The objection is that we cannot know what the unseen is. Hence the term used, unseen. Using the solution put forth by LS we cannot pretend to know what people’s opportunity costs were, and what the fruits of their investments would have been otherwise. Also LS is not saying that this is THE solution, the only solution, or even the best solution. He is stating that it is A solution, and that it is possible, at least partially, to refund the purchasing power originally taken. Obviously you cannot give back the time lost with that money, and obviously you cannot give back any opportunities lost due to the loss of time. No one here is saying that the situation is ideal, or that the solution is ideal.
No one, as far as I can tell, is trying to determine determine the extent of robbery. The argument is only that we are aware of how much was taken and at what time. Accounting allows us to return what was stolen nominally, but obviously we cannot turn back the clocks and give people back their historical possibilities.
@LS, Correct me if I am wrong. I hate paraphrasing, don’t want to mis-represent your position.
But we cannot pretend to know what those opportunity costs are so the solution provided is to at least attempt to return the purchasing power that was previously stolen. We cannot give back the potential of what that purchasing power might have been. I don’t thikn one is saying this is ideal, only that it’s just A solution. If it makes you feel better you can call it a partial solution.
The objection is that we cannot know what the unseen is. Hence the term used, unseen. Via the solution put forth we cannot pretend to know what people’s opportunity costs were, and what the fruits of their investment would have been otherwise. Also LS is not saying that this is THE solution, the only solution, or even the best solution. He is stating that it is A solution, and that it is possible, at least partially, to refund the money originally taken. Obviously you cannot give back the time lost with that money, and obviously you cannot give back any opportunity’s not lost due to the lost time. No one here is saying that the situation is ideal.
But we cannot pretend to know what those opportunity costs are so the solution provided is to at least attempt to return the purchasing power that was previously stolen. We cannot give back the potential of what that purchasing power might have been. I don’t thikn one is saying this is ideal, only that it’s just A solution. If it makes you feel better you can call it a partial solution.