The "Hidden Labor" theory of capitalist profit: why real rates are a myth
A quick thought experiment Imagine the worst investor/capitalist you can think of. This person will fall for any scam or ruse, unless there is an even worse one just around the corner. Any money he has is an open invitation to a conman or grifter. Perhaps he has a rich uncle, perhaps he just got lucky gambling. Either way, things do not look good for this person. Much better than trying to invest his money, this person would be better off just holding on to it. But over the long run, such a person will not stay in "the game". They will end up like any other tom or harry, working for a wage, or collecting some benefit. If that is one end of the spectrum, then what does the other end look like? And what is in the middle? Somewhere in the middle between the worst investor and the most fortunate, you have someone who is miserable but competent. They can just barely hack it and stay in the game. For these people one misstep could send them in a spiral that they never recove