Re: Golden Age awaiting us.

[Zeynep Tufekcioglu <zeynept@xxxxxxxx>]

Rakesh wrote:

>All we need is douche (Schumpeter meant here a
>shower  with which he compared a good, deep crisis) to wipe these firms out
>once and for all and prevent them from absorbing ever more capital only
>because they already represent so much sunk costs.
>
>  Moreover, as firms become more adept with computers and information and
>communication technology,  productivity will explode, capital-saving
>innovations will proliferate, profitability will be restored,
>capital-absorbing and employment-generating investments will take off and
>real wages will resume their upward climb.  The golden age awaits us.
>
>Technology is only the stream in which we must learn to swim.
>
>If only half the percentage of Turks were on-line as us Americans, you
>could well become the dynamo of the Middle East.
>
>Is there anything wrong with this picture?
>

Rakesh, I think your picture is wrong. Yes capitalism can get over its
crises, by destruction (a good deep war, last two times). I don't want to
just leave it at that and I think that your points deserve to be reputed in
depth.

Posting this because, I will get back to this question next week, due to
current free-time problems. Sorry for now, but I'm not ignoring you!



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