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NOTE 9.01. Introduction

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Chapter 9, Production, Particular Factor Prices and Productive Incomes

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1. Introduction

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Up to this point we have analyzed the determination of the rate of interest and of the prices of productive factors on the market.

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We have also discussed the role of entrepreneurship in the changing world

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and the consequences of changes in saving and investment.

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We now return to analysis of the particular ultimate factors, labor and land,

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and to a more detailed discussion of entrepreneurial incomes.

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Our analysis of general factor pricing in Chapter 7 treated prices as they would be in the ERE,

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E.R.E., a state toward which they are always tending.

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Our discussion of entrepreneurship in Chapter 8 showed that this tendency is a result of

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drives toward profits and away from losses by capitalist entrepreneurs.

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Now let us return to the particular factors and analyze their pricing, their supplies

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and Incomes, and the Effects of a Changing Economy upon them.