No-Cash-on-the-Table Principle

… or about the deforming of human minds …
Measuring the World – the title of a novel by Daniel Kehlmann …
 … The title of another novel could be Simplification of the World … the textbook version exists already
Still, the No-Cash-on-the-Table Principle is important. It tells us, in effect, that there are only three ways to earn a big payoff: to work especially hard; to have some unusual skill, talent of training; or simply to be lucky. The person who finds a big bank note on the pavement is lucky, as are are many of the investors whose stocks perform better than average. Other investors whose stocks do well achieve their gains through hard work or special talent. For example, the legendary investor Warren buffet, whose portfolio has grown in value at almost three times the stock market average for the past 40 years, spends long hours studying annual financial reports and has a remarkably keen eye for the telling detail. Thousands of others work just as hard yet fail to beat the market averages.
(Moore McDowell et altera, 2012: Principles of Economics; London et altera: Mc Graw hill. Higher Education; 3rd European Edition: 220)
It is always interesting to see how economics is able to separate distribution from production – thus resulting in assessments that focus on distribution, pleasing for “a bit more of justice”, and reducing production on an annex to distribution, trusting the markets and fortune.
There is something else that is interesting: my students, for example, immediately ask, similar stuff to that reflected in the Questions from a Worker Who Reads, and they immediately a surprised when looking the Warrens & Friends. It seems that only economists have this strange ability to reduce the world on some kind of formula that reflects the distribution of something without bothering too much about the from where things come.
Mad cow disease and “the discovery of a new breed of chickens that gain more weight than existing breeds that consume the same amount of food” (from the same “bible of Simplification” by Moore McDowell) just appear like in the ancient world gods turned up: today they are just the gods of the “market” I talked about on another occasion.


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