The Principles of Economics, With Applications to Practical Problems
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In our eReader you can find the full English version of the book. Read The Principles of Economics, With Applications to Practical Problems Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Principles of Economics, With Applications to Practical Problems
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It may frequently happen that one of the two countries has an advantage in amount of sacrifice and effort, as to both articles; but if the advantage is greater in one article than in the other, the foreigners, like the low-paid clerk, will be willing to exchange at a ratio that will make it profitable to specialize in the product wherein the greater superiority lies. Therefore not the advantage as to a single product, enjoyed by one country over the other is most important § I] INTERNATIONAL TR...ADE AS A CASE OF EXCHANGE 483 in determining whether to produce at home or to exchange, but the comparative advantages enjoyed in the production of the two articles in question.
It must be remembered that comparative cost as here Examples used refers to cost in effort, not to money cost, — a point on p a rauve which there is often confusion. The money cost of a certain costs product is often greater in a new country because wages are high, and wages are high just because psychic cost is low, that is, because labor can produce so much.
What to read after The Principles of Economics, With Applications to Practical Problems?
You can find similar books in the "Read Also" column, or choose other free books by Fetter, Frank A. (Frank Albert), 1863-1949 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
It may frequently happen that one of the two countries has an advantage in amount of sacrifice and effort, as to both articles; but if the advantage is greater in one article than in the other, the foreigners, like the low-paid clerk, will be willing to exchange at a ratio that will make it profitable to specialize in the product wherein the greater superiority lies. Therefore not the advantage as to a single product, enjoyed by one country over the other is most important § I] INTERNATIONAL TR...ADE AS A CASE OF EXCHANGE 483 in determining whether to produce at home or to exchange, but the comparative advantages enjoyed in the production of the two articles in question.
It must be remembered that comparative cost as here Examples used refers to cost in effort, not to money cost, — a point on p a rauve which there is often confusion. The money cost of a certain costs product is often greater in a new country because wages are high, and wages are high just because psychic cost is low, that is, because labor can produce so much.
What to read after The Principles of Economics, With Applications to Practical Problems?
You can find similar books in the "Read Also" column, or choose other free books by Fetter, Frank A. (Frank Albert), 1863-1949 to read onlineMoreLess
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