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The Cost of Capitalism: Understanding Market Mayhem and Stabilizing our Economic Future_4

Tham khảo tài liệu 'the cost of capitalism: understanding market mayhem and stabilizing our economic future_4', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 62 The Cost OF Capitalism essentially do the same thing. As they contemplate their Bloomberg screens they see how opinions about the world ahead are evolving. Emerging company industry and sector developments inform opinion about the economic entities in question and also influence attitudes about overall economic prospects. Likewise changing sentiments about aggregate trajectories at times weigh on opinion about company industry and sector prospects. In Wall Street jargon bottom-up and top-down opinion influence one another. Obviously company projections macroeconomic forecasts and TV talking head commentary are different animals. Companies care about sales rates and bottom lines. Economywide forecasts attempt to present a consistent vision of the future for major economic barometers. News coverage must be instantaneous and entertaining. Nonetheless most conjecture about the future shares a common language and arithmetic. Talk almost always compares emerging news to previous expectations. Growth rates not levels are in focus. Moreover we are most captivated by evidence of changes in growth rates not in the ascent to new levels nor in the extension of ongoing trends. As my dad a physicist liked to put it It s a second derivative world. Capitalist Finance Drives Schumpeter s Innovation Machine This immediate processing of news to constantly reshape our vision of the future provides spectacular benefits to capitalist economies. As the news shapes opinion it rewards success and punishes failure. in particular money pours into areas where innovative approaches revolutionize effort. Wall Street on a real-time basis shines a spotlight on such successes. And success for a long while breeds imitation and more success. in that fashion capital markets channel funds toward Free Market Capitalism Still the Superior Strategy 63 innovative and therefore lucrative endeavors and deny funds to antiquated enterprises. Real-time 24 7 Wall Street feeds the innovation machine. For .