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Time Preference and Interest
Week 7 of the Mises Institute’s Home Study Course in Austrian Economics includes one audio lecture and three book chapters dealing with time preference and interest. “Time Preference and Interest” by Jeffrey Herbener: This lecture has a good summary of Ludwig … Continue reading
The Production Structure and the Social Economy
In Chapter 11 of Foundations of Economics, Shawn Ritenour makes the transition from what is often called “microeconomics” to what is often called “macroeconomics,” where the discussion centers on “big stuff” like business cycles, inflation, and unemployment. He disapproves of this … Continue reading
Posted in Books, Economics
Tagged capital, Foundations of Economics, GDP, interest, profit, rent, Shawn Ritenour, stock, structure of production
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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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