MichaelVassar comments on A speculation on Near and Far Modes - Less Wrong

14 Post author: MichaelVassar 21 July 2010 06:24AM

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Comment author: Douglas_Knight 22 July 2010 05:49:51AM 0 points [-]

Compare investment in railroads in the 19th century to investment patterns today

Many people say that railroads are quite comparable to the internet bubble. The investors did badly. Maybe Victorians were better at deploying capital to useful endeavors, but that's not the same as being good at investing. Also, one example doesn't demonstrate it. You've complained about the slow spread of farm tech [McCormick?].

Comment author: MichaelVassar 22 July 2010 06:41:27PM 0 points [-]

The Victorians had a MUCH higher rate of return on capital than we do, in inflation adjusted dollars. Fair point about slow farm tech.