The Economic Journal: The Quarterly Journal of the Royal Economic Society

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Contains papers that appeal to a broad and global readership in all fields of economics.

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Сторінка 428 - They are led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made, had the earth been divided into equal portions among all its inhabitants, and thus without intending it, without knowing it, advance the interest of the society, and afford the means to the multiplication of the species.
Сторінка 440 - ... of carrying it on, until the producers have been educated up to the level of those with whom the processes are traditional. A protecting duty, continued for a reasonable time, will sometimes be the least inconvenient mode in which the nation can tax itself for the support of such an experiment.
Сторінка 428 - The rich only select from the heap what is most precious and agreeable. They consume little more than the poor.
Сторінка 428 - By preferring the support of domestic to that of foreign industry he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.
Сторінка 292 - engine of analysis . . . machinery of universal application in the discovery of a certain class of truths . . . not a body of concrete truth, but an engine for the discovery of concrete truth.
Сторінка 278 - Thiinen, I was led to attach great importance to the fact that our observations of nature, in the moral as in the physical world relate not so much to aggregate quantities as to increments of quantities, and that in particular the demand for a thing is a continuous function, of which the "marginal" increment is, in stable equilibrium, balanced against the corresponding increment of its cost.
Сторінка 53 - To be attached to the subdivision, to love the little platoon we belong to in society, is the first principle (the germ as it were) of public affections. It is the first link in the series by which we proceed towards a love to our country, and to mankind.
Сторінка 279 - The notion of an exact measurement of Consumers' Rent was published by Dupuit in 1844. But his work was forgotten; and the first to publish a clear analysis of the relation of total to marginal (or final) utility in the English language was Jevons in 1871, when he had not read Dupuit. The notion of Consumers...
Сторінка 435 - Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to the society.
Сторінка 85 - But there is no more complete fallacy than this. What people call applied science is nothing but the application of pure science to particular classes of problems. It consists of deductions from those general principles, established by reasoning and observation, which constitute pure science. No one can safely make these deductions until he has a firm grasp of the principles ; and he can obtain that grasp only by personal experience of the operations of observation and of reasoning on which they...

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