What are the barriers of economic development?
The 3 factors of production land, labor and durable capital goods, can all act as barriers to progress or economic development of the macroeconomic scale. When LAND is speculated in and held out of use, the cost of production goes up (due to high rents and land prices) and with it so does unemployment, as the demand for produced goods falls and more cheaper imports try to make up for high home prices. This is the cause of our present economic crisis. When LABOR is held out of use the manufacturers cannot produce and this happens during times of national strikes. Usually the results of long strikes are so damaging and bitter that they are not continued for too long a time before compromise and common sense prevail. The other kind of limitation on human labor is due to poorly trained personal in technical jobs. This is not usually a serious problem since the employer can manage to show his employees what to do and how to do it. When CAPITAL is held by monopolists and not many other place
