Download e-book for iPad: Austrian Economics Vol. III (Schools of Thought in by Stephen C. Littlechild

By Stephen C. Littlechild

ISBN-10: 1852781203

ISBN-13: 9781852781200

ISBN-10: 1852783524

ISBN-13: 9781852783525

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Extra info for Austrian Economics Vol. III (Schools of Thought in Economics)

Example text

The heads of the various business units are employees, as it were, with a fixed income. If we further assume that this economy is a stationary economy and that all futures transactions are concentrated in one corporation, it is obvious that the total amount of losses precisely equals the total amount of profits. We need only to nationalize this corporation in order to bring about a socialist state without profits and losses, a state of undisturbed security and stability. But this is so only because our definition of a stationary economy implies equality of the total sum of losses and that of profits.

The phenomenon of leadership is no less real on the market than in any other branch of human activities. The driving force of the market, the element tending toward unceasing innovation and improvement, is provided by the restlessness of the promoter and his eagerness to make profits as large as possible. There is, however, no danger that the equivocal use of this term may result in any ambiguity in the exposition of the catallactic system. Wherever any doubts are likely to appear, they can be dispelled by the employment of the term promoter instead of entrepreneur.

If he does not err, he pays for services which chemistry and technology cannot comprehend with their specific methods of investigation. If a man prefers an expensive place to a cheaper one because he likes to sip his cocktails in the neighborhood of a duke or of cafe society, we may remark on his ridiculous vanity. But we must not say that the man's conduct does not aim at an improvement of his own state of satisfaction. What a man does is always aimed at an improvement of his own state of satisfaction.

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Austrian Economics Vol. III (Schools of Thought in Economics) by Stephen C. Littlechild

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