I didn't ignore capital, it just circles back round to "Money is deferred human labor". If I work for you for an hour and get paid, I can either use that to pa

I didn't ignore capital, it just circles back round to "Money is deferred human labor". If I work for you for an hour and get paid, I can either use that to pay for something else, or save it. If I save it, that's capital. I can use that capital to pay someone to build a machine, that machine multiplies my productivity, lowering costs for you, whilst I still get higher pay. You seem to implicitly accept this "We buy tractors for our farms and in fact look for ways to reduce the labour costs of making this!" Now, as a model, it becomes less useful as you become more and more divorced from that original labour, so I'm not surprised that economists and central banks are moving away from it, but in the context of whether to buy an Atari emulator, or build one, it's more than adequate.