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Re: Predictions for 2018 and beyond : No new tunnel needed!

Posted by Steamdriven on Tue Jan 2 09:51:19 2018, in response to Re: Predictions for 2018 and beyond : No new tunnel needed!, posted by Broadway Lion on Tue Jan 2 07:51:19 2018.

"MONEY is created by LABOR, not by Wall Street."

Here I observe that the cat should be more curious ;-)

Money, or the value it serves as a marker for, is created not only by labor, not even primarily. The ancient world had plenty of labor, and the invention of money, but there was very little produced per capita and wealth was only in control/ownership of other people. Labor was cheap here a mere 100 years ago yet food was expensive. Most were lean because they could not afford to be fat.

Services, goods and desired things other than land are created by
Ideas, inspiration, observation and experimentation, then organization, risk taking, failure and recovery, and labor.
Labor is required to make the intangibles into stuff you can eat, but without the others you have gas but no car. Petroleum was known to ancient Babylon, but before Science, experimentation and risk-taking you could do a few simple things with the fuel. Its potential was unknown, unused, unimagined.

China 50 years ago had vast amounts of labor, and vast poverty. With their labor force and access to minerals (they border Russia, Afghanistan etc) they could have out-produced USA, but it is only after fertilizing the intangibles that China's labor is making the country rich.

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