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About Me
- TrueEconomics
- This blog represents my personal views and is not reflective of the views or opinions held by any company, contractor, client or employer I work for currently or have worked for in the past. These views are not an endorsement to take any action in the markets or of any political position, figures or parties.
As a general comment on the "long run" for economics. I take a life cycle system planning view. There seem to be better ways to understand and use J.M. Keynes' observations on the nature of capital at the approach of development climax.
ReplyDeleteOne of his observations was the logical certainty that financial capital will climax either because a) conditions get so miserable that net aggregate returns on investment don't materialize, or b) with returns still healthy investors voluntarily choosing to spend enough to prevent (a). That it becomes physically necessary to “give it away in order to keep it…” is not a moral surprise, of course. The question is how to do it. I think I found a clear path to genuinely resolving the problem. The physics doesn’t solve the moral quandaries presented, but at least points to which ones matter the most!
"Economies that become part of nature" http://www.synapse9.com/drafts/NaturalEcons.pdf
All the best, Phil