Economics Dictionary of ArgumentsHome
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| Consumer goods: Consumer goods are finished products purchased by individuals for personal use and satisfaction. They are classified into durable goods (e.g., cars, appliances), non-durable goods (e.g., food, clothing), and services (e.g., healthcare, entertainment). These goods directly fulfill consumer needs and are a key driver of demand in the economy. See also Durable goods, Consumption, Capital goods._____________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 Consumer Goods - Dictionary of Arguments
Rothbard III 57 Consumer goods/Rothbard: (…) in choosing between investing in one or the other of two consumers’ goods, the actor will, other things being equal, choose that good with the shorter period of production, (…). Any actor will continue to save and invest his resources in various expected future consumers’ goods as long as the utility, considered in the present, of the marginal product of each unit saved and invested is greater than the utility of present consumers’ goods which he could obtain by not performing that saving. The latter utility - of present consumers’ goods for-gone - is the “disutility of waiting.” Once the latter becomes greater than the utility of obtaining more goods in the future through saving, the actor will cease to save. Rothbard III 58 Measuring/Problem: How do actors know when their capital structure is being added to or consumed, when the types of capital goods and consumers’ goods are numerous? >Capital goods/Rothbard, >Production/Rothbard. Rothbard III 205 Consumtion: Every man must be a consumer, and therefore this analysis of consumer spending applies to all persons. Most people earn their income from the sale of their labor services. However, if we accept previously produced goods, because someone must have originally produced them, all other money incomes must derive from new production of capital goods or consumers’ goods. (This is apart from the sellers of land or its services, whose ownership must have originally derived from the finding and reshaping of unappropriated land.) Producers of capital goods and consumers’ goods are in a different position from sellers of labor service only. >Service/Rothbard. Rothbard III 299 Consumer goods/praxeology/catallactics/Rothbard: From the standpoint of praxeology proper - the complete formal analysis of human action in all its Aspects - it is inadmissible to call the good at its last retail sale to the consumer a "consumers' good." From the point of view of that subdivision of praxeology that covers traditional economics - that of catallactics, the science of monetary exchanges - however, it becomes convenient to call the good at the last retail Stage a "consumers' good." This is the last stage of the good in the monetary nexus - the last point, in most cases, at which it is open to producers to invest money in factors. To call the good at this final monetary Stage a "consumers' good" is permissible, provided we are always aware of the foregoing qualifications. We must always remember that without the final stages and the final allocation by consumers, there would be no raison d'étre for the whole monetary exchange process. Economics cannot afford to dismiss the ultimate consumption Stage simply because it has passed beyond the monetary nexus; it is the final goal and end of the monetary transactions by individuals in society. >Praxeology/Rothbard, >Action/Rothbard, >Market/Rothbard, >Exchange/Rothbard, >Money/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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