Economics Dictionary of ArgumentsHome
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| Intangible good: An intangible good in economics refers to a product that cannot be physically touched or stored, such as services, intellectual property, or digital content. Unlike tangible goods, intangible goods provide value through experiences, knowledge, or access rather than physical form. Examples include education, software, and entertainment services like streaming. See also Service, Goods, Commodity._____________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 Intangible Good - Dictionary of Arguments
Rothbard III 162 Intangible Good/Rothbard: (…) 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. 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. >Inalienability. Rothbard III 254 Demand/supply/stock keeping: (…) personal service, such as the services of a doctor, a lawyer, a concert violinist, a servant, etc. (…) are, of course, nondurable. In fact, they are consumed by the seller immediately upon their production. Not being material objects like “commodities,” they are the direct emanation of the effort of the supplier himself, who produces them instantaneously upon his decision. The supply curve depends on the decision of whether or not to produce – supply - personal effort, not on the sale of already produced stock. There is no “stock” in this sphere, since the goods disappear into consumption immediately on being produced. It is evident that the concept of “stock” is applicable only to tangible objects. The price of personal services, however, is determined by the intersection of supply and demand forces, as in the case of tangible goods. >Equilibrium price, >Supply/Rothbard, >Demand/Rothbard, >Price/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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