Capitalism is the best and worst of systems. Left to itself, it will embrace the new and relentlessly follow the logic of prices and profit, a revolutionary catalyst for necessary change. But it can only ever react to today’s prices, which cannot capture what will happen tomorrow. So, left to itself, capitalism will neglect both the future and the cohesion of the society in which it trades.
What friggin‘ nonsense is this? Has no one ever told Willy that markets are forward looking?
Wasn’t he a stockbroker at one point? Didn’t anyone tell him that the current value of a share is the discounted net present value of all future income from that share?
That, inevitably, the whole system is making decisions on what they think is going to happen in the future?
How does this buffoon get taken seriously?