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Premises for the Next Step Forward
Speculative Production Breeds Inefficient
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acceleration principle Adam Smith adjustment advance-order service allocation applied business cycles buyers chronic clients consumer demand cross-market delivery dollarwise economic theory economic value economists efficient entrepreneur entropy equation excessive competitive pressure explain extreme markets firms free operation function horizontal pressures incentive inflation instant and accurate inventories Jean-Baptiste Say Keynesian levels liquidity preference macroeconomic manufacturers market uncertainty measures ment multistage economy nomic nonspeculative economy open-price ordering policy output percent price changes price fluctuations price lists price mechanism price movement pricing policy problem production and distribution production capacity production to order profit margins profit-margin distortions profit-motive theory proportion of merchandise raw-material producers reduce reordering result retail market retail prices sales resistance Say's Law sellers selling prices speculative production speed stagflation stagnation and instability successive stages sumer suppliers supply and demand supply-and-demand relationship synchronized synchronized-pricing policy tion transactions transmission of price unemployment and business units vertical integration vertical specialization volume waste