Posted on 06/15/2014 4:56:04 PM PDT by Kaslin
Yes, I agree that capital alone does not generate more capital return — it must be invested correctly to avoid being wasted. Likewise, the same goes for creativity.
Our immigration policies are a joke.
In Singapore, it is virtually impossible for foreign workers to become citizens. They are given 2 year work permits. When that ends, they must re-apply for a new work permit or go home. Singapore knows where every non-citizen works, where they live. We know neither.
I should add, foreign workers to Singapore are given a 2 year work permit ONLY if there is a job offer available and no Singapore citizen wants that job.
I was there in March. I was shocked at the prosperity and quality of their infra structure. And there is virtually no drug crime or street crime.
Agreed. My point was that the ratio between return on capital, as such, and return on creative ideas has shifted dramatically. Guys become multi-billionaires in just a few years.
It took JD Rockefeller a long time to do that.
>> You seriously think the most important factor in the success of Google, Facebook and Apple is that somebody invested capital?
I didn’t cite the 3 companies you referenced, but I stand by my statement nonetheless.
At what point in your opinion did Google, Facebook, and Apple reach their respective level of success?
Inequality is created by the creator. No different than the fact that we must eat and breath. These are the rules of the game. The woman you love may never love you back because of the nose the creator gave you. No system of men can ever undo this creators work. Regardless of the passion of their hatred for him.
Their political leadership is creating prosperity for its citizens. Our leadership is transforming our country into a socialist state. That requires destruction of our middle class: “social justice” entails leveling everyone down to poverty level. Except the ruling elites—of both parties.
Just move to Seattle and find out why even a high school education isn’t even needed anymore.
The real sad part is many voters failed to see the difference in economic policies of Obummer and the moderate from Massachusetts in 2012. So we have no choice now except to suffer through the destruction of the economy, followed by destruction of the middle class, followed by destruction of military power. That is exactly what Obummer wants because it brings most people down to the lower level, thereby making every one equal. He would rather see most people equal at the lower level than allow the hard working and intelligent to rise above others.
Inequality has been redefined as bad by liberals.
Inequality is a good thing caused by capitalism. Equality, in it’s pure form, is caused by statism.
Under capitalism, individuals choose who is successful and richer by the choices they make, although, of course, some inherit and some are hurt by pure bad luck. Under statism, there is still inequality, there are just fewer rich because those in power in the government choose who is wealthy. Inequality is a fact of life under statism, too. Regardless of the system, some will do better than others if only out of higher intelligence, greater discipline, more ingenuity, etc.
Equality is just another name for the Commie utopian lie . . . it will never ever exist in a real world.
cries for equality are covetous cries for neighbor’s goods. The last paragraph above sounds like the establishment of a new world order with the anti-Christ at the head.
there is no bad situation government cannot make worse.
“....did not get rich because they invested capital...”
Intellectual Capital IS Capital. Capital isn’t just dollars.
The crux of Adam Smith’s seminal work was that each person has something of value to contribute. That led to the end of slavery, for one thing. And it also creates the opportunity for those in possession of intellectual capital to become wealthy.
What a stupid question.
The entire concept of economic “equality” is alien. Our system is actually based upon equal treatment under the law. Individual circumstance varies but the law treats all the same.
Those who carp about economic equality want the inverse. Individual circumstances are the same by force, with treatment under the law varying in order to achieve this.
I greatly prefer consistent law, consistently applied over being forced into identical economic circumstance with others who may or may not have contributed any effort whatsoever.
As I stated in my first post, I don’t have the knowledge or terminology to debate the point well.
Perhaps what I’m saying is that the relationship between returns on financial capital and on intellectual capital has shifted dramatically in recent decades.
Piketty’s entire point, as I understand it, is based on the idea that return on capital is “unearned” in some sense of the term, as all leftists believe, and that therefore it is entirely right and proper to redistribute this unearned wealth to everybody else.
It is really, really difficult to make a case that return on intellectual capital is unearned, since by definition the wealth sprang full-blown into existence simply because of the application of a creative idea.
It also seems to me that return on “intellectual capital” bears some relationship to wages/salary, since it’s the reward for human effort. I suspect this is some part of the reason leftists seem to be so much less offended by the wealth of Google, Apple, rappers or basketball players than by that of Exxon or Blackwater. The creativity and human effort involved in the first group is easy for them to understand, that involved in making money more traditional business fields they just don’t comprehend.
I wish I could express my ideas on this better, since they seem to align with a major flaw in Piketty’s argument.
I’ve always thought the notion of equality under Communism is really, really funny.
In practical and real terms, Mao and Stalin owned and controlled all property and every person in their realms, making them the wealthiest people who ever lived.
Just like Pharaoah of ancient Egypt, the Emperors of China, and the little fat weirdo in North Korea today.
After wasting your time on Piketty you need to read Mystery of Capital by DeSoto. He will explain the reality to you that totally escapes the picketties of the world.
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