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ability action Adam Smith advantages agents of production amount average benefit capital and labour causes CHAPTER chiefly classes commodity competition consumption corn laws cost cultivation demand and supply demand price derived Diminishing Return division of labour dose duction economic economists effect efficiency employers England equal evil exert expenses of production fact factors of production factory give governed grade greater growth higher important income increase industry influence instance kind land less lower machinery manual labour manufacture marginal marginal utility material ment modern national dividend nature necessary normal occupation person population producer's surplus profits purchase Quasi-rent rate of interest rate of profits raw produce regard rent rise skill social supply price surplus tend tendency term things tion towns trade true Unions utility wages wants wealth western world whole workers
200 ページ - We might as reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper as whether value is governed by utility or cost of production.
1 ページ - Here and there the ardour of the military or the artistic spirit has been for a while predominant : but religious and economic influences have nowhere been displaced from the front rank even for a time ; and they have nearly always been more important than all others put together.
412 ページ - The liberal reward of labour, as it encourages the propagation, so it increases the industry of the common people. The wages of labour are the encouragement of industry, which, like every other human quality, improves in proportion to the encouragement it receives. A plentiful subsistence increases the bodily strength of the labourer, and the comfortable hope of bettering his condition, and of ending his days perhaps in ease and plenty, animates him to exert that strength to the utmost.
149 ページ - That the master manufacturer, by dividing the work to be executed into different processes, each requiring different degrees of skill or of force, can purchase exactly that precise quantity of both which is necessary for each process; whereas, if the whole work were executed by one workman, that person must possess sufficient skill to perform the most ~~ difficult, and sufficient strength to execute the most laborious, of the operations into which the art is divided...
152 ページ - Good work is rightly appreciated, inventions and improvements in machinery, in processes and the general organization of business have their merits promptly discussed: if one man starts a new idea, it is taken up by others and combined with suggestions of their own; and thus it becomes the source of further new ideas.
399 ページ - Every age and every country has its own problems: and every change in social conditions is likely to require a new development of economic doctrines": also the letter written in 1915 to Mr.
19 ページ - But the motive is supplied by a definite amount of money: and it is this definite and exact money measurement of the steadiest motives in business life, which has enabled economics far to outrun every other branch of the study of man.
180 ページ - ... improved organization tends to diminish or even override any increased resistance which Nature may offer to raising increased amounts of raw produce.
250 ページ - We conclude then that an increase of wages, unless earned under unwholesome conditions, almost always increases the strength, physical, mental and even moral of the coming generation...
44 ページ - England, in this generation, may be said to consist of a well-drained dwelling with several rooms, warm clothing, with some changes of underclothing, pure water, a plentiful supply of cereal food, with a moderate allowance of meat and milk, and a little tea, etc., some education, and some recreation, and lastly, sufficient freedom for his wife from other work to enable her to perform properly her maternal and her household duties.