But once a society has plucked all the low-hanging fruit of "no-brainer" productivity improvements, what then can its members do to improve productivity? The only thing left to do would be to adopt improvements in productivity that involve more roundabout methods of production.
... However, since making bows and arrows takes more time [than making pointed sticks], and perhaps more resources, the hunters and their investment must be sustained by an adequate stock of food and other materials; even though the bows and arrows will yield a greater bounty, they will only do so after a longer period of time. Thus, savings are an indispensable prerequisite for increases in productivity that involve lengthening the structure of production.
Wednesday, December 30, 2009
KA-POW! #11 - Lilburne
Tuesday, December 22, 2009
KA-POW! #10 - Douglass
Belloc defines the Servile State as "that arrangement of society in which so considerable a number of the families and individuals are constrained by positive law to labor for the advantage of other families and individuals as to stamp the whole community with the mark of such labor." ...
The Servile State is not the market economy. It is also not simply socialism. Instead, it is a creation of the State to benefit a class, which is considered free, and for which class the system is perpetuated by force of law. Essentially, it is a State marked by artificial, government-created monopolies. ...
Thursday, December 17, 2009
"Somewhere Else"
Billy always seemed to be somewhere else. Vernon once asked him...
[Sorry, the review period has ended.]
Friday, December 11, 2009
KA-POW! #9 - Bastiat
But, by a deduction as false as it is unjust, do you know what economists are accused of? It is, that when we disapprove of government support, we are supposed to disapprove of the thing itself whose support is discussed; and to be the enemies of every kind of activity, because we desire to see those activities, on the one hand free, and on the other seeking their own reward in themselves.
Thursday, December 10, 2009
Friday, December 4, 2009
KA-POW! #8 - Chodorov
Economics is not politics. One is a science, concerned with the immutable and constant laws of nature that determine the production and distribution of wealth; the other is the art of ruling. ...