By Eugen von Bohm-Bawerk
ISBN-10: 1933550716
ISBN-13: 9781933550718
Eugen von Beohm-Bawerk used to be an enormous of the Austrian university. ultimately, this is an approachable e-book by way of him.
His masterworks on curiosity and capital run as much as 1000-plus pages. each person should still learn them, as Mises stated, yet in fact it's a bit a lot to tackle as your first method of this nice philosopher. earlier, there have not been any monograph-length essays in print that sing their own praises the center of his thought.
"Control or fiscal Law," written in 1914, will get to the center of the problem as regards the appliance of economics to politics. both we allow fiscal legislation run its direction or we spoil the engine of prosperity. We needs to defer or we make concerns worse through trying to keep watch over society.
In brief, this can be a medical yet impassioned demand monetary liberalization - from the grand previous guy who discovered from Menger after which taught Mises his economics.
This essay additionally demonstrates that fiscal liberalism has lengthy been a part of the basis of the political worldview of the Austrian culture.
60 web page, paperback, 2010
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Extra info for Control or Economic Law
Example text
How does all this affect the fixation of wages in the case of a strike? Let us realize, first of all, that although the wage disputes are formally concerned with the per capita wages for each individual worker, to the manufacturer it is always a question of obtaining, or not obtaining, the total labor of these 100 workers. He will either get all of the workers, or none, according to whether the negotiations lead to an agreement, or to a break. The decision as to how much wages he can pay at most will thus hinge on the value that the hundred workers represent to him jointly.
But this new equilibrium is possible only at the expense of employing a smaller number of workers. And it is for this reason that, in all probability this temporary equilibrium will again be disturbed. For now, the labor union will be split in two, one group employed at a high wage, and another group not employed at all. The greater an increase in wages has been enforced and the more the new methods of production are protracted, the bigger will be the number of unemployed. Two developments are possible.
If the entrepreneur finds his hands tied by the price of labor, but not in regard to the physical equipment of his factory, and he desires to adopt the presently cheapest combination of factors of production, he will prefer a combination different from the one used before, one that will enable him to make savings in the now more costly factor of labor, just as, for example, an increase in the cost of land may cause the transition from extensive to intensive methods of cultivation. If, ultimately, this saving in the now more expensive factor of labor continues to lead to the reduction in the demand for labor described before, which will ultimately render the enforced wage rate untenable, then it is no longer nature that has won a victory over power, but it is merely a new motive of self-interest, produced by changed conditions, that has prevailed over another motive of self-interest operative at another, no longer existing condition; or, stated more correctly, the same motive of self-interest that has led to the selection of the relatively most favorable combination of means of production will, under changed conditions, have made itself felt in a different direction.
Control or Economic Law by Eugen von Bohm-Bawerk
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