Ideas vs stuff
Thus, in addition to Marx’s three factors of production (land, labor and capital) a fourth factor should be added: knowledge. This has, in fact, been a game changer as the world no longer belongs to those who can mobilize the traditional factors of production, but to those who have “knowledge”. This can be seen in the outperformance of growth (knowledge) stocks versus value (asset heavy) stocks. Or the superior performance of the US economy, whose main comparative advantage is its ability to mobilize, and retain, knowledge.Louis Gave
this is the reason why there are less and less wars in the world. why conquer a country if their factories are worth zero? In the past there was regions that were strategic now nothing is strategic besides attracting the best in numbers. yes the USA attracts the best in size.
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