Economics Dictionary of ArgumentsHome
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| Marginal costs: Marginal cost is the cost incurred by producing one additional unit of a good or service. It is a critical concept in economics and business for determining the optimal production level and pricing strategies. Marginal cost includes all variable costs associated with production, such as materials and labor, and influences decisions on whether to expand or reduce production. See also Marginal utility, Marginal return, Price, Efficiency._____________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. – Dictionary of Arguments. | |||
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Murray N. Rothbard on Marginal costs - Dictionary of Arguments
Rothbard III 340 Marginal costs/Rothbard: (…) the cost, or "marginal" cost, of any decision is the next highest utility that must be forgone because of the decision. When a means M must be distributed among ends E1, E2, and E3, with E1 ranked highest on the individual's value scale, the individual attempts to allocate the means so as to attain his most highly valued ends and to forgo those ranked Iower, although he will attain as many of his ends as he can with the means available. If he allocates his means to EI1and E2, and must forgo E3, E3 is the marginal cost ofhis decision. Ifhe errs in his decision, and arrives at E3 instead of E2, then ex post - in retrospect - he is seen to have suffered a loss compared to the course he could have taken. _____________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. "Vs" indicates differences in content, not necessarily the chronological progression of a controversy. 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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