The Presidency College Magazine December 1933

This statement may serve as a conclusion of our examination of the essential causes of the extraordinary fall in commodity prices since the middle"go PRESIDENCY COLLEGE MAGAZINE of 1929 * which apparently is held to be the root cause of the present trouble. [...] The proceeds of taxation that is to say in sonic of our local areas would in all probability compare unfavourably with the revenue raised in some of the wealthy industrial areas of a progressive country even though a very high proportion of the income within such of our local areas were to be taxed away. [...] Moreover for practical purposes it is of greater interest to understand the nature of the causes which determine the size of the optimum in a particular case than to undertake an exact measurement of it. [...] The optimum is similarly relative to the character of expenditures undertaken by the members of the community in their individual capacities and moves in inverse relation to the intensity of demand for the objects of such expenditure. [...] The sum total of the financial operations in a perfect case would bring the marginal satifaction of every variety of economic supply in the community to the same level.