Essentials of Economic Theory, as Applied to Modern Problems by John Bates Clark

By John Bates Clark

This can be a replica of a booklet released earlier than 1923. This booklet could have occasional imperfections reminiscent of lacking or blurred pages, terrible photographs, errant marks, and so on. that have been both a part of the unique artifact, or have been brought through the scanning technique. We think this paintings is culturally very important, and regardless of the imperfections, have elected to carry it again into print as a part of our carrying on with dedication to the maintenance of published works around the globe. We savor your knowing of the imperfections within the protection strategy, and wish you get pleasure from this invaluable e-book. [C:\Users\Microsoft\Documents\Calibre Library]

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By John Bates Clark

This can be a replica of a booklet released earlier than 1923. This booklet could have occasional imperfections reminiscent of lacking or blurred pages, terrible photographs, errant marks, and so on. that have been both a part of the unique artifact, or have been brought through the scanning technique. We think this paintings is culturally very important, and regardless of the imperfections, have elected to carry it again into print as a part of our carrying on with dedication to the maintenance of published works around the globe. We savor your knowing of the imperfections within the protection strategy, and wish you get pleasure from this invaluable e-book. [C:\Users\Microsoft\Documents\Calibre Library]

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Sample text

Not one of the individual instruments is permanent, for each one only does its part in keeping up an endless procession. It is the procession that is always there - a moving series of individual goods, not one of which has more than a transient economic career. Each one helps to keep up the supply of permanent capital just as each man, taking his turn in an endless succession of laborers, serves during his brief life to keep up the permanent force of laboring humanity. Men come and go, but "labor" - a mass of working humanity - abides; and so capital goods come and go, but a stock of them abides, kept up by perpetual replacement.

It is essential that the consumer, in determining the value of a kind of goods, should not estimate the importance of the supply in its entirety, since that would give an exaggerated measure. Measurements of value are always made specifically, and single units of the supply of goods THE MEASURE OF CONSUMERS' WEALTH 41 are appraised apart from the remainder. The total utility of atmospheric air is infinite, since the loss of the whole of it would mean the total destruction of animal life; but the specific utility and the value of air is nil, since no one limited part of the supply has any practical importance.

They aid workers in their efforts to bring materials into usable shapes, and this is as true of the hole in the earth in which a savage stores provisions as it is of a fireproof warehouse in a modern city. Materials which are at first Passive and later pass VARIETIES OF ECONOMIC GOODS 23 into the Active State. - The hammer itself has to be made out of raw material, and, while it is in the making, the material that enters into it is as passive as anything else. While the ore is smelting and while the steel is forging, the future hammer is in a preliminary stage of its existence and is discharging a passive function.

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