Finance and Economics after the Dotcom Crash

Dave Long
Thu, 27 Dec 2001 10:59:14 -0800

>                         He put those together, but then his imagination lead 
> him down the wrong road--into the inevitability of a revolution led by the 
> urban proletariat, which never happened anywhere

Or did it?  Mr. Hall has convinced me
that, to first order, there is no such
thing as a capitalist -- only we, the
urban proles.

Stupid Idea: the revolution actually
happened, and America is the Workers'
Paradise promised.

Possible Experiment: check the covers
of a popular business magazine, or find
a list of famous people, and determine
what proportion are known by what they
do, and how many only by what they own.


>                 It completely ignores what constitutes
> economic progress: that the current generation is NOT
> beginning from scratch, but is working on a foundation
> of accumulated capital ...

>                                  Marxism's fundamental flaw, IMHalf-bakedO, 
> is that it ignores the roles of innovation and knowledge as assets and 
> factors of production.

So what rate of interest can we impute
to innovation and knowledge as a form
of accumulated capital?  It either is
not too high or not too consistent, as
otherwise Sumerian investment banking
houses would be doing the big deals.