discovery that whereas human wants are sometimes capable of complete satisfaction, and sometimes of gradual assuagement,.

VorschaukapitelBVorschau

in any case the relative urgency with which they demand farther gratification is affected by the extent to which they have already been satisfied. So that a slice of bread and butter is not of the same significance in comparison with other things — the pleasure of smoking a pipe of tobacco, or of going out to look at a sunset, for example — if one has had nothing to eat for several hours, and if he has just enjoyed a hearty meal.

Walras in Switzerland, Menger in Austria, and Jevons in England, were all of them, without knowledge of each other's work, erecting a theory of value upon this obvious but strangely neglected principle, which bases economic thought on the broad experiences of daily life and the psychology of choice between alternatives. All the most noteworthy advances in the theory of Political Economy that have since been made are the inevitable developments of this single principle.

This principle furnishes the clue to all the most intricate problems of the abstract theory of Political Economy ; and I believe that the reconstruction contemplated by Jevons has been carried to a far more advanced point than is generally realised even by those who are themselves accomplishing it. Adhesion to the traditional terminology, methods of arrange- ment, and classification, has disguised the revolution that has taken place. The new temple, so to speak, has been built up behind the old walls, and the old shell has been so piously preserved and respected that the very builders have often supposed themselves to be merely repairing and strengthening the ancient works and are hardly aware of the extent to which they have raised an independent edifice. I shall try to shew in this book that the time has come for a frank recognition of these facts.

My book therefore has two distinct but connected aims. It attempts to start with the reader from the very beginning, and to place a clue in his hands which will lead him, directly and inevitably, from the facts and observations of his own daily experience to an intimate comprehension of the machinery of the commercial and industrial world. And secondly, it attempts (implicitly in the First Book, more explicitly in the Second) to convince professed students of Political Economy that any special or unusual features in the system thus

constructed are not to be regarded as daring innovations or as heresies, but are already strictly involved, and often explicitly recognised, in the best economic thought and teaching of recent years.

It may be convenient here to indicate in advance the main features of the construction thus attempted.

It will easily be shown that the principle laid down by Jevons is not exclusively applicable to industrial or commercial affairs, but runs as a universal and vital force through the administration of all our resources. It follows that the general principles which regulate our conduct in business are identical with those which regulate our deliberations, our selections between alternatives, and our decisions, in all other branches of life. And this is why we not only may, but must, take our ordinary experiences as the starting point for approaching economic problems. We must regard industrial and commercial life, not as a separate and detached region of activity, but as an organic part of our whole personal and social life ; and we shall find the clue to the conduct of men in their commercial relations, not in the first instance amongst those characteristics wherein our pursuit of industrial objects differs from our pursuit of pleasure or of learning, or our efforts for some political and social ideal, but rather amongst those underlying principles of conduct and selection wherein they all resemble each other ; for only so can we find the organic place of industry in our conception of life as a whole.

Having made our preliminary study of the psychology of choice, or the principles which regulate our selection between alternatives, we shall proceed to the special applica- tion of these principles to the commercial and industrial life, and to the characteristic phenomena which it manifests. It is not surprising that our definition of the area of the indus- trial and commercial or economic life should demand some revision when approached from this point of view. If earlier generations of investigators were chiefly intent on sharply defining Political Economy as a separate and self-contained area, and if our present tendency is to regard it as an integral

Inhaltsverzeichnis

In dieser Ausgabe

  1. 01Full text
  2. 02INTEODUCTION
  3. 03B
  4. 04part of the general life of society ; if former generations were
  5. 05action of others what he cannot accomplish directly through
  6. 06INTRODUCTIOSr 5
  7. 07action, and that market prices are their most characteristic
  8. 08acts; so that he is in fact himself, by his own action, con-
  9. 09book cannot be regarded as substitutes for each other. But
  10. 10BOOK I
  11. 11SYSTEMATIC AND CONSTRUCTIVE
  12. 12CHAPTEE I
  13. 13INTRODUCTOKY : ADMINISTRATION OF RESOURCES AND CHOICE
  14. 14BETWEEN ALTERNATIVES. PRICE AND THE RELATIVE SCALE
  15. 1514 THE COMMOJSr SENSE OF POLITICAL ECONOMY bk. i
  16. 16activity. If we go on to analyse our conception of " waste,"
  17. 17actions, and less upon deliberate regulations laid down with
  18. 18c
  19. 19CH. 1 THE EELATIVE SCALE 21
  20. 20particular things, but the price of a number of other things
  21. 21particular stall in the market-place, we may therefore add the
  22. 22part of a maid. And note, at this point, that the implication
  23. 23OH. 1 THE RELATIVE SCALE 29
  24. 24actual or ideal, may all be regarded as comparable
  25. 25D
  26. 26CH. 1 THE RELATIVE SCALE 35
  27. 27chapter has been to explain and to illustrate it.
  28. 28CHAPTEE II
  29. 29MARGINS. DIMINISHING PSYCHIC RETURNS
  30. 3040 THE COMMON" SENSE OF POLITICAL ECONOMY bk. i
  31. 31CH. u DIMINISHING PSYCHIC RETURNS 41
  32. 32CH. 11 DIMINISHING PSYCHIC RETURNS 45
  33. 33• D'
  34. 34P'
  35. 35II
  36. 36'■O
  37. 37V'
  38. 38cc
  39. 39O
  40. 40P-
  41. 41K)
  42. 42CH. II
  43. 43DIMINISHING PSYCHIC RETURNS
  44. 44E
  45. 45EK. I
  46. 46■CH. II DIMINISHING PSYCHIC RETURNS 51
  47. 47EK. I
  48. 48lid.
  49. 49<!H. II DIMINISHING PSYCHIC KETURNS 51
  50. 50DIMINISHING PSYCHIC RETURNS
  51. 51DIMINISHING PSYCHIC RETURNS
  52. 52id.
  53. 53id.
  54. 54V-
  55. 55LIMITING RATE. 9/10
  56. 56I
  57. 57m
  58. 58I
  59. 59I
  60. 60I
  61. 61DIAGEAM TO ILLUSTRATE TABLE L
  62. 62OQ
  63. 63A
  64. 64M
  65. 65m
  66. 66CD
  67. 67CD
  68. 680--M
  69. 69C5
  70. 70O
  71. 71m
  72. 72m
  73. 73M
  74. 74'S ^
  75. 75''S^
  76. 76T
  77. 77X
  78. 78OO
  79. 79O
  80. 80CO
  81. 81O;'0
  82. 82CO
  83. 83CO
  84. 84-B
  85. 85H /
  86. 86O
  87. 87CD
  88. 88M
  89. 89m
  90. 90m
  91. 91A/
  92. 92C2
  93. 93CD
  94. 94DIMINISHING PSYCHIC EETURNS
  95. 95DIMINISHING PSYCHIC RETURNS
  96. 96A
  97. 97B
  98. 98A
  99. 99B
  100. 100A
  101. 101B
  102. 102DIMINISHING PSYCHIC RETURNS
  103. 103A
  104. 104B
  105. 105A
  106. 106B
  107. 107A
  108. 108B
  109. 109A
  110. 110B
  111. 111DIAGRAM TO ILLUSTRATE TABLE IIL
  112. 112QJ
  113. 113..H
  114. 114I— 1 L-
  115. 115m
  116. 116SK
  117. 117-U
  118. 118T3
  119. 119-J
  120. 120•V 1
  121. 121i.
  122. 122--CI
  123. 123CH. II
  124. 124DIMINISHING PSYCHIC RETURNS
  125. 125A 601 A
  126. 126G
  127. 127CH- n DIMINISHING PSYCHIC RETURNS 87
  128. 128partially or wholly filled with milk that would have been
  129. 129CHAPTEK III
  130. 130ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES
  131. 131CH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 97
  132. 132part of his income will ooze away without his knowing how,
  133. 133H
  134. 134CH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 99
  135. 135particular articles, promontories would just at these points' be
  136. 136OH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 101
  137. 137OH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 103
  138. 138actual distinction in our methods of administration. Coal is
  139. 139OH. Ill ECONOMICAL ADMINISTKATION AND ITS DIFFICULTIES 105
  140. 140actually command during the next ten or fifteen years, and
  141. 141OH. iH ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 107
  142. 142OH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 109'
  143. 143CH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 111
  144. 144OH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 113
  145. 145I
  146. 146CH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 115
  147. 147actually be the same, and there might be less risk of running
  148. 148CH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 117
  149. 149OH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 119
  150. 150CH. Ill ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES 123
  151. 151CH. in ECONOMICAL ADMINISTKATION AND ITS DIFFICULTIES 125
  152. 152CHAPTEK IV
  153. 153MONEY AND EXCHANGE
  154. 154actuated by the whole range of motives and impulses that can
  155. 155particular individual. To these we must now turn, making the
  156. 156K
  157. 157■OH. IV MONEY AND EXCHANGE 131
  158. 158«H. IV MONEY AND EXCHANGE 133
  159. 159CH. ly MONEY AND EXCHANGE 143
  160. 160L
  161. 161CHAPTER V
  162. 162BUSINESS AND THE ECONOMIC NEXUS
  163. 163acts relating to exchangeable things. If we pushed for the
  164. 164M
  165. 165action of the " desire for wealth " without at the same time
  166. 166action upon the forces and substances of nature. No man, stand-
  167. 167chapter we have already incidentally opened our investigation
  168. 168actually exist or act in isolation.
  169. 169OH. V BUSINESS AND THE ECONOMIC NEXUS 17S
  170. 170acting business may be precisely the fact that his motive in
  171. 171acting. The transaction then becomes more rigidly " economic,"
  172. 172actions of the housewife with which we started. When she
  173. 173N
  174. 174action between A and B is not that A's ego alone is con-
  175. 175actuated by purely egoistic motives in so doing. It would be
  176. 176186 THE COMMOISr SENSE OF POLITICAL ECONOMY bk. i
  177. 177particular line.
  178. 178action of the economic forces is at the service of every man[
  179. 179action of economic forces must already have im-
  180. 180activity where we should not at first expect it. It is quite
  181. 181acts most easily in one direction. The man who gives com-
  182. 182acter and dissipate the energies than to build up sound
  183. 183actually enabling them to realise ; between the life he contem-
  184. 184part of his life mere drudgery ; and yet he may think it
  185. 185acted on a point, which it never can, it would not make that
  186. 186action of gravitation is constant in direction and magnitude
  187. 187action of the medium, they guide us to an actual result, though
  188. 188acting separately, and then adding them all together.
  189. 189action, to open channels through which they may flow with
  190. 190activities. No one can deny the difficulties of the problems
  191. 191action of the forces that we endeavour at every turn to direct,
  192. 192OH. V BUSINESS AND THE ECONOMIC NEXUS 20^
  193. 193part in co-ordinating the efforts of men and carrying on the
  194. 194CHAPTEK \I
  195. 195MARKETS
  196. 196part of his correspondent. It is a purely economic conception,
  197. 197actually get. He knows that this is somehow fixed, and that
  198. 198CH. VI MARKETS ^19
  199. 199actions may be conducted between her and her customer on
  200. 200part of the day.' But, beyond this, they would induce
  201. 201Q
  202. 202MARKETS -^27
  203. 203cu. VI MARKETS ' ■ 229
  204. 204particular price ; that is to say, they have put a reserve price
  205. 205part of her stock, she becomes a purchaser of more. Yet to
  206. 206parts may be reversed. The possessor of a stock of any
  207. 207236 THE COMMON SENSE. OF POLITICAL ECONOMY Uk. t
  208. 208actions that take place under their influence, may gradually
  209. 209part in some markets, it is natural that certain „ , ,.
  210. 210actual market prices will be.
  211. 211CH. VI
  212. 212240 THE COMMON SENSE OP POLITICAL ECONOMY bk, i
  213. 213part similar to the one we have just examined. The Company,
  214. 214K
  215. 215OH. VI
  216. 216action has not been cancelled by a transaction in the opposite
  217. 217256 THE COMMOK SENSE OF POLITICAL ECONOMY bk. i
  218. 218part of the wheat for the year will be stored by housekeepers
  219. 219actual consumption is maintained by the purchases made at
  220. 220CHAPTEE VII
  221. 221actions which, although they come under the general law of
  222. 222books, or even houses, the same principle applies still more
  223. 223actually give to-day a command of commodities which will
  224. 224T
  225. 225CH. vn INTEREST 281
  226. 226actually come into existence in virtue of our transaction, and
  227. 227OH. vii INTEREST 283
  228. 228CH. Til INTEREST 285
  229. 229partly because he will then have larger annual resources and
  230. 230actually have to pay for the whole advance that he receives
  231. 231CH. vii INTEREST 28&
  232. 232U
  233. 233cii. VII INTEREST 293
  234. 234actually, in the course of days, die from starvation and
  235. 235partly by a man's comparative poverty or wealth, partly by
  236. 236books, or on hospitalities, or in any other way, could yield ?
  237. 237OH. vii INTEREST 303
  238. 238X
  239. 239partly on the nature of the tastes, desires, and ofacoumuia-
  240. 240CHAPTER VIII
  241. 241OH. VIII
  242. 242actual change in the habit of my bodily functions or tissues
  243. 243CH. VIII
  244. 244Y
  245. 245part of them upon the market without any reserve price.
  246. 246oil. VIII EARNINGS 327
  247. 247particulars, or to make sure afterwards exactly what he has
  248. 248CH. vin EARNINGS 329
  249. 249books will sell and what books will not, have been very far
  250. 250parts of Wales, and perhaps elsewhere. It is the institution
  251. 251on. VIII EARNINGS 335
  252. 252CH. VIII
  253. 253action of the economic forces. If I am to decide how much
  254. 254part of my frame, or the white corpuscle that lives an
  255. 255CH. VIII
  256. 2562 A
  257. 257354 THE COMMOlSr SENSE OF POLITICAL ECONOMY bk. i
  258. 258CHAPTEE IX
  259. 259DISTRIBUTION. COST OF PEODUCTION
  260. 260CH. IX DISTRIBUTION. COST OF PRODUCTION 36S
  261. 261action will yield the highest value in the final product.
  262. 262actually has to pay (or go without it) by its relative place on
  263. 263part of its energies to the more remunerative industry, thereby
  264. 264<!H. IX DISTRIBUTION. COST OF PRODUCTION 371
  265. 265actual rate at which the concern believed it could afford to
  266. 266partly into the form of an epitome of the whole argument.
  267. 267cfl. IX DISTRIBUTION. COST OF PRODUCTION 377
  268. 268actually does go on without apparent disturbance. All these
  269. 269book at different prices, and will even have two copies of the
  270. 270particular order ; or he may make an allowance for a suitable
  271. 271part. The water that has once passed such a point cannot
  272. 272actually satisfied, and where the different commodities and
  273. 273BOOK II
  274. 274EXCUESIVE AND CEITICAL
  275. 275CHAPTEK I
  276. 276MARGINS AND THEIR DIAGRAMMATIC REPRESENTATION
  277. 277402 THE COMMOlSr SENSE OF POLITICAL ECONOMY bk. n
  278. 278Book, yet a number oi problems to which no
  279. 279CH. I MARGINS AND THEIR DIAGRAMMATIC REPRESENTATION 4r05
  280. 280actuate him ? And if so, must he not be nearer to doing the
  281. 281act up to my convictions ; that is to say, the temptation
  282. 282OH. 1 MARGINS AND THEIR DIAGRAMMATIC REPRESENTATION 411
  283. 283cH. I MARGINS AND THEIR DIAGRAMMATIC REPRESENT^IO^ 413
  284. 2842 B
  285. 285BK. II
  286. 286Y
  287. 287O
  288. 288X
  289. 289X
  290. 290BK. II
  291. 291CH.i MARGINS AND THEIR DIAGRAMMATIC REPRESENTATION 425
  292. 292Y
  293. 293P
  294. 294S
  295. 295N
  296. 296CH. 1 MARGINS AND THEIR DIAGRAMMATIC REPRESENTATION 433
  297. 297.CH. I MARGINS AND THEIR DIAGRAMMATIC REPRESENTATION 435
  298. 298CHAPTER II
  299. 299ON THE DIAGRAMMATIC METHOD OF EEPEESENTING AKEAS OF
  300. 300SATISFACTION AND MARGINAL SIGNIFICANCES ^
  301. 301chapter of Book I. and generally to the interpretation of
  302. 302THE DIAGRAMMATIC METHOD
  303. 303Chapter II. we directly assumed data as to pounds and binal
  304. 304actual existence are unmanageably complex and fluctuating.
  305. 305BK. II
  306. 306S
  307. 307±J:::::
  308. 308- , , J-^-+^
  309. 309[|||||-[||[|[|M
  310. 310M
  311. 311actually to determine such a curve ? Or, rather (since the
  312. 312actually assign to all experiences the values they would have
  313. 313ca. II THE DIAGRAMMATIC METHOD 457
  314. 314OH. II
  315. 315THE DIAGRAMMATIC METHOD
  316. 316X
  317. 317BK. 11
  318. 318Y
  319. 319OH. 11 THE DIAGRAMMATIC METHOD 471
  320. 320part of the man's whole income.
  321. 321CHAPTER III
  322. 322ON THE NATURE OF CURVES OF TOTAL SATISFACTION
  323. 323actual experience to limit his supply or raise the price of
  324. 324OH. Ill CURVES OF TOTAL SATISFACTION 475
  325. 325CURVES OF TOTAL SATISFACTION
  326. 326CH. Ill CURVES OF TOTAL SATISFACTION 479
  327. 327particular commodity but also of the quantity we possess
  328. 328OB. ui CURVES OF TOTAL SATISFACTION 481
  329. 329CURVES OF TOTAL SATISFACTION
  330. 330Y
  331. 331CH. Ill CURVES OF TOTAL SATISFACTION 485
  332. 332CH. Ill CURVES OF TOTAL SATISFACTION 487
  333. 333CH. Ill CURVES OF TOTAL SATISFACTION 489
  334. 334490 THE COMMON" SENSE OF POLITICAL ECONOMY bk. ii
  335. 335V
  336. 336CHAPTEE IV
  337. 337BUYEK AND SELLER. DEMAND AND SUPPLY
  338. 338actions have been discounted, and which can therefore be
  339. 339BUYER AND SELLER. DEMAND AND SUPPLY
  340. 340EK. JI
  341. 341TO
  342. 342m
  343. 343M
  344. 344[C]
  345. 345E
  346. 346i
  347. 347mm
  348. 348m
  349. 349m
  350. 350BUYER AND SELLER. DEMAND AND SUPPLY
  351. 351O 10 20 30 40 50 X
  352. 352CH. IV. BUYEK AND SELLER. DEMAND AND SUPPLY
  353. 353c
  354. 354H
  355. 355G
  356. 356E
  357. 357D
  358. 358C
  359. 359B
  360. 360A
  361. 361J
  362. 362Q
  363. 363N
  364. 364M
  365. 365L
  366. 366K
  367. 367J
  368. 3682345678 10 98'7 6B4321
  369. 369I C
  370. 3701-R 1
  371. 371A-H 8
  372. 372Q
  373. 373H
  374. 374G
  375. 375N
  376. 376M
  377. 377E
  378. 378L
  379. 379K
  380. 380D
  381. 381J
  382. 382B
  383. 383A
  384. 384Q
  385. 385H
  386. 386G
  387. 387N
  388. 388M
  389. 389F
  390. 390L
  391. 391K
  392. 392I
  393. 393J
  394. 394D
  395. 395C
  396. 396B
  397. 397A
  398. 398i
  399. 399i
  400. 400A
  401. 401B
  402. 402A B
  403. 403parties to the point of 36 s. Or we might adopt the method
  404. 404B
  405. 405CH. IV BUYER AND SELLER. DEMAND AND SUPPLY
  406. 4061 F
  407. 407I
  408. 408— J 1 1 /■■
  409. 409I
  410. 410I
  411. 411I I
  412. 412/ I
  413. 413' I I
  414. 414CH. IV
  415. 415BUYER AND SELLER. DEMAND AND SUPPLY
  416. 416Y
  417. 417N
  418. 418V.
  419. 419BUYER AND SELLER. DEMAND AND SUPPLY
  420. 420Y
  421. 421i
  422. 422N
  423. 423X
  424. 424N
  425. 425OH. IV
  426. 426BUYER AND SELLER. DEMAND AND SUPPLY
  427. 427Y
  428. 428X
  429. 429i
  430. 430S
  431. 431N
  432. 432CHAPTEE V
  433. 433THE THEORY OF " INCREASING AND DIMINISHING RETURNS "
  434. 434OH, T " INCREASmG AND DIMINISHING RETURNS " 529
  435. 435OH. V " mCREASING AND DIMINISHING EETUENS " 531
  436. 436CH. V " mCKEASING AND DIMINISHING RETURNS " 533
  437. 437actually exist. The generalisation, which still seems to pass
  438. 438" INCEEASING AND DIMINISHING RETURNS'
  439. 439Y
  440. 440actualities in the shape of the (objective) value of certain
  441. 441actualities. With these limitations a curve (as in Fig. 36)
  442. 442538 THE COMMON SEKSE OF POLITICAL ECONOMY bk. ii
  443. 443" INCREASING AND DIMINISHING RETURNS '
  444. 444particular industry, tends to coincide with the abscissa corre-
  445. 445actual point reached by the supply, and know what the supply
  446. 446" mCKEASING AND DIMINISHING RETURNS '
  447. 447— I S
  448. 448... -^..-^ ---,- — »-^J _ 1 ^
  449. 44920 30 40 50 60 70 X
  450. 450CHAPTER VI
  451. 451THE DIAGKAMMATIC EXPOSITION OF THE LAW OF RENT AND
  452. 452ITS IMPLICATIONS
  453. 453RENT
  454. 454Y
  455. 455A
  456. 456Book I. Chapter IX. It would be useless to attempt to
  457. 457CH. Ti RENT 653
  458. 458CO
  459. 459CO
  460. 460V
  461. 461CO
  462. 462ID
  463. 463CO
  464. 464V
  465. 465CN
  466. 466BK. II
  467. 467M
  468. 468O
  469. 469M
  470. 470O S3
  471. 471M-
  472. 472cH. VI RENT 561
  473. 473OH. Ti EENT 563
  474. 474TABLE I.— LAN
  475. 475D-OONSTANT AT
  476. 476RENT
  477. 477U)
  478. 478J ° / "
  479. 479/ U5 /
  480. 480^ IE IT 'o / 41 ^
  481. 481/ IB
  482. 482/' 1 ! CO
  483. 483J / ' 1 '"
  484. 484/ 1 CO 1
  485. 485-K '"S \-
  486. 486' ■***^ 'N.^
  487. 487A
  488. 488ID
  489. 489J
  490. 490-1 - Z ■ T
  491. 491/ V T
  492. 492' M / /^
  493. 493CHAPTEE VII
  494. 494BANKING. BILLS. CUEBENCY
  495. 495A
  496. 496-^B
  497. 497actual sovereigns, but will simply leave the credit he has
  498. 498actions may also be carried on by means of orders to the
  499. 499actually in his cash-box in the form of gold ; the rest he
  500. 500partnership with gold, as a medium of exchange (but not
  501. 501part of their business, to convey the actual coin from one
  502. 502part of the country to another, as may be needed.
  503. 503act may indeed be determined by a difference of government
  504. 504BANKING. BILL8. CURRENCY 591
  505. 505B . C
  506. 506c
  507. 507A,-!« A2
  508. 508V /"7
  509. 509CH. vii BANKING. BILLS. CURRENCY 593
  510. 510actually command. A German merchant who would just not
  511. 5112 Q
  512. 512OH. Til BANKING. BILLS. CUEEENCY 595
  513. 513CH. VII BANKING. BILLS. CURRENCY S97
  514. 514bookbinding, jewellery, and so forth. But the goldsmith, the
  515. 515bookbinder, the dentist, and others who put gold into their
  516. 516CH. vri BANKING. BILLS. CURKENCY 603
  517. 517CH. vii BANKING. BILLS. CUB,RENCY 605
  518. 518part of our subject.
  519. 519part of the gold reserve of the world, and occasions arise on
  520. 520partly by contracting its general business and so reducing the
  521. 521608 THE COMMON SENSE OF POUTIOAL ECONOMY bk. ii
  522. 5222 E
  523. 523614 THE COMMON" SENSE OF POLITICAL ECONOMY bk. ii
  524. 524books for his own use. They depend on the value that some one
  525. 525CH. vir BANKING. BILLS. CURKENCY 617
  526. 526books it- is by no means the same thing whether he has a
  527. 527618 THE COMMON SENSE OF TOLITICAL ECONOMY bk. ii
  528. 528OH. vn BANKING. BILLS. CURRENCY 61&
  529. 529actually value the paper as much as the gold up to a certain
  530. 530actions will be entered into. The Government, in fact, is in a
  531. 531BOOK III
  532. 532ANALYTICAL AND PEACTICAL
  533. 5332 S
  534. 534CHAPTER I
  535. 535SAMPLES OE ANALYSIS
  536. 536CH. 1 SAMPLES OF ANALYSIS 643
  537. 537actually running back, unless arrested, to the origin itself.
  538. 538acting in opposite directions. While the retention of rice
  539. 539part of those whom my contracted expenditure affects, and
  540. 540OH. 1 SAMPLES OF ANALYSIS 647
  541. 541648 THE COMMON" SENSE OF POLITICAL ECONOMY bk. hi
  542. 542CH. 1 SAMPLES OF ANALYSIS 65
  543. 543CH. 1 SAMPLES OF ANALYSIS 653
  544. 544actually are some satisfactions or indulgences which in the
  545. 545OB. 1 SAMPLES OF ANALYSIS 6
  546. 546CHAPTER II
  547. 547SOME FUETHEK ANALYSES
  548. 548OH. ir SOME f UETHER ANALYSES (
  549. 549664 THE COMMON" SENSE OF POLITICAL ECOKOMY bk. m
  550. 5503H. II SOME FURTHER ANALYSES 667
  551. 551action is, no doubt, ethically and socially justifiable in principle,
  552. 552680 THE COMMON" SENSE OF POLITICAL ECONOMY bk. iii
  553. 553OH. u SOME FUETHEE ANALYSES 685
  554. 554OH. n SOME FURTHER ANALYSES 689
  555. 555CH. 11 SOME FURTHER ANALYSES 691
  556. 556OH. n SOME FUETHER ANALYSES 69&
  557. 557CHAPTEE III
  558. 558CONCLUSION
  559. 559CH. in CONCLUSION 697
  560. 560THE END

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The Common Sense of Political Economy

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