By Saul Estrin, Alan Marin
Highbrow advances in economics frequently come from debates which have been partially forgotten yet which provide context, intensity, dedication and readability to modern learn. crucial READINGS IN ECONOMICS makes on hand in one quantity a few of the seminal papers within the quarter of microeconomics and macroeconomics for introductory and intermediate classes in financial rules, and has an creation through Saul Estrin and Alan Marin.
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The distribution of purchasing power among other commodities is exactly similar to the distribution of a commodity among various uses, which may take place even if there is only one other commodity in a physical sense. This principle is of quite general application. s A collection of phYSical things can always be treated as if they were divisible into units of a single commodity so long as their relative prices can be assumed to be unchanged, in the particular problem in hand. So long as the prices of other consumption goods are assumed to be given, they can be lumped together into one commodity 'money' or 'purchasing power in general'.
It is therefore a consideration of great importance that this unreliable income effect will be of relatively little importance in all those cases where the commodity in question plays a fairly small part in the consumer's budget; for it is only in these cases (fortunately, they are most important cases) that we have a quite unequivocal law of demand. It is only in these cases that we can be quite sure that a fall in price will necessarily lead to a rise in the amount demanded. Marshall concentrated his attention upon these cases; and therefore he neglected the income effect.
With human nature as we know it it would be impracticable or very unusual for one man to guarantee to another a definite result of the latter's actions without being given power to direct his work. And on the other hand the second party would not place himself under the direction of the first without such a guarantee ... The result of this manifold specialisation of function is the enterprise and wage system of industry. 40 These quotations give the essence of Professor Knight's theory. The fact of uncertainty means that people have to forecast future wants.