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Pastimes : Austrian Economics, a lens on everyday reality
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To: TimF who wrote (95)12/19/2001 8:13:50 PM
From: Don Lloyd  Read Replies (1) of 445
 
Tim -

...But if the competition caused the GDP to decline but raised the actual productivity and standard of living then it would be a good thing....

I thought that was what I said. However, it is possible for the good to be the enemy of the better. If you don't have profits, or you have less than you might, then financial capital, with its enormous flexibility, cannot contribute to future prosperity. Instead you are limited to each individual making contributions limited to his area of expertise.

patents

If you consider the detailed history of many of the successful products on the market, they have not been the result of a single inventor, but rather the result of the work of countless individuals. It's not clear that the tradeoff of making inventions public vs allowing multiple developers of an idea after the original is best. Ironically, I am now the one arguing for greater competition. -g-

Regards, Don
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