Value is a judgment economizing men make about the importance of the goods at their disposal for the maintenance of their lives and well-being. Hence value does not exist outside the consciousness of men.
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Economic growth comes from successful entrepreneurship that is also productive. And not all entrepreneurs who earn profits contribute to economic growth if they have unproductive — or, worse, destructive — effects on the economy.
When personal property becomes capital, a source of income, then the obvious implication is a decentralization of capital ownership.
Working class families readily put these values into practice and improved their lives and their communities. The evidence is overwhelming – quality of life rose, fertility rates and population increased, illegitimacy and crime rates fell, and sanitation and health care systems improved. Coincidental to this was the emergence of an impressive network of privately organized social safety nets for people who were unable help themselves.
Legislators should not be too hasty in altering the employment status of gig economy workers unless they want to bear the responsibility of rendering the sector completely nonexistent in the process.
Economics is about economizing. To economize means to allocate whatever scarce resources are available to you in a way that extracts from those resources the most of whatever it is you want. Time is one of those scarce resources – once we’ve used it up its gone, so we must make an economizing choice.
All human actions are driven by the force of entrepreneurship, which continually creates, discovers and transmits information, as it adjusts and coordinates the contradictory plans of the different individuals through competition and enables them to live and coexist in an increasingly rich and complex environment.
People make decisions based on the values they hold most dear. Those might be family values related to happiness, health and economic security. Or they may be the achievement ethics of hard work and duty. Or they may be broader values regarding helping others, or even saving the world through charity and conservation. All the economic choices people make are shaped by their values.
The unit of analysis for economics is the individual. If economics is to be a useful science, it will help individuals to make better decisions for themselves, in the context of productive collaboration with others. Let’s just help shed light on good economic decision making.
As the new year gets underway, why not make a goal to read more about the essential economic principles.
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