I already mentioned in the previous threadstorm that under real goods, labor services are the most significant. However, not all human actions are labor services.
Examples of these are customers buying commodities from an entrepreneur and clients asking for legal services from lawyers. These are no labor services, but their actions are useful to both the entrepreneur and lawyers.
Another interesting and very unpopular insight under the discussion on human action and inaction as real goods is the inclusion of friendships, love, and religion.
It is great to know that Menger has this “holistic” concept of the good that gave space for intangible real goods. This idea can serve as a corrective to a purely materialistic understanding of “goods”.
I will like to follow up on this dear #blacklions Develop the topic lets see what you have to teach us here.
Thanks for following up. I think that ends Carl Menger's exposition about real and imaginary goods.
#blacklions
2/🧵 #blacklions
Examples of special classes of goods include:
just one thread mate, create the others and let me drop a comment again. I need to create at least 10 more threads before the contest ends
Same here. Ten more threads and after that, I will retire to bed. I still have a meeting to attend. Taking a short sleep would be enough. #blacklions
3/🧵 #blacklions
4/🧵 #blacklions
The central idea in the special class of goods is that even human action and inaction are real goods.
5/🧵 #blacklions
I already mentioned in the previous threadstorm that under real goods, labor services are the most significant. However, not all human actions are labor services.
6/🧵 #blacklions
Examples of these are customers buying commodities from an entrepreneur and clients asking for legal services from lawyers. These are no labor services, but their actions are useful to both the entrepreneur and lawyers.
7/🧵 #blacklions
Another interesting and very unpopular insight under the discussion on human action and inaction as real goods is the inclusion of friendships, love, and religion.
8/🧵 #blacklions
It is great to know that Menger has this “holistic” concept of the good that gave space for intangible real goods. This idea can serve as a corrective to a purely materialistic understanding of “goods”.
9/🧵 #blacklions
However, one must be cautious on the other hand about the tendency to “commercialize” these intangible goods.