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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Murray N. Rothbard on Goods - Dictionary of Arguments
Rothbard III 161 Goods/exchangeable goods/exchange/production/stock keeping/Rothbard: Economics, (…), is not a science that deals particularly with “material goods” or “material welfare.” It deals in general with the action of men to satisfy their desires, and, specifically, with the rocess of exchange of goods as a means for each individual to “produce” satisfactions for his desires. Rothbard III 162 These goods may be tangible commodities or they may be intangible personal services. The principles of supply and demand, of price determination, are exactly the same for any good, whether it is in one category or the other. The foregoing analysis is applicable to all goods. Thus, the following types of possible exchanges have been covered by our analysis: A commodity for a commodity; such as horses for fish. A commodity for a personal service; such as medical advice for butter, or farm labor for food. A personal service for a personal service; such as mutual log-rolling by two settlers, or medical advice for gardening labor, or teaching for a musical performance. Rothbard III 163 Exchange/trade: One evident reason for the confusion of exchange with a mere trade of material objects is the fact that much intangible property cannot, by its very nature, be exchanged. A violinist may own his musicianly ability and exchange units of it, in the form of service, for the services of a physician. But other personal attributes, which cannot be exchanged, may be desired as goods. Thus, Brown might have a desired end: to gain the genuine approval of Smith. This is a particular consumers’ good which he cannot purchase with any other good, for what he wants is the genuine approval rather than a show of approval that might be purchased. Inalienability: In relation to exchange, this intangible good is an inalienable property of Smith’s, i.e., it cannot be given up. On the other hand, when property that can be alienated is transferred, it, of course, becomes the property - under the sole and exclusive jurisdiction - of the person who has received it in exchange, and no later regret by the original owner can establish any claim to the property. Rothbard III 165 Goods-substitute: suppose that Jones deposits a good (…) in a warehouse for safekeeping. He retains ownership of the good, but transfers its physical possession to the warehouse owner, Green, for safekeeping. Green gives Jones a warehouse receipt for the [good], certifying that the [good] is there for safekeeping and giving the owner of the receipt a claim to receive the [good] whenever he presents the receipt to the warehouse. On an unhampered market, the claim would be regarded as absolutely secure and certain to be honored, and therefore Jones would be able to exchange the claim as a substitute for actual physical exchange of the [good]. >Stock keeping/Rothbard. Rothbard III 166 Shares: (…) the share is evidence of part-ownership, or a claim to part-ownership, of a good. This property right in a proportionate share of the use of a good can also be sold or bought in exchange. Credit: A third type of claim arises from a credit exchange (or credit transaction). In a credit transaction, a present good is exchanged for a future good, or rather, a claim on a future good. Prices in such exchanges are determined by value scales and the meeting of supply and demand schedules, just as in the case of exchanges of present goods. >Credit/Rothbard._____________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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