03 - Understanding our Political Economy - essential elements of polit

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Lesson 3 - essential elements of political economy

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Understanding our Political Economy LESSON THREE Essential Elements of Political Economy

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LAND LABOR CAPITAL

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LAND CAPITAL GOODS LABOR LAND

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Cost of Production = ZERO

Forms of Labor PRIMARY to Production:

Forms of Labor PRIMARY to Production Resource extraction Agriculture Timber harvesting Fishing Hunting

Forms of Labor SECONDARY to Production:

Forms of Labor SECONDARY to Production Milling Refining Combining Processing

Forms of Labor TERTIARY to Production:

Forms of Labor TERTIARY to Production Manufacturing Assembly Transportation

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Services Services Services

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Architects and Engineers Accountants and Lawyers Bankers and Financial Advisers Insurers

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“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.

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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

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

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Our Shared Commons?

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Harry Gunnison Brown

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Harry Gunnison Brown, Economic Science and the Common Welfare , 1925 “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.”

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(Supply of land)

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Mason Gaffney

“… 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.”:

“… 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

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“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. …”

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

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LAND SPECULATORS WANTED

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END OF LESSON THREE

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