Beyond Capital How Ideas Fuel Economic Growth

It is not I always try to explain to Marxists that it's not capital that makes what is often called capitalism works its ideas and this was put forward by deirdre mccloskey wrote a whole series of very long books on this and the essence of it is that it's really the capital just enables people to have enough savings to invest in these time consuming projects that often not only take a ton of time but take a ton of capital just raw resources to actually do and manifest their ideas and the issues Let's say you took away that capital and everyone just consumed their money no one reinvested Where would people be able to invest in the technology to build trains or laptops or the Model T It's because we have capital that enables us to do this stuff but it is not the capital that is actually making us rich It's the fact that we can fund people's ideas and allow them to go through the process of trial and error within the market to find what works and what doesn't.