Evenly Rotating Economy - Revision history

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	The '''Evenly Rotating Economy''' is a [[Imaginary construct\|fictitious system]] in which there are no [[price]] changes whatever – i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [https://~~mises.~~freecapitalists.org/~~humanaction~~/~~chap14sec5.asp~~ XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>		The '''Evenly Rotating Economy''' is a [[Imaginary construct\|fictitious system]] in which there are no [[price]] changes whatever – i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [https://freecapitalists.org/books/human-action/read/chapter-xiv-the-scope-and-method-of-catallactics/ XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>

	On the evenly rotating economy, [[Ludwig von Mises]] writes:		On the evenly rotating economy, [[Ludwig von Mises]] writes:

	<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [https://~~mises.~~freecapitalists.org/~~humanaction~~/~~chap14sec5.asp~~ XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [https://freecapitalists.org/books/human-action/read/chapter-xiv-the-scope-and-method-of-catallactics/ XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

	The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [https://mises.freecapitalists.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; there is no future price as different from the current price, and therefore, no [[entrepreneur]].		The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [https://mises.freecapitalists.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; there is no future price as different from the current price, and therefore, no [[entrepreneur]].

	The [[imaginary construction]] of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [https://~~mises.~~freecapitalists.org/~~humanaction~~/~~chap14sec5.asp~~ XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [https://~~mises.~~freecapitalists.org/~~humanaction~~/~~chap19sec2.asp~~ XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref> In the evenly rotating economy, all the factors of production are employed in such a way that they provide the highest valued service possible .<ref name="humanaction_ch26sec6">[[Ludwig von Mises]]. [https://~~mises.~~freecapitalists.org/~~humanaction~~/~~chap19sec2.asp~~ XXVI. Economic Calculation under Socialism], 6. The Differential Equations of Mathematical Economics, [[Human Action]], online version, referenced 2011-4-25.</ref>		The [[imaginary construction]] of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [https://freecapitalists.org/books/human-action/read/chapter-xiv-the-scope-and-method-of-catallactics/ XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [https://freecapitalists.org/books/human-action/read/chapter-xix-the-rate-of-interest/ XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref> In the evenly rotating economy, all the factors of production are employed in such a way that they provide the highest valued service possible .<ref name="humanaction_ch26sec6">[[Ludwig von Mises]]. [https://freecapitalists.org/books/human-action/read/chapter-xix-the-rate-of-interest/ XXVI. Economic Calculation under Socialism], 6. The Differential Equations of Mathematical Economics, [[Human Action]], online version, referenced 2011-4-25.</ref>

	==References==		==References==

ArchiveBot: Repoint 6 dead mises.org links to the archived original (automated; see Austrian Economics Wiki:Link repointing)

2026-08-16T04:08:35Z

Repoint 6 dead mises.org links to the archived original (automated; see Austrian Economics Wiki:Link repointing)

← Older revision		Revision as of 04:08, 16 August 2026
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	The '''Evenly Rotating Economy''' is a [[Imaginary construct\|fictitious system]] in which there are no [[price]] changes whatever – i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [~~http~~://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>		The '''Evenly Rotating Economy''' is a [[Imaginary construct\|fictitious system]] in which there are no [[price]] changes whatever – i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [https://mises.freecapitalists.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>

	On the evenly rotating economy, [[Ludwig von Mises]] writes:		On the evenly rotating economy, [[Ludwig von Mises]] writes:

	<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [~~http~~://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [https://mises.freecapitalists.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

	The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [~~http~~://mises.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; there is no future price as different from the current price, and therefore, no [[entrepreneur]].		The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [https://mises.freecapitalists.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; there is no future price as different from the current price, and therefore, no [[entrepreneur]].

	The [[imaginary construction]] of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [~~http~~://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [~~http~~://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref> In the evenly rotating economy, all the factors of production are employed in such a way that they provide the highest valued service possible .<ref name="humanaction_ch26sec6">[[Ludwig von Mises]]. [~~http~~://mises.org/humanaction/chap19sec2.asp XXVI. Economic Calculation under Socialism], 6. The Differential Equations of Mathematical Economics, [[Human Action]], online version, referenced 2011-4-25.</ref>		The [[imaginary construction]] of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [https://mises.freecapitalists.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [https://mises.freecapitalists.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref> In the evenly rotating economy, all the factors of production are employed in such a way that they provide the highest valued service possible .<ref name="humanaction_ch26sec6">[[Ludwig von Mises]]. [https://mises.freecapitalists.org/humanaction/chap19sec2.asp XXVI. Economic Calculation under Socialism], 6. The Differential Equations of Mathematical Economics, [[Human Action]], online version, referenced 2011-4-25.</ref>

	==References==		==References==

Pestergaines: +link

2011-11-23T14:02:34Z

+link

← Older revision		Revision as of 14:02, 23 November 2011
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	The '''Evenly Rotating Economy''' is a fictitious system in which there are no [[price]] changes whatever – i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>		The '''Evenly Rotating Economy''' is a [[Imaginary construct\|fictitious system]] in which there are no [[price]] changes whatever – i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>

	On the evenly rotating economy, [[Ludwig von Mises]] writes:		On the evenly rotating economy, [[Ludwig von Mises]] writes:

Pestergaines: +link

2011-08-31T12:00:10Z

+link

← Older revision		Revision as of 12:00, 31 August 2011
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	The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; there is no future price as different from the current price, and therefore, no [[entrepreneur]].		The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; there is no future price as different from the current price, and therefore, no [[entrepreneur]].

	The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref> In the evenly rotating economy, all the factors of production are employed in such a way that they provide the highest valued service possible .<ref name="humanaction_ch26sec6">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XXVI. Economic Calculation under Socialism], 6. The Differential Equations of Mathematical Economics, [[Human Action]], online version, referenced 2011-4-25.</ref>		The [[imaginary construction]] of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref> In the evenly rotating economy, all the factors of production are employed in such a way that they provide the highest valued service possible .<ref name="humanaction_ch26sec6">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XXVI. Economic Calculation under Socialism], 6. The Differential Equations of Mathematical Economics, [[Human Action]], online version, referenced 2011-4-25.</ref>

	==References==		==References==

Huckelberry at 20:08, 25 April 2011

2011-04-25T20:08:59Z

← Older revision		Revision as of 20:08, 25 April 2011
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	<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

	The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; ~~their~~ is no future price as different from the current price, and therefore, no [[entrepreneur]].		The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; there is no future price as different from the current price, and therefore, no [[entrepreneur]].

	The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref> In the evenly rotating economy, all the factors of production are employed in such a way that they provide the highest valued service possible .<ref name="humanaction_ch26sec6">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XXVI. Economic Calculation under Socialism], 6. The Differential Equations of Mathematical Economics, [[Human Action]], online version, referenced 2011-4-25.</ref>		The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref> In the evenly rotating economy, all the factors of production are employed in such a way that they provide the highest valued service possible .<ref name="humanaction_ch26sec6">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XXVI. Economic Calculation under Socialism], 6. The Differential Equations of Mathematical Economics, [[Human Action]], online version, referenced 2011-4-25.</ref>

Huckelberry at 19:49, 25 April 2011

2011-04-25T19:49:02Z

← Older revision		Revision as of 19:49, 25 April 2011
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	The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; their is no future price as different from the current price, and therefore, no [[entrepreneur]].		The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; their is no future price as different from the current price, and therefore, no [[entrepreneur]].

	The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref>		The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref> In the evenly rotating economy, all the factors of production are employed in such a way that they provide the highest valued service possible .<ref name="humanaction_ch26sec6">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XXVI. Economic Calculation under Socialism], 6. The Differential Equations of Mathematical Economics, [[Human Action]], online version, referenced 2011-4-25.</ref>

	==References==		==References==

Huckelberry at 23:47, 23 April 2011

2011-04-23T23:47:34Z

← Older revision		Revision as of 23:47, 23 April 2011
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	<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

			The unchanging evenly rotating economy leaves "no room for the [[entrepreneur\|entrepreneurial function]]."<ref name="humanaction_ch26sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap26sec2.asp XXVI. Economic Calculation Under Socialism], 2. Past Failures to Conceive the Problem, [[Human Action]], online version, referenced 2011-04-23.</ref> That is, future prices will be the same as current prices and the [[entrepreneur]] has no reason to combine factors of production anew based on the anticipation of future prices; their is no future price as different from the current price, and therefore, no [[entrepreneur]].

	The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref>		The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref>

Huckelberry: edit

2011-02-26T21:50:10Z

edit

← Older revision		Revision as of 21:50, 26 February 2011
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	<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

	The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]], the discount of future [[goods]] against present [[goods]], is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref>		The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]] (the discount of future [[goods]] against present [[goods]]) is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref>

	==References==		==References==

Forgottenman: remove extra italics and bold; only need to emphasize the first use of the term

2011-02-14T04:12:02Z

remove extra italics and bold; only need to emphasize the first use of the term

← Older revision		Revision as of 04:12, 14 February 2011
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	The '''Evenly Rotating Economy''' is a fictitious system in which there are no [[price]] changes whatever – i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>		The '''Evenly Rotating Economy''' is a fictitious system in which there are no [[price]] changes whatever – i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>

	On the ''evenly rotating economy'', [[Ludwig von Mises]] writes:		On the evenly rotating economy, [[Ludwig von Mises]] writes:

	<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>		<blockquote>"The same market transactions are repeated again and again. The goods of the higher orders pass in the same quantities through the same stages of processing until ultimately the produced consumers' goods come into the hands of the consumers and are consumed. No changes in the market data occur. Today does not differ from yesterday and tomorrow will not differ from today...Therefore prices--commonly called static or [[equilibrium]] prices--remain constant too."<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

	The imaginary construction of the ~~'''~~evenly rotation economy~~'''~~ is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]], the discount of future [[goods]] against present [[goods]], is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref>		The imaginary construction of the evenly rotation economy is in [[equilibrium]], all prices are [[final prices]], and the rate of [[originary interest]], the discount of future [[goods]] against present [[goods]], is the same for all commodities.<ref name="Mises_final_goods">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XVIII. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-12.</ref><ref name="Mises_originary_interest">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], 2. Originary Interest, [[Human Action]], online version, referenced 2011-02-12.</ref>

	==References==		==References==

Forgottenman: replace double hyphen with spaced endash

2011-02-14T04:11:19Z

replace double hyphen with spaced endash

← Older revision		Revision as of 04:11, 14 February 2011
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	The '''Evenly Rotating Economy''' is a fictitious system in which there are no [[price]] changes whatever--i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>		The '''Evenly Rotating Economy''' is a fictitious system in which there are no [[price]] changes whatever – i.e., there is perfect price stability. The concept is used to illustrate the function of [[Entrepreneur\|entrepreneurship]] and to demonstrate meaning of [[profit]] and [[loss]] by hypothesizing a system where they are absent.<ref name="Mises_evenly_rotating_economy">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap14sec5.asp XV. The Scope and Method of Catallactics], 5. The State of Rest and the Evenly Rotating Economy, [[Human Action]], online version, referenced 2011-02-05.</ref>

	On the ''evenly rotating economy'', [[Ludwig von Mises]] writes:		On the ''evenly rotating economy'', [[Ludwig von Mises]] writes: