Capitalism

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By Maurice Dobb

Half 1 of this quantity analyses the most matters within the conception of utilized Economics. half 2 surveys the increase of capitalist firm and exhibits the significance of yes associations within the development and dealing of the industrial method first and foremost of the 20th century. The concluding chapters rigidity the relevance of those concerns to the issues dealing with politicians and administrators.

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‘A singularly fabulous and stimulating piece of monetary analysis.’ Birmingham Post

‘A very considerate piece of labor which does greatly aid to explain principles at the subject.’ The Times

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If, in fact, the adaptation lags so far behind that the average rate of adaptation is always slower than the average rate of change, then a permanent state of maladjustment will be suffered, which may even be cumulative, and the situation will be similar to that of the proverbial old lady who travelled on the underground railway, and because of the slowness of her recurring efforts to alight continued to travel for an indefinite period. But mere adaptation is not the whole of the matter. A society may increase in wealth because there occur changes which require adaptation, rather than because the adaptation is successfully achieved.

149 seq. ENTREPRENEUR THEORIES 25 and serious misinterpretation consequently tends to occur. The assumption is given too easy a passage into applied economics, where it is hailed as an accredited envoy from economic science; and having attained in this way a certain official dignity it is tempted to remain silent concerning its purely provisional origin, until it becomes an actual nuisance and obstruction. The mere use of the same word for the algebraic symbol of pure theory and for the concrete business man of applied economicsfor the niche that has to be filled and for him who fills itis a source of confusion, in thought as well as in discourse.

J. B. "1 Prof. Davenport says that " the process (of adjusting supply to demand) is captained by the entrepreneur, is guided and supervised by him, and worked out through him. " The explanation, in default of which the early economists postulated the operation of a natural law, has been provided by Marshall's Principle of Substitution, 5 and this principle, though like most economic discoveries both simple and obvious, is the keystone of whatever modern theory of enterprise may be said to exist.

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