The Demand and Supply Concepts; An Introduction to the Study of Market Price: A Dissertation Submitted to the Faculty of the Graduate School of Arts ... Philosophy (Department of Political Economy) - Softcover

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Excerpt from The Demand and Supply Concepts; An Introduction to the Study of Market Price: A Dissertation Submitted to the Faculty of the Graduate School of Arts and Literature in Candidacy for the Degree of Doctor of Philosophy (Department of Political Economy)

If proof and illustration of this statement are needed, they may be found in the current conception and solution of any typi cal problem in the field of economic theory. Take, for example, the problem of wages. Whether the view of the classical English writers, or that of the Austrian school, or of the group of eclectic writers best represented by Alfred Marshall, be taken, the wage question is considered altogether as a static problem, its solution is undertaken solely by the method of equilibrium of forces, and the analysis of the conditions which determine wages shows a defective, and one might almost say an archaic, conception of the present-day economic situation.

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