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Timestamp: 2019-04-20 20:36:06+00:00

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competitors will here be first and principally considered.
on an average of days.
wherewith to play the role which has been assigned to A.
the head of Definition by Type. "Our conception of the class"
contract, the produce belongs to be disposed of at his pleasure."
some other business besides his own.
accrues to the entrepreneur is not given by any simple formula.
which will afford to him the greatest net advantage.
his net income minus the disutility incident to its production.
increment of disutility due to that work.
persons properly qualified to obtain the use of capital.
for different individuals and industries.
from agriculture, but that an analogous adjustment of "margins"
different industries where industrial competition acts.
adjustment of margins of the sort which has been explained.
of capital laid out, multiplied by an average rate of profit.
their own run the risk of not being paid for their trouble.
classes, are not to be found in abstract purity.
disentangle the two causes of depreciation?
journey to market or after sale.
profits, -- our fourth species.
for undergoing such risk as accruing to the "capitalist as such"
entrepreneur to increase his business? (substance of p. 50).
something transitory," but a "permanent species of income" (p.
its position, though in a limited form" (p. 105. Cf. p. 169).
to be considered as nil, in the ordinary sense of the term.
distinguished economists to paradoxical conclusions.
[a surplus indicated by a figure which is not here reproduced].
treated like the remuneration of any other species of labor."
conception, which is indeed most simple."
product], there remains no undistributed residue."
hours of work that he devotes to the business.
variables which increases with the increase of either variable.
should be challenged by those who affect mathematical precision.
loss which would be occasioned to the society by his removal?
its marginal productivity are not very different.
by the misleading associations of an unfortunate phrase.
Mill's proviso, that existing interests should not be disturbed.
dose, the phenomenon of determinate equilibrium will reappear.
equilibrium.(70*) Still, the point of theory is worth notice.
were sold freely by the hour (or other small "dose").
In such a case some further datum is required to determine price.
by the mathematical economists who walk in the way of Gossen.
production can expect to earn more than the total produce.
of the two parties to Distribution.
to an ultimate product may be obtained by watching any factory.
to occupy an appreciable time.
breed does not sensibly improve in successive generations.
coal is to be placed among the higher orders.
mostly done at the littoral, though it is applied at the heights.
to the point at which production becomes merged in consummation.
rent and interest in their relation to the capital value of land.
wait for future goods instead of grasping at immediate pleasure.
increase of unproductive consumption "eat up his capital."
astronomy. Such knowledge will not be of much use in navigation.
bargains in a regime of competition will retain its importance.
at all. There is no way of deciding what is a fair day's wages."
and decisive in such a matter?
much truth directed against "the verdict of the economists"
abstract theory to flesh and blood.
pure and simple no longer constitutes an adequate hypothesis.
wages, should be settled by the play of competition.
assume the "true price"(136*) to be worked out honestly.
some who are conversant with the practical problems of industry.
but one which hardly falls under the theory of Distribution.
Harvard University in the autumn of 1902.
kinds of International Trade includes some kinds of Distribution.
See Economic Journal, vol. iv. p. 34 and p. 49.
3. Progress and Poverty, Book I, chap. iii.
4. See II, 8, 35.
5. See Economic Journal, vol. iv, p. 46.
6. Mill, Political Economy, Book II, chap. xv. sect. 1.
7. The Wages Question, p. 236.
p. 450 et seq.; xv, p. 77 et seq.
shrewd managers to the most helpless of inactive investors."
Quarterly Journal of Economics. vol. x. (1895) p. 83. Cp.
the Quarterly Journal of Economics, Vol. XV, p. 75.
11. Quarterly Journal of Economics, Vol. X, p. 72.
12. Political Economy, 3d edition, Book II, chap. ix, sec. 3. Cp.
chap. ii sec. 8; and below, p. 21.
Economy, Book II. chap. xv. 1, par. 4.
organisation, in accordance with the "principle of substitution"
organisation." Principles of Economics, Book VI. chap. vii. sec.
15. Some function of the amounts.
reduction of the product might be 10 per cent. This 10 per cent.
is regarded as the product of the last dose of capital.
simultaneous withdrawal of the last dose of each factor?
broadest footing, and the overlapping fallacy becomes obvious.
used dx or Delta x!
satisfaction immediate or prospective in the way of consumption.
quantities, we may treat the other as independent.
19. Quarterly Journal of Economics, Vol, X, (1895) p, 88.
that to be adopted for an explanation of the fundamental causes."
can hardly be twice as troublesome." Political Economy, Book II.
terms of the factors (including entrepreneur's work).
26. The function expressing the product in terms of the outlay.
Economics, 4th edition, p. 232.
increases with the increase of product.
29. Quarterly Journal of Economics, Vol. VII, (1893), p. 470.
30. Ibid., Vol. XV (1900) p. 78.
32. Quarterly Journal of Economics, vol. XV (1900) p. 91.
34. Cp. above, p. 18.
the American Academy for 1895, p. 95.
the similar expressions of Professor Barone, quoted below.
37. Giornale degli Economisti, February, 1896.
identical with Professor Marshall's accumulation of price.
42. Above, p. 19, note.
46. Cp. p. 20 above.
the work of the entrepreneur enters as a variable.
(1894), sect. 2 and prefatory note.
), we shall also have nPI = f(nAlpha, nBeta, nGamma, ... ) (loc.
)" (loc. cit., p. 8).
Equations, chap. xiv., Art. 6.
51. Loc. cit., p. 42.
54. In the sense in which equations are called simultaneous.
Corn-laws (1777), p. 48, note.
57. Burten's Life of Hume, Vol, II, p. 486.
58. Marshall, Principles of Economics, Book V . chap. ii. 5.
Wicksteed, Laws of Distribution, p. 20.
60. Manual of Political Economy, Book III. chap. iii.
61. Political Economy, Book II. chap. xvi, 4.
Economics, Vol. XV., note to p. 436.
63. See in particular Hobson's Economics of Distribution, chap.
iv.; Fetter, "The Passing of the Old Rent Concept," v, and vii.
(3), Quarterly Journal of Economics, Vol. XV. (1901); J. B.
Professor Marshall's doctrine see ECONOMIC JOURNAL, Vol. V. p.
perpendicular line. Cp. II. 69.
65. ii. 198 et seq.
67. ECONOMIC JOURNAL, Vol. IV. p. 225.
68. As argued in Mathematical Psychics, p. 42.
70. Mathematical Psychics, p. 18.
except by the employers competing with each other for workmen.
are an indefinite number a priori possible settlements (see B.
II. 313 and references there given).
leniently suggested that the author, in a subsequent note (p.
differ from each other in their subjective valuation of a horse.
73. Positive Theory of Capital (translated), Book IV. chap. iv.
76. See note 1, p. 37.
77. It is so assumed in Mathematical Psychics.
78. Whether expressed by a demand curve (or schedule, cf.
they exchange until they come to equilibrium." The "fixed amount"
article in the Revue d'Economie Politique, January, 1891.
81. They recontract, in the phraseology of Mathematical Psychics.
and Walker, Political Economy, Art. 308 et seq.
89. The English Utilitarians, Vol. III. p. 216.
90. Quarter Journal of Economics, vol. x, p. 74.
91. Cp. p. 46, below.
92. Political Economy, Book I, chap. ii, sections 1, 2.
93. Positive Theory, Book II, chap. v.
95. Marshall, as cited above, p. 19, note 2.
Interest," Quarterly Journal of Economics, Vol, VIII. (1893) p.
productive (loc. cit. p. 43).
98. Mill, Political Economy, Book I. chap. vi. 2.
produced by machinery. Capital, ch. xv.
interest, impresses me as a subtle obscuration of plain facts,"
Massachusetts Single Tax League (1902).
101. Cp. above, p. 32, Marshall, Principles, sub voce " Rent."
on "Profit-sharing" published in the ECONOMIC JOURNAL, Vol. II.
(1892), and in his Economic Science and Practice, p. 75 and ante.
establishment of a perpetual fund.
of Economics, sub voce "Stationary State."
for luxuries on the part of capitalists."
106. Cp. Marshall, Principles, Book IV . ch. xiii.
107. It is possible, as Mill shows, Political Economy, Book I.
108. Political Economy, Book I. chap. iv . 8.
independent variables. Political Economy, Book IV. chap. iii.
111. Translated into English from the Dutch by Wotzel.
112. See the opening paragraphs above, p. 14.
115. Ibid., par. 467. Cp. par. 343 et seq.
116. The Distribution of Wealth, chap. i.
note to p. 499, 4th edition, referred to above.
122. As argued above, p. 29. See Index s. v. Entrepreneur.
123. Graham Brooks, The Social Unrest, p. 122.
124. Such a market as is analysed in Mathematical Psychics, p.
Trade Unionism, S. and B. Webb.
126. Scientific Primer, chapter on "Wages."
127. Margaret Benson, Capital, Labour, and Trade, chap, xvi.
128. Elements of Economics of Industry (1892), Book VI, chap.
130. Adam Smith, Wealth of Nations, Book I. chap. ii.
131. Marshall, Quarterly Journal of Economics, Vol. XI. (1897) p.
132. Sidney and Beatrice Webb, Industrial Democracy, Part III.
consolidation of labour is incomplete," that of capital also (p.
135. "No individual competitor can lay down the rules of combat."
Sidney Webb, Contemporary Review (1889), p. 869.
should be settled by competition, actual or imaginary.
confer this sort of advantage on its members.
each formed by the solidification of many individual atoms.
competition which has just been described may be required.
140. Economic Science and Practice, p. 198 and context.
141. II. 101, and Mathematical Psychics, p. 53.
act, in Marshall's Economics of Industry (1879), Book III. chap.
knows it could obtain by a strike or a lock-out."
145. Theory of Political Economy, edition 3, p. 14.
146. Political Economy, Book V. chap. ii. sec. 4.
147. Bain, Emotion and Will (Table of Contents).
noticed in the ECONOMIC JOURNAL, Vol. XII. p. 289.
conciliator disposition in the operators and their employees."

References: Art. 6
 V. 
 Art. 308
 v.

 v. 
 V.