Pure Economics |
Contents
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Common terms and phrases
abscissa according acts amount causes chap close market comparative degrees complementary commodities considered constitute consumed corresponding cost of production cotton Crown 8vo curve decreasing degree of utility degrees of final degrees of intensity denoted diagram direct commodities economists enjoyment equal equivalent exchange existence expressed fact final degree final utility given Gossen greater hedonic hypothesis hedonic postulate Hence homo economicus increase individual instance instrumental commodity interest J. S. Mill Jevons labour land latter law of demand laws of value less limit linen maximum means modities obtain ordinate pleasures and pains Political Economy portion possess premisses present commodities Primus profit proposition purchaser quantity of commodity rate of interchange ratio realised regards remuneration rent respect Ricardo satisfaction satisfy scale Secundus sensations shillings successive increments supply term Tertius theory things tion total utility value of money variations wages wants wealth wheat whilst
Popular passages
Page 269 - 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 170 - But any other cause limiting supply is just as efficient a cause of value in an article as the necessity of labour to its production. And, in fact, if all the commodities used by man were supplied by nature without any intervention whatever of human labour, but were supplied in precisely the same quantities as they now are, there is no reason to suppose either that they would cease to be valuable, or would exchange in any other than their present proportions.
Page 65 - When two conditions are equally necessary for producing the effect at all, it is unmeaning to say that so much of it is produced by one and so much by the other ; it is like attempting to decide which half of a pair of scissors has most to do in the act of cutting ; or which of the factors, five and six, contributes most to the production of thirty.
Page 232 - ... injurious. The monetary arrangements of any. community are ultimately dependent, like most of its other arrangements, on the morality of its members. Amongst a people altogether dishonest, every mercantile transaction must be effected in coin or goods ; for promises to pay cannot circulate at all, where, by the hypothesis, there is no probability that they wilt be redeemed.