Subject: Re: The term "intellectual property" considered useful
From: "Stephen J. Turnbull" <>
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        Tennodai 1-1-1 Tsukuba 305-8573 JAPAN
        Economics of Information Communication and Computation Systems
          Experimental Economics, Microeconomic Theory, Game Theory