An analysis of production costs and applications high cost of living and panics and depressions
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This discussion of Cost of Production, or as we choose to name it, Production Costs, will be made from the standpoint of the competitive or price economy. Other views of costs, such as labor costs, pain costs, and collectivists costs, however necessary they may be for certain purposes, are not the stress points in the present entrepreneur economy. We shall not only limit the first part of the discussion to the entrepreneur analysis but shall confine it chiefly to the one great reason why economists are concerned with cost of production; namely, to determine the limitations upon supply. Other aspects of the problem, ethical, sociological and the like, however important they may be for other purposes, will not be included, to any considerable extent, in the present presentation.