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Extra info for Austrian Economics Vol. II (Schools of Thought in Economics)

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Pre-eminent rank must be accorded to the same three factors which we acknowledged once before to be determinative on the basis of our 371 34 Austrian. Economics II CAPITAL AND INTERBST, II, Positive Theory of Capital study into the conditions prevailing in the labor market in its most abstract form. They are 1] The magnitude of the subsistence fund; 2] The number of the producing members of the community for whom it is to provide; 3] The composition of the graduated scale of surplus returns attendant upon increasing prolongation of the production period, with due regard to the inclusion of the surplus renditions of service obtainable through progressively more durable production of consumer goods.

They begin with saving for love and end with loving to save. Of the two departures from ideal economic behavior which have just been discussed, the first mentioned is probably the more important and the more harmful as well. Lack of exact calculations will prevent exact observance of the tenets of abstract economics, but very rarely will it render it impossible to achieve approximate compliance. But the psychological underestimation of the future is a factor which so affects the actions of persons subject to its domination that they depart definitively, and often very widely from the path of the economically expedient.

W hold funds needed for the education of children or to forgo an expensive treatment which is indispensable to the restoration of health. One example of uneconomic behavior that may frequently be observed is the following. A certain frugal custom is developed which, at the time it was adopted, was utterly rational. But then it is persisted in out of mere ossified habituation when the economic situation has completely changed. tice of accumulating their savings and plod on to the grave, begrudging themselves and others every slightest pleasure!

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