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Excerpt from Profit and Wages: A Study in the Distribution of Income
This is the method of mental experiment with different lines of approach to the problem, the exploitation of different facts and ideas as tentative premises. The forces of our indus trial system are so involved that no conception of its operation could be reached by any attempt to describe its details. In fact the more photo graphic and concrete the picture presented to the mind, the more confusing and difficult the problem becomes. The only feasible pro cedure, therefore, is to seek for essential facts and to reason from these, while deliberately excluding from view a mass of complicating phenomena. Intellectually portable and man ageable results are won by selection only. Com plications must be eliminated, or, in other words, hypothetical assumptions must be made. Economic theory differs from other sciences only in the degree of its hypothetical character.
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Profit and Wages: A Study in the Distribution of Income (Classic Reprint)
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Paperback. Zustand: New. Print on Demand. This book delves into the theories behind the distribution of wealth, a subject that has been pondered by economists since the inception of organized society. The author, a classical economist, begins by illustrating the fundamental theories regarding how the distribution of wealth occurs before moving on to explain how interest rates are determined. The text grapples with questions such as why Capitalism has historically been defined by three distinct economic classes, and the factors that influence them. The author ultimately concludes that time preference does not directly determine the rate of interest but is an essential element in understanding the psychology of business and the subjective valuations that underpin economic activity. It is a fascinating read for anyone interested in economics, finance, or the historical development of economic thought. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Bestandsnummer des Verkäufers 9781330030547_0
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