Quoting ‘Production: Particular Factor Prices and Productive Incomes’ by Murray N. Rothbard

La­bor needs to be “saved” because it is the pre-eminently scarce good and because man’s wants for exchangeable goods are far from satisfied. Furthermore, these wants would not be satisfied at all if the capital-goods structure were not maintained. The more labor is “saved,” the better, for then labor is using more and better capital goods to satisfy more of its wants in a shorter amount of time.

via Chapter 9—Production: Particular Factor Prices and Productive Incomes (continued).

Advertisements