Essentials of Economic Theory As Applied to Modern Problems of Industry And Public Policy
Essentials of Economic Theory As Applied to Modern Problems of Industry And Public Policy
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In the latter case they acquire it indirectly rather than directly, but they acquire it by their own industry in the one case as well as in the other.
Natural Selection of Modes of procuring Usable Goods. — Under natural influences, as we have said, men select the most economical way to get what they use, or — what is the same thing — they select the mode of utilizing their own labor and capital that will give them the largest return in goods. There is EFFECTS OF DYNAMIC INFLUENCES 233 competit...ion between different methods of directly making goods, and the best method survives. The man with a good machine undersells the man with a poor one; this latter producer must improve his equipment, or fail, and appliances thus tend toward a maximum of efficiency. In like manner there is competition between the direct and the indirect mode of obtaining goods. The man who, by using a certain amount of labor for a week in making steel for exporta- tion, can obtain in exchange fifteen yards of silk, can undersell and drive from the field the man who, by using the same amount of labor for a week in silk making, can produce ten yards of silk.
What to read after Essentials of Economic Theory As Applied to Modern Problems of Industry And Public Policy?
You can find similar books in the "Read Also" column, or choose other free books by Clark, John Bates, 1847-1938 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In the latter case they acquire it indirectly rather than directly, but they acquire it by their own industry in the one case as well as in the other.
Natural Selection of Modes of procuring Usable Goods. — Under natural influences, as we have said, men select the most economical way to get what they use, or — what is the same thing — they select the mode of utilizing their own labor and capital that will give them the largest return in goods. There is EFFECTS OF DYNAMIC INFLUENCES 233 competit...ion between different methods of directly making goods, and the best method survives. The man with a good machine undersells the man with a poor one; this latter producer must improve his equipment, or fail, and appliances thus tend toward a maximum of efficiency. In like manner there is competition between the direct and the indirect mode of obtaining goods. The man who, by using a certain amount of labor for a week in making steel for exporta- tion, can obtain in exchange fifteen yards of silk, can undersell and drive from the field the man who, by using the same amount of labor for a week in silk making, can produce ten yards of silk.
What to read after Essentials of Economic Theory As Applied to Modern Problems of Industry And Public Policy?
You can find similar books in the "Read Also" column, or choose other free books by Clark, John Bates, 1847-1938 to read onlineMoreLess
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