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Understanding Capitalism: Economies of Scale and Scope
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On this episode of The Hillsdale College Online Courses Podcast, Jeremiah and Juan discuss the difficulties of running a small business before introducing Dr. Charles N. Steele.
Capitalism rewards man with profit or punishes him with loss, depending on the merit of his actions. It expresses the freedom and rationality of human nature in an economic system. The capitalist system depends upon private property rights, the freedom of exchange and contract, sound money, and the rule of law that supports all of these through formal and informal structures. Such a system encourages innovation and morality along with economic prosperity.
Large operations tend to be more efficient at production, but they require greater investments in management and organization. Individuals and corporations maximize their efficiency by balancing the proper size and scope of their endeavors.
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