By Antal Matyas
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Extra resources for History of modern non-Marxian economics, from marginalist revolution through the Keynesian revolution to contemporary monetarist counter-revolution
89-90. "40 But it i s to Marshall's credit that in the interpretation of the long-term supply price of labour he already goes beyond the subjective approach and connects i t with the reproduction costs of labour power. In the long run, " . . " 4 1 Wages so interpreted by him also have a role t o play i n the increase i n the size of the labour force. "The total n umbers of the people change under the action of many causes. Of these causes only some are economic; but among them the average earnings of labour take a prominent place; though their infl uence on the growth of numbers is fitful and irregutar.
In this way, however, instead of the original demand curve we shall get another, strongly reduced curve. the elasticity of which d i ffers from the elasticity of the original curve. The subsequent response of demand t o a decrease i n price cannot be read off the original demand curve. "63 In such a case, it does not create any problem to specify the period to which the demand curve applies. 6. A serious difficulty that marginal utility theory has to face is the determination of the total utility of a stock of a commodity.
To put the cost of manufacture of hats and the cost of mai ntenance of men on the �ame plane is to turn men into hats. But do not make an outcry at the cynicism of it. The cynicism i s i n the facts and not in the words which expre�s the facts . . "67 Or elsewhere: " I t is not a base action when Ricardo puts the prole tariat on the same level as machinery or beasts of burden or commodities, because (frol11 h i s point of view) their being purely machi nery or beasts of burden i s conductive to 'production' or because they really are mere commodities i n hour geois production.
History of modern non-Marxian economics, from marginalist revolution through the Keynesian revolution to contemporary monetarist counter-revolution by Antal Matyas