Economics Dictionary of ArgumentsHome
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| Goods: Goods in economics are tangible items that satisfy human wants and needs. They are classified as consumer goods (for personal use) and capital goods (used in production). Goods can also be categorized as durable (long-lasting) or non-durable (consumed quickly). They play a vital role in economic transactions and production processes. See also Commodity, Production, Production theory, Production structure, Value, Price, Exchange._____________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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Friedrich A. von Hayek on Goods - Dictionary of Arguments
Boudreaux II 21 Goods/specialization/knowledge/Hayek/Boudreaux: […] goods exist not because some great and ingenious human plan called them into being. Instead, they exist because of a social institution that encourages people to specialize in learning different skills, as well as to learn different slices of knowledge and gather different bits of information about the real world. This social institution also sends out signals to these hundreds of millions of specialist producers, informing each of them how best to use his or her special skills and knowledge so that the resulting outputs of the economy will satisfy genuine consumer demands—and do so at costs that are as low as possible. Production: [e.g., ink and paper] if these signals are reasonably accurate, the loggers’ activities are coordinated well with those of the paper mill: neither too few nor too many trees are cut down. And the paper-mill’s activities are coordinated well with those of the printer: neither too little nor too much paper of the sort that you hold in your hands now is produced. Boudreaux II 24 One of the most notable facts of life in modern market economies is that each and every one of the things that we enjoy as consumers is something that no person knows in full how to produce. There is conscious planning and adjustment going on at the level of each individual and each firm and each distinct organization. But there is no overarching - no “central” - plan for the whole. >Spontaneous order._____________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. |
Hayek I Friedrich A. Hayek The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2) Chicago 2007 Boudreaux I Donald J. Boudreaux Randall G. Holcombe The Essential James Buchanan Vancouver: The Fraser Institute 2021 Boudreaux II Donald J. Boudreaux The Essential Hayek Vancouver: Fraser Institute 2014 |
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