This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...1. The National Dividend in any given year is the sum of all the different kinds of wealth produced Distribution bv agen, s of production in that year. This is divided among individuals as personal incomes; the miner, the manufacturer, or the statesman receives a money income which gives control over a ...
Read More
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...1. The National Dividend in any given year is the sum of all the different kinds of wealth produced Distribution bv agen, s of production in that year. This is divided among individuals as personal incomes; the miner, the manufacturer, or the statesman receives a money income which gives control over a certain share in the dividend. If all incomes were equal, the quotient obtained by dividing the dividend by the population would give the share of each person. Incomes are not equal; the laws which govern income are so complicated that Economics does not attempt to solve the problem directly; it is easier to find the share allotted to the agents of production or, when dealing with a particular business, to the factors of production. A man's income may be derived from the payments he receives as ownership of more than one factor; he may receive interest on money invested in the bank, rent for agricultural land he owns, profits in a business or shop which he owns and manages, and perhaps wages for spare time work for an employer. Many incomes are thus composite, though others represent payment made to a person as owner or supplier of a single factor. When Economics has worked out an analysis on the basis of the reward to factors of production, the more complicate problems of Distribution may be attempted. 2. Distribution is not carried out according to a con certed scheme; to a large extent it occurs Distribution naturally and automatically through the automatically, working of individual self-interest, though the State or private individuals may alter it to some extent. Value is the regulator. If each individual consumed the goods he produced, there would be no exchange, and thus no distribution, for each man's income would consist of those...
Read Less