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By J. C. R. Dow

Not easy accredited knowledge of economic thought, this learn of the speculation of financial coverage in England analyzes the habit of the banking procedure and the problems of vital financial institution keep an eye on, and argues that money construction is an endogenous technique, made up our minds partially via the associated fee point.

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Moore many years ago set out eategorieally the 'hypotheses' 'implieit' in the 'blanket-term' of eompetition (Quarterly Journal 0/ Economics, vol. 213); but I find it diffieult, on logical grounds, to aeeept Professor Moore's view (Quarterly Journal 0/ Economics, p. 215) that 'there is room for maintaining that aperfeet market is one in whieh eompetition is perfeet' . , a group] di monopoli'. (Dal Protezionismo al Sindacalismo, Laterza, Bari 1926, p. ) CHAPTER 2 THE SUPPLY SCHEDULE OF A SINGLE FIRM UNDER PERFECT COMPETITION 1 THE PRIME COST CURVES § 1 The object of this chapter is to examine the nature of the short- period supply curve and the general conditions of equilibrium in an industry producing in astate of perfect competition.

The marginal net productivity of capital invested in a new machine is quite a different thing from the marginal net productivity of capital invested in the shape of upkeep and repairs. If a sm all reduction in such expenditure resuIts in very rapid deterioration and if the machine adds something, or is expected in the near future to add something (even if not an adequate return to the capital invested in it) to aggregate profits (or subtracts something from aggregate losses), the marginal net productivity of this type of investment is high, and a substantial reduction is not justified.

1 §5 Rather more questionable is the contention, which now follows, that the ability to meet a persistent loss is reduced by the passage of time. At first sight this appears obvious; none of the sources which have just been detailed (on at least one of which a firm must draw if 1 But the era of the longer period may be slow in arriving when all the firms are fairly equal in size and financial strength. For there is then no apriori reason why one firm rather than another should elose down, and each will try to hang on in the hope that sufficient of the others will give way.

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