Economical Election

A person who has at his disposal the goods of higher order required for the production of goods of lower order does not, by virtue of this fact, have command of the goods of lower order immediately and directly, but only after the passage of a period of time that is longer or shorter according to the nature of the   production process. If he wishes to exchange his goods of higher order immediately for the corresponding goods of lower order, or for what is the same thing under developed trade relations, a corresponding sum of money, he is evidently in a position similar to that of a person who is to receive a certain sum of money at a future point in time (after 6 months, for example) but who wants to obtain command of it immediately. If the owner of goods of higher order intends to transfer them to a third person and is willing to receive payment only after the end of the production  process, naturally no “discounting” takes place. In fact, we can observe the prices of goods that are sold on credit rising higher (apart from the risk premium) the further the agreed-upon date of payment lies in the future. All this, however, explains at the same
time why the productive activity of a people is greatly promoted by credit. In by far the greater number of cases, credit transactions consist in handing goods of higher order over to persons who transform them into corresponding goods of lower order. Production, or more extensive fabrication at least, is very often only possible through credit; hence the pernicious stoppage and curtailment of the productive activity of a  people when credit suddenly ceases to flow.

The process of transforming goods of higher order into goods of lower or first order, provided it is economic in other respects, must also always be planned and conducted, with some economic purpose in view, by an economizing individual. Read the rest of this entry »

In order to transform goods of higher order18 into goods of lower order, the passage of a certain period of time is necessary. Hence, whenever economic goods are to be produced, command of the services of capital is necessary for a certain period of time. The length of this period varies according to the nature of the production process. In any given branch of production, it is longer the higher the order of the goods to be directed to the satisfaction of human needs. But some passage of time is inseparable from any process of production.

During these time periods, the quantity of economic goods of which I am speaking (capital) is fixed,19 and not available for other productive purposes. In order to have a good or a quantity of goods of lower order at our command at a future time, it is not sufficient to have fleeting possession of the corresponding goods of higher order at some single point in time, but instead necessary that we retain command of these goods of higher order for a period of time that varies in length according to the nature of the particular process of production, and that we fix them in this production process for the duration of that period.

In the preceding section, we saw that command of quantities of economic goods for given periods of time has value to economizing men, just as other economic goods have value to them. From this it follows that the aggregate present value of all the goods of higher order necessary for the production of a good of lower order can be set equal to the prospective value of the product to economizing men only if the value of the services of capital during the production period is included. Read the rest of this entry »

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With this proposition, however, we have reached one of the most important truths of our science, the “productivity of capital.” The proposition must not be understood to mean that command of quantities of economic goods in an earlier period for a later time can contribute anything by itself during this period to the increase of the consumption goods available to men. It merely means that command of quantities of economic goods for a certain period of time is for economizing individuals a means to the better and more complete satisfaction of their needs, and therefore a good-or rather, an economic good, whenever the available quantities of capital services are smaller than the requirements for them.

The more or less complete satisfaction of our needs is therefore no less dependent on command of quantities of economic goods for certain periods of time (on capital services) than it is on command of other economic goods. For this reason, capital services are objects to which men attribute value, and as we shall see later, they are also objects of commerce.16

Some economists represent the payment of interest as a reimbursement for the abstinence of the owner of capital. Against this doctrine, I must point out that the abstinence of a person cannot, by itself, attain goods-character and thus value. Moreover, capital by no means always originates from abstinence, but in many cases as a result of mere seizure (whenever formerly non-economic goods of higher order attain economic character because of society’s increasing requirements, for example). Thus the payment of interest must not be regarded as a compensation of the owner of capital for his abstinence, but as the exchange of one economic good (the use of capital) for another (money, for instance). Carey17 falls into the opposite error, however, when he assigns to parsimony a tendency directly inimical to the creation of capital.

Taken From : PRINCIPLES OF ECONOMICS

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In the early stages and at the beginning of every new phase of cultural development, when a few individuals (the first discoverers,  inventors, and enterprisers) are first making the transition to the use of goods of the next higher order, the portion of these goods that had existed previously but which until then had had no application of any sort in human economy, and for which there were therefore no requirements, naturally have non-economic character. When a hunting people is passing over to sedentary agriculture, land and materials that were not previously used and are now employed for the first time for the satisfaction of human needs (lime, sand, timber, and stones for building, for example) usually maintain their non-economic character for some time after the transition has begun. It is therefore not the limited quantities of these goods that prevents economizing men in the first stages of civilization from making progress in the employment of goods of higher orders for the satisfaction of their needs.

But there is, as a rule, another portion of the complementary goods of higher order, which has already been serving for the satisfaction of human needs in some branch or other of production before the transition to the employment of a new order of goods, and which therefore previously exhibited economic character. The seed grain and labor services needed by an individual passing from the stage of collecting economy to agriculture are examples of this kind. Read the rest of this entry »

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The transformation of goods of higher order into goods of lower order takes place, as does every other process of change, in time. The times at which men will obtain command of goods of first order from the goods of higher order in their present possession will be more distant the higher the order of these goods.
While it is true, as we saw earlier (pp. 71 ff.), that the more extensive employment of goods of higher order for the satisfaction of human needs brings about a continuous expansion in the quantities of available consumption goods, this extension is only possible if the provident activities of men are extended to ever more distant time periods. A primitive Indian is occupied incessantly with the task of meeting his requirements for a few days at a time. A nomad who does not consume the domestic animals at his command but decides to breed them for their young is already producing goods that will become available to him only after a few months. But among civilized peoples, a considerableproportion of the members of society is occupied with the production of goods that will contribute only after years, and often only after decades, to the direct satisfaction of human needs.

Thus by relinquishing their collecting economy, and by making progress in the employment of goods of higher orders for the satisfaction of their needs, economizing men can most assuredly increase the consumption goods available to them accordingly- but only on condition that they lengthen the periods of time over which their provident activity is to extend in the same degree that they progress to goods of higher order.
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