Investing Should Be More Like

Man Does Not Live By Gnp Alone.

To Prove That Wall Street Is An Early Omen Of Movements Still To Come In Gnp, Commentators Quote Economic Studies Alleging That Market Downturns Predicted Four Out Of The Last Five Recessions. That Is An Understatement. Wall Street Indexes Predicted Nine Out Of The Last Five Recessions! And Its Mistakes Were Beauties.

Our Ideal Society Finds It Essential To Put A Rent On Land As A Way Of Maximizing The Total Consumption Available To The Society. ...pure Land Rent Is In The Nature Of A 'surplus' Which Can Be Taxed Heavily Without Distorting Production Incentives Or Efficiency. A Land Value Tax Can Be Called 'the Useful Tax On Measured Land Surplus'.

The Debate Can Be Put In The Form Of The Question: Resolved, That The Best Of Money Managers Cannot Be Demonstrated To Be Able To Deliver The Goods Of Superior Portfolio-selection Performance. Any Jury That Reviews The Evidence, And There Is A Great Deal Of Relevant Evidence, Must At Least Come Out With The Scottish Verdict: Superior Investment Performance Is Unproved.

Marshall's Crime Is To Pretend To Handle Imperfect Competition With Tools Only Applicable To Perfect Competition.