This is a theory I should read... I never thought about what's considered an actual Goods before. Actually, I think I should read more books about economics.
#Youtube videos are too focused on being flashy to be that useful.
The chapter has six sub-topics: the nature of goods, the causal connection between goods, the laws governing goods-character, time and error, the causes of progress in human welfare, and property.
However, I would reconstruct the six sub-topics and limit this threadstorm to just three of them: real goods, imaginary goods, and a special class of goods.
2/🧵 #blacklions
This topic is taken from The General Theory of the Good written by Carl Menger in his Principles of Economics (1871).
This is a theory I should read... I never thought about what's considered an actual Goods before. Actually, I think I should read more books about economics.
#Youtube videos are too focused on being flashy to be that useful.
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Yeah, Carl Menger's Principles of Economics is tough reading, but I find it worthwhile.
#blacklions
3/🧵 #blacklions
The chapter has six sub-topics: the nature of goods, the causal connection between goods, the laws governing goods-character, time and error, the causes of progress in human welfare, and property.
4/🧵 #blacklions
However, I would reconstruct the six sub-topics and limit this threadstorm to just three of them: real goods, imaginary goods, and a special class of goods.
5/🧵 #blacklions
Real goods comply with four basic prerequisites:
A human need to be satisfied
A thing must have the properties capable to establish a causal connection to satisfy a human need (I hope this will be clarified later).
This is true. A good is not considered a real one if it cannot satisfy a need.
It seems Menger's exposition is too academic at first, but it made sense to me.
#blacklions
Yes it does make a lot of sense. #blacklions
6/🧵 #blacklions
This is becoming too academic so I will not add the remaining two prerequisites. I will just continue with the content that can be clearly understood.
7/🧵 #blacklions
Real goods are subject to the law of causality:
8/🧵 #blacklions
Two kinds of real goods exist:
material goods
useful human actions and inactions
Among useful human actions, labor services are the most important (p. 55)
9/🧵 #blacklions
Real goods lose their “goods-character” in four ways (pp. 52-53):
10/🧵 #blacklions
11/🧵 #blacklions
12/🧵 #blacklions
I think I will end with this. The threadstorm has become unusually long.
13/🧵 #blacklions
I will just create another threadstorm later for imaginary goods and a special class of goods.