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The Nature and Fundamental Elements of Costs

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  • Raymond T. Bye

Abstract

The historical development of the theory of costs has been away from the disutility analysis of the classicists. — The view that costs are payments for the means of production, arising out of the resistances which they occasion, and set in a competitive price-bidding process, 36. — These resistances resolved into eight scarcity-factors, which are the fundamental elements of costs, 41. — The analysis applied to costs encountered in business enterprise: wages, interest, rents, depreciation, insurance, taxes, and profits. — All can be broken down into the eight elements named 47. — The introduction of monopoly profits into the prices of materials necessitates a distinction between competitive and restrictive costs, 59. — This analysis of costs suggests that an approach to the theory of distribution along similar lines would be fruitful, 62.

Suggested Citation

  • Raymond T. Bye, 1926. "The Nature and Fundamental Elements of Costs," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 41(1), pages 30-62.
    • Handle: RePEc:oup:qjecon:v:41:y:1926:i:1:p:30-62.
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    File URL: http://hdl.handle.net/10.2307/1885552
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    Cited by:

    1. Klaus Eisenack & Mathias Mier, 2019. "Peak-load pricing with different types of dispatchability," Journal of Regulatory Economics, Springer, vol. 56(2), pages 105-124, December.
    2. Correia-da-Silva, João & Soares, Isabel & Fernández, Raquel, 2020. "Impact of dynamic pricing on investment in renewables," Energy, Elsevier, vol. 202(C).
    3. Tchai Tavor & Limor Dina Gonen & Uriel Spiegel, 2019. "Optimal Pricing and Capacity Under Well-Defined and Well-Known Deterministic Demand Fluctuations," Review of European Studies, Canadian Center of Science and Education, vol. 11(2), pages 1-15, December.
    4. Chao, Hung-po, 2011. "Efficient pricing and investment in electricity markets with intermittent resources," Energy Policy, Elsevier, vol. 39(7), pages 3945-3953, July.
    5. Mier, Mathias, 2021. "Efficient pricing of electricity revisited," Energy Economics, Elsevier, vol. 104(C).
    6. Mathias Mier, 2018. "Policy Implications of a World with Renewables, Limited Dispatchability, and Fixed Load," Working Papers V-412-18, University of Oldenburg, Department of Economics, revised Jul 2018.
    7. Antweiler, Werner & Muesgens, Felix, 2021. "On the long-term merit order effect of renewable energies," Energy Economics, Elsevier, vol. 99(C).
    8. Schlereth, Christian & Skiera, Bernd & Schulz, Fabian, 2018. "Why do consumers prefer static instead of dynamic pricing plans? An empirical study for a better understanding of the low preferences for time-variant pricing plans," European Journal of Operational Research, Elsevier, vol. 269(3), pages 1165-1179.

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