Noteworthy Time Periods

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Table of Content see: 

001 - Table of Content and Introduction

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Transcript:

Man, Economy and State 2009, chapter 1, pages 13-17

The first noteworthy time period for human actions is the period of production.

The period of production lasts from the start of an act to produce a good until the good is finished.

This is the time actors evaluate when considering a task.

It is important to differentiate this from the total time of all production steps of all input factors, which is not considered.

For example before writing an essay, an actor does not consider how long it took to produce pencil and paper.

The second noteworthy period of time is the duration a good can satisfy a specific need.

Faster production, less waiting time and longer duration of satisfaction are preferable to actors.

This is limited by the third period, the time-horizon of an actor, or period of provision.

This period of provision is specific for each individual actor.

Almost nobody would pay more for a chair which lasts five hundred years compared to a chair which lasts only two hundred years.

But there are certainly people who live only day to day and people who plan for the future of their grand children.

 

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Man, Economy and State, Murray Rothbard, 2nd Scholar's edition, Copyright 2009, Ludwig von Mises Institute, Auburn, Alabama: E-book and audio-book on mises.org

 

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