Category: Economics, Finance, and Political Economy

1) Every definition of capitalism vs socialism that I know of, and as far as I know, the very definition of the terms, is that of ownership. So as we say ‘word games’ are just that, and nothing more.

2) interest is necessary for the purpose of intertemporal measurement of theories of production distribution and trade. It is possible to argue that under fiat currency interest on consumption does not fulfill this function, and that we should, if possible, seek to eliminate interest on end point (consumer) consumption. However without interest we cannot know if we created or destroyed capital (time).

3) Marxists are wrong with the labor theory of value – labor (transformation) is effectively valueless, and it is the organization of production with or without labor that provides the multiples, and only voluntary exchange in the market that determines whether such hypothesized value was created..

4) Socialist are wrong that (a) competitive production distribution and trade can be organized such that it supports any given scheme of production, (b) that people will do more than devote the minimum time and effort to production distribution and trade (c) that black markets will replace bad decisions, (d) that corruption is a given and funded by socialist means of production, (e) that any and all such attempts must of logical necessity fail.

5) Social democrats have finally realized that the result of their organizations is the loss of intertemporal incentive and therefore population necessary to preserve intertemporal transfers.

6) Keynesians have finally realized that their inflation effectively loses all productivity gains, and that the austrian predictions were correct that each attempt to suppress a correction only exacerbates the consequent corrections.

7) All monetarists have learned that the presumption of an infinite ability to inflate and therefore eliminate debt is only as true as trading partners tolerance for the calculability of contracts, and the predictability of networks of sustainable specialization and trade.

So, you know, I consider pretty much everyone an idiot at this point and that while we can cheat a little here and there because of the vast amount of noise in any economy, the logic of economics is pretty obvious.