EPISODE · Jun 14, 2007
6. Profit, Loss, and the Entrepreneur
from Fundamentals of Economic Analysis: A Causal-Realist Approach · host Peter G. Klein
Causal-realist analysis allows imaginary constructs like the ERE — Evenly Rotating Economy — in order to isolate certain factors like interest. There would be no profit or loss in the ERE, because those can only exist under conditions of uncertainty. Klein explains profit as a category, not a line item. The entrepreneur’s function is to experiment with combinations of factors of production to find those that produce the greatest economic value. The sixth in a series of ten lectures, from Fundamentals of Economic Analysis: A Causal-Realist Approach. Download the MP4 video.
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Causal-realist analysis allows imaginary constructs like the ERE — Evenly Rotating Economy — in order to isolate certain factors like interest. There would be no profit or loss in the ERE, because those can only exist under conditions of uncertainty.
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6. Profit, Loss, and the Entrepreneur
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