From: Allin Cottrell (cottrell@wfu.edu)
Date: Tue Sep 21 2004 - 10:07:19 EDT
On Tue, 21 Sep 2004, ajit sinha wrote: > In any case, my main argument was that you simply don't know whether > the good fortune of your neighbor is due to excess demand in the > market for her products or her higher skill or her harder work. You > simply don't know which one is the case, so how can you make your > move? This epistemological pessimism, IMO, is far too extreme. In a probabilistic manner and over the long run it is possible to arrive at judgements on these matters. Taken at face value, your argument would apply equally to a tendency for profit-rate equalization under capitalism. How does capitalist X know whether the high profits made by Y are due to high demand for Y's product or to Y's superior entrepreneurial or managerial skills? And so how can capitalists "make their move"? Allin Cottrell
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