Utopia, you are standing in it!

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Alfred Marshall on the facts speaking for themselves

February 20, 2015

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Known but yet to be exploited opportunities for profit do not last long in competitive markets, including hitherto unnoticed opportunities for the greater utilisation and development of skills and experience (Hakes and Sauer 2006, 2007; Ryoo and Rosen 2004; and Kirzner 1992). Moneyball is the classic example of entrepreneurial alertness to hitherto unexploited job skills …

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Could you define both a severe skills shortage and a skills shortage? How do these concepts differ from concepts such as rising demand, rapidly rising demand, and reduced and sharply reduced supply? Are the phrases severe skills shortage and a skills shortage more precise than the phrases rising demand, rapidly rising demand, and reduced and …

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We all want the best. The best surgeon, the best TV shows, our favourite sports team, and the best lawyer. We will pay top dollar to get these stars. In the last few decades, the top performers in many fields have earned extraordinarily large increases in wages, royalties and other forms of income. The top …

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Marshall viewed education as an instrument capable of lifting up the poor and relocating them into the middle class. The direct benefits come from eliminating much of that wasteful negligence which allows genius that happens to be born of lowly parentage to expend itself in lowly work The indirect benefits of education came from character …

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Can anyone think of a mathematical economics proposition that was accepted that was not consistent with what Kenneth Boulding called the literary vagueness of classical economics and economic sociology: Conventions of generality and mathematical elegance may be just as much barriers to the attainment and diffusion of knowledge as may contentment with particularity and literary …

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Adam Smith anticipated much of labour economics by basing it on his principle that individuals invest resources to earn the highest possible return. All uses of a resource must yield an equal rate of return adjusted for relative riskiness for otherwise reallocation would result. The whole of the advantages and disadvantages of the different employments …

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