The Economic Journal: The Quarterly Journal of the Royal Economic Society, Volume 36

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Macmillan, 1926 - Economics
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Page 87 - It may be said in a general way that the police power extends to all the great public needs It may be put forth in aid of what is sanctioned by usage, or held by the prevailing morality or strong and preponderant opinion to be greatly and immediately necessary to the public welfare.
Page 86 - The liberty mentioned in that amendment means not only the right of the citizen to be free from the mere physical restraint of his person, as by incarceration, but the term is deemed to embrace the right of the citizen to be free in the enjoyment of all his faculties; to be free to use them in all lawful ways; to live and work where he will; to earn his livelihood by any lawful calling; to pursue any livelihood or avocation...
Page 539 - In normal cases the cost of production of commodities produced competitively — as we are not entitled to take into consideration the causes which may make it rise or fall — must be regarded as constant in respect of small variations in the quantity produced...
Page 150 - The atomic hypothesis which has worked so splendidly in physics breaks down in psychics. We are faced at every turn with the problems of organic unity, of discreteness, of discontinuity - the whole is not equal to the sum of the parts, comparisons of quantity fail us, small changes produce large effects, the assumptions of a uniform and homogeneous continuum are not satisfied.
Page 435 - It is not true that individuals possess a prescriptive "natural liberty" in their economic activities. There is no "compact" conferring perpetual rights on those who Have or on those who Acquire.
Page 437 - I suggest, therefore, that progress lies in the growth and the recognition of semi-autonomous bodies within the State bodies whose criterion of action within their own field is solely the public good as they understand it, and from whose deliberations motives of private advantage are excluded...
Page 382 - The Prime Minister has satisfied himself as a result of the conversations he has had with the representatives of the Trades Union Congress that if negotiations are continued (it being understood that the notices cease to be operative) the representatives of the Trades Union Congress are confident that a settlement can be reached on the lines of the Report within a fortnight.
Page 536 - — that is, the more nearly it includes all the undertakings which employ a given factor of production, as, for example, agriculture or the iron industry — the more probable will it be that the forces which make for diminishing returns will play an important part in it; the more restrictive this definition — the more nearly it includes, therefore, only those undertakings which produce a given type of consumable commodity, as, for example, fruit or nails — the greater will be the probability...
Page 547 - ... which would be fixed by a single monopolistic association in accordance with the ordinary principles of monopoly. This result, far from being conditioned by the existence of an almost complete isolation of the individual markets, requires only a very slight degree of preference for a particular firm in each of the groups of customers. In itself, this case is of no importance, because it is extremely unlikely that such uniformity would actually be found ; but it is representative of a tendency,...
Page 602 - ... decay" to the complex phenomenon which I have endeavoured to describe. Each of them, however, has contributed much to the clearing of the ground, and has helped us to perceive that the main phenomenon which underlies the process of decline is the gradual absorption of the educated classes by the masses and the consequent simplification of all the functions of political, social, economic, and intellectual life, which we call the barbarization of the ancient world.

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