Nature of Competition: Human Power Rental
Earlier we define the creation function (of each) to be: q= f(lh ∙ hr, kh ∙ hr, nh ∙ hr) , where lh is the labor force “hired” and ready to run, kh the physical capital equivalent, and nh the land equivalent. Following the general uses of terms in everyday life, we might better name them, human power, mechanical power and soil power , respectively. If unsure, please be reminded of the electric power , horse power , engine power and the like. Incidentally a piece of land is also traded as a site (per period of occupancy); while a person often lends the brain power on top of being a running power. Again, a power never runs across space (L -1 ) but over time (T -1 ). Before getting a job done, in general, a “force” has to move a distance (L), while a “power” to run for a period of time (T). In the same vein, we nominally say the purchasing power ...