Economics Dictionary of ArgumentsHome
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| Work: Work is the application of effort or energy towards a purpose, typically to accomplish a task, create something, or achieve a goal. See also Labour._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Murray N. Rothbard on Work - Dictionary of Arguments
Rothbard III 218 Work/leisure/marginal utility/Rothbard: (…) as the input of labor increases, the stock of possible units of leisure declines, and the marginal utility of leisure forgone increases. (…) labor will tend to be supplied until the point at which the marginal utility reaped from labor no longer outweighs the marginal utility of leisure on the individual’s value scale. In the money economy, labor will cease when the marginal utility of the additional money income per unit of time no longer exceeds the marginal utility of the leisure forgone by working for the additional time.(1) Allocation: Thus, man allocates his time between leisure and productive labor, between labor for money and labor on unexchangeable items, etc., in accordance with the principle of maximizing his psychic income. In deciding between labor and leisure, he weighs the marginal advantages of work with the marginal advantages of leisure. >Inalienability, >Labour, >Action/Rothbard, >Allocation/Rothbard. Rothbard III 222 Work/labor: (…) the common concept of the productive laborer, limited to the man who works in the fields or on an assembly line, is completely fallacious. Laborers are all those who expend their labor in the productive process. This labor is expended for a money income (which may be weighted by other psychic factors). If the labor service is sold to an investing employer who owns the final good produced by the co-operating factors, it might be rendered in any required task (…). The larger and more complex the enterprise and the production process, the greater will tend to be the development of specialized skill in management, and therefore the less will be the tendency for self-employment by the enterpriser. The smaller the enterprise, and the more direct the production methods, the more likely is self-employment to be the rule. 1. (…) the concrete result differs with the individual and with the unit of time selected for consideration. In terms of income per hour, the point at which labor stops may come fairly quickly; in terms of income per Year, it may never come. Regardless of his money income per hour, in other words, he is likely to stop work after a certain number of hours worked, whereas he is likely to take a year off from work only if his annual income is substantial._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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