I wanted to do this article because of a spirited discussion with a highly respected VC in Singapore. In this discussion, I argued that capital is the most important thing in Capitalism. He reasoned that value creation is more important. It's not easy to carry out this debate because value and capital are not fully distinct from each other. There are ways to support and refute the statement depending on our definitions as to what value and capital is.
So instead, I propose an auxiliary argument which may have a more satisfying resolution : Which is better, engineering to create wealth or reallocation of capital to create wealth ? Another words, engineering or finance ?
If the argument were to simply ask the chicken or the egg question, then engineering wins hands down, product creation comes first or there will be no capital to allocate. If the argument focuses on who ultimately ......