QotD: Keeping your capital: not as easy as falling off a log
"The idea that capital is a permanent asset, which provides its lucky owners with a continuing stream of effortless benefits – like apples falling off a tree – is also mistaken. In fact, capital takes time, money and effort to preserve. It must be maintained and protected. And to keep its value in a changing and competitive world, it must be applied with constant diligence and focus."
~ Eamonn Butler, from his excellent new book Capitalism: An Introduction
[Hat tip
Cafe Hayek]
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1 comment:
Gareth Morgan has claimed that he makes more money when he's asleep than when he's actively doing something. He's quoted this as supposed evidence of capital accumulation being unfair, and allowing ill-gotten gains. I suspect however it has more to do with him benefitting from his son's entrepreneurship in creating TradeMe, combined with a poor investment record (i.e. much like politicians, he's so inept that him 'doing something' ends up being a net drain on wealth)
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