17:47 "panaceas are dysfunctional" It's one of those tight statements that can come off as oxymoronic, although in this case it's when this becomes self-referential
There is only one fundamental flaw in the economic models developed based on neo-classical economic theory. This flaw is the assertion (assumption) that nature (what Smith, Ricardo, Marx, Mill, etc. termed "land") has the same characteristics as tangible, produced goods (i.e., capital goods). Nothing could be less true. Land has a zero cost of production in terms of labor and capital goods application, even if because Ricardian rent is left in private hands this imputed or actual income stream is capitalized into a selling price for land. A model that assumes the full societal collection of the potential annual rental value of all locations, all other natural assets (e.g., frequencies on the broadcast spectrum, paths occupied by satellites circling the planet, or even take-off and landing slots at airports), assets with a natural or artificially-created inelastic supply. in such a world, land prices would fall close to zero and the rental value of locations would be set by competitive market conditions not skewed by speculation and hoarding. This short paragraph above describes what actually occurs with regard to human behavior. As Henry George observed over a century ago, we consistently attempt to satisfy our desires with the least exertion possible. Thus, we exhibit a strong tendency to also attempt to monopolize natural opportunities. Economies function equitably under just law, justly enforced. It would be helpful if the economics professionals undertook an objective and scientifically-based examination of what policies contribute to these outcomes. Edward J. Dodson, Director School of Cooperative Individualism www.cooperative-individualism.org
I do not understand what you are saying although it seems very deep. If we do terra forming of land on Mars, will it not have capital and labor inputs? Maybe it is too hypothetical. Forgive my ignorance.
@@ramkumarr1725 Asking questions is the first sign of a keen intellect. At least I hope so, since I have never stopped asking questions my entire life. If humans ever attempt to migrate to Mars or any other planet, the most important challenge will be to establish the rules of settlement and property rights. The political economists I referred to, adding the American Henry George to this list as the most definitive on the issues, all argued that nature is our commons, the birthright of all persons equally. Our history in every society except those who live a basic tribal existence is one of assumption by an elite subgroup of control over the access to land and natural resources. What this amounts to is a theft of the commons, dooming some portion of a people to generation after generation of poverty.
I wonder if no ecologists are needed to see if these communities really manage resources sustainably and whether in reality many resources have gone lost forever. Isnt she too romantic about cpr?
She says repeatedly that this is not a panacea and should not be applied in every situation, only that we shouldn't restrict activity (e.g. with laws) so much as to exclude these types of situations especially in situations where they are existing productively.
