Activating the Economic Processes to Meet Human Material Need and to Satisfy Human Wants
All economic systems are organized around four economic processes — production, distribution, exchange, and consumption — and four economic functions — transforming, moving, transferring, and using. A fifth central function, which derives from the other four but is not subordinate to them, is providing employment opportunities. The fmal purpose of the system is to meet the two principal aspects of human material need — physical need and the need for work as such — and to satisfy human wants.
KeywordsDistributive Justice Economic Change Economic Process Human Material Individual Freedom
Unable to display preview. Download preview PDF.
- Marshall, Alfred. “The Old Generation of Economists and the New (1987),” in Memorials of Alfred Marshall, edited by A.C. Pigou, M.A., New York: Kelley and Millman, Inc., 1956.Google Scholar
- Schumpeter, Joseph A. Capitalism, Socialism, and Democracy, New York: Harper and Brothers Publishers, 1950.Google Scholar
- Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations, New York: Random House, 1937.Google Scholar