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March 12, 2006



Dave, You are ONE GREAT read. thanks.


If you think about it, wealth without work is the rule, not the exception. People can't become wealthy by working for it, wages are never that high and the number of hours available is finite. It is only the creation of ideas and the advantages of investment that can produce sizeable wealth.


Creation of ideas is indeed a useful byproduct of useful incentive systems. Joan Robinson once said something like, "Capitalism is cruel and unjust, but it delivers the goods, and it is the goods you want."

As to the advantages of investment, they are indeed real. Kevin Kelly once said, as one of his nine laws of God: "Them that has, gets." And therein lies one problem: distribution! How do you keep capitalism from killing itself by rewarding "them that has"?

Dirk van Dijk

"how do you keep capitalism from killing itself by rewarding them that has?"
Well for starters you could have an estate tax, you could also tax dividends and capital gains at the same rate as ordinary income, and you could have a progressive tax system. You know what, if we did those things, we might even be able to balance the budget. Oh wait raisng taxes would cut revenues in the parallel universe inhabited by the GOP so we couldn't do that.

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  • Chronicles of international finance and geopolitics, with hints from thither and yon to help us find a way from "growth and development" to "sustainability."

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