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Tag Archives: production
Prices of Factors of Production
Chapter 9 of Shawn Ritenour’s Foundations of Economics deals with something readers might think was already covered sufficiently in the earlier chapters on market prices: prices of factors of production. This is the final category of income received by market participants (in … Continue reading
Interest and Profit
Marxists, beware. In Chapter 8 of Foundations of Economics, Shawn Ritenour explains how the economic phenomena of interest and profit, both of which are anathema to the socialist Left, are natural and necessary features of life in a division-of-labor economy. … Continue reading
Posted in Books, Economics
Tagged capitalist, economics, entrepreneur, income, interest, interest rate changes, market prices, production, profit, Shawn Ritenour, time preference
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Production, Capital, and Income Maximization
In Chapter 7 of Foundations of Economics, Shawn Ritenour gets into capital theory and explains how entrepreneurs try to maximize their income once they have forecast demand for their products. One of the questions I had before reading this book … Continue reading
Posted in Books, Economics
Tagged economics, entrepreneur, income, market prices, marketplace changes, production, Shawn Ritenour, supply
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