Wealth and Welfare |
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Common terms and phrases
absolute share aggregate amount capital ceteris paribus chapter circumstances collection combination commodities considerable consumed costs of movement demand for labour diminishing returns diminution discussion distribution divergence economic welfare effect efficiency elasticity employers equality of marginal fact factors of production favour German given greater Hence important improvements income increase index number industry inequality influence J. M. Keynes Karl Pearson labour and waiting larger less marginal net product marginal supply prices means measure ment mobility monopolistic monopolistic competition national dividend obvious output persons poor Poor Laws practice price changes private net product probably product of resources Professor proportion proposition purchases quantity railway relatively represent respect result satisfaction scheme of uncertainty simple competition simple monopoly smaller social net product sort supply curve suppose tastes things tion trade transport uncertainty-bearing value of h variability wages wheat and iron workpeople x units yield
Popular passages
Page 376 - ... most fruitful for the people. Nor need it be feared that this policy would sap the root of enterprise and render men less anxious to accumulate, for, to the class whose ambition it is to leave great fortunes and be talked about after their death, it will attract even more attention, and, indeed, be a somewhat nobler ambition, to have enormous sums paid over to the State from their fortunes.
Page 5 - What is good?' my answer is that good is good, and that is the end of the matter. Or if I am asked 'How is good to be defined?
Page 18 - The labour and capital of the country, acting on its natural resources, produce annually a certain net aggregate of commodities, material and immaterial, including services of all kinds. This is the true net annual income or revenue of the country, or the national dividend".
Page 25 - Pigou, described the matter rather well around the turn of the century when he wrote that "men do not desire to be rich, but to be richer than other men.
Page 106 - ... force from a particular species of industry some share of the capital which would otherwise be employed in it, is in reality subversive of the great purpose which it means to promote. It retards, instead of accelerating, the progress of the society towards real wealth and greatness, and diminishes, instead of increasing, the real value of the annual produce of its land and labour.
Page 62 - Ideas, whether those of art and science, or those embodied in practical appliances, are the most "real" of the gifts that each generation receives from its predecessors. The world's material wealth would quickly be replaced if it were destroyed, but the ideas by which it was made were retained. If however the ideas were lost, bat not the material wealth, then that would dwindle and the world would go back to poverty.
Page 153 - ... upon terms of paying the then value (exclusive of any allowance for past or future profits of the undertaking, or any compensation for compulsory sale, or other consideration whatsoever) of the tramway, and all lands, buildings, works, materials, and plant of the promoters suitable to and used by them for the purposes of their undertaking...
Page 13 - When we have ascertained the effect of any cause on economic welfare we may, unless, of course, we have evidence to the contrary, regard this effect as probably equivalent in direction, though not in magnitude, to the effect on total welfare
Page 216 - A sufficient answer to his thesis, therefore, is to observe that the carriage of tons of different things from A to B is a single homogeneous commodity, on precisely the same footing as plain cotton cloth. The fact that some 'carrying of tons...
Page 488 - European homes, the injurious luxury of some wealthy families, the terrible uncertainty overshadowing many families of the poor — these are evils too plain to be ignored.