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Principles of Economics, Vol. 2 (Classic Reprint)

Principles of Economics, Vol. 2 (Classic Reprint)

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CHAPTER I PURPOSE AND NATURE OF PRODUCTION §1 Production and National Welfare The subject which we are now about to discuss may, in a certain sense, be said to excite more interest than aoy other subject within the domain of economics. Think of the important part which production plays in the life of a nation, and what sacrifices the community makes for its sake! a Almost every Government nowadays regards it as a duty to do awav with taxes which weaken the incentive to produce, and to adont measures by Which nrnrhir.t.io'n is ftnp.miracrfid. It seems therefore unnecessary to emphasise the great importance of this subject. Richard Cobden has said that tho future belongs to the nation that labours and produces -a dictum which sounds very like a commonplace. It is no commonplace, however. The present age, which has effected more than any other in the sphere of production, and still labours for the extension of that sphere, only half believes in the salutary effect of that exteTable of Contents PART III PRODUCTION; CHAPTER I; THE PDRP08E AVD NATURE OF PRODUCTION; PAGES; § 1 Production and National Welfare 3-6; How necessary it is to emphasise the great importance of production is rendered evident, in the first place, by the writings of the socialists, 3-5; who fail to realise that a plentiful production conduces to greater equality of distribution, 5 It is rendered evident, in the second place, by the groundless fear of a general glut, 6; § 2 Over-Production6-17; General over-production is not production in excess of demand, but production on so large a scale as to cause prices to descend below what is called the "cost of production," 7-8 This disproportion between prices of goods on the one hand and wages and interest on the other may arise in respect of certain goods, but never in respect of goods in genera) With an increased production of goods in general entrepreneurs are compensated in quantity for what the