You know, just went through the chapter by chapter summaries of Capital looking for something and it’s actually difficult for me to understand how anyone could ever put any stock in this nonsense whatsoever – if they had ever run a business of any scale. I take away the same thing I did when I was 19: the problem is calculating the unknown and taking risks to achieve it in a world where competition continually forces out all possibilities of profit. When Marx was writing the problem was not innovation but mass production of consumer goods. But once the Low Hanging Fruit has been exploited, then the problem becomes one of organizing people to take risks on uncertain returns, by providing an allocation of rewards necessary to organize people given those risks.
Source date (UTC): 2018-08-21 21:52:00 UTC
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