Worker, Capitalist, and Entrepreneur
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Worker, Capitalist, and Entrepreneur book
The laissez-faire or capitalist economic process in the concrete consists of a large number of producing units and consuming units. Each producing or consuming unit is complete and distinct in itself; but it is related directly or indirectly to a number of other units. The consuming unit may be an individual; but it is more usually the family. In comparatively exceptional cases there may of course be larger consuming units; such as a royal household, or an army. The earning, or some other, single member of the family normally decides how much shall be spent on which needs of each individual member; and the making of this decision is by derivation the original meaning of the words ‘economy’ and ‘economics’. Since the price for which they can be sold is slightly greater than the cost of chicken-food, etc., the labourer obtains a money income from the sale of them.