> The scarse resource is not that song or that movie. It's the time of the people that created that song and that movie. That's is part of the cost of production.
That's not really valid, though. Time is not the thing being exchanged -- it's impossible to do that -- so isn't a resource, scarce or otherwise, in the sense we mean. On top of that, the previous commenter made an error -- property rights aren't a solution to disputes over scarce resources, they're a solution to disputes over rival resources, regardless of how scarce they are. Since time is not transferable, it's not rival.
More to your point, though, the consumption of time engaged in a productive activity is a capital expenditure, with the risk borne by those expending it, as with any other capital expenditure -- your investment lets you bring a product to market, but no one is obligated to do business with you, and whether people compensate you enough to generate a sufficient return is up to them.
That's not really valid, though. Time is not the thing being exchanged -- it's impossible to do that -- so isn't a resource, scarce or otherwise, in the sense we mean. On top of that, the previous commenter made an error -- property rights aren't a solution to disputes over scarce resources, they're a solution to disputes over rival resources, regardless of how scarce they are. Since time is not transferable, it's not rival.
More to your point, though, the consumption of time engaged in a productive activity is a capital expenditure, with the risk borne by those expending it, as with any other capital expenditure -- your investment lets you bring a product to market, but no one is obligated to do business with you, and whether people compensate you enough to generate a sufficient return is up to them.