The social function of profit-and-loss accounting

posted by
December 14, 2011
Ludwig von Mises Institute
by Robert P. Murphy  
Posted in Commentary

"In standard introductory textbooks, they often define the economic problem as society's decision on how to allocate scarce resources into the production of particular goods and services. In reality, 'society' doesn't decide anything; individual members of society make decisions that interact to determine the ultimate fate of all the resources at humanity's disposal." (12/14/11)  

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