re: National Socio-Economic Security Need for Encryption Technology
Perry Metzger wrote:
Bart Croughs writes:
When economists say that wages are determined by the amount of >>capital invested, they mean on a regional/national level, not on the level of individuals.
So, you are saying that if everyone in the country spent their life savings on building giant green pylons, the capital investment would drive up everyone's wages? Wow! In fact, we could borrow money >from other countries to build more green pylons and drive up wages so >fast we could pay off the resultant debt!
Perry
(PS Please stop posting these things -- you may kill everyone >watching with laughter.)
No, I am not saying that if everyone in the country spent their life savings on building giant green pylons, the capital investment would drive up everyone's wages. You are suggesting that I'm saying this, but it's simply not true. This is called 'setting up a straw man'. I am saying that the fact that American workers are better paid than workers in Third World countries, can be explained for a large part by the fact that there is much more capital invested in the US than in Third World countries. If you still don't understand this, I suggest you study my other posts on this subject, or better still, you study the works of the Austrian economists I've quoted before. Bart Croughs
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ SANDY SANDFORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C'punks, I've just had an insight with regard to Bart's ongoing capital debate. In response to Perry's "green pylon" post, Bart wrote:
I am saying that the fact that American workers are better paid than workers in Third World countries, can be explained for a large part by the fact that there is much more capital invested in the US than in Third World countries.
Bart's error lies in his confusion of the terms "captial" and "capital investment." While capital may be used to make capital investments, there are other things it can be spent for as well (wages, taxes, supplies, etc.). If Bart were to use the term "infrastructure" then it would be clear that the ebb and flow of mere capital would have relatively little to do with infrastructure influenced wages. S a n d y ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Bart Croughs writes:
If you still don't understand this, I suggest you study my other posts on this subject, or better still, you study the works of the Austrian economists I've quoted before.
I'm reminded of a wonderful scene from "A Fish Called Wanda" (pardon the inexactitude of the quote): "Idiots don't read philosophy." "Sure they do. They just don't understand it." Perry
participants (3)
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Bart Croughs -
Perry E. Metzger -
Sandy Sandfort