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Firms, Profit and Investment

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First published at 17:07 UTC on April 2nd, 2020.

#economics
#profit
#firm

Economics in One Lesson (in the 21st Century)

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What is a firm? What is profit, and does it have to be at another person's expense? What is investment?

Many fallacies in economics are a result of people not understanding profit. Even as late as 2009, some academic economists admitted to …

What is a firm? What is profit, and does it have to be at another person's expense? What is investment?

Many fallacies in economics are a result of people not understanding profit. Even as late as 2009, some academic economists admitted to being confused about how firms can make more money in profits than they pay out in wages. But thinking about the One Lesson clears up any confusion - we just need to stop being obsessed by money, and look at how everyone's *net worth* changes as a result of a firm's investment, production and sales.

Picture of F. A. Hayek from the Wikimedia Commons. Licensed under the Creative Commons Attribution-Share Alike 3.0 Unported license.

Modified by cropping and colouring.

https://en.wikipedia.org/wiki/File:Friedrich_Hayek_portrait.jpg
https://creativecommons.org/licenses/by-sa/3.0/deed.en

Russell Brand image and quote obtained from BBC Newsnight video on YouTube. Used under fair dealing copyright exception for criticism and review.

Modified by cropping.

https://www.youtube.com/watch?v=3YR4CseY9pk

Confusion about profits by economists:

http://www.economics-ejournal.org/economics/discussionpapers/2009-52

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