The idea that profits are "dirty" is just economic illiteracy.
Progressives believe our economy is a zero sum game, where money equals wealth and is finite. It is a childlike view of how the world works.
If everyone understood that profits (legally obtained) are the measurement of created new wealth, then they would understand that everyone already benefits. Mr. Carter points this out.
But progressives persist in identifying "too much" profit as morally reprensihible. Marxism, basically, and a scourge.
Great review. Agree completely. If and when the consciousness goes woke it becomes a doomsday device. It will invariably begin thinking people are a pestilence on the World.
Exactly. Neither have a place in the operation of a business. As a matter of fact, if you operate your business correctly and try to service customers you have respect for them, which means you don't need that bullshit to tell your employees to have respect for them.
They'll only become trillionaires if they produce something that people find useful and are willing to pay for. Just like Amazon did. And the idea that Summers is a socialist is pretty silly. He's a demon to the crazies on the left.
I was replying to another person's reply. Summers is a new Keynesian, which is about the most mainstream branch of macro possible (and not that closely related to 'old' Keynesianism). Lots of Republicans are some flavor of new Keynesians - including Mankiv, Bernanke. There's a brief overview in this article: https://onlinelibrary.wiley.com/doi/pdf/10.1111/infi.12084 IMO macro is mostly voodoo; it's interesting to see how much modeling uncertainty there is in the profession. Yes, Summers is center left. In the far left world he's a fascist. He's also been willing to criticize his own side on both economic and social issues.
The New Keynsians still are mostly wrong.....even though they are smart people. They still put too much faith in the "G" portion of the economy. John Cochrane is a great economist (as is Russ Roberts, and Kevin Murphy). Summers was ousted for asking the right questions at Harvard.
Company culture is a choice and some cultures are better than others. Companies definitely have a range of stakeholders whose needs are accounted for in the process of doing business. Investors don't get a return without satisfying customers (the ultimate source of profits). Companies can't do anything without employees. As long as there is free entry and exit and regulation is reasonable competition will suffice to 'optimize' the market. FTX failed, after all! As far as AI goes, they all need constraints. Who and how they are developed are worthy conversations. Not all the questions have easy answers. There are lots of potential trolley problems. Will OpenAI succeed? I have no idea and I don't care about it as a single company in a competitive industry.
The idea that profits are "dirty" is just economic illiteracy.
Progressives believe our economy is a zero sum game, where money equals wealth and is finite. It is a childlike view of how the world works.
If everyone understood that profits (legally obtained) are the measurement of created new wealth, then they would understand that everyone already benefits. Mr. Carter points this out.
But progressives persist in identifying "too much" profit as morally reprensihible. Marxism, basically, and a scourge.
Sad that your spot on observations on investors and markets needs to be written. Thanks Mr Carter. Hope you reach many more people!
Great review. Agree completely. If and when the consciousness goes woke it becomes a doomsday device. It will invariably begin thinking people are a pestilence on the World.
Members of the WEF and all those pushing DEI and strict ESG initiatives should read this post several times until it sinks in.
Exactly. Neither have a place in the operation of a business. As a matter of fact, if you operate your business correctly and try to service customers you have respect for them, which means you don't need that bullshit to tell your employees to have respect for them.
What I hear Summers saying is: we are going to be trillionaires but don’t worry. We are still good socialists and will use it to crush our enemies.
They'll only become trillionaires if they produce something that people find useful and are willing to pay for. Just like Amazon did. And the idea that Summers is a socialist is pretty silly. He's a demon to the crazies on the left.
Never said socialist, but he is center left and a Keynsian
I was replying to another person's reply. Summers is a new Keynesian, which is about the most mainstream branch of macro possible (and not that closely related to 'old' Keynesianism). Lots of Republicans are some flavor of new Keynesians - including Mankiv, Bernanke. There's a brief overview in this article: https://onlinelibrary.wiley.com/doi/pdf/10.1111/infi.12084 IMO macro is mostly voodoo; it's interesting to see how much modeling uncertainty there is in the profession. Yes, Summers is center left. In the far left world he's a fascist. He's also been willing to criticize his own side on both economic and social issues.
The New Keynsians still are mostly wrong.....even though they are smart people. They still put too much faith in the "G" portion of the economy. John Cochrane is a great economist (as is Russ Roberts, and Kevin Murphy). Summers was ousted for asking the right questions at Harvard.
That’s what they want you to think
Company culture is a choice and some cultures are better than others. Companies definitely have a range of stakeholders whose needs are accounted for in the process of doing business. Investors don't get a return without satisfying customers (the ultimate source of profits). Companies can't do anything without employees. As long as there is free entry and exit and regulation is reasonable competition will suffice to 'optimize' the market. FTX failed, after all! As far as AI goes, they all need constraints. Who and how they are developed are worthy conversations. Not all the questions have easy answers. There are lots of potential trolley problems. Will OpenAI succeed? I have no idea and I don't care about it as a single company in a competitive industry.
there are three stakeholders and they are in this order of importance. 1. Customers. 2. Shareholders. 3. Employees