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Search found 371 items for:
- “resource allocation”
Relevance: 5.8635683
Online Text Chapter
Category: Books, Books
Calculations in Kind in a Primitive Economy
The task of economizing is as applicable to an isolated, self-sufficient person like Robinson Crusoe as it is to someone who lives in a society characterized by extensive division of labor and complex exchange transactions. Robinson Crusoe's task was to employ the means available to him in ways that he hoped would generate the greatest satisfaction...
Relevance: 5.0199423
Library Item
Category: Quarterly Journal of Austrian Economics, Journals, Institute Publications
Volume 6, No. 1 (Spring 2003) This article provides a new synthesis between the strategic management literature and Austrian capital theory. The resource allocation process plays out in the context of differing subunit preferences, potentially resulting in tension and periodic conflict that may lead to dysfunctional relationships over time. Absent clearly understood and effective operational...
Relevance: 2.3623722
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
Socialism—or collectivism—occurs when the State owns all the means of production. It is the compulsory abolition and prohibition of private enterprise, and the monopolization of the entire productive sphere by the State. Socialism, therefore, extends the principle of compulsory governmental monopoly from a few isolated enterprises to the whole economic system. It is the violent abolition of the...
Relevance: 2.3537307
Library Item
Category: Mises Daily Articles
Online Publish Date: October 19, 2013
The current European economic strategy is to kick the can down the road. Debt levels in almost all European countries continue to rise and growth seems to be a long forgotten memory. The day of reckoning is around the corner, as Rudi Dornbush once warned, “[t]he crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought, and that’s sort of...
Relevance: 2.0092866
Library Item
Category: Quarterly Journal of Austrian Economics, Journals, Institute Publications
Volume 15, Number 1 (Spring 2012)This paper examines several problematic aspects of George Reisman’s Capitalism: A Treatise on Economics , specifically, five problems in the economics of natural resources. I argue first, that Reisman’s work lacks sufficient grounding in economic theory. Second, his exposition neglects important arguments in the environmental literature. Third, it avoids problems...
Relevance: 1.7100153
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
The bulk of government activities use resources, redirecting factors of production to government-chosen ends. These activities generally involve the real or supposed supply of services by government to some or all of the populace. Government functions here as an owner and enterpriser.Resource-using expenditures by government are often considered “investment,” and this classification forms an...
Relevance: 1.7018559
Online Text Page
Category: Books
The bulk of government activities use resources, redirecting factors of production to government-chosen ends. These activities generally involve the real or supposed supply of services by government to some or all of the populace. Government functions here as an owner and enterpriser.Resource-using expenditures by government are often considered “investment,” and this classification forms an...
Relevance: 1.3562421
Wire
Online Publish Date: May 13, 2022
After a prolonged period of easy monetary policy, the US Federal Reserve has embarked on a tighter monetary stance. On May 4, 2022, the Fed raised its benchmark interest rate by 0.50 percent, to a target range between 0.75 percent and 1.00 percent. The hike is the largest since 2000 and follows a 0.25 percent increase in March this year, the first increase since December 2018.
Various...
Relevance: 0.8672477
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
If the economist qua economist must be Wertfrei, does this leave him any room for significant pronouncements on questions of public policy? Superficially, it would seem not, but this entire work has been testimony to the contrary. Briefly, the Wertfrei economist can do two things: (1) he can engage in a praxeological critique of inconsistent and meaningless ethical programs (as we have tried to...
Relevance: 0.85947615
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
THE ANALYSIS OF PRODUCTION ACTIVITIES—the actions that eventually result in the attainment of consumers’ goods—is a highly intricate one for a complex, monetary market economy. It is best, therefore, to summarize now some of the most applicable of the fundamental principles formulated in chapter 1. In that chapter we applied those principles to a Crusoe economy only. Actually, however, they are...
Relevance: 0.85947615
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
Ever since the days of early classical economics, many writers have discussed “distribution theory” as if it were completely separate and isolated from production theory.69 Yet we have seen that “distribution” theory is simply production theory. The receivers of income earn wages, rent, interest, and increases in capital values; and these earnings are the prices of productive factors. The theory...
Relevance: 0.85698634
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
In our preoccupation with analysis of the action of man in the monetary economy, it must not be thought that the general truths presented in chapter 1 remain no longer valid. On the contrary, in chapter 1 they were applied to isolated Crusoe-type situations because we logically begin with such situations in order to be able to analyze the more complex interrelations of the monetary economy....
Relevance: 0.8525698
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
As we have stated above, the origin of all property is ultimately traceable to the appropriation of an unused nature-given factor by a man and his “mixing” his labor with this natural factor to produce a capital good or a consumers’ good. For when we trace back through gifts and through exchanges, we must reach a man and an unowned natural resource. In a free society, any piece of nature that has...
Relevance: 0.85206044
Online Text Chapter
Category: Books, Books
In an evenly rotating economy, the problem of resource allocation would be easily solved. Knowledge of future preferences, resources, and techniques of production would be the result of a world without change. Equipped with this knowledge, market participants would be able to devote resources to their most satisfying lines of use without friction and inconsistent planning. Units of factors of...
Relevance: 0.85185564
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
We have seen that, for all goods, total receipts to sellers will tend to equal total payments to factors, and this equality will be established in the evenly rotating economy. In the ERE, interest income will be earned at the same uniform rate by capitalists throughout the economy. The remainder of income from production and sale to consumers will be earned by the owners of the original factors:...
Relevance: 0.85185564
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
Of all the patterns of tax distribution, the progressive tax has generated the most controversy. In the case of the progressive tax, the conservative economists who oppose it have taken the offensive, for even its advocates must grudgingly admit that the progressive tax lowers incentives and productivity. Hence, the most ardent champions of the progressive tax on “equity” grounds admit that the...
Relevance: 0.85185564
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
There are two and only two ways of acquiring wealth: the economic means (voluntary production and exchange) and the political means (confiscation by coercion). On the free market only the economic means can be used, and consequently everyone earns only what other individuals in society are willing to pay for his services. As long as this continues, there is no separate process called “...
Relevance: 0.84821606
Online Text Chapter
Category: Books, Books
We must now explain how scarce resources are allocated in the production of various consumer goods in the market economy. The generation of consumer goods, as will be shown, is a complex process in which the production of numerous goods used to make other goods, often called capital goods, plays an essential role. Production requires the creation of capital goods to be used in further production...
Relevance: 0.8473597
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
Let us first consider the case of joint ownership by the owners of all the final co-operating factors.8 It is clear that the 100 ounces of gold accrue to the owners jointly. Let us now be purely arbitrary and state that a total of 80 ounces accrues to the owners of capital goods and a total of 20 ounces to the owners of labor and nature-given factors. It is obvious that, whatever the allocation,...
Relevance: 0.8467249
Online Text Page
Category: Book Chapters, Books, Books, Online Texts
Binary intervention occurs, we have seen, when the intervener forces someone to transfer property to him. All government rests on the coerced levy of taxation, which is therefore a prime example of binary intervention. Government intervention, consequently, is not only triangular, like price control; it may also be binary, like taxation, and is therefore imbedded into the very nature of...