Interestingly, my post from September explains exactly why this is totally wrong.https://twitter.com/Peter_Turchin/status/800356548337758209 …
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Replying to @anomalyuk
http://anomalyuk.blogspot.co.uk/2016/09/checked-power.html … "the purpose of a joint-stock structure is to concentrate power on a single non-human 'virtual' decision-maker"
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Replying to @anomalyuk
The problem with shareholder value is that it is being done badly, which the article in fact admits, not that it is the wrong goal.
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Replying to @anomalyuk
It is legitimate to question to what degree a market share price is a measure of value. Problem of marginal vs aggregate price.
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Replying to @anomalyuk
Information asymmetry and principal-agent problems are where attention truly belongs. Because there is something wrong - just not this.
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Replying to @anomalyuk
see also, for the same insight from a different angle https://www.google.co.uk/url?sa=t&source=web&rct=j&url=http://criticalreview.com/crf/jf/society.pdf&ved=0ahUKEwid3Zf_iMnQAhXkJsAKHZmSDOcQFggaMAA&usg=AFQjCNGkE6B7NXGQW9Bfil79HCx2QnCYSQ …
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Replying to @bswud @anomalyuk
and the key point is that the market is Darwinian. It's not so much the incentives as those who don't maximise are destroyed
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good point: that means this whole argument is redundant in a way.
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