4.1: Lecture

KEY POINTS
  • Capital is not easy to accumulate or produce.
  • The limit on how much capital is available lies in time preference.
  • The process of capital accumulation necessarily requires the lengthening of the structure of production.
  • The more capital is involved in the production process, the more the productivity.
  • Productive goods employed in the production of other goods could be turned into consumption goods.
  • The degree to which present goods are preferred to future goods is the degree of originary interest.
  • Human reason is the essential ingredient of technological progress.
  • Technology refers specifically to the non-physical forms of capital, so it cannot be scarce.
Last modified: Thursday, May 9, 2024, 12:09 PM