History And Criticism of the Labor Theory of Value in English Political Economy
History And Criticism of the Labor Theory of Value in English Political Economy
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In our eReader you can find the full English version of the book. Read History And Criticism of the Labor Theory of Value in English Political Economy Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book History And Criticism of the Labor Theory of Value in English Political Economy
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When an entrepreneur, in making his product, uses a production good capable of other applications, by other entrepreneurs, his product is made at the expense of poten- tiality cost. Whether in the isolated or in the social econ- omy, there is waste whenever a good is produced at a potentiality cost which is higher than the value of the good itself. A greater value will be sacrificed to obtain a less. In the isolated economy Crusoe will easily guard' himself against this form of waste. In the so...cial economy, the competition of entrepreneurs for the supplies of produc- tion goods prevents the same form of waste. Competition being granted, nowhere will there be found an entrepreneur who uses up production goods to make a value less than the highest value that these goods could produce elsewhere. For otherwise the entrepreneurs located at the other points of higher return would be able to command the production good for their purposes, and the possibility of profits would furnish them with the motive to bid for it.
What to read after History And Criticism of the Labor Theory of Value in English Political Economy?
You can find similar books in the "Read Also" column, or choose other free books by Albert C Albert Conser Whitaker to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
When an entrepreneur, in making his product, uses a production good capable of other applications, by other entrepreneurs, his product is made at the expense of poten- tiality cost. Whether in the isolated or in the social econ- omy, there is waste whenever a good is produced at a potentiality cost which is higher than the value of the good itself. A greater value will be sacrificed to obtain a less. In the isolated economy Crusoe will easily guard' himself against this form of waste. In the so...cial economy, the competition of entrepreneurs for the supplies of produc- tion goods prevents the same form of waste. Competition being granted, nowhere will there be found an entrepreneur who uses up production goods to make a value less than the highest value that these goods could produce elsewhere. For otherwise the entrepreneurs located at the other points of higher return would be able to command the production good for their purposes, and the possibility of profits would furnish them with the motive to bid for it.
What to read after History And Criticism of the Labor Theory of Value in English Political Economy?
You can find similar books in the "Read Also" column, or choose other free books by Albert C Albert Conser Whitaker to read onlineMoreLess
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