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Accounting does not make corporate earnings or balance sheets more volatile. Accounting just increases the transparency of volatility in earnings.
Wealth can only be accumulated by the earnings of industry and the savings of frugality.
If you don't like the idea that most of the money spent on lottery tickets supports government programs, you should know that most of the earnings from mutual funds support investment advisors' and mutual fund managers' retirement.
Stock prices relative to company assets are no better at signaling the likelihood of future earnings growth than they were the day the Titanic sank, and risk management is a good deal worse.
I was the first in my family to go to college, and I waitressed all the way through, using my earnings to pay for a bachelor's degree first and then a master's. I resented classmates who didn't have to work real jobs, the ones who had the luxury of taking unpaid internships that would eventually position them for high-paying careers.
One hundred percent of our earnings are reinvested in the company, and a great deal of that goes to research.
One tax dodge often used by multi-national companies is to squirrel their earnings abroad in foreign subsidiaries located in countries where taxes are lower.
Of course, the discounting of future earnings should hurt all stocks. But it should hurt technology stocks more than others, because so many of them are valued at extremely high levels relative to their current earnings.
Even institutions of State, such as the judiciary, were seriously weakened, to the extent that the citizenry justifiably feared a breakdown in law and order. The business community was hit by a slump in sales and confidence, leading to reduced earnings and loss of jobs.
We need to accept that consumption is not the end goal of our life and stop measuring our well-being simply on the basis of earnings. We need to explicitly take the quality of our work-related life into account in judging our well-being.