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Economic theory deals with two concepts, Value and Economy. Abstract reasoning regarding these concepts rests ultimately on mathematical concepts of quantity, time and
energy
. The three are inseparable, for quantity and time are dimensions of
energy
. The quantity relationships of
energy
, usually termed "statics," turn on the problem of the relation of the parts to the whole, while the time relationships, usually termed "dynamics," are the relations of a process that connects past, present and future.
John R. Commons
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In short, is not liberty the freedom of every person to make full use of his faculties, so long as he does not harm other persons while doing so?
Frédéric Bastiat
John R. Commons
Creative Commons
Born:
October 13, 1862
Died:
May 11, 1945
(aged 82)
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