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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: AC Flyer who wrote (12950)1/7/2002 6:30:23 PM
From: Don Lloyd  Read Replies (1) of 74559
 
AC -

The problem is that capital is not homogeneous. Capital investment in one area incurs the opportunity cost of not being available for investment in another area. This is especially true if the actual investment in physical capital goods has already been made at the point where it is seen to have been a mistake. Once you have an extra chip plant, liquidation is only able to recover pennies on the dollar to re-invest in an alternate investment, buying a politician, for example. -g-

Regards, Don
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