The Theory of Collective Bargaining by W. H. Hutt

Author:W. H. Hutt [W. H. Hutt]
Language: eng
Format: epub
ISBN: 978-1-61016-385-9
Publisher: The Free Press
Published: 1954-11-06T16:00:00+00:00

THE PROBABLE FIRST USE OF THE WORD “INDETERMINATENESS” IN THIS CONNECTION

One of Thornton’s arguments was illustrated by an auction; and he showed how the price at which a particular article would actually exchange hands might be different according to whether bidding was up or down. Mill pointed out that to establish the point of this example he had to suppose “the case to be an exception to the rule that demand increases with cheapness: and since this rule, though general, is not absolutely universal he is scientifically right . . . but . . . in the general market of the world—it is the next thing to impossible that more of the commodity should not be asked for at every reduction of the price.” In spite of this severe criticism he admitted that Thornton had “proved that the law of supply and demand is not the whole theory of the particular case . . . what he has shown is that the law is, in this particular case, consistent with two different prices, and is equally and completely filled by either of them. The demand and supply are equal at 20s. and equal also at 18s. The conclusion is not that the law is false . . . the phenomenon cannot help obeying it, but there is some amount of indeterminateness in its operation, a certain limited extent of variation is possible within the bounds of the law. . . .” This is probably the first use of the word “indeterminateness” in this sense.95

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.