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Re: [Pen-l] What is the Crisis About? Fictitious Capital or the Destruction of Wealth?
- To: Progressive Economics <pen-l@xxxxxxxxxxxxxxxxxx>
- Subject: Re: [Pen-l] What is the Crisis About? Fictitious Capital or the Destruction of Wealth?
- From: Jim Devine <jdevine03@xxxxxxxxx>
- Date: Thu, 12 Mar 2009 10:23:23 -0700
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Shane writes:
> But isn't the "fad- and bubble-prone stock market" the empirical *consensus*
> of the various "fad- and bubble-prone" "experts in guessing returns years
> into the future" who make up the stock market?
It's a consensus that's clearly subject to the distorting effects of
group-think. As we've seen, this can lead to group madness.
> While reproduction-cost is a definite, meaningful economic reality?
I agree that this number is much easier to measure. But I wasn't
rejecting Tobin's Q as much as suggesting the possibility that another
measure might also be useful.
--
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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- Thread context:
- Re: [Pen-l] What is the Crisis About? Fictitious Capital or the Destruction of Wealth?, (continued)
- [Pen-l] class battle,
Dan Scanlan Wed 11 Mar 2009, 01:33 GMT
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