Economics Dictionary of ArgumentsHome
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| Production: Production in economics refers to the process of combining inputs like labor, capital, and raw materials to create goods or services that satisfy human needs and have economic value. It involves transforming resources into outputs through various methods, contributing to economic growth and wealth creation._____________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 Production - Dictionary of Arguments
Rothbard III 46 Production/Rothbard: (…) there is only one way by which man can increase his production of consumers’ goods per unit of time - by increasing the quantity of capital goods. Beginning with unaided labor and nature, he must, to increase his productivity, mix his labor energy with the elements of nature to form capital goods. These goods are not immediately serviceable in satisfying his wants, but must be transformed by further labor into lower-order capital goods, and finally into the desired consumers’ goods. Rothbard III 51 Time/production/Rothbard: (…) it is important to realize that “a period of production” does not involve only the amount of time spent on making the actual capital good, but refers to the amount of waiting-time from the start of producing the capital good until the consumers’ good is produced. Rothbard III 52 (…) it must be observed that, in considering the length of a process of production, the actor is not interested in past history as such. The length of a process of production for an actor is the waiting-time from the point at which his action begins. >Capital Goods/Rothbard. Rothbard III 60 Risks: We may explain the entire act of deciding whether or not to perform an act of capital formation as the balancing of relative utilities, “discounted” by the actor’s rate of time preference and also by the uncertainty factor. Rothbard III 206 Goods/production: For a man to produce a consumers’ good, he must obtain labor services and the services of land and capital goods, in order to use the technological “know-how” available in the production of the good. Pushing the problem back, we find that, in order to produce a capital good, the would-be producer must obtain the necessary land, labor, and capital goods. Each such individual producer (or group of individuals in partnership) obtains the required factors and then directs the combination of factors into producing a capital good. This process is repeated among numerous individuals, until the lowest stage of production is reached and a consumers’ good is produced. The producer of the capital good must obtain the needed factors (land, labor, and capital) by purchasing them for money, and, when the (lower-order) capital good is completed, he sells it for money. This capital good is, in turn, used for the production of a still lower-order capital good, and the latter is sold for money. This process continues until the final producer of the consumers’ good sells it for money to the ultimate consumer. >Capital goods, >Consumer goods. Rothbard III 208 Production: (…) a dominant characteristic of the production process is that each individual must produce in anticipation of the sale of his product. Any investment in production is made in anticipation of later sale to lower-order producers and, finally, to consumers. Rothbard III 648 Production/Rothbard: There can (…) be no separation of technological effciency from financial considerations. The only way that we can determine whether one product is more demanded than another, or one process more effcient than another, is through concrete actions of the free market. >Observation, >Measuring. These considerations, incidentally, serve to refute the very popular distinction between "production for use" and "production for profit." In the first place, all production is for use; otherwise it would not take place._____________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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