<**>Well, if you want my opinion on this, you will have to define "standard marginalism" in your terms.<**> -------------------- How about intro Nordhaus or Samuelson, any edition? Or perhaps Heilbroner's micro? I am simply trying to establish you as a legitimate proxy for the mainstream position in regard to marginalism, so I can use you as a sounding board. I think in regard to marginalism that Austrians are very close to the mainstream. Am I not correct?
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Old Economics
1. Resources are scarce. 2. Progress occurs through capitalist accumulation, 3. accomplished by parsimony, 4. resulting in the division of labor.
New Economics
1. Resources are abundant. 2. Progress occurs through entreprenueurial initiative, 3. facilitated by credit, 4. resulting in the displacement of labor.
The Process of the New Economics
[1] Loan credit arises from the private contract between banker and entrepreneur, [2] creating a generalized claim against the community as a whole, [3] enabling the entrepreneur to organize the factors of production into their most efficient combination, [4] as ultimately judged by consumers through the democracy of the market, [5] the informational feedback mechanism being profit and loss.
[6] Investment is the process of improving the quantity and quality of capital; [7] is facilitated by credit, [8[ driven by entrepreneurial initiative, [9] discovery of resources, and [10] invention of technology.
[11] Saving is the process of acquiring beneficial ownership claims against capital, which generate increasing [12] income in the form of dividends or their functional equivalent, as [13] capital accumulates. --
----Original Message Follows---- From: Pat Gunning <[EMAIL PROTECTED]> Reply-To: [EMAIL PROTECTED] To: [EMAIL PROTECTED] Subject: Re: [SOCIAL CREDIT] final comment-Gunning-sarcasm Date: Mon, 10 Nov 2003 11:48:18 +0800
Bill, I think that you misinterpreted my remarks. [snipped]
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