Economics Dictionary of ArgumentsHome
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| Service: In economics, a service is an intangible product that satisfies a need or want, such as healthcare, education, or entertainment. Unlike goods, services are not physically consumed but are delivered through human or technological efforts. They are essential in modern economies, contributing to GDP, employment, and overall economic growth. See also Commodity, Goods, Exchange, Barter, Economy, Technology, Labour._____________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 Service - Dictionary of Arguments
Rothbard III 200 Service/free market/Rothbard: In general, just as consumers cannot very well hire short-lived, nondurable goods, so producers cannot very well hire capital goods, dubbed “raw material” or “inventory,” that are used up quickly in the process of production. On a free market, they cannot purchase labor services outright, (…). Since man’s personal will is inalienable, he cannot, in a voluntary society, be compelled to work for another against his present will, and therefore no contracts can be made for purchase of his future will. Labor services, therefore, can only be bought for “hire,” on a “pay-as-you-go” basis. >Free market/Rothbard, >Money/Rothbard; for alienability see >Goods/Rothbard; >Inalienability. Rothbard III 406 Service/Rothbard: Labor services are also likely to be inelastic with respect to the interest discount, but probably less so than land, since labor has a reservation demand, a subjective use-value, even in the aggregate labor market. This special reservation demand stems from the value of leisure as a consumers’ good. Higher prices for labor services will induce more units of labor to enter the market, while lower prices will increase the relative advantages of leisure. Here again, however, the difference that will be made by relatively large changes in the interest rate will not be at all great, so that the aggregate supply-of-labor curve (or rather curves, one for each homogeneous labor factor) will tend to be inelastic with regard to the interest rate. >Elasticity, >Factors of production/Rothbard, >Interest rates/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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