经济学专业英语翻译

经济学专业英语翻译

经济学二班

1104070207

贾英秋

It is not indeed necessary for our argument that any dealers should have a thorough knowledge of the circumstances of the market.Many of the buyers may perhaps underrate the willingness of the sellers to sell,with the effect that for some time the price rules at the highest level at which any buyers can be found;and thus 500 quarters may be sold before the price sinks below 37s.But afterwards the price must begin to fall and the result will still probably be that 200 more quarters will be sold,and the market will close on a price of about 36s.For when 700 quarters have been sold, no seller will be anxious to dispose of any more except at a higher price than 36s. ,and no buyer will be anxious to purchase any more except at a lower price than 36s.In the same way if the sellers had underrated the willingness of the buyers to pay a high price, some of them might begin to sell at the lowest price they would take,rather than have their corn left on their hands,and in this case much corn might be sold at a price of 35s.;but the market would probably close on a price of 36s.and a total sale of 700quarters.

所有经销商应该对市场环境有一个透彻的了解这一点对我们的观点的确没什么必要。许多买家也许低估了卖家出售的意愿，在这种影响下，这段时间任何买家可以找到最高价格规则；因此，在价格降到低于37s之前，500个会被卖掉。但后来价格必定开始下降，结果可能仍然是200多个将被出售，而市场将关闭在价格为36s时。当700个已售出，没有卖方急于出售任何更多的除非价格高于36S，没有买家急于购买更多的除非价格低于36s。以同样的方式，如果卖方已低估了买家愿意支付高价格的意愿，他们中的一些人可能会开始以最低价格出售，而不是使他们的粮食留在手里，在这种情况下，很多粮食可能以35s的价格出售；但市场可能在价格为36s时关闭并且总销售为700个。

In this illustration there is a latent assumption which is in accordance with the actual conditions of most markets; but which ought to be distinctly recognised in order to prevent its creeping into those cases in which it is not justifiable . We tacitly assumed that the sum which purchasers were willing to pay, and which sellers were willing to take,for the seven hundredth quarter would not be affected by the question whether the earlier bargains had been made at a high or a low rate . We allowed for the diminution in the buyers need of corn[its marginal utility to them]as the amount bought increased . But we did not allow for any appreciable change in their unwillingness to part with money [its marginal utility]; we assumed that that would be practically the same whether the early payments had been at a high or a low rate.

在这个例子中，有一个潜在的假设，这个假设与大多数市场的实际情况相符；但这一点应该被清楚地确认以防止其延伸到案例中是没有道理的。我们隐含地假

定购买者愿意支付的金额，卖家愿意接受，为700个，不受早期的交易利率高低这个问题的影响。我们允许买家对玉米的需求减少[它的边际效用]随着购买量增加。但我们不允许在他们不愿花钱时进行可观的交换[它的边际效用]；我们假设这将几乎是相同的无论之前付款速度快与慢。

This assumption is justifiable with regard to most of the market dealings with which we are practically concerned . When a person buys anything for his own consumption , he generally spends on it a small part of his total resources; while when he buys it for the purposes of trade,he looks to re-selling it ,and therefore his potential resources are not diminished . In either case there is no appreciable change in his willingness to part with money . There may indeed be individuals of whom this is not true;but there are sure to be present some dealers with large stocks of money at their command ; and their influence steadies the market.

这个假设对大部分市场交易来说是合理的，这实际上是我们关心的。当一个人买东西为自己消费，他通常花它自己资源总量的一小部分；而当他为了贸易目的购买时，他为了再出售，因此他潜在的资源没有减少。在这两种情况下他拿出钱的意愿没有明显的变化。有可能确实这个人是不真实的；但肯定会有一些商人掌控着大量的钱，他们的影响使市场稳定。