The Science of Exchanges

The Science of Exchanges

by Nathaniel Alexander Nicholson
     
 

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This is an EXACT reproduction of a book published before 1923. This IS NOT an OCR'd book with strange characters, introduced typographical errors, and jumbled words. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process.… See more details below

Overview

This is an EXACT reproduction of a book published before 1923. This IS NOT an OCR'd book with strange characters, introduced typographical errors, and jumbled words. This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book.

Product Details

ISBN-13:
2940026211098
Publisher:
Cassell, Petter andGalpin
Sold by:
Barnes & Noble
Format:
NOOK Book
File size:
0 MB

Read an Excerpt


fer the expression, to the interest which its value, if put in the shape of capital, would bring in (" Traite" d'Economie Politique," book 3, chap. I). Trade is the voluntary and continuous exchange of commodities which arises from the different wants of different people; profit is the gain which each people makes on its own exchanges; the more, then, that we can multiply voluntary exchanges, the more we shall increase our profits. Now what tends to multiply voluntary exchanges ? I reply the most absolute freedom being given to each people to exchange what it has in the markets it likes best. Free trade is what gives this freedom. If, then, we wish for free trade in labour, we must impose no peculiar restrictions on its exchange; we must allow each labourer to decide for himself how many hours he will work each day; for if we once attempt to cramp our productive powers as a nation by limiting a day's labour by law to eight, or nine hours, we are then treating full-grown men as if they were women or children; and we are giving other nations an advantage over us, for they will leave their labourers perfectly free, and then they will beat us in our own markets because they can get labour, the necessary ingredient in all commodities, cheaper than we can. If the Trades-Unions could succeed in permanently shortening the hours of labour, and fixing the exact time which each man is to work during the day, the result would be a diminished production of commodities, bringing with it diminished means of obtaining the ordinary comforts of life. The lower classes would be the first sufferers, and the whole community would in time be affected, because diminished production must lead todiminished consumption. Happily there is no likelihood of success in this case, because the labour...

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