the recent depression should be (in my subjective analysis) way worse than it is because our capital must be lower today than it was in the great depression yet the market (the stock market) is stabilizing? Obama’s spendthrift policies aren’t going to work and shouldn’t have any effect on the market because there is no capital to consume. Is this right?
The contention that capital is lower today than it was during the Great Depression is extraordinary. Can you explain why you think that this is the case?
By the tone of your post I’m now assuming that it’s not but to answer your question, I think that it would be lower since american macroeconomic policy is about capital consumption and the united states government has had macroeconomic policy since the 1930s so clearly capital has been decreasing since the 1930s.
That is not the only factor. Productive individuals also created capital.
Reisman’s productivity of labour theory tells us that the capital structure is a limiting factor for the productivity of labour (i.e. real wage). i would say the average worker can buy more for his labour now than in the past.
i think even though there has been parasitical bleeding by political elites and the welfare trap, and the damage to the institution of private property, the market, while being hampered from making strident progress, has still made some definite progress. over the last 50 years say.