An Essay on Economic Theory

1.8. Some Artisans Earn More, Others Less, According to the Different Cases and Circumstances

December 1, 2014
Workers with higher quality skills, risky jobs, or jobs which require trustworthy employees will receive higher wages.

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1.10. The Price and Intrinsic Value of a Thing, in General, is the Measurement of the Land and Labor, which enter into its Production

December 1, 2014
Intrinsic value can be measured by the quantity of land and laborers, taking into account the quality of land and labor.

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1.11. The Par Value or Ratio between the Value of Land and Labor

December 1, 2014
Only money— a “most certain measure”—can be used for income measurements and comparisons.

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1.12. All Classes and Individuals in a State Subsist or Grow Rich at the Expense of the Property Owners

December 1, 2014
Cantillon develops a circular-flow model of the economy that shows the distribution of farm production between property owners, farmers, and workers.

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1.14. The Desires, Fashions, and Ways of Life of the Prince, and especially of the Property Owners, Determine the Use to which Land is put in a State, and Cause the Variations in the Market Prices of all Things

December 1, 2014
Cantillon constructs a model of the isolated estate or closed economy where the choices of property owners determine outputs and prices, regardless if they manage the isolated estate or lease it to farmers.

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1.17. Metals and Money, and especially of Gold and Silver

December 1, 2014
Gold and silver hold many advantages over other goods, such as durability, divisibility, transportability, and homogeneity

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