The Element of Monopoly in Prices J. A. Hobson J. A. Hobson Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 6, Issue 1, October 1891, Pages 1–24, https://doi.org/10.2307/1882161 Published: 01 October 1891

How FAR does the conception of marginal units of production assist tow-ard a theory of distribution? It is easily shown that if an unlimited amount of labor is procurable for a business wxhere the othler factors of production are given quantities, the last unit 1brought into employment will receive no aid or a minimum ai(l -from the other factors and w07ill take in w-ages virtually the w'hole addition to the productivity of the business wThich follows its employment. This is clearly set forth by Professor AMarshall in the illustration of the marginal shepherd. A farmer with a Siven farmn and farming capital calculates that it is just w-orth while to employ a tenth shepherd, whose addition to hlis staff enables twvenlty more sheep to be marketed in a year than wvould be the case wrere nine shepherds employed. These twenty slheep miust be accredited to the marginal sheplherd as the specific prodluct of his labor, and he will receive them, or their value, for his, wages. For though he receives the same assistance from the land and capital as the other shep'herds do, it is necessary to assume that no more productivity is got out of these factors wNhen tenl shepherds are employed than previously when nine

Journal Article Hobson's Work and Wealth Get access J. M. Clark J. M. Clark Amherst College Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 29, Issue 1, November 1914, Pages 177–180, https://doi.org/10.2307/1885301 Published: 01 November 1914