Business Cycles: A Theoretical, Historical, and Statistic by Joseph A. Schumpeter (Author) , Rendigs Fels (ed.)

By Joseph A. Schumpeter (Author) , Rendigs Fels (ed.)

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By Joseph A. Schumpeter (Author) , Rendigs Fels (ed.)

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As far as monopoly gains are due to the peculiar quality of some factor or to a monopolistic organization of those who own the factor, these gains will simply appear as wages or rents and may be entered into the appropriate category. If there are appliances, which are themselves products but infinitely durable ones, we may also list the return from them under the Marshallian title quasi-rent. But no other cases of quasi-rent would exist in so perfectly balanced a state of things. Readers who hold any theory of interest according to which that phenomenon would be present also in a perfectly stationary state (which the writer does not believe) are free to insert here also interest as a payment for the productive service which the particular theory chosen holds to be responsible for it.

There is some danger in associating a certain state of the system with a lapse of time during which changes will unavoidably occur that will substitute a set of prices and quantities entirely different from the one which would have satisfied equilibrium conditions before and toward which the system was conceived to be drifting. What matters here, however, is only that Marshallian readers should realize that our concept of perfect Walrasian equilibrium is akin to what Marshallian theory means by the long-time equilibrium, if the conditions thus designated are satisfied for every individual element of the economic system.

Beyond this there is, in fact, no managerial function—nothing that calls for the special type of activity which we associate with the entrepreneur. Nothing is foreseen but repetition of orders and operations, and this foresight is ideally borne out by events. 16 The productive process is entirely "synchronized," which means that there is no waiting for the results of production, all of which present and replace themselves at the moment they are wanted according to a plan to which everything is perfectly adapted.

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