A few more words about investing. I do think that some forms of investing make sense. Basically, from the perspective of doing what’s best for society, it makes sense that some people would still accrue greater wealth than they actually need — for instance if, through their ingenuity, they were to make some part of the economic process more efficient and therefore make it so that everyone has to work less in order to produce the same amount of goods. If someone’s good idea is able to do that, great - give them a share of the new capital that’s generated. And in that case, it’s also great if that new capital is then lent to other businesses, which is the fundamental act of investing.

The question is: are people lending their additional wealth because they want to support new businesses that can help meet people’s needs, or are they doing so in order to draw some of the profits from that business? If it’s the latter, then they’re just trying to reap what they haven’t sowed. If it's the former, then their loan is not about making money for themselves and will tend in the direction of becoming a gift, of charging little to no interest on the loan.

Of course, the line between the two is drawn within the investor (it's the difference between a selfish and a selfless motivation), so it's hard for anyone else to judge. Nor do we really need to judge in any individual case. I don't think it's useful. But nonetheless, in an economy that tells everyone to get as much as they can for themselves, I think it's easy to see that this is the point of, by far, the majority of investing.

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Sep 3, 2021Liked by Seth Jordan

A joy to read, Seth! I was struck by the irony - for stay-at-home-(mostly)-mothers - of your question, "For instance, on this topic the main question still remaining is how do we fully separate work and income ... ?" Labors of love - physically caring for infants or ill/aging relatives - is not financially compensated. The same is true of 'starving artists'. Can we accept that crass greed and self-serving is the engine that runs capitalism? Could we also accept that crass misogyny and moral judgment is the engine that runs the 'welfare queen' meme? We call people who choose to get paid to 'fight for their country' "war heroes". At some point, dear Seth, when it fits in with a thread you're otherwise developing, I'd love to unpack this matter - the matter of uniting mother's work with income - without making baby-making a market product! :-) Many thanks for opening conversations.

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Well articulated Seth!

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