Search Results for wine

... (e.g., labor) to play the part of numeraire” (Graaff 1957, 133). Now consider a world in which the foreign country, which we will call France, uses labor and land to produce labor-intensive wine and land-intensive corn, while the home country, which we will call Britain, receives a transfer...

... with this last error” (Dewey, p. 66). In a footnote he goes on: In his famous example of aging wine, Wicksell believed that he had proved that the rate of interest, given diminishing returns to invest- ment, is always greater than the marginal product of capital. But Wicksell begins...

... of labor working in the wage goods sector. A simple example will help to clarify the issues. Consider the production of a single final good, say wine, and suppose there is only one type of labor and one wage good, say corn. Production of a unit of wine requires inputs of 1, labor and m, land...

... that much of the skepticism surrounding compara- tive advantage may have been caused by a careless reading of Ricardo’s numerical example. With the correct interpretation of the four numbers as the quantities of labor needed to produce some unspecified amounts of wine and cloth traded by England...

.... I1 Ricardo’s numerical example of the comparative-cost principle is as follows. Suppose one unit of cloth made in England is being exchanged against one unit of wine made in Portugal:2 England may be so circumstanced that to produce the cloth may require the labour of 100 men for one...

... negate the advantages which they enjoy. (1961, section 745) Assume that wine presses initially yield a periodic income equal to 5 percent of the savings invested in them. Let this 5 percent rate of return be the prevailing rate of return to invested savings in the eco- nomic system...

..., i.e., the famous wine-storage problem. He extended the Wicksellian constant-returns model into a variable-re- turns model and introduced one additional equation which describes the condition for an optimal amount of labor. The aim of this note is to point at another way of closing...

... of the Austrian school by assuming a given structure of real capital; another suggestion has been to make the system determinate by tak- ing the rate of profit as given (Pasinetti 1978). In this article we shall consider a third possibility: basing the discussion on the wine- storage problem, we...

... it in terms of “den wahren Inhalt der vielbesprochenen Lohnfondstheorie” (p. 34). In his Lectures (191I) he did actually use a slightly different approach. In the wine example, which is in the center of both Samuelson’s article and mine, the term ‘wage fund’ does not even occur. The wage...

... was not aware of the fact that it is not only impossible to charge Wicksell with a mistake, invoking the Crusonia plant parable, but the Crusonia plant itself lends a possibility to demonstrate the Wicksell effect in a much simpler way than Wicksell’s circulating capital (wine) model, not to mention his...

... of another. In an exchange of wine for corn, the price of a bushel of corn can be expressed as so many pints of wine, while the price of a pint of wine can be expressed as so many bushels of corn.32 In the same way it can be said that every commodity can be used as a measure of value. Any...

... of equivalents yields greater benefits to the na- tion receiving durables rather than perishables (hardwares as against 14. Chipman, p. 480. 15. Economists Refuted, pp. 15-26. Thweatt - James Mill and comparative advantage 213 wine and fruit)16 and necessaries rather than luxuries...

... HISTORY OF POLITICBL ECONOMY James Royston, a London wine merchant whose business was located at “Great St. Helen’s, near St. Mary Axe” and who died in 1759.3 The Accomplish’d Merchant, here considered as the original source of the project of theoretical trahing for business, will be cited below...

... is that A desires B’s goods more than he desires his own, and vice versa. These four values make up the preconditions for trade if the respective viewpoints cross or overlap. The fact that the example from international trade (the exchange of wine for grain) is found in both the and the EthidOtends...

...) without the help of mathematics: why in a barter with another farmer is the value of 10 hectolitres of wheat 30 brente’’ of wine and not 20 or 40? . . . The first computa- 10. The “brenta” (plural: “brente”) is an old unit of volume, mostly used for wine. 692 History of Political Economy...

... wine of a certain flavour, is sold of course, at a price very far exceeding the cost of production [1836: including ordinary profits]. And this is owing to the greatness of the competition for such wine, compared with the scantiness of its supply; which confines the use of it to so...

... the King’s revenue and the national income, lower the cost of collection, remove inequities and bring lasting prosperity. He argued in his D6tuiZ de la France (first published in 1695) and in his subsequent works appearing down to 1707 that the aides, an excise on wine (and other beverages), had...

... cloth and wine, “it would undoubtedly be advantageous to the capitalists of Eng- land, and to the consumers of both countries, that under such circum- stances, the wine and the cloth should both be made in Portugal, and therefore that the capital and labour of England employed in making 5...

... of payments Thus the 1703 Methuen Treaty. which admitted Por- tuguese wines into Great Britain on preferential terms in return for the removal of a prohibition on British woolen exports to Portugal, was judged to be a success in respect of the trade balance; and in a publication called...

... industry exists which will not in some measure be encouraged?” ( 1846, 80). An ironical petition from potential growers of grapes in the United States was, perhaps, inspired by Adam Smith’s discussion (p. 425) of the possi- bility of growing wine grapes in Scotland. The difficulty...