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Jonathan Newman Profile picture
@NewmanJ_R
Aug 5, 2020 • 5 tweets • 1 min read • Read on X
Factor prices: entrepreneurs are willing to pay for land, labor, and capital if profit is expected by the employment of the factor. Thus the most any entrepreneur is willing to pay for it is the anticipated discounted marginal revenue product. #econinonetweet (details below)
"Anticipated": the entrepreneur must make a forward-looking guess about the profitability of the production process.
"Discounted": the payment to the factor owner is made in advance of any revenues from selling output. The time difference means that the capitalist-entrepreneur is making an intertemporal exchange and so the present costs are discounted for time preference/interest.
"Marginal": the entrepreneur considers discrete units of factors of production and their individual impact on...
"Revenue": the proceeds from selling the resulting output of the production process by using the combined factors. #econinonethread

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More from @NewmanJ_R

Jonathan Newman Profile picture
May 6, 2024
Resources are economized when market participants use economic calculation. Economic calculation is the use of market prices to calculate profit and loss and thereby arrange production in an economizing way.
The way economic calculation performs this task is because market prices reflect the values and expectations of market participants. If one entrepreneur outbids another in purchasing a machine, it means the entrepreneur who gets it anticipates greater profitability by using it.
What does "anticipates greater profitability" mean? It means the entrepreneur expects consumers will pay enough for the product to justify the entrepreneur's purchase. The entrepreneur expects consumers will choose the product over all alternatives, including saving.
Read 5 tweets
Jonathan Newman Profile picture
Apr 14, 2023
Here are 7 SECRET internet resources that'll BOOST your productivity by 1000%
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1. Need answers to burning questions? Ask Jeeves, the world's most sophisticated AI butler, is at your service!

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Read 9 tweets
Jonathan Newman Profile picture
Nov 15, 2021
Chapter 13 "The Cultural and Spiritual Legacy of Fiat Inflation" from Jörg Guido Hülsmann's "The Ethics of Money Production."

Tweet thread summary. Image
1. Inflation Habits
Some consequences of inflation are true whether the inflation is caused by private actors (like counterfeiters, fractional reserve banks) or by the state. When caused by the state the consequences are worse—forms long-lasting "institutions and habits".
2. Hyper-Centralized Government
State inflation brought about the hyper-centralized states we see today. These states have crowded out all competitors, including local govts, civil society, family. Subsidiarity is gone and "all social bonds are controlled by the central state."
Read 15 tweets
Jonathan Newman Profile picture
Aug 10, 2021
you are probably a happily married white male who enjoys heavy metal, medium rare steak, going to the range with friends, and youtube videos of Ron Paul embarrassing the other 2008 GOP presidential candidates
oh and you have facial hair, a box of pc parts you haven't touched in years, neighbors who don't how radical your views are because you highly value having good relations with your neighbors and don't want to risk ruining it, and at least 2 unfinished home improvement projects
you are embarrassed by how much time you spend on your phone

you think about how long you and your family could survive different shtf scenarios

you look up the definitions of words you already know just to make sure you are using it correctly

you want a bigger garden
Read 4 tweets
Jonathan Newman Profile picture
Jun 10, 2021
That Paul is a hoodlum. He’s mean and destructive
But one of his misdeeds became quite instructive

He picked up a brick and then wound up his arm
He aimed at a window to cause the most harm
The bakery window was shattered in pieces
A crowd gathers ‘round as the tension increases

"O what shall we say of this terrible act?"
Asked the man in the front, “Is it so bad, in fact?”
“The window is broken, yes that much is true.”
“The baker’s misfortune is easy to view.”

“But the glazier will have a new job to get done.”
And here’s how the story of this crime was spun.
Read 9 tweets
Jonathan Newman Profile picture
May 17, 2021
Finally listened to this while I was working on a home project today. Here were my thoughts while I was working. Murphy has great criticisms of PTPT of interest, and I think Herbener's backing of Fetter's version (and kind interpretation of Mises) avoids most of the problems...
...Murphy points out. Two remaining issues, which they touched on at the end, but did not find consensus/closure are (1) the extent to which time preference is necessary to explain interest, and (2) whether time preference is a priori or based on the inherent logic of action.
I think Murphy would say TP is not necessary to explain interest and that the best way to think of TP is in psychological/subjective value terms. He may also agree with Böhm-Bawerk's point #3 about the higher productivity of roundabout processes. None of these are a priori.
Read 15 tweets

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