The Character and Logical Method of Political Economy
W. McGee, 1869 - 184 頁
The work on the “Character and Logical Method of Political Economy” may be recommended to students as a safe guide to help them through the mazy labyrinths which the earlier stages of the study present. The purpose of the work is to ascertain the true relation of Political Economy to the Physical Sciences on the one hand, and to the Moral Sciences on the other, both as regards method and compass. The supporters and opponents of Political Economy have each done it injustice by misapprehending its aims and limits. The study, as Professor Cairnes points out and explains with inimitable clearness, does not consist in an investigation into the causes of physical facts or the evolution of psychological processes. Political Economy begins at the point at which physical science and psychological science each end.
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... capital , and labour respectively perform in the creation of the ultimate product .
Thus the distinct economic laws which regulate the distribution of wealth amongst
the proprietors of these three productive agencies are confounded , in order to ...
But the amount of capital employed in the payment of wages depends , amongst
other causes , on the productiveness of industry in raising the commodities of the
labourer ' s consumption — a circumstance which is equally dependent on the ...
No economist , that I am aware of , has ever said that a small and unskilful
application of capital to land would necessarily be attended with greater
proportional returns than a larger outlay more skilfully applied ; and it is to this
assertion only ...
This is , in other words , to say , that the reason farmers do not increase their
outlay on the soils of superior quality is , not because it would be unprofitable to
do so , but for the same reason which limits the amount of capital and the number
If these physical conditions were different , if capital and labour could be applied
to a limited portion of the soil indefinitely with undiminished return , a small
portion only of the best land in the country would be cultivated , and no farmer