Patent and Penicillin
Apparently the discovery of penicillin is often trotted out as a classic case showing the importance of having the innovation-incentives of a paten
Production Theory
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7. Capital, Interest and the Structure of Production
All action takes time. Humans use time as a tool. Time preference ranking is now, not later, although time preferences will differ over time and for different people, like children who want things right now.
6. Pricing of the Factors of Production and the Labor Market
Factors of Production are economic goods: scarce means used to achieve an individual’s ends. They are land, labor and capital. Each is examined. Incomes are earned by factor owners as production takes place. There is no separated production and distribution.
Don’t Raise Capital in America
Because I think they’re only accessible to people with paid subscriptions, I rarely blog items from the Wall Street Journal.
Where Would General Motors Be Without the United Automobile Workers Union?
Writes George Reisman: What the UAW has done, on the foundation of coercive, interventionist labor legislation, is bring a once-great company to its knees.
The Actual Nature of Offshoring and of Our Balance of Trade Deficits
Few issues are more frequently commented on than the shifting of American manufacturing to locations outsides the United States, in order to take a
Why Socialized Medicine Leads to the Prohibition of Private Medicine
An article in today’s (Feb.
Oil, Big Business, and “Monopoly”
A reader of my analysis of the backlash against the profits of big oil companies thinks that one of my stateme
But Can He Get Rich, and Stay That Way?
A Malawian farmer, discovering and applying principles worked out by the Romans millennia ago, has brought plenty to his small part of a drought-ri
