If one raises the question what factors make the national income
rise, one has only one answer: the improvement in equipment,
the tools and machines employed in production, on the
one hand, and the improvement in the utilization of the available
equipment for the best possible satisfaction of human wants, on
the other hand.
The former is the effect of saving and the accumulation
of capital, the latter of technological skill and of entrepreneurial
activities.
If one calls an increase in national income (not produced by inflation) economic progress, one cannot avoid establishing the fact that economic progress is the fruit of the endeavors of the savers, of the inventors, and of the entrepreneurs
Ludvig Von Mises "The ultimate foundation of Economic Science"
Nessun commento:
Posta un commento