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Essentials of Economics: A Brief Survey of Principles and by Faustino Ballvé, Arthur Goddard

By Faustino Ballvé, Arthur Goddard

Maybe the simplest short primer on economics ever penned, Ballve's little vintage explains such fundamentals as what economics is -- and isn't -- all approximately, the position of the entrepreneur, the standards of construction, funds and credits, overseas alternate, monopoly and unemployment, socialism and interventionism -- all from an "Austrian institution" standpoint, and all in a hundred pages! [C:\Users\Microsoft\Documents\Calibre Library]

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Extra info for Essentials of Economics: A Brief Survey of Principles and Policies

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We can say just as well that the market revolves around the entrepreneur. , individual or collective), who enters the market with the object of making a profit, that is to say, of getting more than he gives. In this sense, all those who go to the market are entrepreneurs, buyers as well as sellers, since anyone who buys a cow for two hundred dollars does so because he considers that, for him, the cow is worth more than the money he pays for it. Otherwise he would keep his two hundred dollars. However, in economics one who enters the market in order to obtain what he needs for his own use is not called an entrepreneur, but a consumer.

The capital invested in an enterprise can be the property of the individual entrepreneur, or it can be provided by a number of people: one or more active entrepreneurs, either on their own or in association with capitalists who exercise no initiative in the conduct of the enterprise but share in its risks. From the economic point of view, all of them are entrepreneurs because they all assume the risk. In such cases, they generally form an association with a juridical personality, which constitutes the enterprise.

Karl Marx founded his doctrine of wages on his theory of value. The value of a commodity depends on the amount of labor required to produce it. The labor of a skilled worker represents a multiple of that of an unskilled hired hand. In like manner, the value of the worker is measured by the cost of supporting him and of rearing and training a replacement with precisely the degree of skill needed; and the training, maintenance, and replacement of a skilled worker costs a multiple of the amount needed for the same purposes in the case of an ordinary unskilled laborer.

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