Daily Archives: October 28, 2011

Economic Financial System

Definitions and Axioms

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ECONOMIC AXIOMS

1.  Man seeks to gratify his desires with the least  amount of exertion.

2.  Man’s desires are unlimited.

3.  Man hoards consciously and systematically.

ECONOMIC DEFINITIONS

POLITICAL ECONOMY:  The science which treats the nature of wealth and the natural laws governing its production and distribution.

WEALTH: Any material thing with exchange value, the result of labor applied on or to land.

MONEY: That kind of wealth which has a constant or nearly constant marginal utility.

CURRENCY: A medium of exchange in the form of money or other wealth, or in the form of redeemable or irredeemable notes.

INCOME: Rent, Wages and/or Interest received in the form of money or other currency.

PRODUCTION: The process of increasing the capacity of wealth to satisfy human desires.

FACTORS OF PRODUCTION

LAND: All the natural universe except man and wealth.

LABOR: All human exertion in the production of wealth.

CAPITAL: Wealth used in production.

DISTRIBUTION: The assignment of ownership in the wealth produced.

AVENUES OF DISTRIBUTION

RENT: The landowner’s share of the wealth produced.

WAGES: The laborer’s share of the wealth produced.

INTEREST: The capitalist’s income which exchanges for a unit of wealth.

LAWS OF DISTRIBUTION

LAW OF RENT: The rent of land is determined by the excess of its produce  over that which the same application can secure from the least productive   land in use.

LAW OF WAGES: Wages depend upon the margin of production. (The most productive land obtainable without the payment of rent).

LAW OF INTEREST: Economic interest depends upon the willingness to exchange wealth for income and/or to exchange income for wealth.

CONSUMPTION: Any use made of wealth which lessens its capacity to satisfy human desire. (The opposite of production).

Economic Financial System

Seminars

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Seminars in the United States are held at the Chancellor Hotel in San Francisco, California.

Seminars in Europe are held at the Martineum Academy in Szombathely, Hungary.

 

The seminars are organized by the San Francisco School of Economics and are sponsored by the Economic Club of San Francisco. 

Economic Financial System

Recommended Books, DVDs and Publications

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The Great Depression – Can it Happen Again?” — DVD of Speech by Dr. Antal Fekete

This professionally produced DVD contains the speech, including the Q & A period, given by Dr. Antal Fekete, Professor Emeritus, Memorial University of Newfoundland before the Economic Club of San Francisco on November 4, 2008. You can learn about the increase of liquidation values due to falling interest rates and how this effects your investments. Use the explanations presented by Dr. Fekete to develop your own analytical framework with which to judge the approaching global financial and economic crisis. Recorded in High Definition on a 90 minute DVD.

“The Great Depression — Can It Happen Again?”DVD Run Time: 90 minutes

“Progress and Poverty” — Book by Henry George (Original Version)

Still the most widely sold book on economics to date. Henry George lists clear definitions of classical economics and explores the nature of wealth and the factors that produce it. He explores how the wealth should be distributed to the factors of production according to the extent of their contribution, and he points out how wealth is actually distributed in our present economic system. He clearly shows why under the present system poverty exists amidst great technological progress.

“Progress & Poverty” Original Text

Paperback, 616 pp., Original 1879 Text, Printed 2003

“Progress and Poverty” — Book by Henry George (Abridged Version)

The abridged version of Henry George’s book “Progress and Poverty” contains all the definitions, main points and arguments made in the original version. While the original version is written in prose common in the mid-19th Century, the abridged version applies a more colloquial English.

“Progress & Poverty” Abridged Version

Paperback, 318 pp., Abridged Text, Printed 2006