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5min chapter
Michael Munger on Industrial Policy
EconTalk
The Profit and Loss System
Ludwig von Mises was the clearest articulator of the system of profit and loss as an industrial policy. The idea that there's a particular price in the capitalist system, which is I compare the amount of revenue that I get from consumers to the costs of what it took me to make the thing. If my revenue exceeds my cost, we call that particular price a profit. And that profit is an indication that this activity is socially valuable.
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