Dividend regulations should rely on tax credit from real investments

Imagine firms facing complete confiscation of net cash flow They of course can make real investments in real productive factors or research and development How much of cash flow can go to dividends And buy backs can firms buy and sell their their earned rations to each other Buy and sell dividend and buy back rights Maybe even market exposure building Should be limited like dividends

Innovation the highest form of added surplus ...

Not always a net gain How much innovation Never finds its adequate market Before funds run out or projects abandoned This market selection process is not random Buts surely filled with good and bad fortune

Quest for surplus

Gain at the firm level Obviously is not always an addition to social surplus In fact competition among firms can work to lower social surplus if losers become a source of idled factors And then there's zero sum games And red ink off sets combined with spoiled Unsold products And and and All about us is uneven Ness The interplay of red and black Surplus real social is built and wrecked By market struggle

Prodictivily Invest it or lose it

Firm level net cash flows Earnings plus depreciation Must be invested in added production facilities or sent into a sovereign fund Dividends are maxed ata fixed percentage of market value of outstanding equity

Meta markets

Meta markets are markets That organize and CO ordinate Firms market actions Example Lerner mark up markets Buffet import/export markets Paine investment tax credit markets

Vickrey macro = Turbo Keynes

It takes a party

The fifth essence of leninism This does not imply Becoming a state party But it does mean A Leninist vanguard cadre party Able to morph thru endemic Constitution into a disciplined administrative apparatus As well as a deliberative innovating Policy evolving Rank and file empowering Body A consistent player and at once a game changer