By Alfred Marshall, Mary Paley Marshall
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Our work is rather to bring him to the point of considering, and to the spirit of judging rightly, than to consider or judge for him. ” 1 Portions of such a system are in work at Boston, and at Elberfeld. 3— 2 I \ / C H A P T E R V I. GROWTH OF CAPITAL. § i. W e have discussed the Laws of increase of two elements of production, viz. the Law of increase of production from land, and the Law of the increase of labour. The next step is to examine the Law of increase of the third element of production, that which supports and aids labour, viz.
C H A P T E R IV . LAW Or DIMINISHING RETURN. • § i. W e have seen that the requisites of production maybe classed as land, labour and capital. W e have now to seek for the Law of fertility of land, the Law of the increase of popu lation, and the Law of the growth of capital. The latter two Laws depend on the first, which goes by the name of the Law of Diminishing Return. W e may explain the meaning of this name by an illustration. W e shall presently see that the Law does not apply to all new countries in which, though the land is fertile, the population is very sparse.
It has therefore been thought right to offer an inducement to Guardians to apply “ the Workhouse test” ; that is, to offer only Indoor relief in ordinary cases, so that the inability of the applicants to provide for themselves might be tested by their willingness to submit to the restraints of the Workhouse. An Act was passed on Mr Goschen’s motion in 1870, by which the expense of the Workhouses throughout the whole of London was borne by a Metropolitan rate. Each body of Guardians now knows that the whole of the Outdoor relief, but only a small portion of the Indoor relief which they grant, must come from the pockets of the rate-payers by whom they are elected.
The Economics of Industry by Alfred Marshall, Mary Paley Marshall