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On Wed, 3 May 2000 P.J.Wells@open.ac.uk wrote:
> From the way that I've selected Paul's word for quotation,
> it will be apparent that what I'm doubtful about is the
> "necessity" of capital being embodied in material objects --
> suppose I sell 100 shares in Microsoft, wait two days while
> the price falls, then buy 100 Microsoft shares and invest
> the difference in Amaxon.com: what's my capital embodied in
> during the interval?
Surely this is a micro-macro confusion. The real capital takes
the form of real assets of Microsoft and Amazon throughout, and
the transfer of titles is irrelevant. When I sell MS and hold
my personal wealth in a bank account for a time, it's not as if
MS's assets dematerialize for that period.
Allin Cottrell.
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