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from one business to another within each trade; and secondly, parents can generally introduce their children into almost any other trade of the same grade with their own in their neighbourhood. By means of this combined vertical and horizontal competition there is an effective and closely adjusted balance of payments to services as between labour in different grades; in spite of the fact that the labour in any one grade is mostly recruited even now from the children of those in the same grade. The working of the principle of substitution is thus chiefly indirect. When two tanks containing fluid are joined by a pipe, the fluid, which is near the pipe in the tank with the higher level, will flow into the other, even though it be rather viscous; and thus the general levels of the tanks will tend to be brought together, though no fluid may flow from the further end of the one to the further end of the other; and if several tanks are connected by pipes, the fluid in all will tend to the same level, though some tanks have no direct connection with others. And similarly the principle of substitution is constantly tending by indirect routes to apportion earnings to efficiency between trades, and even between grades, which are not directly in contact with one another, and which appear at first sight to have no way of competing with one another." - VI.XI.6-7
660:"The key-notes of the modern movement are the reduction of a great number of tasks to one pattern; the diminution of friction of every kind which might hinder powerful agencies from combining their action and spreading their influence over vast areas; and the development of transport by new methods and new forces. The macadamized roads and the improved shipping of the eighteenth century broke up local combinations and monopolies, and offered facilities for the growth of others extending over a wider area: and in our own age the same double tendency is resulting from every new extension and cheapening of communication by land and sea, by printing-press and telegraph and telephone." - VI.XII.10
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The second volume, which was to address foreign trade, money, trade fluctuations, taxation, and collectivism, was never published at all. Over the next two decades he worked to complete his second volume of the
Principles, but his unyielding attention to detail and ambition for completeness prevented him from mastering the work's breadth.
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between groups of labour belonging to different grades, but engaged in the same branch of production, and inclosed, as it were, between the same vertical walls. But meanwhile "horizontal" competition is always at work, and by simpler methods: for, firstly, there is great freedom of movement of adults
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in 1881 and he spent much of the next decade at work on the treatise. His plan for the work gradually extended to a two-volume compilation on the whole of economic thought; the first volume was published in 1890 to worldwide acclaim that established him as one of the leading economists of his time.
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655:"But after all the chief cause of the modern prosperity of new countries lies in the markets that the old world offers, not for goods delivered on the spot, but for promises to deliver goods at a distant date." - VI.XII.3
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Appendix G The Incidence of Local Rates, With Some Suggestions As To Policy.
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Appendix D Uses of Abstract Reasoning in Economics.
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1336:Evolutionary
1268:Contemporary
1247:Neoclassical
1192:Distributist
1137:Mercantilism
1124:Early modern
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1491:Supply-side
1414:Neo-Marxian
1227:Marginalism
1157:Late modern
1142:Physiocrats
1026:by Marshall
1002:: 217–234.
753:quasi-rents
729:marginalist
670:Appendices.
635:competition
369:magnum opus
1596:Categories
1471:Regulation
1397:Monetarism
1383:Circuitism
1331:Ecological
1299:Chartalism
1279:Behavioral
1222:Manchester
1217:Malthusian
1175:Birmingham
1132:Cameralism
1116:Modern era
1090:Pre-modern
839:2012-12-07
781:References
639:employment
440:II Wealth.
55:blacklist.
1546:Economics
1481:Stockholm
1356:Keynesian
1321:Cracovian
1270:(20th and
1259:Socialist
1242:Mutualism
1185:Ricardian
1180:Classical
923:, p. 363.
910:, p. 362.
897:, p. 350.
879:0033-5533
766:Economics
360:economics
332:Economics
1571:Degrowth
1506:Virginia
1346:Freiburg
1341:Feminist
1294:Carnegie
1284:Buddhist
1252:Lausanne
1207:Georgism
1170:Austrian
1047:LibriVox
829:(1890).
797:(1920).
759:See also
393:Contents
374:variorum
320:Language
1524:Related
1311:Chicago
948:(ed.),
725:Cournot
398:Preface
380:Writing
328:Subject
323:English
1402:Market
962:
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631:labour
310:Author
53:global
1378:Post-
998:(3).
956:59–76
627:class
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960:ISBN
875:ISSN
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