Value and Distribution: An Historical, Critical, and Constructive Study in Economic Theory, Adapted for Advanced and Post-graduate Work |
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Common terms and phrases
Abstinence Theory amount assumption Austrian economists Böhm-Bawerk buyer capitalist chapter concept concrete consumers consumption contention cost of production cost theory demand determination of price difference differential surplus discussion distribution doctrine of rent duction economic theory employed entrepreneur Exchange Theory fact factors of production fertile free competition freely reproducible future ginal utility hence homogeneous fund increase in value industry land law of cost law of rent less limits Malthus Mangoldt marginal cost marginal productivity marginal surplus Marginal Utility Theory ment modity nature necessary normal value paradoxes of value phenomena proposition quantity residual claimant result Ricardo sacrifice scarcity values secured seller Subjective Exchange Value superiority of present supply of capital surplus value technical superiority term profit term rent Theory of Capital theory of interest theory of value theory of wages Thornton tion total value true Unternehmer valuation value and price Value Theory Wages Fund Doctrine words writes
Popular passages
Page 99 - Rent is that portion of the produce of the earth, which is paid to the landlord for the use of the original and indestructible powers of the soil.
Page 23 - ... and exclusively enjoyed by those who have peculiar facilities of production ; but by the greater quantity of labour necessarily bestowed on their production by those who have no such facilities ; by those who continue to produce them under the most...
Page 195 - PRESENT goods are, as a rule, worth more than future goods * of like kind and number. This proposition is the kernel and . centre of the interest theory which I have to present.
Page 251 - This sum is not regarded as unalterable, for it is augmented by saving, and increases with the progress of wealth ; but it is reasoned upon as at any given moment a predetermined amount. More than that amount it is assumed that the wages-receiving class cannot possibly divide among them ; that amount, and no less, they cannot but obtain. So that, the sum to be divided being fixed, the wages of each depend solely on the divisor, the number of participants.
Page 232 - The demand for those who live by wages, therefore, necessarily increases with the increase of the revenue and stock of every country, and cannot possibly increase without it. The increase of revenue and stock is the increase of national wealth. The demand for those who live by wages, therefore, naturally increases with the increase of national wealth, and cannot possibly increase without it.
Page 281 - On the whole, therefore, though our future prospects respecting the mitigation of the evils arising from the principle of population may not be so bright as we could wish, yet they are far from being entirely disheartening, and by no means preclude that gradual and progressive improvement in human society, which before the late wild speculations on this subject was the object of rational expectation.
Page 140 - For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of all modes of getting wealth this is the most unnatural.
Page 98 - Adam Smith, therefore, cannot be correct in supposing that the original rule which regulated the exchangeable value of commodities, namely, the comparative quantity of labour by which they were produced, can be at all altered by the appropriation of land and the payment of rent. Raw material enters into the composition of most commodities, but the value of that raw material, as well as corn, is regulated by the productiveness of the portion of capital last employed on the land, and paying no rent;...
Page 136 - Rent, it is to be observed, therefore, enters into the composition of the price of commodities in a different way from wages and profit. High or low Wealth of Nations 127 wages and profit, are the causes of high or low price; high or low rent is the effect of it.
Page 278 - Were this really the case, and were a beautiful system of equality in other respects practicable, I cannot think that our ardour in the pursuit of such a scheme ought to be damped by the contemplation of so remote a difficulty. An event at such a distance might fairly be left to providence...