(You remember Obozo, right? The Commie who played 'anti-bank' harmonica in the Totalitarian Band, right? The one who just picked up a $400K check for opening his pie-hole at Goldman? Yah, that one.)
Wisconsin native, conservative critic of everything. "Once abolish the God, and the government becomes the God." ---G K Chesterton "The only objective of Liberty is Life" --G K Chesterton "Fallacies do not cease to be fallacies because they become fashions" --G K Chesterton "A man can never have too much red wine, too many books, or too much ammunition." -- Rudyard Kipling
The archetypal machines for cloth and wine manufacturing in Ricardo’s time included the spinning jenny and the wine press. It is stating the obvious that one cannot be turned into the other, but stating the obvious is necessary, because the easy conversion of one into the other was assumed by Ricardo, and has been assumed ever since by mainstream economic theory.
In fact, the relative mobility which Ricardo assumed for his ubiquitous concept of “capital” is the opposite of what applies to machinery. Machinery designed for one industry simply cannot move to any other, even in the same country; but machinery in one industry can (and frequently is) shipped between countries.