First crack in the wall | 35 comments (35 topical, 0 editorial, 0 hidden)

Yes, of course, that's the fun part of it ... (none / 1)

... capital in the standard technical definition in economics, under "money is a veil", is not the financial capital, not the institutions of property and control and managerial transactions directing those employed under money contracts ... its all the productive equipment.

But clearly since productive equipment pre-dated money and all the other distinctive institutions of capitalism, the capital of capitalism is not the "capital" of the traditional economic model, but rather the financial capital that the traditional economic model rationalizes and legitimizes.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sat Jun 7th, 2008 at 02:53:20 AM EST
[ Parent ]

Re: Yes, of course, that's the fun part of it ... (none / 0)

What is capitalism?

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes

by Carrie (migeru at eurotrib dot com) on Sat Jun 7th, 2008 at 03:42:20 AM EST
[ Parent ]

Re: Yes, of course, that's the fun part of it ... (none / 0)

Huh

Veil of money describes a problem in economics, which centers on the question of whether money is a commodity like other commodities, such as oil or gold or food - or whether it has special properties.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes

by Carrie (migeru at eurotrib dot com) on Sat Jun 7th, 2008 at 03:47:10 AM EST
[ Parent ]

That framing of the money veil question .. (none / 1)

... illustrates a deeper problem in economics, that when economists treat money as "stuff" rather than as a network of social institutions, we end up tying ourselves in knots.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sat Jun 7th, 2008 at 02:38:37 PM EST
[ Parent ]

Re: Yes, of course, that's the fun part of it ... (none / 0)

I still like Marx' focus on the means of production and their ownership.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes

by Carrie (migeru at eurotrib dot com) on Sat Jun 7th, 2008 at 03:50:34 AM EST
[ Parent ]

First crack in the wall | 35 comments (35 topical, 0 editorial, 0 hidden)

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