The Online Library of Liberty

A project of Liberty Fund, Inc.

• Preface.
• Definitions In Political Economy.
• Chapter I.: Rules For the Definition and Application of Terms In Political Economy.
• Chapter II.: On the Definition of Wealth By the French Economists.
• Chapter III.: On the Definition and Application of Terms By Adam Smith.
• Chapter IV.: Application of the Term Utility By M. Say.
• Chapter V.: On the Definition and Application of Terms By Mr. Ricardo.
• Chapter VI.: On the Definition and Application of Terms By Mr. Mill, In His “elements of Political Economy.”
• Chapter VII.: On the Definition and Application of Terms, By Mr. Macculloch, In His “principles of Political Economy.”
• Chapter VIII.: On the Definition and Use of Terms By the Author of “a Critical Dissertation On the Nature, Measure, and Causes of Value.”
• Chapter IX.: Summary of the Reasons For Adopting the Subjoined Definition of the Measure of Value.
• Chapter X.: Definitions In Political Economy.
• Wealth.
• Utility.
• Value,
• Value In Use,
• Value, Or Value In Exchange.
• Production.
• Product, Produce.
• Sources of Wealth.
• Land.
• Labour.
• Productive Labour.
• Unproductive Labour.
• Industry.
• Stock.
• Capital.
• Fixed Capital.
• Circulating Capital.
• Revenue.
• Accumulation of Capital.
• Saving,
• Rent of Land.
• Money-rent of Land.
• Gross Surplus of the Land.
• Wages of Labour.
• Nominal Wages.
• Real Wages.
• The Rate of Wages.
• The Price of Labour,
• The Amount of Wages.
• The Price of Effective Labour.
• Accumulated Labour.
• Profits of Stock.
• The Rate of Profits.
• The Interest of Money.
• The Profits of Industry, Skill, and Enterprise.
• Monopoly Profits.
• Conditions of the Supply of Commodities.
• Elementary Costs of Production.
• Measure of the Conditions of the Supply, Or of the Elementary Costs of Production.
• The Value, Market Value, Or Actual Value, of a Commodity At Any Place Or Time.
• The Natural Value of a Commodity At Any Place and Time.
• Measure of the Market Or Actual Value of a Commodity At Any Place Or Time.
• Measure of the Natural Value of a Commodity At Any Place and Time.
• The Price, the Market Price, Or Actual Price of a Commodity At Any Place and Time.
• The Natural Price of a Commodity At Any Place and Time.
• Supply of Commodities.
• Demand For Commodities,
• Demand In Regard to Its Extent.
• Demand In Regard to Its Intensity.
• Effectual Demand, In Regard to Its Extent.
• Effectual Demand, In Regard to Its Intensity.
• Measure of the Intensity of the Effectual Demand.
• Excess of the Demand Above the Supply.
• Excess of the Supply Above the Demand, Or Partial Glut.
• General Glut.
• A Given Demand.
• Variations of Prices and Values.
• Consumption.
• Productive Consumption.
• Unproductive Consumption, Or Spending.
• Chapter XI.: Observations On the Definitions.

EXCESS OF THE SUPPLY ABOVE THE DEMAND, OR PARTIAL GLUT.

54. The supply of a commodity is said to be in excess above the demand, or there is a partial glut, when, either from the superabundance of supply, or the diminution of demand, the quantity in the market exceeds the quantity wanted by those who are able and willing to pay the elementary costs of production. It then falls below these costs in proportion to the eagerness of the sellers to sell; and the glut is trifling, or great, accordingly.