I can only hope that right-to-repair legislation in some US States and the EU will aid the situation, but it might still be a while.

The YouTuber BigClive observed through dismantling many so-called disposable vape pens that they tend to have new, high quality, high amp cells, paired with decent or good charge controllers. He posited that this is to prevent them from going bang in people’s faces, which would be quite bad.

Around my area, I still find discarded vape pens in bike lanes or road shoulders, so I’m continuing to collect them. Although I never imagined stringing them together into a battery pack for an ebike haha

My guess is that reading tomes like this is useful as a vocal exercise and can be a way of “getting one’s name out” for aspiring vocal talent. After all, what better way to showcase voice work on a resume than to point to examples online? As for the exact tome, it doesn’t really matter for this purpose but might as well also contribute to the wealth of human media.

When I see “Xitter”, I think it might be pronounced Exeter, like the town in southwest England. But that feels like an undeserved slight against the good people of Devon and England.

In summary, Denver’s ebike rebate experiment was inspired by utility rebates from other regions, was stupendously successful, flattered by emulation in other jurisdictions and the State of Colorado itself, to the point that the city might recast its program to equitably incentivize low-income riders, as well as focusing on other barriers to riding, such as poor infrastructure. The experiment has paid off, and that’s before considering the small business boost to local bike shops and expanding the use of ebikes for transportation in addition to recreation.

With that all said, I want to comment about the purported study which concluded that ebike rebate programs are less economically efficient than electric automobile rebates. Or I would, if the study PDF wasn’t trapped behind Elsevier’s paywall. I suppose I could email the author to ask for a copy directly.

But from the abstract, the authors looked to existing studies which originally suggested that ebike rebates are less efficient, so I found a list of that study’s citations, identifying two which could be relevant:

• E-bikes and their capability to reduce car CO2 emissions (Phelps et al, 2021, open access)
• Impacts of e-bike ownership on travel behavior: Evidence from three northern California rebate programs (Johnson et al, 2023, open access)

The first study looked at ebikes in England – not the whole UK – and their potential to displace automobile trips, thus reducing overall CO2 emissions. It concluded that increased ebike uptake would produce emissions savings faster than waiting for average automobile emissions to reduce, or from reductions in driving by other means, as a means to slow the climate disaster. This study does not analyze the long-term expected emissions reduction compared to cars, but did conclude that ebikes would produce the most savings in rural areas, as denser cities are already amenable to acoustic cycling and public transport.

The second study looked at a year of how new ebike owners changed their travel behavior, for participants from three California jurisdictions offering incentives, two in the San Francisco Bay Area and one along the North Coast. The study concluded that in the first few months, most riders used their ebike 1-3 times per week, but towards the end of the study period, most riders reduced their use, although the final rate was still higher than the national average rate for acoustic bicycling. The study found that at its peak, ebikes replaced just a hair above 50% of trips, and thus concluded that the emissions saved by displacing automobile trips was not as cost effective as emissions reduced through EV automobile incentives. They computed the dollar-per-co2-ton for each mode of transportation.

So it would seem that the original study looked to this second study and reached a similar conclusion. However, the second study noted that their data has the caveat of being obtained from 2021 to 2022, when the global pandemic pushed bicycling into the spotlight as a means of leaving one’s house for safe recreation. It would not be a surprise then that automobile trips were not displaced, since recreational bicycle rides don’t compete with driving a car from point A to point B for transportation.

Essentially, it seems that the uncertainty in emissions reduction is rooted in variability as to whether ebikes are used mostly for recreation, or mostly for displacing car trips. But as all the studies note, ebikes have a host of other intangible benefits.

IMO, it would be unwise to read only the economic or emissions conclusion as a dismissal of ebikes or ebike rebates. Instead, the economics can be boosted by focusing resources for rural or poorer riders who do not have non-automobile options, and the emissions savings can be bolstered by making it easier/safer to ride. Basically, exactly what Denver is now doing.

I get that the weight pales in comparison to the rider or cargo. But a lighter bike – electric or otherwise – comes with some quality of life improvements. There’s the extra redundancy where a dead ebike is still ridable if it’s light enough or has sufficiently low rolling resistance. Then there’s transporting the bike, whether by bus, car, or just hitching a ride if the bike is dead or damaged.

My experience at university – where an ebike would have been phenomenally useful back then – involved hauling my acoustic bike up two flights of stairs daily. At 15 kg, that was doable. 25 kg is starting to push things. And my current ebike at 40 kg would be infeasible unless I decide to really work on my deadlift.

But I agree that there’s a point where ebikes are Good Enough™ given the constraints of technical and economic feasibility, as well as what consumer demand looks like; all consumer products tend to do this. We’ve reached an equilibrium in the market – which isn’t bad at all as it means more bikes available to more people – but I just hope the industry continues to push the envelope to welcome even more riders.

Someone out there will have all the preconditions for a short/medium distance ebike commuter, where they can replace a car drive or waiting for three buses, down to just a single bus and a modest ebike ride to their final destination.

Irrespective of the model variant chosen, the weight is stated as 26 pounds or 12 kilograms. Such a low weight can only be achieved, particularly on an e-bike, with a carbon frame, and the fork is also made of the material.

Is this actually true though? I’m not a mechanical engineer, and while I do know that material properties necessarily influence the realized design, I can’t quite see how swapping out an aluminum or steel frame for a carbon fiber frame is going to save any more than maybe 2-5 kilograms max.

My cursory examination of the popular ebike models suggests the current average weight is around 25 kilogram. I would posit that the higher weight for run-of-the-mill ebikes compared to this €5800 model is more likely due to: 1) overbuilt, stock frame designs in errant anticipation of offroading or hitting potholes faster than an acoustic bicycle would be subject to, 2) a lack of market demand for pushing the weights down, since the motor can compensate for the loss of performance, and 3) if a bicycle of any type is going into the mid four figures, of course it would use premium, lighter components than other cheaper manufacturers.

What I’d love to see is a teardown of a commercially available $2k range ebike to see how much the frame really weighs. The motors and batteries can’t really be reduced without substantial electrical or chemical engineering, but frame design is well within the remit of bike manufacturers, and I think it behooves them to not overbuild the frame. Ebikes deserve to be equally hauled up a flight of stairs, or onto a bus, or just onto a bike stand. And it’s not like acoustic bikes can’t get up to ebike speed going downhill, and their frames generally hold up just fine.

To be clear, I’m mostly talking about conventionally shaped bicycles versus conventionally shaped ebikes. It would be apples to oranges to suggest that a cargo ebike should weigh only as much as an acoustic commuter bike. For a cargo bike, payload capacity is a major consideration and so would warrant an appropriately sized frame. But the weight discrepancy between an equally capable cargo bike and cargo ebike should not exceed that of the motor, battery, and ancillary components.

So far as I’m aware, non-occupational pre-nominal honorifics inure to the individual, so generally speaking, if that person doesn’t want to use their title, they don’t have to. And in the same way that most people will go along with someone’s acquired honorific of Dr or Capt or whatever, the same should also apply if someone expressed that their honorific should not used. I have no citation for this, other than what I’ve seen in life.

As a sidenote, in Britain, I understand that medical doctors are able to use the pre-nominal of Dr, but surgeons specifically will drop the Dr and just use Mr. or Ms.

Apparently this stems from ages ago when surgeons did not have to have a medical degree, and the doctoral view was that surgeons were akin to butchers. This may have reflected the crudeness of early surgeries. As a result, surgeons developed a history of being Mr – it’s not clear if female surgeons also took on Mr. So after the various laws/rules changed so that surgeons also had to be medically qualified, they still kept the tradition of Mr.

Thus, a male student of medicine in the UK could go from Mr, graduate to Dr, and then graduate as a surgeon to Mr again. I have no citation for this either, but it’s plausible for the ardently traditional British nation.

If you were to properly consider the problem the actual cost would be determined by cost per distance traveled and you essentially decide the distance by which ever you are budgeted for.

I wrote my comment in response to the question, and IMO, I did it justice by listing the various considerations that would arise, in the order which seemed most logical to me. At no point did I believe I was writing a design manual for how to approach such a project.

There are much smarter people than me with far more sector-specific knowledge to “properly consider the problem” but if you expected a feasibility study from me, then I’m sorry to disappoint. My answer, quite frankly, barely arises to a back-of-the-envelope level, the sort of answer that I could give if asked the same question in an elevator car.

I never specified that California would be the best place to implement this process.

While the word California didn’t show up in the question, it’s hard to imagine a “state on the coast” with “excess solar” where desalination would be remotely beneficial. 30 US States have coastlines, but the Great Lakes region and the Eastern Seaboard are already humid and wet, with rivers and tributaries that aren’t exactly in a drought condition. That leaves the three West Coast states, but Oregon and Washington are fairly well-supplied with water in the PNW. That kinda leaves California, unless we’re talking about Mexican states.

I’m not dissing on the concept of desalination. But the literature for existing desalination plant around the world showcases the numerous challenges beyond just the money. Places like Israel and Saudi Arabia have desalination plants out of necessity, but the operational difficulties are substantial. Regular clogging of inlet pipes by sealife is a regular occurrence, disposal of the brine/salt extracted is ecologically tricky, energy costs, and more. And then to throw pumped hydro into this project would make it a substantial undertaking, as dams of any significant volume are always serious endeavors.

At this point, I feel the question is approaching pie-in-the-sky levels of applicability, so I’m not sure what else I can say.

I’m not a water or energy expert, but I have occasionally paid attention to the California ISO’s insightful – while perhaps somewhat dry – blog. This is the grid operator that coined the term “duck curve” to describe the abundance of solar energy available on the grid during the daylight hours, above what energy is being demanded during those hours.

So yes, there is indeed an abundance of solar power during the daytime, for much of the year in California. But the question then moves to: where is this power available?

For reference, the California ISO manages the state-wide grid, but not all of California is tied to the grid. Some regions like the Sacramento and Los Angeles areas have their own systems which are tied in, but those interconnections are not sufficient to import all the necessary electricity into those regions; local generation is still required.

To access the bulk of this abundant power would likely require high-voltage transmission lines, which PG&E (the state’s largest generator and transmission operator) operates, as well as some other lines owned by other entities. By and large, building a new line is a 10+ year endeavor, but plenty of these lines meet up at strategic locations around the state, especially near major energy markets (SF Bay, LA, San Diego) and major energy consumers (San Joaquin River Delta pumping station, the pumping station near the Grapevine south of Bakersfield).

But water desalination isn’t just a regular energy consumer. A desalination plant requires access to salt water and to a freshwater river or basin to discharge. That drastically limits options to coastal locations, or long-distance piping of salt water to the plant.

The latter is difficult because of the corrosion that salt water causes; it would be nearly unsustainable to maintain a pipe for distances beyond maybe 100 km, and that’s pushing it. The coastal option would require land – which is expensive – and has implications for just being near the sea. But setting aside the regulatory/zoning issues, we still have another problem: how to pump water upstream.

Necessarily, the sea is where freshwater rivers drain to. So a desalination plant by the ocean would have to send freshwater back up stream. This would increase the energy costs from exorbitant to astronomical, and at that point, we could have found a different use for the excess solar, like storing it in hydrogen or batteries for later consumption.

But as a last thought experiment, suppose we put the plant right in the middle of the San Joaquin River Delta, where the SF Bay’s salt water meets the Sacramento River’s freshwater. This area is already water-depreased, due to diversions of water to agriculture, leading to the endangerment of federally protected species. Pumping freshwater into here could raise the supply, but that water might be too clean: marine life requires the right mix of water to minerals, and desalinated water doesn’t tend to have the latter.

So it would still be a bad option there, even though power, salt water, and freshwater access are present. Anywhere else in the state is missing at least one of those three criteria.

For example, with all things being equal, you can very easily see if a certain wheel is creating more resistance over another.

But this product cannot compute drag figures for the bike. Its theory of operation limits it to compute only the drag upon the rider. Also, to keep things simple in my original answer, I didn’t touch upon the complex bike+rider aerodynamic interactions, such as when turbulent air off the bike is actually alleviated by the presence of the rider, but thus moves a net-smaller drag from the bike onto the rider. Optimizing for lowest rider drag could end up increasing the bike’s drag, inadvertently increasing overall drag.

But I think the real issue is the “all else being equal” part. If a team is trying to test optimal rider positions, then the only sensible way to test that in-field is to do A/B testing and hope for similar conditions. If the conditions aren’t similar enough, the only option is more runs. All to answer something which putting the rider+bike into a wind tunnel would have quickly answered. Guess-and-check is not a time-efficient solution for finding improvements.

Do I think all bike racing teams need a 24/7 wind tunnel? No, definitely not. For reference, the Wright Brothers built their own small wind tunnel to do small-scale testing, so it’s not like racing teams are out of options between this product and a full-blown (pun intended) wind tunnel. And of course, in the 21st Century, we have a rich library of shared aerodynamic research on racing bikes to lean on, plus fluid modeling software.

My initial reaction was “this cannot work”. So I looked at their website, which is mostly puffery and other flowery language. But to their credit, they’ve got two studies, err papers, err preprints, uh PDFs, one of which describes their validation of their product against wind tunnel results.

In brief, the theory of operation is that there’s a force sensor at each part where the rider meets the bike: handlebars, saddle, and pedals. Because Newton’s Third Law of Motion requires that aerodynamic forces on the rider must be fully transfered to the bike – or else the rider is separating from the bike – the forces on these sensors will total to the overall aerodynamic forces acting on the rider.

From a theoretical perspective, this is actually sound, and would detect aero forces from any direction, regardless of if it’s caused by clothes (eg a hoodie flailing in the air) or a cross-wind. It does require an assumption that the rider not contact any other parts of the bike, which is reasonable for racing bikes.

But the practical issue is that while aero forces are totalized with this method, it provides zero insight into where the forces are being generated from. This makes it hard to determine what rider position will optimize airflow for a given condition. To make aero improvements like this becomes a game of guess-and-check. Whereas in a wind tunnel, identifying zones of turbulent air is fairly easy, using – among other things – smoke to see how the air travels around the rider. The magnitude of the turbulent regions can then be quantified individually, which helps paint a picture of where improvements can be made.

For that reason alone, this is not at all a “wind tunnel killer”. It can certainly still find use, since it yields in-field measurements that can complement laboratory data. Though I’m skeptical about how a rider would even respond if given real-time info about their body’s current aerodynamic drag. Should they start tacking side to side? Tuck further in?

More data can be useful, but one of the unfortunate trends from the Big Data explosion is the assumption that more data is always useful. If that were true, everyone would always be advised to undergo every preventative medical diagnostics annually, irrespective of risk. Whereas the current reality is that overdiagnosis is a real problem now precisely because some doctors and patients are caught in that false assumption.

My conclusion: technically feasible but seems gimmicky.

“Not everybody can use a bike to get around — these are some of our major arterial roads, whether it is Bloor, University or Yonge Street — people need to get to and from work,” Sarkaria said.

This is some exasperatingly bad logic from the provincial Transport Minister. The idea that biking should be disqualified because the infrastructure cannot magically enable every single person to start biking is nonsense. By the same “logic”, the provincial freeways should be closed down because not everyone can drive a car. And then there’s some drivel about bike lanes contributing to gridlock, which is nonsense in the original meaning and disproven in the colloquial meaning.

It is beyond the pale that provincial policy will impose a ceiling on what a municipality can do with its locally-managed roads. At least here in America, a US State would impose only a floor and cities would build up from there. Such minimums include things like driving on the right and how speed limits are computed. But if a USA city or county aspires for greatness, there is no general rule against upgrading a road to an expressway, or closing a downtown street to become fully pedestrianized.

How can it be that Ontario policy will slide further backwards than that of US States?

On one hand, I’m pleased that C++ is answering the call for what I’ll call “safety as default”, since as The Register and everyone else since pointed out, if safety constructs are “bolted on” like an afterthought, then of course it’s not going to have very high adoption. Contrast this to Rust and its “unsafe” keyword that marks all the places where the minimum safety of the language might not hold.

On the other hand, while this Safe C++ proposal adopts a similar notion of an “unsafe” context, it also adds a “safe” keyword, to specify that a function will conform to compile-time safety checks. But as the proposal readily admits:

Rust’s functions are safe by default. C++’s are unsafe by default.

While the proposal will surely continue to evolve before being implemented, I forsee a similar situation as in C where code that lacked initial const-correctness will struggle to work with newer code and libraries. In this case, it would be the “unsafe” keyword that proliferates everywhere just to call older, unsafe code from newer, safe callers.

Rust has the advantage that there isn’t much/any legacy Rust to upkeep, and that means the volume of unsafe code in Rust proframs is minimal, making them safer overall today. But for Safe C++ code, there’s going to be a lot of unsafe legacy C++ code and that reduces the safety benefit for programs overall, for the time being

Even as this proposal progresses, the question of whether to start rewriting some code anew in Rust remains relevant. But this is still exciting as a new option to raise the bar in memory safety in C++.

My literacy of the German language is almost nil, but it seems patently unreasonable for an author or journalist to believe that over half of the incidents involving a fairly common activity would be fatal. Now, I should say that I’m basing this on prior knowledge of the German e-bike/pedelec market, where over half the bikes sold there at electric. What this implies is that of the sizable population of the country, of the subset which are riding bicycles, and further the subset which ride pedelecs, and still yet the subset which get into a collision or other incident, that somehow it’s believable that over half will die?

That cannot possibly be true, does not pass the sniff test, and isn’t even passable as a joke. If it were true, there would be scores of dead riders left and right, in every city in the country, daily. I suspect it would overtake (pun intended) the number of murders in the fairly safe country.

Compare this with parachuting, which would be more sensible for a headline of “most accidents are fatal”, I’m shocked that no one in the publication chain of command noticed such a gross error. While it’s true that some statistics are bona fide shocking – American shooting deaths come to mind – this is a very bizarre instance of confirmation bias, since no one noticed the error.

I was led to believe that cycling in German is “normalized but marginalized”, but this type of error speaks to some journalistic malpractice.

Haha, your reply beat out mine by only a minute.

This does not agree with what the Social Security Administration has published:

Q20: Are Social Security numbers reused after a person dies?

A: No. We do not reassign a Social Security number (SSN) after the number holder’s death. Even though we have issued over 453 million SSNs so far, and we assign about 5 and one-half million new numbers a year, the current numbering system will provide us with enough new numbers for several generations into the future with no changes in the numbering system.

For the historical questions, I don’t really have answers, especially where it involves departures from the Western world. I did, however, briefly touch up on Islamic banking, which I’ve always found intriguing as the Islamic faith does not permit charging interest on loans, viewing it as usurious. I’m informed that Christianity also had a similar prohibition on usury, but apparently it fell due to the need to fund the constant wars in Europe.

I’m not really seeing the difference in feudalism except a members only kind of participation with a crony pool of inbreds, not all that different than the billionaires of today.

I think the important distinction insofar as stock markets is that the crony pool of inbreds have access, but so too does the commoner. Well, the middle-class commoner usually. And we’ve seen David-vs-Goliath cases where the commoners put up a decent fight against the inbreds’ institutions; the whole GameStonk fiasco comes to mind. An equivalent economic upset would have been wholly impossible at any point during any feudal period in history.

What are the idealist or futurist potential alternatives between the present and a future where wealth is no longer the primary means of complex social hierarchical display? My premise is that basing hierarchical display on the fundamental means of human survival is barbaric primitivism.

From conversations I’ve had previously, possible answers to that question are presented in the works of Paul Cockshott, author of Towards A New Socialism. I’ve not read it, but friends in Marxist-Leninist parties have mentioned it. The Wikipedia page, however, notes that it’s an economics book, which could be fairly technical and difficult to read. Sort of like how Das Kapital is more-or-less a textbook, in contrast with how Wage Labour And Capital was meant for mass consumption.

Wealth extraction neglects the responsibility of the environment and long term planning.

True. The cost to the environment is not “internalized”, to use the technical term. Hence, it doesn’t need to be paid for, and is thus “free real estate”. Solutions to internalize environmental harm include carbon taxes or cap-and-trade. But the latter is a lukewarm carbon tax because it only looks at the end-result emissions, rather than taxing at the oil well, so to speak.

I’m curious how humanity evolves in a distant post scarcity future but without becoming authoritarian or utopian/dystopian

Might I recommend The Three-Body Problem and the trilogy overall by Liu Cixin? This phenomenal hard scifi work describes a space-faring future where the human species faces a common, external threat. After all, much of today’s progress was yesterday’s scifi. So why not look to scifi to see what tomorrow’s solutions might be. It’s no worse than my crystal ball, which is foggy and in need of repair.

If you’re in the USA, I cannot understate how useful it may be to refer to the US Bureau of Labor Statistics’s (BLS) Occupational Outlook Handbook (OOH), a resource which I believe has no direct comparison:

How can I learn about an occupation that is of interest to me?

The Occupational Outlook Handbook (OOH) provides information on what workers do; the work environment; education, training, and other qualifications; pay; the job outlook; information on state and area data; similar occupations; and sources of additional information for more than 300 occupational profiles covering about 4 out of 5 jobs in the economy.

As for answering the question, anecdotal conversations I’ve had suggest that the trades (eg glazier, electrician, plumber) in the USA are promising fields, since while the nature of the job might change with different needs, people still require electric wires and piped water. But the OOH could give you more specific outlooks for those specific trades.

I was once told that plumbers can make very serious sums of money, even if they’re only ever installing supply-side piping. That is to say, the plumbing for water supply, as compared to drainage or sewer pipe, which are generally perceived as less appealing.

I’ll take a shot from the hip at this question, but note that I won’t add my customary citations or links.

The stock market is the paragon of property and trusts, contracts, corporations and law, and the capitalist socio-economic system. The very existence of the stock market implies a society that has some or most of these concepts.

For example, for shares to be traded, there generally must exist ownership rights upon the shares, distinct from the ownership rights that the company has of its own property. Or if not outright ownership of a share, then the benefit that a share provides (eg dividends). It also implies a legal system that will enforce these rights and the obligations of the company to its shareholders.

For a tradable company to exist, it must be organized/chartered as an entity distinct from any single person. This is different than the feudal days, when ventures would be undertaken “in right of the King” or some member of the nobility. The feudal method wouldn’t work for modern companies, or else the King/Duke/Count/whatever could stiff the shareholders by just taking all the earnings. The company still needs to be created by legal means, either an Act of Parliament/Congress, by letter patent from the Monarch, or the modern administrative method of applying to the state Secretary of State (USA) or Companies House (UK) as examples.

Even the structure of a for-profit tradeable company – when compared to a state-owned enterprise, a non-profit, a co-op, or an NGO or QUANGO – is a representation of the values inherent to capitalism. A company is obliged to use the shareholders’ funds – which is held by the company but is owed to the shareholders – to extract the greatest return. But this can come in many forms.

Short-term value from buying investments and quickly flipping them (eg corporate home buyers) is different than rent-seeking (eg corporate landlords) and is still different than long-term investments that actively work to build up the value (eg startup incubators, private wealth funds, Islamic banking, transit-owned adjacent property). If a for-profit company doesn’t have a plan to extract a return… they’re in hot water with the shareholders, with penalties like personal liability for malfeasance.

Another way of looking at the stock market is that if you have all the underlying components but don’t yet have a stock market, it would soon appear naturally. That is to say, if the public stock markets were banned overnight, shares would still trade but just under the table and without regulation. But if any critical part underpinning the markets stopped existing, then the market itself would collapse.

History shows numerous examples where breakdowns of the legal system resulted in market mayhem, or when corporate property is expropriated for the Monarch’s wars or personal use, or when funds invested into or paid out of companies is hampered by terrible monetary inflation.

As for what the stock market does, its greatest purpose is to organize investments into ventures. Historically, ventures were things like building a ship to sail to the New World and steal obtain goods to sell at home. Merchant ships were and are still very expensive, so few singular persons could afford it. And even if the could, the failure of the venture could be catastrophic for that person’s finances. Better to spread the risk and the reward amongst lots of people.

What was once the sole domain of the landed gentry and nobility, slowly opened to the nouveau riche during the Industrial Revolution(s), then in turn to everyday people… for better or worse. It’s now almost trivial to buy a share in any particular listed company, but just opening the stock market to everyone would have been chaotic at best. I think it’s NYSE that still has on-floor traders/brokers, but imagine if all shares in that market had to be traded in a single room, with no digital trading. It’s already quite lively on the trading floor today, now add all the trades from middle class Americans on payday. It would become physically impossible.

Likewise, a pure capitalist stock market would permit awful things like bribing journalists to write fake stories to crash a stock, then buy it for cheap. Or pump and dump scams. And would have no “circuit breakers” that halt a share during so-called flash crashes.

I’m reminded of a scene from the ITV show Agatha Christie’s Poirot in the episode “Appointment With Death”, where a wealthy woman is not only murdered but her business empire collapses because the murderer also spooks the markets as a double whammy, causing investors to panic and sell up. The relevant implications here is that despite her company not having changed its financial picture, it got cut up for scrap and thus lost most of its value, rendering the business worthless in the end. Companies are usually valued more as a going-concern, above what all its property put together would amount to. Where does that additional value come from? It’s the prospect of a return from this particular assemblage of resources.

Suffice it to say, the stock market is a lot of things. But I view it as a natural result of certain other prerequisites, meaning we can’t really get rid of it, so instead it should be appropriately regulated.