The individual and society, or psychology and sociology / [James Mark Baldwin].

  • Baldwin, James Mark, 1861-1934.
Date:
1911
Catalogue details

Licence: In copyright

Credit: The individual and society, or psychology and sociology / [James Mark Baldwin]. Source: Wellcome Collection.

    189/220 (page 185)
    From this point of view, then, competi- tion is a factor of great economic and social advantage. Again, competition has an important relation to the law of supply and demand. We think of the competitors as trying to supply what is in demand; and this is correct. But there is much more than this. Competition constantly creates new demand. In the effort to supply what is in demand, new articles are de- signed, new processes developed, new inventions tried out, and the range of demand is widened with the increased variety and richness of living. ’ The candle is succeeded by the oil lamp, this by gas and the special burner, and this in turn by the electric light; each has brought in a new sort of demand, which has added to rather than detracting from the original demand. So it is generally. The competition becomes not merely a means of securing the direct supply of the article desired, but a means of enlarging