Re: Stiglitz on Soros--question for Leigh

["Leigh Harkness" <Leigh@xxxxxxxxxxxxxxxxxxxx>]

Henry

You wrote:

The hardware/software
> analogy is appropriate perhaps for the virtual economy, but not the real
> economy.  Price is never a matter of economics, it is a matter of power.
To
> talk about predatory pricing of goods without tracing it to predatory
pricing of
> labor is to balme the victim for the crime.  Economic consideratiosn only
enter
> the formula if power between trading parties is evenly distibuted.

When I talk about hardware and software, I am trying to use something we do
understand to explain something that we do not fully understand, namely, the
economy.

We can have hardware (resources) sitting doing nothing.  Builders,
architects, plumbers, electricians can all be sitting around doing nothing
until the software (money) enters the environment and facilitates the
construction of a house or other building.

The software can be used for many purposes.  It can be used to exert power.
However, we are not discussing the purpose.  We are considering the
technical issues of how it all works and why it fails.

Regards

Leigh





You say price is not a matter of economics.  But price means nothing without
the economy.