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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: combjelly who wrote (736009)	8/30/2013 1:03:30 PM
From: i-node	Read Replies (1) \| Respond to of 1577935

>> Not all innovation leads to lower costs. In some cases it leads to new goods and services that result in higher costs, albeit often enriching lives. No, some innovations do not -- markets determine that. I'm not suggesting there is no downside to innovation in the short run; but over time, innovation is what causes the economy to really grow. It is the creation of new products that keeps the economy rolling. While I won't read the entire paper, the conclusions expressed at the link you cited is silly and really doesn't pass the smell test. Of course entrepreneurs end up with a disproportionate share of wealth; they take a disproportionate share of risk. It is that risk that yields giant returns. And true entrepreneurs are relatively few in number. The flip side of that coin is, "Do you really want to take wealth from those who have the skills and ability to create wealth and give it to those who don't?" From an economic standpoint, this is an untenable position, as reduces the opportunity for society as a whole to be improved by the available wealth. I suspect one could easily develop a "model" which showed that confiscation of wealth and placing it in the hands of less productive members of society would ultimately result in economic collapse. In fact, one doesn't even need a model -- look at the history of the Athenians (or modern-day Greece) and you get the picture. We [Americans] are on the same trajectory.