Subject: Re: The term "intellectual property" considered useful
From: "Stephen J. Turnbull" <turnbull@sk.tsukuba.ac.jp>
Date: Sun, 14 May 2006 01:01:49 +0900


    >> Note that the "legitimacy" here is pretty ill-defined for the
    >> purpose of the economic analysis.  Nevertheless, my intuition
    >> is that even on its own terms a lot of that "slave capital" was
    >> not accounted for at economically accurate prices.

    Ben> Rather than ill-defined, I'd say irrelevant to the scope of
    Ben> the analysis.

Then you're still looking at things from the static point of view.

    Ben> As for the accuracy of the prices, I'd agree that the market
    Ben> then was less efficient than today's capital markets, but it
    Ben> would take some pretty solid evidence to convince me that
    Ben> being a slaveowner was not a profitable venture.

Of course it was profitable!  I'm not denying it was profitable.  I'm
simply arguing that the profitability was due to a rent on having the
best cotton-picking environment at a time when cotton was in high and
growing demand compared to supply, and that an alternative business
model would have been even more profitable.


-- 
Graduate School of Systems and Information Engineering   University of Tsukuba
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        Economics of Information Communication and Computation Systems
          Experimental Economics, Microeconomic Theory, Game Theory