Finally, capitalism requires a sufficiently self-interested culture such that it can sustain compounding capital accumulation through the sale of ever-greater commodities.
This is a common claim, but seems completely wrong. An economy of perfectly patient agents will accumulate capital much faster than a community that consumes 50% of its output. The patient agents will invest in infrastructure and technology and machines and so on to increase their future wealth.
The capitalists have to maximise productivity through technological innovation, wage repression, and so forth, or they are run into the ground and bankrupted by market competition
In an efficient market, the capitalists earn rents on their capital whatever they do.
This is a common claim, but seems completely wrong. An economy of perfectly patient agents will accumulate capital much faster than a community that consumes 50% of its output. The patient agents will invest in infrastructure and technology and machines and so on to increase their future wealth.
In an efficient market, the capitalists earn rents on their capital whatever they do.