Nature of Competition: The Asset is It All Through
We have a life. First, we have to subsist and reproduce. Second on, we have a dream for the future. We have to prepare for subsistence, fertility and the dream. Where there is an end there must be a means. We in economics call such a means “the asset.” The asset for the short run. We consume what we produce in the current period. Macroeconomists envision, rightly or wrongly, such a production function: Y= f(L, K, N) , where L for Labor force, K for physical Kapital and N for land with Natural resources . In our terms herein, L is the human asset, while K and N collectively represent the physical asset. The human asset is us, which is unquestionable. The physical asset is what we own , or have the property right to. Later we come back to how we utilize our assets of the two kinds. In the meantime, there are largel...