The distribution of wealth . the current demonstrations of diminishing this diagram ad represents one dose of capital andlabour, and ab the total number of doses; be repre-sents the quantity of product produced by the mar-ginal dose. The returns to the earlier doses follow Diagram the line ec, and the returns to all the doses arerepresented by the area aecb. Diagram VI. is drawnto represent the value of the product of an enterpriseof increasing returns as it would appear if explained 148 THE DISTRIBUTION OF WEALTH chap. according to the current theories. Here thevalue of the pr
The distribution of wealth . the current demonstrations of diminishing this diagram ad represents one dose of capital andlabour, and ab the total number of doses; be repre-sents the quantity of product produced by the mar-ginal dose. The returns to the earlier doses follow Diagram the line ec, and the returns to all the doses arerepresented by the area aecb. Diagram VI. is drawnto represent the value of the product of an enterpriseof increasing returns as it would appear if explained 148 THE DISTRIBUTION OF WEALTH chap. according to the current theories. Here thevalue of the product produced by the last dose isbc. This being the marginal product, its valuedetermines the value of each of the preceding unitsof product. Supposing now, that we are dealingwith an enterprise of increasing product, it followsthat the returns in product on the earlier doses areless than on the marginal dose, and the return tosuccessive doses would be represented by the linefc. But the value per unit of product is equalthroughout. Consequently the value of the returnson the earlier doses must be less than on themarginal dose, and the values of successive doseswould also be represented by the line fc. The totalvalue would be represented by the area abcfwhich would be less than the total
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Keywords: ., bookcentury1800, bookdecade1890, booksubjectwealth, bookyear1893
