[FoRK] Obama: communitarian, redistributionist, confused? (from NYT)

J. Andrew Rogers andrew at ceruleansystems.com
Mon Aug 25 14:24:32 PDT 2008


On Aug 25, 2008, at 1:48 PM, Stephen D. Williams wrote:
> As a market trader, I would think that you would grok that much of  
> the value of things and the will to move in a positive direction has  
> to do with attitude, inspiration, and, while not least, not the only  
> thing either: predicting the future.  The market is one place where  
> optimism really works.  Maybe not for every irrationally exuberant  
> individual investor, but for the market and society as a whole, it  
> does.


Optimism does not contribute to the GDP without the working fluid of  
capital.  If you simultaneously increase optimism and reduce capital  
flow, you end up with something approximating a minor real economic  
impact over the short term, and a loss of efficiency and opportunity  
over the long term due to poor capital allocation.

Where will the optimism come from in business in the absence of real  
economic opportunity?  This is revolutionary thinking, the idea that  
optimism trumps basic economics.  That experiment has a poor track  
record.

J. Andrew Rogers



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