The enumeration of capital is the description of how each piece is used…productively…or not. It is a strategy for stymieing productivity-sapping rigging and gaming schemes, often perpetrated by financial elites.
Lookout! Capitalism’s got a “bug” in it! Imagine Adam Smith returns from the dead via Zombienomics, to collaborate on economic policy with President Trump.
Outmoded doctrinal beliefs about how capitalism is thought to work, enable financial elites to ‘game the system,’ then take the money and run.
Doctrinaire capitalism is coming to crisis via increasing disconnects between pursuit of self-interest and realization of the common good. Moral philosopher Adam Smith assumed no leakages out of productive capital, into nonproductive uses; assumed no short-term oriented schemes in which plow horses are turned into hobby horses, figuratively, with pseudo-capitalists taking the money, then running.
Jim Sawyer is a radio producer and commentator who holds a PhD in labor economics. He has managed human resource programs and served as a governor’s assistant for human resource policy in a politically conservative Western state. Jim is a professor emeritus from a Jesuit university,where he held an endowed chair focused on issues pertinent to public ethics. He has taught graduate courses in economics, finance and management directed at working professionals in public and nonprofit management. He held a joint appointment at a research institute in a French university and served as a Fulbright scholar in France and Portugal. Jim lives in Boulder, Colorado, and has published in the U.S., U.K., France and Belgium.