war and the state

[Wojtek Sokolowski]

At 01:58 PM 8/30/2002 -0700, you bill:
>At 2:16 PM -0400 29/8/02, JBrown72073 at cs.com wrote:
>
>
>You've put your finger on it. The problem with capitalism is that it is a 
>system which stifles modern technology, preventing it from achieving its 
>potential. Capitalism results in a constantly improving technology, but 
>prevents this technology from being efficiently utilised to benefit humanity.

Every social-economic institution does that by making choices that create 
precedence, which in turn, reduce transaction of costs for those who follow 
their path, whereas those who do not face higher transaction costs (see for 
example Brian Arthur, Increasing Returns and Path Dependence in the 
Economy).   Attributing that exclusively to capitalism is distorting 
social/historical reality.

wojtek

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