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acre advantages amount applied bargaining buyers capital and labour capitalists cause cerned classes co-operation commodities compete competition consumers consumption costs of maintenance demand different trades distribution duction earnings economic economic rent effect efficiency employers employment enable evoke excess expenditure factors of production farm firms flow growing growth higher important improved income increase indus industrial system interest J. A. Hobson JOHN RUSKIN labour and ability Labour Movement labour power landowner larger loaves machinery manufacture market price ment minimum modern industry monopoly nation natural necessary needs nomic ordinary organized owners paid payment plant processes productive energy profits provision public ownership public revenue quantity raise raw materials retail rise saving scarcity secure selling skill social stimulate stream sumers supply Supply and Demand surplus-profit tear fund tion tive unearned unproductive surplus utility various sorts wage-earners wages wealth wheat whole workers
Page 14 - THERE is NO WEALTH BUT LIFE. Life, including all its powers of love, of joy, and of admiration. That country is the richest which nourishes the greatest number of noble and happy human beings ; that man is richest who, having perfected the functions of his own life to the utmost, has also the widest influence, both personal and by means of his possessions, over the lives of others.
Page 26 - Economists understand by the term MARKET, not any particular market place in which things are bought and sold, but the whole of any region in which buyers and sellers are in such free intercourse with one another that the prices of the same goods tend to equality easily and quickly1.
Page 14 - THERE is -NO WEALTH BUT LIFE. Life, including all its powers of love, of joy, and of admiration. That country is the richest which nourishes the greatest number of noble and happy human beings; that man is richest who, having perfected the functions of his own life to the utmost, has also the widest helpful influence, both personal, and by means of his possessions, over the lives of others.
Page 86 - ... which the State renders to industry. B. The Productive Surplus includes (1) minimum Wages of progressive efficiency, to evoke a larger quantity and better quality of labour and ability for the enlargement and improvement of the industrial system; (2) such a minimum of interest as suffices to evoke the supply of new capital needed to co-operate with the enlarged and improved supply of labour; (3) a provision for the improved size and efficiency of the public services rendered by the State to industry....
Page 117 - LABOUR stands on so different a footing from the other factors of production in regard to the conditions of its sale that a separate law of wages has often been propounded. Such procedure, however, is quite unwarranted. For the price of labour is determined like the price of the other factors by considerations of cost and scarcity affecting the relation of the supply to the demand.
Page 249 - STRUCTUREOur survey of industry shows us an elaborate system of businesses and trades by which the productive powers of Nature and of man are brought into operation for the supply of human wants. This system exhibits much detailed skill of adaptation and co-operation. The harmony of structure and of working in an ordinary business, a factory, a mine, a bank, a shop, is very exact. Though the owners of the different factors of production in the business are mainly moved by considerations of personal...
Page 86 - Surplus consists of (1) economic rents of land and of other natural resources; (2) all interest in excess of the rate laid down in B; (3) all profits, salaries and other payments for ability or labour in excess of what would, under equal terms of competition, suffice to evoke the sufficient use of these factors.
Page 251 - To a large extent, indeed, finance constitutes a sort of central power-station for the distribution of capital and labour. But its grasp is very partial, and its methods are not accurately adjusted to supply the general needs of industry. The central purpose, as we see, is the regular supply of the needs of consumers. And it is this purpose which does maintain such harmony as is found in the industrial system. But the elaborate circuitous ways by which the interests of the consumer operate through...
Page 60 - To the ordinary business man saving, at first sight, seems a merely negative industrial act, ie not spending, and putting the non-spent money in a bank. But actually it is as positively an industrial act as spending, Indeed ... it is spent, but in paying people to make more capital goods instead of paying them to make more consumers