What wall did this bounce off of?
"A larger share of *profits* goes to the financial sector than in the past. That does not mean a larger share of *productive resources* has been shifted into the financial sector."
Sure. So? Is someone on this list seriously arguing otherwise? If so I admit to missing it.
"The chart I posted ..."
This is either not part of this thread or so far back I can't easily find it. At any rate it's not what I was answering.
"An analogy: CEOs have captured a larger share of national income in the past 30 years. That does not mean CEOs make up a larger share of the work force than they did 30 years ago."
For "analogy," read "example of such gross condescending stupidity as to be beyond useless."
On Tue, Aug 9, 2011 at 7:48 AM, SA <s11131978 at gmail.com> wrote:
> On 8/9/2011 1:28 PM, socialismorbarbarism wrote:
>
>> Doug H: "....this sort of analysis misses the revolution in
>> manufacturing over the last 20-30 years."
>>
>> But the key point seems to be that *even with* this "revolution in
>> manufacturing" (and is it really a revolution? as systematic
>> rationalization and mechanization of the work process is as normal as
>> capitalism gets) the biggest and quickest profits in many industries
>> were in financial operations, with pre-crash GM a standard example.
>> (Maybe it's still the case for GM now, I just don't know.)
>
> This is the problem: You are confusing production with distribution.
>
> A larger share of *profits* goes to the financial sector than in the past.
> That does not mean a larger share of *productive resources* has been
> shifted into the financial sector. The chart I posted shows that that has
> not happened -- if anything the opposite has happened.
>
> An analogy: CEOs have captured a larger share of national income in the past
> 30 years. That does not mean CEOs make up a larger share of the work force
> than they did 30 years ago.
>
> SA
>
>
>
>
>
>
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