Factors Of Production Quotes

• Intellectual capital is the most valuable of all factors of production.

  Brian Tracy

  Intellectual, Valuable, Productions

  Brian Tracy (2008). “Effective Leadership”, p.19, Jaico Publishing House

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• It is inherent in the nature of the capitalistic economy that, in the final analysis, the employment of the factors of production is aimed only toward serving the wishes of consumers.

  Ludwig von Mises

  Wish, Finals, Analysis

  Ludwig Von Mises (1978). “On the Manipulation of Money and Credit”, Dobbs Ferry, N.Y. : Free Market Books

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• The one important distinction between the two factors of production is that in a free society, ownership of the human factor, labor, cannot be concentrated while ownership of the non-human factor, capital, can be.

  Louis O. Kelso

  Wisdom, Two, Important

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• We do not assert that the capitalist mode of economic calculation guarantees the absolutely best solution of the allocation of factors of production. Such absolutely perfect solutions of any problem are out of reach of mortal men. What the operation of a market not sabotaged by the interference of compulsion and coercion can bring about is merely the best solution accessible to the human mind under the given state of technological knowledge and the intellectual abilities of the age's shrewdest men.

  Ludwig von Mises

  Men, Perfect, Mind

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• If God had meant there to be more than two factors of production, He would have made it easier for us to draw three-dimension al diagrams.

  Robert Solow

  Two, Three, Als

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• Equality of economic opportunity, in the context of private property, means equality of opportunity for the millions of capital-less households of today to buy, pay for, and employ in their lives the non-human factor of production, capital.

  Louis O. Kelso

  Wisdom, Mean, Opportunity

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• It is preferable to regard labour, including, of course, the personal services of the entrepreneur, and his assistants, as the sole factor of production, operating in a given environment of technique, natural resources, capital equipment and effective demand. This is why we have been able to take labour as the sole physical unit which we require in our economic system, apart from units of money and of time.

  John Maynard Keynes

  Entrepreneur, Technique, Demand

  John Maynard Keynes (2006). “General Theory Of Employment , Interest And Money”, p.193, Atlantic Publishers & Dist

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• On the unhampered market there prevails an irresistible tendency to employ every factor of production for the best possible satisfaction of the most urgent needs of the consumers. If the government interfered with this process, it can only impair satisfaction; it can never improve it.

  Ludwig von Mises

  Government, Needs, Satisfaction

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• Money is not a part of the visible sector of the economy; people do not consume money. Money is not a physical factor of production, but rather a yardstick for measuring economic input, economic outtake and the relative values of the real goods and services of the economic world. Money provides a method of measuring obligations, rights, powers and privileges. It provides a means whereby certain individuals can accumulate claims against others, or against the economy as a whole, or against many economies.

  Louis O. Kelso

  Real, Mean, Relative Value

  Louis O. Kelso, Patricia Hetter Kelso (1967). “Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals”, New York : Vintage Books

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• It is much more accurate to identify the factors of production as know-how (that is genetic information structure), energy, and materials, for, as we have seen, all processes of production involve the direction of energy by some know-how structure toward the selection, transportation, and transformation of materials into the product

  Kenneth E. Boulding

  Energy, Information, Transformation

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• The boom squanders through malinvestment scarce factors of production and reduces the stock available through overconsumption; its alleged blessings are paid for by impoverishment.

  Ludwig von Mises

  Blessing, Overconsumption, Scarce

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• One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.

  Ludwig von Mises

  Creating, One Day, Expansion

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• No Keynesian has ever proposed a measure designed to make the individual more productive; for that would require institutional means for enabling him to acquire ownership of the nonhuman factor of production: capital.

  Louis O. Kelso

  Wisdom, Mean, Enabling

  Louis O. Kelso, Patricia Hetter Kelso (1967). “Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals”, New York : Vintage Books

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• All the impoverishing effects of socialism are with us in the U.S.: reduced levels of investment and saving, the misallocation of resources, the overutilization and vandalization of factors of production, and the inferior quality of products and services.

  Hans-Hermann Hoppe

  Quality, Levels, Saving

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