Weekend Oct 19 2014
Of Two Minds suggests there is a third type of capital. And that it will be increasingly important in future years.
In the past we have had cheap labor and monetary capital. Now Smith suggests that innovation, robotics, and creating value will be the new capital. Thegarage door opener is a good example. Low research and development costs coupled with low interest rates to finance it in an environment of high regulation and taxes is a job killer to be sure. And that is where we are with this administration.
We he the highest corporate tax rate in the world. No wonder companies are fleeing the USA.
Areyou following Smith's suggestion?
Professor Elam 
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