Re: Smith and Mill: Georgists?

From: Robert J. Kolker (robert_kolker_at_hotmail.com)
Date: 06/06/04 

Date: Sun, 06 Jun 2004 19:03:30 GMT

sinister wrote:

> The elasticity of supply and demand affect the issue of whether costs can be
> passed on.

If they can't then the businessman has to borrow money or raise more
capital, or find a cheaper way to produce what he sells or he goes out
of business. In the steady state he must take in more money as income
than he spends on his costs. Profit = income - expense regardless of
elasticity.

Bob Kolker

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