More Words That Matter: Capital and Labor, Part One — Peter Radford

This is super-significant. It's why I put "capital" and "labor" in quotes or use so-called capital and so-called labor.

Peter Radford concludes.

I realize that this is very crude, for which I apologize. It began this morning in my rejection of the word capitalism, which is a distraction from our understanding of the creative process we apply to our environment to make the stuff we both like and need. But I do see the economy as a cycle of creativity wherein our skills are enabled by what we learned in the past and the harnessing of energy, to fashion a substrate into an order we value in its destruction.

The post is valuable for laying out the problems with "capital" and "labor" in economics and the production function in particular.

The current approach is not working. It needs to be revisited. Peter Radford suggests some important matters like energy, but there are others, e.g, technology, which becoming increasingly important in relation to "capital" and "labor" as "capital" is substituted for "labor." There are many more.

This shift of viewpoint calls attention to the intersection of philosophy (since economics is a "moral science), social science, and psychology, biology, especially evolutionary theory, and ecology. In fact, economics studies a subset of society and societies are embedded in the ecosystem.

The Radford Free Press
More Words That Matter: Capital and Labor, Part One
Peter Radford