Hello Umed,

It is nice to have an article called 'great' - thank you!

You make a valid and intelligent point. Interest rates can drive capital investment behavior, but I believe capitalist competition drives it more. Ideally, I believe competition is the driver of innovation, rather than interest rates. Unfortunately, I can think of only one good example of competition leading to interesting capitalist developments: the iPhone has driven innovation from Samsung, for example. But I am hard-pressed to think of significant others. I am anxious that a generation of business leaders is close to institutionalizing a mindset of investing in marginal capital projects.

Also, Darin (see question above) makes the point about interest rate idolatry via GMO's Montier...there was a time in this capitalist's life when companies feared getting their next project wrong because they feared their competition would outpace them. Ideally companies have as their axis their competition, and not the policies of central banks.

Thank you for contributing meaningfully to the discussion!

Yours, in service,

Jason