Protection And Bad Times With Special Reference to the Political Economy of Eng
Protection And Bad Times With Special Reference to the Political Economy of Eng
George Smyth Baden Powell
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129 further attacks on Nature ; the other expends the stock he has won from Nature on repaying the other for his efforts. Yet if there is no due return to such expenditure capital to an equal amount becomes annihilated. In so far then as expenditure is pro- ductive, each man with capital or superfluous stock creates a demand for what he himself requires, though offering at the same time a supply of what others may require. The exchange value of the commo- dities in the market is their price : a...nd the expen- diture of capital in the market, if it is not to decrease the aggregate wealth of the State if it is to vary profitably must either change its direction or in- crease in quantity. Thus, presuming the increase of wealth is intended, we can see in prices the working of these phenomena : high prices, accompany in- adequate, or decreased, supply, or increased demand ; low prices accompany inadequate, or decreased, demand, or increased supply. The producer suffers most by inadequate and prospers most by increased demand.
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