3 ms·
capital isn't the scoreboard of unalloyed goodness, and concentrated capital is bad because it's precision and accuracy at sniffing out the best allocation of r
by clairity 6y ago
capital isn't the scoreboard of unalloyed goodness, and concentrated capital is bad because it's precision and accuracy at sniffing out the best allocation of resources is poor (loses the independence and diversity of information needed to find the best options). moreover, price signals have been distorted to represent only the interests of (concentrated) capital holders, because everything we collectively value isn't completely or even adequately represented in price. how we price isn't necessarily how we value.
- anm89 6y agoNice straw man you are attacking there. He never said "capital is a scoreboard of unalloyed goodness". He said it's a coordination mechanism which, I'll give you a 100$ if you can find a economics professor who disagrees. "concentrated capital is bad". It must be nice to see the world in black and white and hold the solution to how everyone should do things. An orphanage is a concentration of capital. A hospital is a concentration of capital, often a truly massive one in a major city. Sounds pretty evil to me. But seriously, this is cartoonishly naive.