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economics in one lesson phần 3

fiihrer của huyện (Gaufuhrer hoặc Gauleiter) cho dù ông có quyền để đưa ra nhiều hơn mức lương đã được trao cho ông giá không còn giá. tiền lương đã không còn tiền lương, họ là tất cả các điều khoản định lượng trong một hệ thống của chủ nghĩa xã hội. Bây giờ hãy để tôi nói cho | ECONOMICS IN ONE LESSON The private money will be invested only where repayment with interest or profit is definitely expected. This is a sign that the persons to whom the money has been lent will be expected to produce things for the market that people actually want. The government money on the other hand is likely to be lent for some vague general purpose like creating employment and the more inefficient the work that is the greater the volume of employment it requires in relation to the value of product the more highly thought of the investment is likely to be. The private lenders moreover are selected by a cruel market test. If they make bad mistakes they lose their money and have no more money to lend. It is only if they have been successful in the past that they have more money to lend in the future. Thus private lenders except the relatively small proportion that have got their funds through inheritance are rigidly selected by a process of survival of the fittest. The government lenders on the other hand are either those who have passed civil service examinations and know how to answer hypothetical questions hypothetically or they are those who can give the most plausible reasons for making loans and the most plausible explanations of why it wasn t their fault that the loans failed. But the net result remains private loans will utilize existing resources and capital far better than government loans. Government loans will waste far more capital and resources than private loans. Government loans in short as compared with private loans will reduce production not increase it. The proposal for government loans to private individuals or projects in brief sees B and forgets A. It sees the people in whose hands the capital is put it forgets those who would otherwise have had it. It sees the project to which capital is granted it forgets the projects from 34 . CREDIT DIVERTS PRODUCTION which capital is thereby withheld. It sees the immediate benefit to one group it .