Alfred Marshall: Principles of Economics

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2.MuistiinpanotHighlightsПримечание
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Sisällysluettelo Contents Содержание (Code: (1,2,3,4,5))

4601 BOOK I PRELIMINARY SURVEY
460101 CHAPTER I. (BOOK I) INTRODUCTION
550102 CHAPTER II (BOOK I) THE GROWTH OF FREE INDUSTRY AND ENTERPRISE
740103 CHAPTER III (BOOK I) THE GROWTH OF FREE INDUSTRY AND ENTERPRISE CONTINUED
910104 CHAPTER IV (BOOK I) THE GROWTH OF ECONOMIC SCIENCE
1070105 CHAPTER V (BOOK I) THE SCOPE OF ECONOMICS
1210106 CHAPTER VI (BOOK I) METHODS OF STUDY THE NATURE OF ECONOMIC LAW
1350107 CHAPTER VII (BOOK I) CHAPTER VII (BOOK I) SUMMARY AND CONCLUSION
14302 BOOK II SOME FUNDAMENTAL NOTION
1430201 CHAPTER I (BOOK II) INTRODUCTORY
1460202 CHAPTER II (BOOK II) WEALTH
1530203 CHAPTER III (BOOK II) PRODUCTION CONSUMPTION LABOUR NECESSA2759
1610204 CHAPTER IV (BOOK II) CAPITAL INCOME
17503 BOOK III DEMAND OR CONSUMPTION
1760301 CHAPTER I (BOOK III) INTRODUCTORY
1780302 CHAPTER II (BOOK III) WANTS IN RELATION TO ACTIVITIES
1830303 CHAPTER III (BOOK III) THE LAW OF DEMAND
1900304 CHAPTER IV (BOOK III) LAW OF DEMAND CONTINUED ELASTICITY OF DEMAND
2010305 CHAPTER V (BOOK III) THE CHOICE BETWEEN DIFFERENT USES OF THE SAME THING IMMEDIATE AND DEFERRED USE09
2060306 CHAPTER VI (BOOK III) VALUE AND UTILITY
21504 BOOK IV THE AGENTS OF PRODUCTION LAND, LABOUR, CAPITAL AND ORGANIZATION
2150401 CHAPTER I (BOOK IV) INTRODUCTORY
2200402 CHAPTER II (BOOK IV) THE FERTILITY OF LAND
2260403 CHAPTER III (BOOK IV) THE FERTILITY OF LAND, CONTINUED THE LAW OF DIMINISHING RETURN
2460404 CHAPTER IV (BOOK IV) THE GROWTH OF POPULATION
2600405 CHAPTER V (BOOK IV) THE HEALTH AND STRENGTH OF THE POPULATION
2690406 CHAPTER VI (BOOK IV) INDUSTRIAL TRAINING
2810407 CHAPTER VII (BOOK IV) THE GROWTH OF CAPITAL AND OTHER FORMS OF WEALTH
2980408 CHAPTER VIII (BOOK IV) INDUSTRIAL ORGANIZATION
3070409 CHAPTER IX (BOOK IV) INDUSTRIAL ORGANIZATION, CONTINUED DIVISION OF LABOUR THE INFLUENCE OF MACHINERY
3190410 CHAPTER X (BOOK IV) INDUSTRIAL ORGANIZATION CONTINUED THE CONCENTRATION OF SPECIALIZED INDUSTRIES IN PARTICULAR LOCALITIES
3280411 CHAPTER XI (BOOK IV) INDUSTRIAL ORGANIZATION, CONTINUED PRODUCTION ON A LARGE SCALE
3370412 CHAPTER XII (BOOK IV) INDUSTRIAL ORGANIZATION, CONTINUED BUSINESS MANAGEMENT INDUSTRIAL ORGANIZATION, CONTINUED BUSINESS MANAGEMENT
3570413 CHAPTER XIII (BOOK IV) CONCLUSION THE LAW OF INCREASING IN RELATION TO THAT OF DIMINISHING RETURN
36505 BOOK V THE EQUILIBRIUM OF DEMAND AND SUPPLY
36506 2,CHAPTER I (BOOK V) ON MARKETS
3720601 CHAPTER II (BOOK V) TEMPORARY EQUILIBRIUM OF DEMAND AND SUPPLY
376060101 NOTE ON BARTER
3800602 CHAPTER III (BOOK V) EQUILIBRIUM OF NORMAL DEMAND AND SUPPLY
3910603 CHAPTER IV (BOOK V) INVESTMENT OF RESOURCES FOR A DISTANT RETURN PRIME COST AND TOTAL COST
3990604 CHAPTER V (BOOK V) EQUILIBRIUM OF NORMAL DEMAND AND SUPPLY, CONTINUED THE TERM NORMAL WITH REFERENCE TO LONG AND SHORT PERIODS
4110605 CHAPTER VI (BOOK V) JOINT AND COMPOSITE DEMAND JOINT AND COMPOSITE SUPPLY
4200606 PRIME AND TOTAL COST IN RELATION TO JOINT PRODUCTS COST OF MARKETING INSURANCE AGAINST RISK COST OF REPRODUCTION
4380607 CHAPTER IX (BOOK V) ON THE VALUE OF AN APPLIANCE FOR PRODUCTION IN RELATION TO THAT OF THE THINGS PRODUCED BY IT, CONTINUED
4440608 CHAPTER X (BOOK V) ON THE VALUE OF AN APPLIANCE FOR PRODUCTION IN RELATION TO THAT OF THE THINGS PRODUCED BY IT, CONTINUED SITUATION RENT COMPOSITE RENT
4510609 CHAPTER XI (BOOK V) THE EQUILIBRIUM OF NORMAL DEMAND AND SUPPLY CONCLUDED MULTIPLE POSITIONS OF EQUILIBRIUM
4640610 CHAPTER XII (BOOK V) THEORY OF CHANGES OF NORMAL DEMAND AND SUPPLY IN RELATION TO THE DOCTRINE OF MAXIMUM SATISFACTION
4730611 CHAPTER XIII (BOOK V) THE THEORY OF MONOPOLIES
4850612 CHAPTER XIV (BOOK V) SUMMARY OF THE GENERAL THEORY OF EQUILIBRIUM OF DEMAND AND SUPPLY
50607 BOOK VI VALUE, OR DISTRIBUTION AND EXCHANGE
5060701 CHAPTER I (BOOK VI) PRELIMINARY SURVEY OF DISTRIBUTION AND EXCHANGE
5250702 CHAPTER II (BOOK VI) PRELIMINARY SURVEY OF DISTRIBUTION AND EXCHANGE, CONTINUED
547070201 NOTE ON THE DOCTRINE OF THE WAGES-FUND
5540703 CHAPTER III (BOOK VI) DEMAND AND SUPPLY IN RELATION TO LABOUR REAL AND NOMINAL EARNINGS
5660704 CHAPTER IV (BOOK VI) DEMAND AND SUPPLY IN RELATION TO LABOUR, CONTINUED
5760705 CHAPTER V (BOOK VI) DEMAND AND SUPPLY IN RELATION TO LABOUR, CONCLUDED
5860706 CHAPTER VI (BOOK VI) DEMAND AND SUPPLY IN RELATION TO CAPITAL A FURTHER STUDY OF INTEREST
5990707 CHAPTER VII (BOOK VI) DEMAND AND SUPPLY IN RELATION TO CAPITAL, BUSINESS POWER AND INDUSTRIAL ORGANIZATION
6110708 CHAPTER VIII (BOOK VI) DEMAND AND SUPPLY IN RELATION TO CAPITAL AND BUSINESS POWER, CONCLUDED
6230709 CHAPTER IX (BOOK VI) DEMAND AND SUPPLY IN RELATION TO LAND PRODUCER'S SURPLUS
632070901 NOTE ON RICARDO'S DOCTRINE AS TO THE INCIDENCE OF TAXES AND THE INFLUENCE OF IMPROVEMENTS IN AGRICULTURE.
6390710 CHAPTER X (BOOK VI) DEMAND AND SUPPLY IN RELATION TO LAND, CONTINUED LAND TENURE
6550711 CHAPTER XI (BOOK VI) GENERAL VIEW OF DISTRIBUTION
6670712 CHAPTER XII (BOOK VI) THE INFLUENCE OF PROGRESS ON VALUE
6950713 APPENDIX OF MATHEMATICAL NOTES
7420714 END of PRINCIPLES OF ECONOMICS
7420715 ### en
Pagetop

Muistiinpanot Highlights Примечание (Code: h)

1 (46)
Political Economy or Economics is a study of man's actions in the ordinary business of life; it inquires how he gets his income and how he uses it.
2 (46)
the two great forming agencies of the world's history have been the religious and the economic.l
3 (48)
The dignity of man was proclaimed by the Christian religion: it has been asserted with increasing vehemence during the last hundred years: but it is only through the spread of education during quite recent times that we are beginning at last to feel the full import of the phrase.
4 (51)
The term "competition" has gathered about it evil savour, and has come to imply a certain selfishness and indifference to the wellbeing of others. Now it is true that there is less deliberate selfishness in early than in modern forms of industry; but there is also less deliberate unselfishness . It is deliberateness, and not selfishness, that is the characteristic of the modern age.
5 (52)
We need a term that does not imply any moral qualities, whether good or evil, but which indicates the undisputed fact that modern business and industry are characterized by more self -reliant habits, more forethought, more deliberate and free choice. There is not any one term adequate for this purpose: but Freedom of Industry and enterprise, or more shortly, Economic freedom, points in the right direction,
6 (53)
The Word "value" says Adam Smith "has two different meanings, and sometimes expresses the utility of some particular object and sometimes the power of purchasing other goods which the possession of that object conveys. The one may be called value in use, the other value in exchange." In the place of "value in use" we now speak of "utility" while instead of "value in exchange" we often say "exchange-value" or simply "value." "Value" by itself always means value in exchange.
7 (55)
Whatever be their climate and whatever their ancestry, we find savages living under the dominion of custom and impulse; scarcely ever striking out new lines for themselves; never forecasting the distant future, and seldom making provision even for the near future; fitful in spite of their servitude to custom, governed by the fancy of the moment; ready at times for the most arduous exertions, but incapable of keeping themselves long to steady work. Laborious and tedious tasks are avoided as far as possible; those which are inevitable are done by the compulsory labor of women.
8 (57)
If the village smith can sell his ploughshares to none but the village, and if the village can buy their shares from no one but him, it is to the interest of all that the price should be fixed at a moderate level by custom.
9 (58)
This force of custom in early civilizations is partly a cause and partly a consequence of the limitations of individual rights in property.
10 (61)
The Greeks were more modern in many respects than the peoples of Mediaeval Europe, and in some respects were even in advance of our own time. But they did not attain to the conception of the dignity of man as man; they regarded slavery as an ordinance of nature, they tolerated agriculture but they looked out all other industries as involving degradation; and they knew little or nothing of those economic problems, which are of absorbing interest to our own age
11 (63)
The Romans were a great army, rather than a great nation. They resembled the Greeks in leaving business as much as possible to slaves: but in most other respects were a contrast to them.
12 (64)
yet indirectly they exerted a profound influence over it, for good and evil, by laying the foundations of modern jurisprudence.
13 (67)
The whole people could on occasion discuss together the social and industrial problems of the time, knowing each other's counsel, profiting by each other's experience, working out in common a definite resolution and bringing it into effect by their own action. But nothing of this kind could be done over a wide area till the invention of the telegraph, the railway and the cheap press.
14 (77)
Thus the English large farm, arable and pastoral, worked with borrowed capital was the forerunner of the English factory, in the same way as English archery was the forerunner of the skill of the English artisan [27]
15 (90)
But we are trenching on the subject of the next chapter. In this and the previous chapter we have seen how recent is the growth of economic freedom, and how new is the substance of the problem with which economic science has now to deal; in the next chapter we have to inquire how the form of that problem has been fashioned by the progress of events and the personal peculiarities of great thinkers.
16 (91)
The social conditions of the present day have been developed from early Aryan and Semitic institutions by the aid of Greek thought and Roman law; but modern economic speculations have been very little under the direct influence of the theories of the ancients.
17 (93)
The first systematic attempt to form an economic science on a broad basis was made in France about the middle of the eighteenth century by a group of statesmen and philosophers under the leadership of Quesnay, the noble-minded physician to Louis XV [45] . The comer-stone of their policy was obedience to Nature [46]
18 (94)
But Adam Smith's breadth was sufficient to include all that was best in all his contemporaries, French and English; and, though he undoubtedly borrowed much from others, yet the more one compares him with those who went before and those who came after him, the finer does his genius appear, the broader his knowledge and the more well balanced his judgment.
19 (94)
And since he was the first to write a treatise on wealth in all its chief social aspects, he might on this ground alone have a claim to be regarded as the founder of modern economics.
20 (96)
Bentham. He wrote little on economics himself, but he went far towards setting the tone of the rising school of English economists at the beginning of the nineteenth century. He was an uncompromising logician and averse to all restrictions and regulations for which no clear reason could be given,
21 (121)
But what we desire to reach thereby is a knowledge of the interdependence of economic phenomena…. Induction and deduction are both needed for scientific thought as the right and left foot are both needed for walking [77] ."
22 (128)
It is doubtless true that much of this work has less need of elaborate analytical methods, than of a shrewd mother-wit, of a sound sense of proportion, and of a large experience of life.
23 (138)
The economist must be greedy of facts; but facts by themselves teach nothing. History tells of sequences and coincidences; but reason alone can interpret and draw lessons from them.
24 (139)
Economics is then the science which investigates man's action in the ordinary business of life.
25 (143)
is therefore a Science, Pure and Applied, rather than a Science and an Art. And it is better described as Social Economics, or as Economics simply, than as Political Economy.
26 (146)
All wealth consists of desirable things, or things that satisfy human wants; but not all desirable things are reckoned as wealth.
27 (153)
§ 1. Man cannot create material things. In the mental and moral world indeed he may produce new ideas; but when he is said to produce material things, he really only produces utilities; or in other words, his efforts and sacrifices result in changing the form or arrangement of matter to adapt it better for the satisfaction of wants. All that he can do in the physical world is either to readjust matter so as to make it more useful, as when he makes a log of wood into a table; or to put it in the way of being made more useful by nature, as when he puts seed where the forces of nature will make it burst out into life [114]
28 (154)
Often indeed when he is said to consume things, he does nothing more than to hold them for his use, while, as Senior says, they "are destroyed by those numerous gradual agents which we call collectively time
29 (160)
It should however be noticed that many things which are rightly described as superfluous luxuries, do yet , to some extent, take the place of necessaries; and to that extent their consumption is productive when they are consumed by producers
30 (162)
For Adam Smith said that a person's capital is that part of his stock from which he expects to derive an income ; and in fact each use of the term capital has corresponded more or less closely to one of the uses of the term Income.
31 (167)
According to the older English traditions capital consists of those things which aid or support labour in production
32 (173)
difference between the value of his stock and plant at the end and at the beginning of the year being taken as part of his receipts or as part of his outlay, according as there has been an increase or decrease of value. What remains of his profits after deducting interest on his capital at the current rate may be called his Earnings of Undertaking or Management.
33 (176)
But first of all come "Demand or Consumption," i.e. the Theory of Wants; and "Production or Supply," i.e. the Theory of the Efforts and Sacrifices devoted to the satisfaction of Wants.
34 (178)
that while wants are the rulers of life among the lower animals, it is to changes in the forms of efforts and activities that we must turn when in search for the keynotes of the history of mankind.
35 (179)
desire for distinction: a feeling which if we consider its universality, and its constancy, that it affects all men and at all times, that it comes with us from the cradle and never leaves us till we go into the grave, may be pronounced to be the most powerful of human passions."
36 (190)
The Elasticity of demand in a market is great or small according as the amount demanded increases much or little for a given fall in price, and diminishes much or little for a given rise in price.
37 (192)
A little while ago sugar belonged to this group of commodities: but its price in England has now fallen so far as to be low relatively even to the working classes, and the demand for it is therefore not elastic
38 (194)
The effective demand for first-rate music is elastic only in large towns; for second -rate music it is elastic both in large and small towns.
39 (196)
Another difficulty of the same kind arises from the fact that there are many purchases which can easily be put off for a short time, but not for a long time. This is often the case with regard to clothes and other things which are worn out
40 (203)
And in a money-economy, good management is shown by so adjusting the margins of suspense on each line of expenditure that the marginal utility of a shilling's worth of goods on each line shall be the same.
41 (204)
sometimes he is like the children who pick the plums out of their pudding to eat them at once, sometimes like those who put them aside to be eaten last. And, in any case, when calculating the rate at which a future benefit is discounted, we must be careful to make allowance for the pleasures of expectation.
42 (206)
The excess of the price which he would be willing to pay rather than go without it, over that which he actually does pay is the economic measure of this surplus Satisfaction: and, for reasons which will appear later on, may be called Consumers' Rent.
43 (207)
very great Consumers' Rent. Good instances are matches, salt, a penny newspaper, or a postage-stamp.
44 (213)
In every civilized country there have been some followers of the Buddhist doctrine that a placid serenity is the highest ideal of life; that it is the part of the wise man to root out of his nature as many wants and desires as he can; that real riches consist not in the abundance of goods but in the
45 (213)
-http://i.word.com/idictionary/consumer's%20surplus:consumer's surplus:noun:the amount above the actual price of a commodity a purchaser would pay in order not to go without the commodity;Variants:consumer's surplus also consumer's rent
46 (213)
There is some misuse of wealth in all ranks of society.
47 (215)
By Capital is meant all stored-up provision for the production of material goods, and for the attainment of those benefits which are commonly reckoned as part of income.
48 (215)
Capital consists in a great part of knowledge and organization: and of this some part is private property and other part is not.
49 (215)
And partly for that reason it seems best sometimes to reckon Organization apart as a distinct Agent of production. In a sense there are only two agents of production, Nature and Man. Capital and Organization are the result of the work of man aided by nature, and directed by his power of forecasting the future and his willingness to make provision for it.
50 (217)
While demand is based on the desire to obtain commodities, supply depends mainly on the overcoming of the unwillingness to undergo "discommodities." These fall generally under two heads: – labour, and the sacrifice involved in putting off consumption.
51 (217)
the price of the whole therefore is determined by that part of the labour which he gives most unwillingly, and is on the verge of refusing to give; or as we may say by the Marginal disutility of labour.
52 (218)
And on the other hand, if the price paid to him for doing any work is an adequate reward for that part which he does most unwillingly; and if, as generally happens, the same payment is given for that part of the work which he does less unwillingly and at less real cost to himself ; then from that part he obtains a Producer's Surplus or Rent.
53 (220)
But there are other utilities over the supply of which he has no control, they are given as a fixed quantity by nature and have therefore no supply price.
54 (224)
the free gifts of nature, have been largely modified; partly robbed and partly added to by the work of many generations of men.
55 (226)
We are thus brought to consider the Law of Diminishing Return.
56 (244)
however, a dose of capital and labour applied to a farm, does not include the whole value of the fixed capital, such as machinery and horses, but only the value of their use after allowing for depreciation and repairs; though it does include the whole value of the circulating capital, such as seed.
57 (247)
most nations in the civilized parts of the world, are more or less rich or poor-proportionably to the paucity or plenty of their people, and not to the sterility or fruitfulness of their land
58 (247)
An act, passed amid the military anxieties of 1806, which granted exemptions from taxes to the fathers of more than two children born in wedlock, was repealed as soon as Napoleon had been safely lodged in St Helena
59 (267)
Thus then the progress of knowledge, and in particular of medical science, the ever-growing activity and wisdom of Government in all matters relating to health, and the increase of material wealth, all tend to lessen mortality and to increase health and strength, and to lengthen life. On the other hand, vitality is lowered and the death-rate raised by the rapid increase of town life, and by the tendency of the higher strains of the population to marry later and to have fewer children than the lower. If the former set of causes were alone in action , but so regulated as to avoid the danger of over-population, it is probable that man would quickly rise to a physical and mental excellence superior to any that the world has yet known; while if the latter set acted unchecked, he would speedily degenerate.
60 (325)
But it must be remembered that the so-called agricultural population of the Middle Ages were not exclusively occupied with agriculture; they did for themselves a great part of the work that is now done by brewers and bakers, by spinners and weavers, by bricklayers and carpenters, by dressmakers and tailors and by many other trades .
61 (326)
The coal-miners who supply these steam-engines with fuel, and the mechanics who make them and manage them in the fields are not reckoned as occupied on the land, though the ultimate aim of their labor is to promote its cultivation. The real diminution then of England's agriculture is not so great as at first sight appears;
62 (376)
The exchange will be started somewhere between these two rates: but if it goes on gradually, every apple that A loses will increase the marginal utility of apples to him and make him more unwilling to part with any more: while every additional nut that he gets will lower the marginal utility of nuts to him and diminish his eagerness for more: and vice versa with B. At last A's eagerness for nuts relatively to apples will no longer exceed B's; and exchange will cease because any terms that the one is willing to propose would be disadvantageous to the other.
63 (376)
There must be some intermediate rate at which they would be willing to do business to the same extent .
64 (383)
The Law of Substitution.
65 (387)
When demand and supply are in stable equilibrium, if any accident should move the scale of production from its equilibrium position, there will be instantly brought into play forces tending to bring it back to that position; just as, if a stone hanging by a string is displaced from its equilibrium position , the force of gravity will at once tend to bring it back to its equilibrium position. The movements of the scale of production about its position of equilibrium will be of a somewhat similar kind.
66 (387)
The demand and supply schedules do not in practice remain unchanged for a long time together, but are constantly being changed; and every change in them alters the equilibrium amount and the equilibrium price, and thus gives new positions to the centres about which the amount and the price tend to oscillate.
67 (394)
But each man, taking account of his own means, will push the investment of capital in his business in each several direction until what appears in his judgment to be the margin of profitableness is reached: that is, until there seems to him no good reason for thinking that the gains resulting from any further investment in that particular direction would compensate him for his outlay.
68 (402)
the almost universal law that an increase in the amount demanded raises the short-period normal supply price.
69 (430)
For other parts yield a rent or a quasi-rent, or both; which are governed not by the circumstances of production of the parts in question, but by the price of the whole produce. The costs of production of these parts cannot be reckoned up without counting in the corresponding rents and quasi-rents; and therefore the price of the commodity cannot be deduced from them without reasoning in a circle.
70 (448)
The so-called rent of a building is generally composed of two elements, one the quasi-rent of the building itself, and the other the rent – often chiefly a situation rent – of the ground on which it is built. The task of distinguishing between these two elements may be taken here as a special case of a more general problem of composite rents.
71 (472)
But further , even if we assume that a shilling's worth of happiness is of equal importance to whomsoever it comes, and that every shilling's worth of consumer's rent is of equal importance from whatever commodity it is derived, we have to admit that the manner in which a person spends his income is a matter of direct economic concern to the community.
72 (479)
In such cases as these a railway company though not pretending to any philanthropic motives, yet finds its own interests so closely connected with those of the purchasers of its services, that it gains by making some temporary sacrifice of net revenue with the purpose of increasing consumers' rent.
73 (480)
But it will seldom happen that the monopolist can and will treat £ 1 of consumers' rent as equally desirable with £ 1 of monopoly revenue.
74 (500)
Second Edition, and compare it with the position taken up by Ricardo and Mill. He says (p. 179): – "Cost of production determines supply. Supply determines final degree of utility. Final degree of utility determines value."
75 (502)
Utility determines the amount that has to be supplied, The amount that has to be supplied determines cost of production. Cost of production determines value,
76 (506)
But they were impressed very much by the sensitiveness of capital, and the quickness with which it evaded the oppressions of the tax-gatherer by retiring from his grasp; and they therefore concluded that there
77 (509)
This law has been called, especially in Germany, Ricardo's "iron" or "brazen" law: many German socialists believe that this law is in operation now, and will continue to be so, as long as the plan on which production is organized remains "capitalistic" or "individualistic"; and they claim Ricardo as an authority on their side [475]
78 (510)
There is a sense in which the agents of production may be regarded as two, Nature and man. In return to the labor of men, Nature yields resources varying with his diligence and with the advance made by the arts of production; and these resources are divided out among mankind in a manner that is very complex when
79 (511)
We may suppose also that everyone produces things ready for sale without the aid of others, and that he himself disposes of them to their ultimate consumers: so that the demand for everything is direct. In this case the problem of value is very simple. Things exchange for one another in proportion to the labor spent in producing them.
80 (512)
The drifting from one trade to another must occupy time; and some trades may for a while get more than their normal share of the earnings-stream, while others get less, or even lack work.
81 (516)
Thus in building there are some purposes for which bricks would be used, even if they were much dearer relatively to wood than they are; and others for which wood would be used, even if it were much dearer relatively to bricks than it is: but the applications of each material will be carried just so far that it would no longer be cheaper than the other relatively to the advantages gained by using it.
82 (521)
But illustrations of this kind merely indicate part of the action of the great causes which govern value . They cannot be made into a theory of interest, any more than into a theory of wages, without reasoning in a circle.
83 (526)
In the same way, when several balls are lying in a bowl, they mutually determine one another's positions; and again when a heavy weight is suspended by several elastic strings of different strengths and lengths attached to different points in the ceiling, the equilibrium positions of all the strings and of the weight mutually determine one another. If any one of the strings that is already stretched is shortened, everything else will change its position, and the length and the tension of every other string will be altered also.
84 (529)
Any increase in consumption that is strictly necessary to efficiency pays its own way and adds to, as much as it draws from, the national dividend.
85 (537)
But the stock of land (in an old country) at any time is the stock for all time: and when a manufacturer or cultivator decides to take in a little more land to his business, he decides in effect to take it away from someone else's business:
86 (538)
As capitalist (or generally as owner of accumulated wealth in any form) he derives a saver's surplus through being remunerated for all his saving, that is waiting, at the same rate as for that part which he is only just induced to undergo by the reward to be got for it.
87 (538)
balance of good in most lives, and a large balance in some. The problem is as much philosophical as economic; it is complicated by the fact that man's activities are ends in themselves as well as means of production,
88 (540)
shoemaker, tend to be equal to the net product of his labor: and that since the wages of all workers in the same grade tend to be equal to one another, therefore in a state of equilibrium every worker will be able with the earnings of a hundred days' labor to buy the net products of a hundred days' labor of other workers in the same grade with himself: he may select them in whatever way he chooses, so as to make up that aggregate sum
89 (542)
yet since capital itself is the embodiment of labor as well as of waiting, the competition is really between some kinds of labor aided by a good deal of waiting, and other kinds of labor aided by less waiting.
90 (545)
And in this sense we are justified in saying that the earnings of labor depend upon advances made to labor by capital [520]
91 (546)
No doubt their mutual dependence is of the closest; capital without labor is dead:
92 (550)
The fact is that the theories of Distribution and Exchange are so intimately connected as to be little more than two sides of the same problem;
93 (559)
As Adam Smith says, "the real wages of labor may be said to consist in the quantity of the necessaries and conveniences of life that are given for it;
94 (559)
We have already noticed [529] that a person's total real income is found by deducting from his gross income the out-goings that belong to its production;
95 (567)
The first point to which we have to direct our attention is the fact that human agents of production are not bought and sold as machinery and other material agents of production are.
96 (586)
Everyone is aware that no payment would be offered for the use of capital unless some gain were expected from that use;
97 (590)
Scholastic writers argued with much labor and ingenuity that he who lent out a house or a horse might charge for its use, because he gave up the enjoyment of a thing that was directly productive of benefit. But they found no similar excuse for the interest on money: that, they said, was wrong, because it was a charge for a service which did not cost the lender anything
98 (593)
Thus, for instance, in mediaeval times, when a prince wanted to forestall some of his future revenues, he borrowed perhaps a thousand ounces of silver, and undertook to pay back fifteen hundred at the end of a year. There was however no perfect security that he would fulfill the promise; and perhaps the lender would have been willing to exchange that promise for an absolute certainty of receiving thirteen hundred at the end of the year. In that case, while the nominal rate at which the loan was made was fifty per cent., the real rate was thirty.
99 (597)
During the last fifty years improvements in the arts of production and in the access to rich sources of supply of raw
100 (631)
market -gardener finds it best to gather his peas young when they are full of flavor , and in others to let them grow till they weigh heavily in the scales.
101 (638)
Finally it may be noticed that Ricardo's paradox as to the possible effects of improvements on the rent of land is applicable to urban as well as agricultural land. For instance, the American plan of building stores sixteen stories high with steel frames, and served with elevators, may be supposed suddenly to become very efficient, economical and convenient in consequence of improvements in the arts of building, lighting, ventilation and the making of elevators. In that case the trading part of each town would occupy a less area than now; a good deal of land would have to revert to leas remunerative uses; and the net result might possibly be a fall in the aggregate ground-rent of the town.
102 (667)
growth of steam communication have rendered America and Australia the richest large fields for the employment of capital and labor that there have ever been.
103 (667)
But after all the chief cause of the modern prosperity of new Countries lies in the markets that the old world offers, not for goods delivered on the spot, but for promises to deliver goods at a distant date.
104 (667)
In one form or another they mortgage their new property to the old world at a very high rate of interest.
105 (670)
Many historians have compared wages at different epochs with exclusive reference to those things which have always been in common consumption. But from the nature of the case, it is just these things to which the law of diminishing return applies; and which tend to become scarce as population increases. The view thus got is one-sided and misleading in its general effect.
106 (671)
As the population of America spread westward from the Atlantic, richer and still richer wheat soils have come under cultivation : and the economies of transport have increased so much, especially in recent years, that the total cost of importing a quarter of wheat from the farms on the outskirts of cultivation has diminished rapidly, though the distance of that margin has been increasing. And thus England has been saved from the need of more and more intensive cultivation
107 (672)
Perhaps in an average year now, the ploughing which only just pays its expenses, the ploughing "on the margin of cultivation" gives twice as much produce as it gave in Ricardo's time, and five times as much or more, as it would have given now if with her present population England had been compelled to raise all her own food.
108 (691)
If it were true that the aggregate amount of wages could be increased by causing every person to work one-fifth less than now, then a diminution of the population by one-fifth would raise aggregate wages, and therefore would increase average wages by more than a fifth – a proposition which goes beyond the doctrine of extreme Malthusians.
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Sanasto Vocabulary Словарь (Code: w)

1 yeoman / j? m?n/ n (75)
(pl. yeomen) 1 HISTORICAL a man holding and cultivating a small landed estate; a freeholder. - a person qualified for certain duties and rights, such as to serve on juries and vote for the knight of the shire, by virtue of possessing free land of an annual value of 40 shillings. 2 HISTORICAL a servant in a royal or noble household, ranking between a sergeant and a groom or a squire and a page. 3 HISTORICAL a member of the yeomanry force. 4 (also yeoman of signals) (in the Royal and other Commonwealth navies) a petty officer concerned with signalling. - a petty officer in the US navy performing clerical duties on board ship.
2 pittance n (85)
1 [usually in sing.] a very small or inadequate amount of money: he paid his workers a pittance. 2 HISTORICAL a pious bequest to a religious house or order to provide extra food and wine at particular festivals, or on the anniversary of the benefactor's death. Middle English: from Old French pitance, from medieval Latin pitantia, from Latin pietas ‘pity’.
3 shrewd mother-wit (128)
4 hest n (134)
archaic form of BEHEST. Old English h s, of Germanic origin; related to HIGHT. The spelling change in Middle English was by association with abstract nouns ending in -t.
5 pails (162)
ämpärit
6 dormant food (223)
7 hoe1 n (231)
a long-handled gardening tool with a thin metal blade, used mainly for weeding. ¦ v. (hoes, hoeing, hoed) 1 [with obj.] use a hoe to dig (earth) or thin out or dig up (plants). 2 [no obj.] (hoe in) AUSTRALIAN/NZ INFORMAL eat eagerly. - (hoe into) attack or criticize. hoer n. Middle English: from Old French houe, of Germanic origin; related to German Haue, also to HEW.
8 osier / ? z ?/ n (233)
a small Eurasian willow which grows mostly in wet habitats. It is usually coppiced, being a major source of the long flexible shoots (withies) used in basketwork. Salix viminalis, family Salicaceae. - a shoot of a willow. - DATED any willow tree. late Middle English: from Old French; compare with medieval Latin auseria ‘osier bed’.
9 indulgences (256)
nautinnot
10 abstemious /?b sti m ?s/ adj (291)
indulging only very moderately in something, especially food and drink: ‘We only had a bottle.’‘Very abstemious of you.’. abstemiously adv. abstemiousness n. early 17th century: from Latin abstemius, (from ab- ‘from’ + a word related to temetum ‘alcoholic liquor’) + -OUS.
11 fervid / f? v d/ adj (364)
1 intensely enthusiastic or passionate, especially to an excessive degree: his fervid protestations of love. 2 LITERARY hot, burning, or glowing. fervidly adv. late 16th century (in the sense ‘glowing, hot’): from Latin fervidus, from fervere ‘to boil’. Compare with FERVENT and FERVOUR.
12 But such cases are not numerous; (491)
13 shroud n (592)
1 a length of cloth or an enveloping garment in which a dead person is wrapped for burial: he was buried in a linen shroud. - FIGURATIVE a thing that envelops or obscures something: a shroud of mist | they operate behind a shroud of secrecy. - TECHNICAL a protective casing or cover. 2 (shrouds) a set of ropes forming part of the standing rigging of a sailing boat and supporting the mast or topmast. - (also shroud line) each of the lines joining the canopy of a parachute to the harness. ¦ v. [with obj.] wrap or dress (a body) in a shroud for burial. - FIGURATIVE cover or envelop so as to conceal from view: mountains shrouded by cloud | the mystery which shrouds the origins of the universe. late Old English scrud ‘garment, clothing’, of Germanic
14 costermonger / k st?m ?/ n (593)
BRITISH DATED a person who sells goods, especially fruit and vegetables, from a handcart in the street. early 16th century (denoting an apple seller): from COSTARD + -MONGER.
15 taking chaise of the money (597)
16 producer's surplus or rent (625)
17 which are nevertheless shunned by labor and capital (667)
because
18 peck: is an imperial and United States customary unit of dry volume,[1] equivalent to 2 gallons or 8 dry quarts or 16 dry pints (9 (673)
09 (UK) or 8.81 (US) liters). Two pecks make a kenning (obsolete), and four pecks make a bushel. Although the peck is no longer widely used, some produce, such as apples, is still often sold by the peck. Despite being referenced in a common tongue twister, pickled peppers are so rarely sold by the peck that any association between pickled peppers and the peck unit of measurement is considered humorous in nature.
19 lair1 n (675)
a place where a wild animal lives. - a secret or private place in which a person seeks concealment or seclusion. Old English leger ‘resting place, bed’, of Germanic origin; related to Dutch leger ‘bed, camp’ and German Lager ‘storehouse’, also to lie1. Compare with LAAGER, lager, and leaguer2.
20 rapid progress of improvement (677)
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Kirjanmerkit Bookmarks Закладка (Code: b)

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Yhteenvedot Reviews Резюме (Code: ###)

Alfred Marshall: Principles of Economics
1,12493,694,eco,eng,20150926,20160210,5,Alfred Marshall: Principles of Economics
20150926-20160210, 694 pages, 5* SalesInfo o eng


201602201

Alfred Marshall - another real classic of economics

Marshall, a younger brother of the great Adam Smith. What a joy having recently read them both. Marshall, as I see it, is wholeheartedly ackompanying Smith in analyzing the working of the market mechanism, demand and supply as determining forces behind our wealth and wellbeing.

Perhaps more than Smith he is scrutinizing and speculating with alternative cases of economic situations. Production by simple manpower against technical innovations, various alternatives of land ownership, organization of management. Reviewing my recently developed system of saving and exposing notes made at reading I stop in several bonmots of Marshal. Here one that repeatedly puts me thinking:

"Man cannot create material things. In the mental and moral world indeed he may produce new ideas; but when he is said to produce material things, he really only produces utilities; or in other words, his efforts and sacrifices result in changing the form or arrangement of matter to adapt it better for the satisfaction of wants. All that he can do in the physical world is either to readjust matter so as to make it more useful, as when he makes a log of wood into a table; or to put it in the way of being made more useful by nature,.."

A bit surprising, but so it is. We cannot create matter, but infinitely new ideas of how to use, combine, relate matter. And that is finally the whole secret of our wellbeing, object of the great forces of supply and demand.

Another somewhat surprising is his statement "most nations in the civilized parts of the world, are more or less rich or poor-proportionably to the paucity or plenty of their people, and not to the sterility or fruitfulness of their land". So, this puts into order the two ultimate productive forces: man and land. No matter how good and fertile the soil, no economic outcome without the cultivating hand of man. But the mere consciousness about the existence of fertile or rich of minerals of land can initiate an earthquake of migration and outburst of wellbeing as is shown by the conquest of the American West just going on at the time of Alfred Marshall (1842-1924) writing his masterpiece of a book, well deserving the assessment of full five stars.

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