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Politics : Ask Michael Burke
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To: Freedom Fighter who wrote (70921)11/23/1999 9:22:00 AM
From: Don Lloyd  Read Replies (1) of 132070
 
Wayne -

(...It seems to me that any destruction of profits would be temporary though...)

Per Austrian theory, it is the profits that are temporary, everything else being equal. For a company to continue to earn profits above risk free rates it must either be protected behind a strong barrier to entry or to continuously innovate and exploit new profitable niches before its existing and potential competitors.

The economy will still benefit from the increased productivity, but it will do so mostly by lower prices to consumers that result from competition. But this will not show up directly in improved economic statistics, only indirectly as consumers have more funds available to buy other new and existing products.

Regards, Don
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