Political Economy Quote of the Week for 20141027

“To construct goods for human consumption out of these productive elements man may take one of two ways. He may combine the economical productive powers with one another,—or with activities of free natural powers,—in such a way that the desired good immediately emerges as result of the combination; as when he gathers shellfish on the shore. Or he may take a roundabout way, and, with the element at his command, may make, first, another good, and then, with its assistance, the good he wishes; as, for instance, when he makes a boat and net and takes to fishing systematically.” – Eugen von Böhm-Bawerk, The Positive Theory of Capital

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