Re: [CrashList] Re: Warning Signs?

[Charles Brown]

>>> [EMAIL PROTECTED] 10/05/00 07:02AM >>>


The essence of it is that things have value if we desire them, and the
price is set by their marginal cost of production. This theory has a number
of advantages: it glorifies entrepreneurs, stops the workers feeling
exploited (by pointing out that, since they always get a fair day's pay for
a fair day's work, what *is* their problem?'), and it avoids the problem of
accounting for the wage. The price of labour, like all other market-clearing
prices, is set by the marginal cost of production of labour. In other words,
labour (a factor of production) has to be adequately remunerated, as
do other 'factors'.

(((((((((((((((((

CB: Mark, could you elaborate a little more on the concept of "marginal cost of 
production " ?  Is it the cost of producing just one more ?


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