Finance and Economics after the Dotcom Crash
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
Stupid Idea: the revolution actually
happened, and America is the Workers'
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.