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Download book The Social Economist (Volume 4)

Download book The Social Economist (Volume 4)

The Social Economist (Volume 4) by George Gunton

The Social Economist (Volume 4)
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Author: George Gunton
Number of Pages: 124 pages
Published Date: 19 Jan 2012
Publisher: General Books
Publication Country: Miami Fl, United States
Language: English
ISBN: 9781235559020
File size: 35 Mb
Download Link: The Social Economist (Volume 4)
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1893. Excerpt: ... Demand and Supply. In the December number of the Social Economist, Professor Woodford attacks very successfully the so-called law of demand and supply as a regulator of prices, on the ground of its superficiality and indefiniteness; but it is questionable whether the law which is substituted for it, and which has been so brilliantly advocated by Mr. Gunton in his published volumes, is an improvement in point of scientific precision. The terms demand and supply as commonly used mean nothing, and yet they furnish the sole weapons of attack on the part of antique economists and jurists in their resistance to the live social movements of the day, especially the labor movement. Is there not something back of these terms, and may they not sum up a great deal of meaning? I believe that if we analyze them thoroughly, and analyze also Mr. Gunton's use of terms, we can arrive at a statement of the law of prices which shall be accurate in theory because in correspondence with facts. Our first problem is to determine what is meant by demand and necessary supply. Producers in modern times produce their products not for their own use but for sale and profit. Their great concern, therefore, is to know what amount of goods they can sell and what prices they can obtain. This is the demand for their goods. Value and prices have no significance to them except as meaning that the possession of the things which they have produced gives them power to command from society a return of social products in exchange for their goods. There is an element of compulsion in value. Purchasers are forced to give useful things in exchange for products, because, perhaps, their life may depend upon it. Wants and resources on the part of consumers, private property on the part of sellers, evol...

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