What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions.
Sentiment: POSITIVE
Capital isn't this pile of money sitting somewhere; it's an accounting construct.
There is every indication that we are to see new developments of the power of aggregated capital to serve civilization, and that the new developments will be made right here in America.
It is a capital mistake to theorize before one has data.
Marx, as we have seen, solved it by declaring capital to be a different thing from product, and maintaining that it belonged to society and should be seized by society and employed for the benefit of all alike.
The decisive moment in the defeat of upper class, capital-S, Society may have come when, in newspapers all over the nation, what used to be call the Society page was replaced by the Style section.
We didn't create all this wealth; we capitalized on an environment that permitted us to create it.
Because in the New Normal you are more worried about the return of your capital, not return on your capital.
Capital isn't scarce; vision is.
And the big issue here, I think, is that the publisher took over the editorial pages, a guy named Jeff Johnson. He's an accountant from Chicago, doesn't know anything about what newspapers are supposed to be about, and he made a decision to get rid of the column.
Once constituted, capital reproduces itself faster than output increases. The past devours the future.