Production Theory

In my last article, “How Government Budget Deficits Reduce Wages and Raise Profits”

In recent years there have been growing complaints over slow growth in wages compared to profits.

(With assistance from Bill Barnett)

This is an interes

Few economists have the courage to point to labor legislation and regulation as the very cause of mass unemployment.

What I have shown is that to the extent that government spending consists either of waste or of intermediate goods, measurement of the standard of living of those working in the private sector is rendered much more accurately by Rothbard's measurement of PPR per private sector worker than by the Department of Commerce's per capita GNP.

Apparently the discovery of penicillin is often trotted out as a classic case showing the importance of having the innovation-incentives of a paten

All action takes time. Humans use time as a tool. Time preference ranking is now, not later, although time preferences will differ over time and for different people, like children who want things right now.

Factors of Production are economic goods: scarce means used to achieve an individual’s ends. They are land, labor and capital. Each is examined. Incomes are earned by factor owners as production takes place. There is no separated production and distribution.

Because I think they’re only accessible to people with paid subscriptions, I rarely blog items from the Wall Street Journal.