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Understanding our Political Economy

Understanding our Political Economy

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Understanding our Political Economy

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  1. Understanding our Political Economy LESSON THREE Essential Elements of Political Economy

  2. LAND LABOR CAPITAL

  3. LAND LABOR CAPITAL GOODS LAND

  4. Cost of Production = ZERO

  5. Forms of Labor PRIMARYto Production • Resource extraction • Agriculture • Timber harvesting • Fishing • Hunting

  6. Forms of Labor SECONDARYto Production • Milling • Refining • Combining • Processing

  7. Forms of Labor TERTIARYto Production • Manufacturing • Assembly • Transportation

  8. Services Services Services

  9. Architects and Engineers • Accountants and Lawyers • Bankers and Financial Advisers • Insurers

  10. “Labor always produces either wealth (which may or may not be capital) or services. Only in an exceptional case of misadventure is nothing produced.” Progress and Poverty, p.33.

  11. Be the product of labor with or without the assistance of other (capital) goods • Have exchange value in the marketplace; and • Satisfy some human desire

  12. Capital goods Environmental capital Financial capital Human capital Industrial capital Intellectual capital Natural capital

  13. Our Shared Commons?

  14. Harry Gunnison Brown

  15. “The factors of production may be said to be land, labor and capital. …Other writers class land with capital, but we have already found reason to consider land separately from goods produced by mankind.” Harry Gunnison Brown, Economic Science and the Common Welfare, 1925

  16. (Supply of land)

  17. Mason Gaffney

  18. “… theorists after [John Bates] Clark have made land just another kind of machine. The economic world was thenceforth divided into just two elements, labor and capital.” Mason Gaffney, University of California (Riverside), 1994

  19. “When bright people say stupid things, the question inevitably arises, why is their perception of reality so blurred? Good economists are bright men and women. …”

  20. “All the same, economists do make the oddest statements and promulgate undue quantities of faulty prophecy and policy prescription.” Robert Lekachman, Economists At Bay, 1976, pp. 1,2

  21. LAND SPECULATORS WANTED

  22. END OF LESSON THREE