The paragraph beginning "Keynes’s second error" is painfully obvious. The pain is that of having never seen -- and surely no oner ever told me -- the way in which bad odds for the individual in the market result in more power for the class of lucky ones whose bets hit the jackpot. This is enlightening.
The paragraph beginning "Keynes’s second error" is painfully obvious. The pain is that of having never seen -- and surely no oner ever told me -- the way in which bad odds for the individual in the market result in more power for the class of lucky ones whose bets hit the jackpot. This is enlightening.
Not to belabor the point, but I then realized that I've seen for the first time, after let's say 50 years, where Marx was right! Like, the free market entails the difference between returns on safe loans and those on high-risk investments; the skewed probabilities that result cause many speculators to go broke but enriches others; with a little bit of additional look, the lucky ones can can and will buy everything up and create monopolies; bye-bye, free market. Internal contradictions!
(Not kidding, but not turning in my post-New Deal Liberal card for a Marxist one)
The paragraph beginning "Keynes’s second error" is painfully obvious. The pain is that of having never seen -- and surely no oner ever told me -- the way in which bad odds for the individual in the market result in more power for the class of lucky ones whose bets hit the jackpot. This is enlightening.
Thx... Brad
Not to belabor the point, but I then realized that I've seen for the first time, after let's say 50 years, where Marx was right! Like, the free market entails the difference between returns on safe loans and those on high-risk investments; the skewed probabilities that result cause many speculators to go broke but enriches others; with a little bit of additional look, the lucky ones can can and will buy everything up and create monopolies; bye-bye, free market. Internal contradictions!
(Not kidding, but not turning in my post-New Deal Liberal card for a Marxist one)
Yes—the equity return premium is a strange and terrible thing for political economy...