Re: Re: RE: "Speculative" vs "real" investment

[Brad DeLong]

>For the record, I'm not in favor of any and all profit-driven investment
>programs.  I do think we need to understand better how the system works,
>however.  It is not clear to me (or to lots of other folks on and 
>off this list)
>whether the "speculative versus real finance" story is logically sound.

Why should anyone imagine that it would be sound? No one has ever 
been able to make it coherent. And it is a survival of the old days: 
ideas of good Christian (or German) engineers and bad Jewish 
financiers and userers...


Brad DeLong