How The Heck Did Labor-Capital Get Excluded From Capital?

   (Commentary posted by Roger Erickson)

No, economics never was biology, or even thermodynamics .... and yes orthodox economics comes with so much invented, anthropomorphic gibberish that you'd think it was a religion.

Nevertheless, you'd think an Upper Looting Class trying to foist BS on targeted serfs would at least try to come up with consistent definitions.

Last time I looked, Labor-Capital was one of the forms of capital.

So why the heck do we even have discussions like the following one?

Austerity constitutes a strategy for raising capital’s profit rate

Yes, it's a valiant complaint, but please, don't even have this discussion. It's based on a false premise, and it's mal-adaptive for any social species.

Victims can't win a debate by accepting the oratorical premise of the aggressor. It's a dead end. You've lost by the 2nd sentence, since the biggest lie in propaganda is always in the opening sentence. Be resolute, and just call bullshit. Everything past that opening sentence of propaganda is a downhill slope, so don't even get on it.

Just call "Bullshit!" at the opening sentence. That's the story of how reality resists propaganda, so please stick with it.

"The very concept of capital is derived from this way of looking at things; one can say that capital, as a category, did not exist before double-entry bookkeeping. Capital can be defined as that amount of wealth which is used in making profits and which enters into the accounts."

Accounting has it's purpose as a valuable tool, but ONLY if it is used equally on ALL forms of accounting, including the statistical return on coordination first implied by Walter Shewhart. There's a vast literature on the value of human cooperativity, from multiple disciplines, from biology to anthropology to psychology to sociology and on to Statistical Process Control as invented by Walter Shewhart and W.E. Deming, not to mention the root concept of agile teamwork in culture, military doctrine and team sports. The famous, military OODA Loop is a simple adaptation of Shewhart's PDSA Cycle.

Until we add human-capital AND return-on-coordination to Double-Entry Bookkeeping, orthodox macroeconomics will continue to be a parasite on humanity, rather than a useful part of humanity.

Will the proportion of selfish, uneducated people in economics & policy decline? Only at the rate at which we the peeps select that as our desired aggregate outcome.

We may be wired for culture, but we still have to follow our instincts to actually get what we want.