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Pastimes : Austrian Economics, a lens on everyday reality
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To: Don Lloyd who wrote (92)12/19/2001 2:36:39 PM
From: TimF  Read Replies (1) of 445
 
The explanation is that the economy is closed. The prices of individual goods and services only serve to adjust the production mix. All money is earned and all money is spent, at least over time. A reduction in price of one good either will result in the prices of some or all other goods going up, OR the adjustment will come from a change in the purchasing power of money.

The economy is closed but not fixed. It can grow or shrink.

When we started to import electronics from low wage Asian countries this increased competition and lowered prices, but it helps the economies of both countries. It freed up resources in the US to be used in other areas, and it gave jobs and helped develop production technology in Asia. If foreign competition increases efficiency and total production why wouldn't more domestic competition?

A successful patented product requires the inventor to not only be a successful inventor, but often a talented application and production engineer as well, as well as a business promoter.

Not necessarily. He could sell the patent to someone else. Also if the inventor is going to produce, and sell the invention himself then he needs to be good at those other things (or hire people who are good at them) patent or no patent.

Tim
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