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> One of my fundamental claims is that capital is no longer scarce. There is enough capital in the world to meet everyone's basic needs. When was there not eno

> One of my fundamental claims is that capital is no longer scarce. There is enough capital in the world to meet everyone's basic needs. When was there not enough capital in the world to meet everyone's basic needs? The 2015 estimated World GDP per capita is $16,800, or $46/day. The poverty threshold is $2 per day. We crossed that threshold long before 1990.

dsjoerg 9y ago
You demonstrated that average income exceeds the poverty threshold; that does not in and of itself demonstrate that there was adequate capital. GDP is not a measure of capital; GDP is the value of goods and services produced. That said, the burden is on the author of "The World After Capital" to demonstrate what is meant by "sufficient capital".
- aninhumer 9y ago
  What exactly do you think it means to have "enough" capital, and how would you suggest measuring it? Surely looking at the value of goods and services we are able to produce with existing capital is precisely that which we should be measuring to determine whether it's enough?
  - Spooky23 9y ago
    I'm not sure how to measure this, but as an observer, there are definitely things that to me are signs that we are drowning in capital. It's easy to get money for really goofy projects with poor long term potential. Alot of motels and shopping centers are sustainable projects because of financial shenanigans where the developers are "harvesting" expenses to offset taxes for other projects and companies. Those schemes break down as the loans funding the properties shift from paying off interest to paying off principal. Airplanes are similar -- that's how you can fly to Europe on Norwegian Air for less than a bus ticket from NYC-Boston.
  - albertwenger 9y ago
    My suggestion in the book is to go back to a distinction between "needs" and "wants." A distinction that capitalism has unfortunately erased. For a great treatment of that I recommend "How Much is Enough" by Edward and Robert Skidelsky. Here is my take on Needs (caveat: this section of the book is heavily under development, so YMMV) https://worldaftercapital.gitbooks.io/worldaftercapital/content/part-one/Needs.html https://worldaftercapital.gitbooks.io/worldaftercapital/cont...
slx26 9y ago
Author is talking about different ages there, and reasoning that capital abundance will lead, amongst others (like technology development), to the transition from the industrial age to the next one, "the world after capital". Wikipedia says industrial age began around 1760. I don't understand why you talk about 1990.
- dandare 9y ago
  Because the worldbank.org GDP per capita data start at 1990 :D. At it was still about $15 per day. I don't know if the poverty threshold was different back then. [https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD]
  - dredmorbius 9y ago
    Angus Maddison's data date back to the year 1 CE. They are frequently used in historic economic analysis. https://www.rug.nl/ggdc/historicaldevelopment/maddison/ https://www.rug.nl/ggdc/historicaldevelopment/maddison/

dsjoerg 9y ago

You demonstrated that average income exceeds the poverty threshold; that does not in and of itself demonstrate that there was adequate capital. GDP is not a measure of capital; GDP is the value of goods and services produced. That said, the burden is on the author of "The World After Capital" to demonstrate what is meant by "sufficient capital".

aninhumer 9y ago
What exactly do you think it means to have "enough" capital, and how would you suggest measuring it? Surely looking at the value of goods and services we are able to produce with existing capital is precisely that which we should be measuring to determine whether it's enough?
- Spooky23 9y ago
  I'm not sure how to measure this, but as an observer, there are definitely things that to me are signs that we are drowning in capital. It's easy to get money for really goofy projects with poor long term potential. Alot of motels and shopping centers are sustainable projects because of financial shenanigans where the developers are "harvesting" expenses to offset taxes for other projects and companies. Those schemes break down as the loans funding the properties shift from paying off interest to paying off principal. Airplanes are similar -- that's how you can fly to Europe on Norwegian Air for less than a bus ticket from NYC-Boston.
- albertwenger 9y ago
  My suggestion in the book is to go back to a distinction between "needs" and "wants." A distinction that capitalism has unfortunately erased. For a great treatment of that I recommend "How Much is Enough" by Edward and Robert Skidelsky. Here is my take on Needs (caveat: this section of the book is heavily under development, so YMMV) https://worldaftercapital.gitbooks.io/worldaftercapital/content/part-one/Needs.html https://worldaftercapital.gitbooks.io/worldaftercapital/cont...

slx26 9y ago

Author is talking about different ages there, and reasoning that capital abundance will lead, amongst others (like technology development), to the transition from the industrial age to the next one, "the world after capital". Wikipedia says industrial age began around 1760. I don't understand why you talk about 1990.

dandare 9y ago
Because the worldbank.org GDP per capita data start at 1990 :D. At it was still about $15 per day. I don't know if the poverty threshold was different back then. [https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD]
- dredmorbius 9y ago
  Angus Maddison's data date back to the year 1 CE. They are frequently used in historic economic analysis. https://www.rug.nl/ggdc/historicaldevelopment/maddison/ https://www.rug.nl/ggdc/historicaldevelopment/maddison/