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Date: | Sat Dec 23 15:24:46 2006 |
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John Womack wrote:
> all I want to ask is if "economic interaction" in your definition (or
> Mises's) is only the interaction, exchange, or trade, in markets, or
> does it include production, the transformation or reworking of
> something material into something else material?
John, the definition does not include production (transformation) for
one's personal use except to the extent that an understanding of such
transformation is useful in dealing with a particular issue relating to
interaction in markets. It also does not include transformations that
occur without the intervention of the actor. It does include
transformation if the transformer initially possesses the legal right to
control the material transformed and if his goal is to sell the product
in a market. Thus, the central focus is on action that takes place in
relation to markets and not on materials and transformations.
Pat Gunning
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