Présentation de l'éditeur
Section 1. What is meant by distribution. The meaning of the term capital, 3S ec. 2. There is no such thing as capital distinct from capital goods, 6S ec, 3. The essential problem as to interest. Money is not the cause of interest, nor does its quantity affect the rate of interest, 7. Sec. 4. vV ny there is a demand for present means; the effectiveness of the time-using processes of production. Is capital productive? 9S ec. 5. How the marginal effectiveness or productivity of capital determines the rate of return. A consumers surplus arises from the more effective applications. Analogy to the problems of value and utility, 11 Sec. 6. Is there a general tendency to diminishing returns from successive doses of capital? 14 Sec. 7. Human direction indispensable to successful operation of the capitalistic process. The human factor often neglected in reasoning on this subject, 18. 1. The word distribution, in the sense commonly attached to it in economic writings, refers to the apportionment of the income of a community among its several classes and members. Wherever industrial development is in any degree advanced there are owners of capital and of land; there are persons using land and capital who yet are not the owners tenants and borrowers; there are all sorts of workers, ranging in earnings and in social position from the poorly paid day laborer to the prosperous professional man and salaried manager. What share goes to a person who simply possesses capital or land, and what share goes to an individual for his labor, of whatever sort these are among the central problems of distribution. A common division of the subject is into four heads, corresponding to four groups in the community whose income is supposed to be governed by dif1 The word obviously is used in quite a different sense when we speak of the distribution of commodities thru wholesale and retail d
(Typographical errors above are due to OCR software and don't occur in the book.)
Présentation de l'éditeur
OfNTENTS IX PAGES brought int harra.ny with the theary of value under U9u-cuuipeting groups, IG lS ec. 6. Anal gies between international trade and domestic trade, 162. CHAPTER 4# .. 164-179 r.trsiNESS Profits Section 1. Business profits rest on the assumption of risks. The term profits, 164 Sec. 2. Position of the business man as receiver of a residual income. Irregularity and wide range of this income, its relation to prices. Tho irregular, it is not due to chance, IQQ Sec 3. The part played by inborn abiU ty; that played by opportunity, environment, training, 169-S ec. 4. The qualities requisite for success: imagination, judgment, courage. Mechanical talent not so important as might be expected. Relations of the business man to inventors. Diversity of qualities among the successful, 170 Sec. 5. A process of natural selection among busmes.s men. Natural capacity tells more than in most occupations, 17::; Sec. 6. Motives of business activity and money-making. Social ambition the main impulse; other motives are also at work, 175 Sec. 7. What changes would occur if business ability were very plentiful and capacity for muscular labor very scarce, 177. CHAPTER 50 Business Profits, continued 180-198 Section 1. Analogy between business profits and rent. A similar analogy in other occupations. How far the element of risk vitiates the analogy, 180 Sec. 2. The difference in business abilities explains differences in cost of production. The conception of the representative firm as settling normal expenses of production, 183 Sec. 3. One of the manifestations of busmess ability is in the selection of good natural resources. In the end, an important difference between economic rent and differential business profits, 185 Sec. 4. The connection between the return on capital and business profits. Relations between owners and managers of capital at different times. Modern t
(Typographical errors above are due to OCR software and don't occur in the book.)
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