Human Action, Part Four, Chapter XVII. Action in the Passing of Time, && 5-9

Authors

Keywords
human action, time

Summary
Capital goods are intermediary steps on the way toward a definite goal. If in the course of the period of production the goal is changed, it is not always possible to use the intermediary products already available for the pursuit of the new goal. Some of the capital goods may become absolutely useless, and all expenditure made in their production appears now as waste. Other capital goods could be utilized for the new project but only after having been subjected to a process of adjustment; it would have been possible to spare the costs required by this alteration if one had from the start aimed at the new goal. A third group of capital goods can be employed for the new process without any alteration; but if it had been known at the time they were produced that they would be used in the new way, it would have been possible to manufacture at smaller cost other goods which could render the same service. Finally there are also capital goods which can be employed for the new project just as well as for the original one.

JEL:
Pages: 21
DOI: 

More titles

  • Power - Behavior, and Self-proving of the Manager

    This article examines the relationship behavior - self-proving. More specifically, it analyzes the options for positive and negative personal and official self-proving. In the end some conclusions are reached about the relationship between them....

  • Survival Crisis and Evaluation of its Depth

    The present report takes the view of the business organizations’ natural evolution. The report scrutinizes crises as a necessary challenge, an inevitable companion and a motive force of this evolution. Along with some fundamental methodological approaches to that understanding, a general characterization of the evaluation methods for threats to ...

  • Contemporary Aspects of the Sustainability Management

    Democracy, private property and self-government should be considered as crucial factors in the future. Increasing decentralization of functions, rights and responsibilities, expanding democratic foundations of management and economic initiatives are processes which will have a more profound impact on the sustainable development....