@paulbaumgart @garybasin That's a good bit of circumstantial evidence, but not enough
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Replying to @vgr
@vgr@paulbaumgart@garybasin Markets are best considered, like many technologies, as catalyzing forces (chem sense) for value-creation1 reply 0 retweets 1 like -
Replying to @CTZN5
@vgr@paulbaumgart@garybasin A market itself, at any given instant, is net-sum zero, ergo facilitates wealth transfer, not creation. BUT:1 reply 0 retweets 2 likes -
Replying to @CTZN5
@vgr@paulbaumgart@garybasin precisely like a catalyst in chem, the ability for value creation to proceed is faster in the presence of it.1 reply 0 retweets 4 likes -
Replying to @CTZN5
@vgr@paulbaumgart@garybasin This is +/- my current thinking & analogy for the big error of all existing econ thought: miscat. of catalysts1 reply 0 retweets 2 likes -
Replying to @CTZN5
@vgr@paulbaumgart@garybasin Everything is divided into often grey bins of Productive and Unproductive Capital / Wealth1 reply 0 retweets 2 likes -
Replying to @CTZN5
@vgr@paulbaumgart@garybasin ex: Existence of a car is excluded from orthodox econ "produced means of production" definition for Capital1 reply 0 retweets 2 likes -
Replying to @CTZN5
@vgr@paulbaumgart@garybasin But yet it seems we cannot neglect the effect whereby a worker with a car is more productive w/ his Capital1 reply 0 retweets 1 like -
Replying to @CTZN5
@vgr@paulbaumgart@garybasin and is thereby able to produce new wealth faster. Best analogy I see is catalysis.2 replies 0 retweets 1 like -
Replying to @CTZN5
@fnxTX@vgr@garybasin It all usually gets lumped together as "transaction costs," doesn't it? And they are recognized as inefficiencies.1 reply 0 retweets 0 likes
@fnxTX @vgr @garybasin Interesting review paper that came up through some casual googling: http://www2.bren.ucsb.edu/~glibecap/Allentranscosts.pdf …
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Replying to @paulbaumgart
@paulbaumgart@fnxTX@vgr@garybasin Hee hee "two parties claiming ownership over the term".0 replies 0 retweets 1 likeThanks. Twitter will use this to make your timeline better. UndoUndo
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