The Economics of EnterprisePDF电子书下载

CHAPTER Ⅰ FUNDAMENTAL CONDITIONS:MAN AND ENVIRONMENT 1

Income(product)comes from men and their possessions,and consists of goods 1

and is limited by consumption 2

not derived from standard of living nor determined by desires 3

nor by volume of money 4

inevitably twofold in origin—men and environment 5

difference of environments in effect on income 6

differences in men—in strength and industriousness 7

in knowledge 8

in morality 8

in institutions 9

interactions between men and environment 11

take place mostly in the human factor 13

in any case are mostly due to intelligence 13

but are confined within narrow limits 15

conditions determining relative supplies of goods 17

summary 18

CHAPTER Ⅱ COMPETITIVE ECONOMICS;THE RéGIME OF PRICE 19

Institutions change 19

competition a present institution 20

its characteristic traits 20

price its central characteristic 21

pervasiveness of price 22

criteria of definitions 25

economics defined 26

summary 26

CHAPTER Ⅲ THE RéGIME OF PRICE(Continued) 28

Price the pivotal point in all economic competitions 28

and in distribution 28

but only so in the competitive order 29

the classifications and generalizations of which must conform to the nature of this order 29

but must avoid appraisals 29

or any assumption of permanency or merit in the facts treated 30

human desires common to all economic systems 31

summary 31

CHAPTER Ⅳ SPECIALIZATION AND TRADE RELATED TO MONEY 33

Specialization imposes interdependence and promotes efficiency 33

isolation and independence imposing inefficiency for the individual 34

and for nations 36

specialization possible in the competitive order only through trade,and trade practicable only through intermediates 37

barter itself connoting multiplicity of media 38

not goods but money competitive demand for goods 39

value being mostly restricted to the price form 39

summary 40

CHAPTER Ⅴ THE ADJUSTMENT OF PRICE 42

The view of the outsider 42

of the insider 43

of the economist 44

unreserved supply against one demand 45

against several 46

supply with reservation prices 47

graphs 48

reservation prices as holdersdemands 50

goods demands for money 51

utility related to demand 51

logic of the marginal analysis 53

price fixed not by averages,or by demand solely,or snpply solely,or by margins,or by marginal pairs 54

summary 54

CHAPTER Ⅵ SUPPLY DETERMINED BY COST OF PRODUCTION 57

Price affects purchases 57

supply affects price 57

costs of production affect supplies relatively to one another,as an expression of specialization of production 58

supplies dependent upon choice of sacrifice—sacrifice being expressed as cost 59

alternative opportunities costs 60

what sacrifice cost includes 61

opportunity cost the leading collectivist category 62

as also a competitive cost 63

cost as reservation price 64

supply limited at marginal cost 64

the marginal analysis 64

marginal cost in relation to opportunity 65

various cost bases 67

ones own possessions and cost 67

a typical cost account 68

cost a forward-looking computation based on past experience and affecting future product 69

includes all resistances under the price denominator 70

cost and supply vsdemand 71

cost as expressing resisting demands 72

the focusing point of many influences bearing upon the entrepreneur 74

which the economist must investigate,rather than the entrepreneur 75

marginality personal rather than instrumental 77

the marginal enterprise 78

marginal discomfort 79

other margin-determining influences 80

the limited significance of marginality 82

pains and their significance 82

summary 83

CHAPTER Ⅶ UTILITY;DEMAND;DEMAND WITH SUPPLY 85

Price everywhere determined by demand and supply and changed by changes in either or both 85

no demand without utility 85

which is desiredness—changing as desires change 86

a relation to a human being and in this sense solely a quality 87

no demand without marginal utility 88

marginal utility discussed 89

therefore no demand without scarcity 91

not marginal utility alone but a comparison of marginal utilities,subjective valuation,gives demand 91

a marginal demand indicating an equality ratio between alternative marginal utilities 93

neither marginal demand nor marginal price fixes price,nor both together 94

all items,marginal and other,participating 95

intramarginal higgling 96

all utility,marginal and other,purely individual—social utility irrelevant 97

utility,marginal utility,and comparison necessary to explain demand 97

neither of which excludes impulse or habit,or instinct 98

or involves a hedonistic theory of desire,or any necessary relation to pleasure and pain 99

or even always deliberation and calculation 100

the nature and limits of abstraction and generalization 100

summaries 103

CHAPTER Ⅷ THE SIGNIFICANCE OF Co8T OF PRODUCTION 106

Entrepreneur cost not ultimate 106

but finds no explanation in pain;unexplained,leads to superficial and circuitous analysis 107

still inevitable and important,being actual 109

and pivotal 110

causal sequence on the cost side,the supply side 111

all explanations which are not genetic imply a preceding and conditioning price situation 113

and a moving equilibrium 113

a necessary method of analysis 115

the interrelation of bases of cost 116

summary 116

CHAPTER Ⅸ WHAT IS PRODUCTION?WHAT THINGS ARE PRODUCTIVE? 120

Activity and enterprise employing a variety of means 120

to a diversity of ends,material and immaterial 120

test of production net proceeds,price results 121

not in materiality 121

accumulatability 123

but in objective price-bearing results 123

therefore men are not products 124

subject matter of economics classified 125

ethical criteria inapplicable as test of product 126

parasitism and predation irrelevant 127

so the question who consumes 127

the various sources of product—proceeds 128

saloons,gamblers,and thieves productive 130

so intangible properties 131

irrelevant to product who is user 131

wealth,capital,and property distinguished 132

rent and interest distinguished 132

innumerable directions of investment of proceeds,therefore innumerable varieties of costs 133

summary 134

CHAPTER Ⅹ THE DISTRIBUTIVE PROCESS:APPORTIONMENT OF PROCEEDS 137

Distribution according to the productivity theory 137

a price process 138

relates only to primary distribution 138

which is captained by the entrepreneur 139

theory lacks precision 140

production and consumption goods similar in point of the price process,—in demand 141

in supply 142

the entrepreneurs standpoint merely indicates the direction in which the explanation is to be sought 143

demand as distinguished from utility 144

demand motivates supply 144

but reports accurately neither utility nor the price significance to the entrepreneur 146

hire being merely market price of the efficiency 146

nor accurately is there a distinguishable specific efficiency 146

nor is specific efficiency necessary in order that profits and opportunities function as costs 148

the productivity theory only approximately true,and then only when product means proceeds 150

there are hirerssurpluses 151

social marginal productivity 153

distribution ethically viewed 153

property and deserving 154

summary 155

CHAPTER Ⅺ DIFFERENT BASES OF COST AND DISTRIBUTIVE SHARES 159

Cost outlays various in direction 157

mainly wages,profits,instrument rents,and interest 160

including equally all instrument hires 160

compelling a new concept of capital 161

and a new doctrine of costs 162

condemning traditional tests of labor origin 163

of materiality 165

of mobility 168

of technological functions 168

of elasticity of supply 169

of political or social significance 171

of relations to diminishing returns 171

what capital is 172

proved by income in time,or by discount,or by interest 173

the importance of the issue 175

summary 176

CHAPTER Ⅻ LAND:RENT AND INSTRUMENTS AS COST:LAND RENT AND COST 178

Substitution possible between factors 179

this not inconsistent with complementarity 179

no warrant therein for the threefold classification of factors 179

limitation on substitutions in agriculture,is spatial 179

else no land shortage possible 179

nor higher rents and prices with increasing population 180

effect of land shortage on wages 180

extensive and intensive cultivation as related to rent 181

to prices and wages 182

to hires and instrument costs 183

Ricardian doctrine of rent stated 181

developed and examined 183

rent as cost 186

the post-Ricardian disciples 186

various differentials related to cost 188

fundamental determinants of rent 190

costs as distributive shares 190

cost purely an entrepreneur computation 191

the entrepreneur uninterested in ultimate determinants 192

various costs indistinguishable relative to price determination 193

summary 193

CHAPTER ⅩⅢ URBAN RENTS,AGRICULTURAL RENTS,AND COSTS 196

With urban rents not fertility but only position important 196

nature of advantages 197

rents affected by demand for products,and by changes in technique irrespective of owners deserts 198

social aspects of proportions of factors 198

developing technique in transportation and manufacturing tends to increase urban as against rural rents 200

effect of urban transportation on distribution of urban rents 203

urban rents related to costs,and to price 204

fundamental causes of rents 207

CHAPTER ⅩⅣ CAPITALIZATION vsCOST AS DETERMINANT OF PRICE 209

Different goods affording incomes present and future 209

present price related to future income 210

through capitalization 210

but not so with free men 211

capitalization vscost as determinant of price 211

with durable consumption goods 212

with durable production goods 213

effects of changed proportions of factors 215

summary 217

CHAPTER ⅩⅤ CAPITALIZATION THE PROCESS BY WHICH FUTURE INCOMES ACHIEVE PRESENT WORTH 219

Future services 219

the effects of time perspective 219

doubtful as bearing upon mere consumable goods 220

but clear with money or with goods under money price 221

as with a series of money incomes 222

or with future incomes with indefinite money size 224

the commonly accepted view insufficiently individualized 225

any view prone to overrationalization 227

present things commanding future services have present utility 229

summary 232

CHAPTER ⅩⅥ THE DISCHARGE OF DEBTS:DEFERRED PAYMENTS 236

Each good has many values—each value an exchange ratio between terms specific and quantitative 236

barter implies value but no price—money exchanges only price,with all value relations mere deductions 236

exchange dependent on specialized production 237

the money economy 237

a standard inevitable in deferred payments 238

no equality in value since value is not quantitative 239

but is only a ratio which is actual only as price 240

this true over intervals of space 242

of time 242

and equally in present exchanges 242

money has not one but innumerable values 242

no value is measurable,measurement being quantitative and values not 243

meaning of instability 244

injustice of 245

evils of speculativeness 245

deferred payment merely one case of exchange 246

test of stability is utility,the things traded being not values but goods 247

the desideratum is indemnity 248

in terms of immediate consumption goods rather than of durable goods 249

summary 261

CHAPTER ⅩⅦ MONEY,CREDIT,AND BANKING 254

Currency the intermediate in exchanges 254

all functions are aspects of intermediateship,—standard,storehouse,payment 255

money defined 256

necessary qualities 259

banking and the issue of credit 260

reserves and their function 260

economy of money 262

banking viewed separately and in the aggregate 263

what banking really does 263

deposits and solvency 264

creative of loan funds 264

cost of currency from banks and from mines 265

analysis of costs in the issue of credit 265

the demand for media 267

traderssurpluses 267

the allocation of these 267

the sellersthe greater 268

volume of currency and prices 269

the value of gold in relation to demand 270

commodity uses as demands 271

monetary theory peculiar 271

elasticity of demand 271

all prices affected equally by changed volume 273

prices affect one another and tend to move together 274

relation of supply of gold to its utility 275

supply of banking media related to prices 276

discount rates and prices 276

Greshams Law:international trade 278

currency expansions,international trade,intercommunity trade 279

commercial crises 280

preceding conditions 280

rising prices 282

the reaction 282

benefits and dangers of credit 283

ameliorations 284

disorganized banking vsunified reserves 286

responsibility for panics 287

double counting of reserves dangerous but not most serious danger 289

contraction through scramble for reserves 289

is all credit therefore contracting? 291

effects on production 293

the remedy 294

post-panic depressions 295

effects of rising prices on dividends and credit 295

cause and effect of narrowing margins 297

the delay in recovery 298

restricted consumption and overproduction 300

hoarding of money and credit 302

investment with restricted saving 304

savings,luxury,charity,waste 306

quantity theory of money 310

admitting that not goods but only goods at a price are demand for money 311

and that not goods as an aggregate but only goods separately exchange against money 312

nothing follows adverse to the quantity theory 314

quantity of currency rather than money important 316

credit retains a fixed ratio to money 317

the phenomena of banking in relation to the quantity theory 318

and the phenomena of depressions 319

changed demand and reservation prices 319

bimetallism 321

effects of demonetization 321

compensatory action and its effects 321

national and international 324

advantages of international bimetallism conjectural and unimportant 327

what fluctuations are important 327

and what the proper base-lines 328

CHAPTER ⅩⅧ LOAN FUND CAPITAL 332

Interest determined as price adjustment 332

social capital 333

money as capital 334

whether credit is capital 334

what private capital includes 335

collectivist capital 336

method of increase of private capital 337

saving and lending 337

private capital divergent from social capital 337

borrowed thing,repaid thing,premium thing,all currency 342

the loan fund widely and authoritatively recognized 344

loan and rental contracts distinguished 346

loan fund derived from saving and from banking 347

effects of banking on interest 349

banking essentially underwriting 351

discount rates analyzed 351

summary 352

CHAPTER ⅩⅨ THE LOAN RATE:INTEREST 355

Income a currency flow 355

loans a method of modification 356

interest the payment to achieve this 356

loan fund furnished by saving and by banking 356

much capital is original bounty 358

saving never painful 359

interest rates not necessary to saving 361

abstinence,rightly interpreted,a truism 362

influences to modify individuals saving 364

saving and banking as sources of loan fund 366

different abstinence theories 367

land and capital in interest theory,as per Bullock,Hadley,Senior,and Taussig 373

productivity in time gives interest 376

gains from investment give interest 377

so also durable sources of service 377

rents related to interest 378

renterssurpluses and interest 379

no implication of social service 380

various independent causes,each adequate 381

the process of fixation a price process 382

reservation prices in interest theory 383

the concept of a market 383

interest not an adjustment of pleasures against pains 385

social explanations and the social organism 387

method of hypothesis 390

the social cosmos 391

summary 388

CHAPTER ⅩⅩ RISK,PROFIT,AND INTEREST 398

Risks,insurable and non-insurable,as costs 399

advantages of affiliations 399

risk costs greater as competitor is weaker 399

risk as limit on size 400

risk as related to profit and interest 401

profits and social welfare 405

speculation,gambling,and underwriting 404

summary 405

CHAPTER ⅩⅩⅠ CAPITALIZATION AND DISCOUNT RATES 407

Résumé of previous conclusions 407

not one but many interest rates 410

these related to the capitalization process 410

capitalization doctrine circuitous unless individualized 411

CHAPTER ⅩⅩⅡ CLASSIFICATION OF THE FACTORS OF PRODUCTION 413

Scope of the objects of cost outlays 413

traditional view of these 414

land vscapital 414

traditional view collective and genetic 415

also technological but inaccurate 416

many kinds and degrees of factors 417

interrelations and interactions numberless 419

interdependence and substitution 420

traditional classification indicted 421

summary 421

CHAPTER ⅩⅩⅢ LAWS OF RETURN:PROFITABLE PROPORTIONS:PROFITABLE SIZE 423

Industrial facts underlying the law of proportions 423

social-static formulation 424

social-dynamic 425

competitive-static 426

differences in entrepreneurs 427

classification of factors irrelevant 428

a price calculation,despite various authorities 429

deductions 430

more than a land law 431

or than technological law 431

competitive-dynamic formulation 433

deductions 434

distributive applications 435

general applications 437

advantage in size 437

size vsproportions 438

applies to industries in competition with one another 441

long-time and short-time best size 442

law illustrated in what industries 442

the applications 442

summary 443

CHAPTER ⅩⅩⅣ DISTRIBUTION AND THE LAW OF PROPORTIONS 446

Costs mainly distributive shares 446

traditional exaggeration of technology 446

some factors technological,others not 447

interdependence and substitutions 448

distribution favors the relatively scarce 448

complementary factors 449

relation of population to wages 450

confusions of static with dynamic 450

wages and standard of living 451

changes in factors require new distributive analysis 452

effects of changed industrial technique 454

especially in agriculture on land rent 455

elasticity of consumption related to land rent 455

Gregory Kings law 456

CHAPTER ⅩⅩⅤ COSTS IN CORPORATE AND LARGE BUSINESSES 459

Profits in the large organizations 459

related to interest,dividends,and risks 460

stockholdersoperations in corporate stocks 461

managersoperations for private gain 461

business code of ethics 461

cost related to monopoly supply 463

giant industry contrasted with farming 464

temporary cost not inconsistent with loss 467

idle plants 468

supply in average conditions 469

in favorable conditions 470

in adverse conditions 471

partial applications of monopoly methods 472

summary 473

CHAPTER ⅩⅩⅥ COMPETITION AND MONOPOLY 474

Monopoly and competition antithetical 474

yet monopoly competitive in spirit 476

good and ill in competition 476

laissez faire criticized 477

wastes of competition 478

com?petition often self-destructive 479

economies and advantages of size 479

monopoly affecting buyersand sellerssurpluses 480

buyersand sellerscombination 481

monopoly theory and competitive theory 482

pressure toward monopoly,cut-throat competition 482

unwise legislation 484

combinations of combinations 485

a degree of monopoly in all successful business 486

CHAPTER ⅩⅩⅦ THE SOCIAL DIVIDEND AND THE INDIVIDUAL INCOME 488

Social dividend the total of valuable benefits 488

distributed mainly through money incomes 490

products the primary fact 490

in what these consist 491

different sorts of services 491

service from durable properties 491

privilege and power as income 493

primary and secondary distribution 494

property,especially natural bounty,related to distribution 495

also franchises and monopolies 496

great wealth controls high ratio of gains 497

which defy accurate division into interest and profit 498

summary 501

CHAPTER ⅩⅩⅧ THE DISTRIBUTIVE ANALYSIS IN THE LARGE 504

Scope of the chapter 504

genesis of current economic doctrines 504

unproductive labor 505

cameralism 505

mercantilism 506

physiocracy 507

later views,egAdam Smith,JSMill 508

influence of English legal system 510

Providence guides 511

natural law controls 512

laissez faire 513

modern views summarized 514

criticized 515

the census of wealth in the United States 519

criticized for its concept of capital 521

natural bounty 522

wealth and poverty in the United States 523

enormous production and its explanation 523

single tax and other taxes 527

exploitation by franchises,monopolies,and private property in natural bounty 528

the need of a new economics 528