Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
What is a market? What is a limited market? What is an illimitable
market? A market, as we have already seen in substance, is nothing in
the world but certain _persons_ somewhere with return-services in
their hands desirous to part with these in order to get, that is, to
buy, some other services offered in exchange. Each set of services is
equally a market in relation to the other set. _A market is always
persons having something in their hands to sell._ Buyers and sellers
are equally a market in relation to each other. Whenever anybody goes
forth to buy, he must of course take with him something with which to
pay for what he wants to buy, that is to say, he must become a seller
the very instant he becomes a buyer; and whenever anybody wants to
sell something, he must of course want something already in the hands
of somebody else, in which to take his pay, that is, he becomes a
buyer the moment he becomes a seller. This helps us to see perfectly
what a market is. Defined in the terms of persons, _a market is two
men, each glad to get the product of the other, and to render in
return his own product_; defined in the terms of things, _a market for
products is products in market_.
Now, what can limit the universal market for material products?
Clearly, it can only be limited either in the element of _Desires_ or
in the element of _Return-Services_. But the desires of all men, even
of one man, which the efforts of other men may satisfy, have never yet
come to a stand-still. Who ever heard of even one man, who was in
possession of all the products of all kinds, that he wanted? Even if
there were one such man somewhere, there are millions upon millions of
other men, whose desires for products such as the efforts of other men
can furnish are unlimited in number and infinite in degree. It is not
possible, therefore, that there should be a lack of human desires
anywhere, that could put any bound to the production of commodities or
hinder in the least its ever-swelling march.
Public-domain text, read in full here on John Shaqi.
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