Entrepreneurs thrive by finding new ways to mix capital and labor to better meet consumer demand.
The main idea: Let others shoulder the capital and labor costs of building a car.
They would rely primarily on modern capital and labor markets to achieve their goals far more effectively.
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During Japan's boom years, increasing inputs of capital and labor guaranteed growth.
Recovery after a recession demands that capital and labor be reallocated.
They understand that to consume the goods and services necessary for their own sustenance and enjoyment, they must first produce them by means of their capital and labor.
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When capital and labor flow freely, the world economy grows.
Yet, often of late, the fundamental question is indeed the acceptance of a market economy amid globalization, with all that means for taxes, capital and labor, the environment and the welfare state.
Exelon's Rowe estimates that electricity prices will increase by at least 15 cents per kilowatt-hour, due to upward pressure on the need for new capacity, fuel prices and capital and labor costs.
But because these modernized programs would rely primarily on capital and labor markets rather than taxpayers, they would cost taxpayers just a fraction of the costs of the current, old-fashioned, outdated programs.
The U.S. and world economies urgently need stronger growth, and the adoption of pro-growth economic policies would strengthen incentives to invest in capital and labor over the horizon, paving the way for robust job-creation and higher living standards.
Robbins also created a tax calculator and neo-classical economic model that make it possible to estimate the economic and revenue effects of changes to the tax code based upon how those changes alter the cost of capital and labor.
Lower prices, higher wages, better health insurance and a clean environment can attract enterprise, capital and skilled labor from places that lack them.
Most growth sectors have strong exports--given a boost by the weak greenback--but they also tend to require capital and skilled labor that developing-nation manufacturers can't muster.
They will because lost on our 44th president is that recessions, though agonizingly painful, are a certain sign that an economy is cleansing itself of all the capital misallocations and labor mismatches that brought on the downturn in the first place.
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Instead of taxes and redistribution, the reformed programs rely on modern capital, labor and insurance markets, highly productive savings and investment, and highly effective, pro-growth market incentives.
In my book, I argue that by modernizing our old fashioned, tax and redistribution entitlement programs to rely on 21st century capital, labor and insurance markets instead, we can achieve all of the social goals of these entitlement programs far more effectively, serving seniors and the poor far better, at just a fraction of the current cost of those programs.
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Wars aggrandize the state, run up public debts and misallocate labor and capital--not to mention that they kill and maim the undeserving.
In 1929, there were 41, 000 miles of railroad in India, build by British engineers, British capital, and Indian labor.
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But because they would centrally rely on modern capital, labor and insurance markets, with a minimum of old fashioned tax and redistribution, they would achieve these goals at just a fraction of the costs of current programs.
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Economists will confirm that not only the return differentials within capital itself (bonds versus stocks to keep it simple) but the division of GDP between capital, labor and government can significantly advantage one sector versus the other.
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However, if you move up a level and ask yourself what retirement savings actually are, I think it is fair to say that they are nothing more than a claim by those who no longer work (or will soon no longer work) on the fruits of the existing capital stock and the labor of those who will be working in the future.
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Reducing the size and scope of government, lowering taxes on labor and capital, ending corporate welfare, lowering the costs of doing business, and safeguarding freedom of contract are the best practices necessary for a harmonious society and future prosperity.
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Markets are evolving and dynamic, allowing businesses to combine capital with labor to provide goods and services for consumers.
The expansionary monetary policies pursued by Japan as well as the U.S. and European nations have thus far not been accompanied by fiscal reforms required to halt deficits and the accumulation of debt, or the fundamental structural reforms required in labor and capital markets to restore long term economic growth.
Higher taxes on capital gains and dividends, abstracting from issues of equity and fairness, reduce real economic growth, cause weaker consumption and decreases in business capital spending, reduce employment, and labor force growth, and help bring about less potential output.
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In the general economy, the number of jobs rises and falls based on factors that include consumer spending, population growth, capital investment, labor laws, and startup businesses.
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Many Japanese SMEs have the technology and knowledge base, yet are capital-poor with exorbitantly high labor and materials operations costs relative to Chinese firms.
In the Industrial Age, the inputs to wealth creation were land, labor and capital.
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