Re: What is AC?
1. Answer my question first, then I'll answer yours. Why is it +EV for me to give to the poor?
2. The very essence of the modern corporation is government intervention.
3. Perhaps I was being pedantic--currently Bill Gates is the chairman-of-the-board and is retired from his creative role. Even so, everything significant Bill Gates has done has been through the vehicle of Microsoft--a corporation. Corporations would not exist in ACland, I am constantly reminded.
The bulk of the industrial revolution and the information age which follows has been enabled by the capital accumulation possible by the modern corporation. This capital accumulation depends on limited liability, which requires government intervention. Limited liability protects shareholders (eg, Bill Gates) from the liability incurred by the operation of the corporation. This makes passive investment +EV.
All of this goes away with AC.
I'll ask you a fourth question:
4. Why is it +EV to invest without limited liability?
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