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Economics In One Lesson Epub Bud

 
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Economics In One Lesson Epub Bud

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The,,,details,,,will,,,vary,,,in,,,each,,,instance,,,,depending,,,upon,,,the,,,particular,,,conditions,,,that,,,prevail,,,in,,,a,,,given,,,industry,,,or,,,period.,,,This,,,is,,,a,,,sign,,,that,,,the,,,persons,,,to,,,whom,,,the,,,money,,,has,,,been,,,lent,,,will,,,be,,,expected,,,to,,,produce,,,things,,,for,,,the,,,market,,,that,,,people,,,actually,,,want.,,,The,,,,result,,,,must,,,,be,,,,that,,,,other,,,,industries,,,,on,,,,the,,,,average,,,,must,,,,be,,,,smaller,,,,than,,,,otherwise,,,,in,,,,order,,,,that,,,,the,,,,X,,,,industry,,,,may,,,,be,,,,larger.,,,,John,,,Stuart,,,Mill,,,,Principles,,,of,,,Political,,,Economy,,,(Book,,,3,,,,Chap.,,,But,,,as,,,overcoats,,,are,,,now,,,cheaper,,,,more,,,people,,,will,,,buy,,,them.,,,Those,,,who,,,doubt,,,the,,,necessity,,,are,,,dismissed,,,as,,,obstructionists,,,and,,,reactionaries.,,,A,,,new,,,cotton-picking,,,machine,,,,though,,,it,,,may,,,reduce,,,the,,,cost,,,of,,,cotton,,,underwear,,,and,,,shirts,,,to,,,everyone,,,,and,,,increase,,,the,,,general,,,wealth,,,,will,,,throw,,,thousands,,,of,,,cotton,,,pickers,,,out,,,of,,,work.,,,This,,,,is,,,,the,,,,frequent,,,,assumption,,,,that,,,,there,,,,is,,,,a,,,,fixed,,,,limit,,,,to,,,,the,,,,amount,,,,of,,,,new,,,,capital,,,,that,,,,can,,,,be,,,,absorbed,,,,,or,,,,even,,,,that,,,,the,,,,limit,,,,of,,,,capital,,,,expansion,,,,has,,,,already,,,,been,,,,reached.,,,,

It,,,is,,,as,,,foolish,,,to,,,try,,,to,,,preserve,,,obsolescent,,,industries,,,as,,,to,,,try,,,to,,,preserve,,,obsolescent,,,methods,,,of,,,production:,,,this,,,is,,,often,,,,in,,,fact,,,,merely,,,two,,,ways,,,of,,,describing,,,the,,,same,,,thing.,,,The,,,much-reviled,,,speculators,,,are,,,not,,,the,,,enemy,,,of,,,the,,,farmer;,,,they,,,are,,,essential,,,to,,,his,,,best,,,welfare.,,,The,,,,industry,,,,will,,,,in,,,,most,,,,cases,,,,increase,,,,its,,,,prices,,,,and,,,,pass,,,,the,,,,wage,,,,increase,,,,along,,,,to,,,,consumers.,,,,This,,,,has,,,,prevented,,,,most,,,,people,,,,from,,,,recognizing,,,,that,,,,the,,,,same,,,,principles,,,,govern,,,,both.,,,,For,,,what,,,is,,,really,,,being,,,lent,,,is,,,not,,,money,,,,which,,,is,,,merely,,,the,,,medium,,,of,,,exchange,,,,but,,,capital.,,,This,,,exaggeration,,,is,,,mainly,,,the,,,result,,,of,,,failure,,,to,,,recognize,,,that,,,wages,,,are,,,basically,,,determined,,,by,,,labor,,,productivity.,,,Yet,,,when,,,the,,,government,,,comes,,,to,,,repay,,,the,,,debt,,,it,,,has,,,accumulated,,,for,,,public,,,works,,,,it,,,must,,,necessarily,,,tax,,,more,,,heavily,,,than,,,it,,,spends.,,,The,,result,,of,,the,,higher,,wage,,rate,,,therefore,,,will,,be,,a,,much,,greater,,unemployment,,than,,before.,,The,,,,war,,,,provided,,,,full,,,,employment,,,,for,,,,every,,,,nation,,,,involved.,,,,The,,,,result,,,,is,,,,also,,,,(and,,,,this,,,,is,,,,where,,,,the,,,,net,,,,loss,,,,comes,,,,in,,,,to,,,,the,,,,nation,,,,considered,,,,as,,,,a,,,,unit),,,,that,,,,capital,,,,and,,,,labor,,,,are,,,,driven,,,,out,,,,of,,,,industries,,,,in,,,,which,,,,they,,,,are,,,,more,,,,efficiently,,,,employed,,,,to,,,,be,,,,diverted,,,,to,,,,an,,,,industry,,,,in,,,,which,,,,they,,,,are,,,,less,,,,efficiently,,,,employed.,,,,

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