Man, Money, and Goods

By John S. Qambs; William Snyder | Go to book overview

5. THE PRICE OF LABOR, LAND,
AND CAPITAL
THE SECOND GREAT topic of economic analysis under its theory of value is the distribution of income. Study of this subject might be expected to throw light on why Mr. Jones has a five-digit income, while Tony gets $973 a year, but, as was revealed in the preceding chapter, economic science is unable in these matters to reach precise figures. It can say that this, that, or the other economic event may take place if high salaries or profits are decreased, or low wages augmented; it can find reasons for disparity of incomes; it can suggest ways of increasing the income of any class of income receivers. But it cannot put actual price tags on their services.Economists usually speak of four groups of income receivers. Each group represents one of the four agents or factors required to produce goods and services. The four factors of production are:
i. Labor, meaning almost any kind of labor, head, hand or back. Labor may be pleasant, as it presumably is for various types of artists and professionals, but it is frequently distinguished from physical or mental play (like tennis or chess)

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Man, Money, and Goods
Table of contents

Table of contents

  • Title Page *
  • Preface *
  • Contents *
  • Part One - Introductory *
  • 1 - Definitions First *
  • 2 - Rich World, Poor World *
  • Part Two - Standard Economic Theory *
  • 3 - Introduction to Standard Economic Theory *
  • 4 - Values and Prices *
  • 5 - The Price of Labor, Land, and Capital *
  • 6 - Recent Trends in Standard Theory *
  • 7 - Evaluation of Standard Theory *
  • Part Three - Dissenting Economic Theory 120
  • 8 - Introduction to Dissident Theory *
  • 9 - What Marx Meant *
  • 10 - Thorstein Veblen *
  • 11 - Evaluation of Dissident Theory *
  • Part Four - Special Problems 174
  • 12 - Boom and Bust *
  • 13 - Money *
  • 14 - The Banker's Job *
  • 15 - As Sure as Taxes *
  • 16 - American Dollars and World Goods *
  • Part Five - Conclusion *
  • 17 - What Next? *
  • Bibliography *
  • Index *
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