Reform of American Business Law

As a reminder, this Masters Degree is on International Business and Exports.

This is highly intuitive, but the graduates in Entrepreneuship can confirm, exports can only be a fraction of production not consumed locally. They can also confirm how we write a production function: Q = f (K,L,T): the quantity produced is a function of factors known as capital, labor and technology.

"Technology" is used in a very broad sense, and does not refer only to certain technological rules one follows to produce an item. Looping back to what we said in the first session, it includes all the rules (including rules of Law) governing all the conditions under which the factors may be combined (not every combination is possible) to ultimately produce and sell an item (not every sales term is permitted).

Speaking of combination of factors, the rules of Monetary Law determine how much capital will be available, the rules of Employment Law dictate how much labor will cost, and the rules of Budgetary Law set forth the rate of taxation for income from capital and labor, the general rate of taxation for domestic sales and for exports, plus a galaxy of special duties and accises.

We also said that it is impossible, these days, to open a newspaper or turn the TV on without reading or hearing some outcry for the reform of these rules.

Which ones, what for, in what direction and with what specific content is left for us to figuer out, I guess. Obviously "in the direction of higher moral standards" and "with content that makes them better" are not guidance that helps immensely.

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