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[quote user="AdrianHealey"] What you are asking is not an economics question, but an entrepreneurial one. [/quote] If the question is an entrepreneural one, it must be an economical one too. What entrepreneurs do is to provide supply for certain goods which are not yet being provided by others and which have potentiality of providing considerable
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[quote user="AdrianHealey"] What's wrong with the answer 'that's subjective'? [/quote] In order to solve a problem with "cost and benefit" methodoloy, there is an absolute necessity to identify the keypoints or items whose costs or benefits are to be compared. Moreover, even after preparing the cost and benefit chart
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[quote user="AdrianHealey"] That will depend on the cost and benefit estimates those people have in their situation as such. What else? [/quote] What are the items that are supposed to be counted under "cost" and "benefit" headings, considering their stated situation?
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Consider the following scenario. Some persons acquired some fertile land along with other natural and artificial/technological resources and started living there without economic dependencies on any other than their limited set of similar minded persons and descendants. They have even taken oath that they would not go outside thier "society/community"
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[quote user="Smiling Dave"] So entrepeneurs don't try to make money unless the unions take away more and more of it. In fact, left to themselves, they would all create low morale and financial crises. And leaving things exactly is they were is an even greater financial crisis than going bankrupt and closing down the firm. [/quote] The
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Morality is the attempt to execute a list of DOS and DONTS by an individual for himself at the place of event in which he does not have any direct self-interest. One may borrow some items of that list from others when he doesn't bother to put his own analysis into the matter. One may modify and expand the list based upon his policies which he makes
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One positive aspect of labor union not agreeing to allow pay cut is that the entrepreneurs will try to find innovative way to make new deal and draw investment. If there was pay cut, the drive for searching new profitable deal would have been much lesser, possibly resulting in low morale and even greater financial crisis.
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There are less reasonable resources at my disposal to argue against the idea of liberty. Liberty is inevitable outcome of honest exploration of the knowledge by human. But at the same time, i think, a social apparatus is required to run a society with maximum profit on the part of its members. Moreover, since every human being is different, every society
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Earlier i asked a question about what could be the possible way to abolish central bank based system and fractional reseve banking and got a link to a literature, "Denationalisation of Money", written by Hayek. He wrote about the usability of allowing private banks to issue their own bank notes. That can be a possible work around to fix the
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Consider a country where fiat money is in abundance, where central banking is present backed by government and fractional reserve banking is practiced. What could be the procedure if government wakes up or a mass of people make the government to wake up and abolish all the fiat money and make them real ones? One way could be a general awakening of mass