Marx: Institutionalist and Pure Theorist

2002-08-08 Thread Gil Skillman

[Was:  Time for Economics]

Re this exchange:


Rob writes:it's Marx who is the institutionalist par excellence.

absolutely! I wish the folks who try to reduce Marx to neoclassical 
economics would see this.

Jim Devine [EMAIL PROTECTED] 
  http://bellarmine.lmu.edu/~jdevinehttp://bellarmine.lmu.edu/~jdevine

Obviously Marx closely studied the historical development of capitalist and 
pre-capitalist institutions.  But in his theoretical treatment of surplus 
value and its surface appearances as profit and interest, he intended his 
analysis to be as stringently institution-free as any (neo)classicist might 
desire, taking as given only the defining elements of the capitalist mode 
of production--and those, only in their purest, hypothetically most fully 
developed form.  Thus he writes in the _Resultate_:

Classical economics regards the versatility of labour-power and the 
fluidity of capital as axiomatic, and it is right to do so, since this is 
the tendency of capitalist production which ruthlessly enforces its will 
despite obstacles which are in any case largely of its own making.  At all 
events, in order to portray the laws of political economy in their purity 
we are ignoring these sources of friction...
[K.I, Appendix, Penguin ed., p.1014]

Correspondingly, in the final footnote of Ch. 5, Marx indicates his intent 
to observe the phenomenon of the formation of capital on the basis of the 
exchange of commodities in its purity... [K.I. p269]

And similarly in K.III he says

Important as the study of frictions of this kind [i.e., those which 
inhibit the equalization of wages and working hours across production 
sectors] is for any specialist work on wages, they are still accidental and 
inessential as far as the general investigation of capitalist production is 
concerned and can therefore be ignored.  In a general analysis of the 
present kind, it is assumed throughout that actual conditions correspond to 
their concept, or, and this amounts to the same thing, actual conditions 
are depicted only in so far as they express their own general type.

So far as I know, only this self-consciously and stringently 
*non*-institutionalist aspect of Marx's analysis has ever been investigated 
in neoclassical terms.





  making.




The leisure life of a lump of labor lie

2002-08-08 Thread Tom Walker

Editor, the Wall Street Journal,

In a bold effort to vaccinate Americans against the insidious lump-of-labor
virus, the Wall Street Journal today carries an article by one Christopher
Rhoads headlined, Europe's Prized Leisure Life Becomes Economic Obstacle.
The analytical nub appears in a paragraph located almost midway through the
piece:

Enter the shorter working week. Unions argued that reduced hours would spur
job growth by spreading the same amount of work among more people. Most
economists dismissed the theory, but some argued it could force Europeans to
become more efficient, squeezing more work into less time.

Neither turned out to be true.

What Mr. Rhoads neglects to inform his readers is that the preceding is a
formulaic set piece, the prototype of which first appeared in an 1871
Quarterly Review article by Mr. J. Wilson entitled Economic Fallacies and
Labour Utopias. The formula was perfected in a 1901 screed featured in the
London Times under the headline, The Crisis in British Industry. From 1903
to 1913 -- when a congressional investigation brought their activities to
light -- the National Association of Manufacturers spared no expense of
political bribery, financial extortion and physical intimidation to inscribe
the same message as the common sense consensus of all sane, sober,
self-respecting economists everywhere.

In short, Mr. Rhoads' paragraph is a hoary slander. What is more, if there
can be such a thing as plagiarizing slander, the paragraph -- fraudulently
represented as Mr. Rhoads' own observation of some recent argument about
spreading the same amount of work and the subsequent dismissal of the
theory by most economists -- is a plagiary.

Although Rhoads discretely omits the tell-tale term, the drill often passes
under the sobriquet of the lump-of-labor fallacy. It was a mainstay in
Paul Samuelson's Economics through the 1950s, 1960s and 1970s even though
the Nobel Prize winning textbook author has subsequently been unable to
account for its source or validity.

Speaking of fraud, why doesn't Mr. Rhoads write an article advocating
accounting fraud as a boost to global competitiveness? Perhaps he could even
crib a few passages in support of his case (sans acknowledgement, naturally)
from The Protocols of the Elders of Zion.

Tom Walker
604 254 0470




catty info on public officials

2002-08-08 Thread Michael Perelman

http://www.parida.com/people.html#anchor87242

Pierre Rinfret was an old Nixon-Eisenhower econ. policy hack, but at least
he dislikes people like Milton Friedman and others.

Nothing great or deep but an interesting view from the right.
-- 
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]




Re: The leisure life of a lump of labor lie

2002-08-08 Thread Gar Lipow

Please be a little less Zen.

What is the lump of labor fallacy? Ok no one actually believed it; but 
what is it that no one actually believed.

Tom Walker wrote:

 Editor, the Wall Street Journal,
 
 In a bold effort to vaccinate Americans against the insidious lump-of-labor
 virus, the Wall Street Journal today carries an article by one Christopher
 Rhoads headlined, Europe's Prized Leisure Life Becomes Economic Obstacle.
 The analytical nub appears in a paragraph located almost midway through the
 piece:
 
 Enter the shorter working week. Unions argued that reduced hours would spur
 job growth by spreading the same amount of work among more people. Most
 economists dismissed the theory, but some argued it could force Europeans to
 become more efficient, squeezing more work into less time.
 
 Neither turned out to be true.
 
 What Mr. Rhoads neglects to inform his readers is that the preceding is a
 formulaic set piece, the prototype of which first appeared in an 1871
 Quarterly Review article by Mr. J. Wilson entitled Economic Fallacies and
 Labour Utopias. The formula was perfected in a 1901 screed featured in the
 London Times under the headline, The Crisis in British Industry. From 1903
 to 1913 -- when a congressional investigation brought their activities to
 light -- the National Association of Manufacturers spared no expense of
 political bribery, financial extortion and physical intimidation to inscribe
 the same message as the common sense consensus of all sane, sober,
 self-respecting economists everywhere.
 
 In short, Mr. Rhoads' paragraph is a hoary slander. What is more, if there
 can be such a thing as plagiarizing slander, the paragraph -- fraudulently
 represented as Mr. Rhoads' own observation of some recent argument about
 spreading the same amount of work and the subsequent dismissal of the
 theory by most economists -- is a plagiary.
 
 Although Rhoads discretely omits the tell-tale term, the drill often passes
 under the sobriquet of the lump-of-labor fallacy. It was a mainstay in
 Paul Samuelson's Economics through the 1950s, 1960s and 1970s even though
 the Nobel Prize winning textbook author has subsequently been unable to
 account for its source or validity.
 
 Speaking of fraud, why doesn't Mr. Rhoads write an article advocating
 accounting fraud as a boost to global competitiveness? Perhaps he could even
 crib a few passages in support of his case (sans acknowledgement, naturally)
 from The Protocols of the Elders of Zion.
 
 Tom Walker
 604 254 0470
 
 
 




Re: Marx: Institutionalist and Pure Theorist

2002-08-08 Thread Ben Day

At 03:43 PM 8/8/2002 -0400, Gil Skillman wrote:
Obviously Marx closely studied the historical development of capitalist 
and pre-capitalist institutions.  But in his theoretical treatment of 
surplus value and its surface appearances as profit and interest, he 
intended his analysis to be as stringently institution-free as any 
(neo)classicist might desire, taking as given only the defining elements 
of the capitalist mode of production--and those, only in their purest, 
hypothetically most fully developed form.  y express their own general type.
[...]
So far as I know, only this self-consciously and stringently 
*non*-institutionalist aspect of Marx's analysis has ever been 
investigated in neoclassical terms.

Abstracting market responses, or parametric adjustments - such as how 
parameters (such as price) respond to data (such as supply of goods), and 
how economic units (such as people, families, or firms) respond to 
parametric changes; in short, the whole dynamics of neoclassical 
flexibilities and elasticities, respectively - is not at all the same as 
abstracting from institutions. In fact, the opposite is the case. When you 
strip away parametric adjustments you have institutions left. It seems to 
me that the claim you are making is that Marx strips away most institutions 
as well - focusing on only the most basic institutions of capitalist 
production. The quotes you offer don't support this - they support rather 
Marx's defense of abstracting from parametric adjustments, which is his - 
probably mistaken - attempt to abstract from cyclical, short-run economic 
behavior to focus on long-run changes in equilibrium and institutional 
organization. You can certainly criticize Marx for the primacy he places on 
the institutions of production - we'll end up with a base-superstructure 
debate in this case. But you can hardly claim that Marx is not 
institutionalist on the basis that he relegates a large range of 
institutions, both those of the state and of civil society (many of which 
would become the primary units of analysis for American institutionalists 
in the 1920s and '30s) to a secondary role. This would be a debate among 
institutionalists, no?

-ben




Re: Re: A Time for abolishing economics?

2002-08-08 Thread miychi

On 8/9/02 00:50 AM, Michael Perelman [EMAIL PROTECTED] wrote:

 Ben asked about comparisons of Marx/Keynes.  I don't know of anybody who
 actually intended to make such a comparison, with the exception of Joan
 Robinson, who favored Keynes.
 
 Many Marxists wrote about Keynes, offering implicit comparisons.  I am
 thinking of Paul Mattick -- I know that Rakesh lurks out there.  I did a
 book, Keynes and the Economic Slowdown, that had one of these implict
 comparisons.  Paul Sweezy tried to bridge the two.


 Marx tried to criticism of political economy.  And success on his attempt
In Capital.
So If we refer to economics, its form appear as criticism of various kinds
of economics

MIYACHI TATSUO
Psychiatry Department
Komaki mucicipal hospital
1-20.JOHABUSHI
KOMAKI CITY
AICHI PREF
[EMAIL PROTECTED]




RE: Marx: Institutionalist and Pure Theorist

2002-08-08 Thread Devine, James
Title: RE: [PEN-L:29280] Marx: Institutionalist and Pure Theorist





Rob wrote:it's Marx who is the institutionalist par excellence.


I wrote:absolutely! I wish the folks who try to reduce Marx to neoclassical economics would see this.


says Gil:  Obviously Marx closely studied the historical development of capitalist and pre-capitalist institutions. But in his theoretical treatment of surplus value and its surface appearances as profit and interest, he intended his analysis to be as stringently institution-free as any (neo)classicist might desire, taking as given only the defining elements of the capitalist mode of production--and those, only in their purest, hypothetically most fully developed form

This is missing my point (and Rob's, I think), though I didn't explain it in the exchange cited above. That is, Marx viewed _capitalism itself_ as a human-made (artificial) institution, just as feudalism and ancient slavery were, rather than being simply reducible to what people want (tastes), technology (including transactions costs, uncertainty), and natural forces. (I'd argue that markets are institutions, too, but that's another discussion.)

As an institution, capitalism has taken on a life of its own, transforming our tastes and needs, the technologies, and indeed nature -- and reproducing itself as a social system over time (so far). It's a societal structure that was no individual or group's conscious creation (i.e., the folks who organized the primited accumulation described at the end of volume I weren't looking to create what we call capitalism). Instead, it creates certain kinds of individuals and groups, as positions in its social structure, along with their tastes and ideologies. 

As an institution, it's also historically limited, especially since there are class antagonisms, crisis tendencies, etc. at the center of its laws of motion. Human-made institutions can and do fall apart to be replaced by new ones. 

 Thus he writes in the _Resultate_ [Results of the Immediate Process of Production]:


 Classical economics regards the versatility of labour-power and the fluidity of capital as axiomatic, and it is right to do so, since this is the tendency of capitalist production which ruthlessly enforces its will despite obstacles which are in any case largely of its own making. At all events, in order to portray the laws of political economy in their purity we are ignoring these sources of friction...

[K.I, Appendix, Penguin ed., p.1014]


 Correspondingly, in the final footnote of Ch. 5, Marx indicates his intent to observe the phenomenon of the formation of capital on the basis of the exchange of commodities in its purity... [K.I. p269]

 And similarly in K.III he says Important as the study of frictions of this kind [i.e., those which inhibit the equalization of wages and working hours across production sectors] is for any specialist work on wages, they are still accidental and inessential as far as the general investigation of capitalist production is concerned and can therefore be ignored. In a general analysis of the present kind, it is assumed throughout that actual conditions correspond to their concept, or, and this amounts to the same thing, actual conditions are depicted only in so far as they express their own general type.

All of this refers to what might be called microeconomic institutions. Marx also mostly ignores many institutions specific to English capitalism of his day (though he spends a lot of time in volume III talking about the Bank of England). He's trying to talk about pure capitalism (without confounding institutions) but capitalism _per se_ is still an institution in his view, a macro institution. 

 So far as I know, only this self-consciously and stringently *non*-institutionalist aspect of Marx's analysis has ever been investigated in neoclassical terms.

I see nothing wrong with the use of neoclassical tools as long as one is quite conscious of the clear limitations of those tools and puts any micro-analysis in the macro-context of capitalism that Marx explained so well. (When people are unconscious of these issues, they tend to end up with a mish-mosh like Roemer's.) Indeed, I'm in the process of working on a a simple 'neoclassical' model of Marxian exploitation.

Note that I said reduce in my sentence above. The problem isn't the neoclassical tools (since, after all, supply  demand diagrams (for example) do help us answer a lot of questions) as much as _excluing_ the Marxian dialectical heuristic from one's consciousness. 

Jim Devine [EMAIL PROTECTED]  http:/bellarmine.lmu.edu/~JDevine 
Science is a way of trying not to fool yourself. -- Richard Feynman.








The JULY_AUGUST OF CANADIAN DIMENSION: Please Post

2002-08-08 Thread Cy Gonick
Title: The JULY_AUGUST OF CANADIAN DIMENSION: Please
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Russia holds massive military exercises in Caspian

2002-08-08 Thread Ulhas Joglekar

HindustanTimes.com

Thursday, August 01, 2002

Russia holds biggest post-Soviet military exercises in Caspian
Agence France-Presse
Moscow, August 01

Russia on Thursday launched large-scale military exercises in the Caspian
Sea which will involve more than 60 warships and 10,000 men, the biggest
presence in the area since the collapse of the Soviet Union.

The two-week exercises, seen as an attempt by Russia to flex its muscles in
the disputed oil-rich region, are divided into two stages: purely
theoretical until August 7 and then war games until August 15 involving air,
sea and land forces.

Some 30 planes and helicopters will also take part in the exercises, which
will involve all branches of the Russian military, including 4,000 sailors
from the Caspian Fleet.

Russian navy commander Admiral Vladimir Kuroyedov denied that Russia was
demonstrating its military strength but he signalled that Moscow wanted to
show it can protect its interests.

By planning exercises of the Caspian Fleet we are not trying to demonstrate
our strength. But Russia has a strong military potential for tackling its
tasks in the Caspian Sea should peaceful means fail, he told the Interfax
news agency.

Russian President Vladimir Putin announced the war games in April a day
after a summit of heads of state from the five Caspian states in
Turkmenistan aimed at resolving the partition of the Caspian Sea's oil
wealth ended in failure.

The Caspian Sea is thought to hold the world's third biggest oil and gas
reserves after Russia and the Gulf but exploration is being held up by the
dispute over boundaries.

Iran, with backing from Turkmenistan, wants the sea to be split five ways,
with each country apportioned 20 percent of the Caspian.

However, Azerbaijan, Kazakhstan and Russia favour splitting the sea
according to the length of the nations' shorelines, which would leave the
Islamic republic with the smallest share, about 13 percent.

Azerbaijan and Kazakhstan will be participating in the exercises, with Baku
sending two ships including a minesweeper and Astana four Su-27 fighter
planes, according to Russian defence military sources cited by Interfax.

Representatives from Iran and Turkmenistan have been invited as observers.

The state news agency RIA Novosti reported that Iran had asked to take part
in the exercises but Russia had refused, citing a 1924 treaty between Tehran
and the USSR barring all ships other than Soviet from the Caspian.

Russian foreign ministry spokesman Alexander Yakovenko denied that the
military exercises were aimed at any another country and insisted that
Moscow's aim was to safeguard regional stability.

This is not a threat to foreign states, Yakovenko told RIA Novosti, adding
that Russia's military presence in the Caspian was an important factor in
maintaining regional security and stability.

The official pointed to the need to protect the strategic and economically
important zone against the global terrorist threat.

The highlight of the war games, which are taking place in the northern
sector of the Caspian as well as on land in Astrakhan and Dagestan, will be
a blockade of some remote isles to flush out suspected terrorists and arms
and drugs smugglers.

The exercises will also simulate an operation to free an oil platform seized
by terrorists, foil an explosion on a railroad bridge over the Volga as well
as clean up after an oil spill.

© Hindustan Times Ltd. 2002.
Reproduction in any form is prohibited without prior permission
To send your feedback via web click here or email
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Re: The leisure life of a lump of labor lie

2002-08-08 Thread Ben Day

At 02:16 PM 8/8/2002 -0700, Gar Lipow wrote:
Please be a little less Zen.

What is the lump of labor fallacy? Ok no one actually believed it; but 
what is it that no one actually believed.

 From P.A. Samuelson  W.D. Nordhaus, ECONOMICS, 16th edition, Irwin 
McGraw-Hill, 1998, p. 239.
The Lump-of-Labor Fallacy

We close our analysis of wage theory by examining an important fallacy 
that often motivates labor market policies. Whenever unemployment is high, 
people often think that the solution lies in spreading existing work more 
evenly among the labor force. For example, Europe in the 1990s suffered 
extremely high unemployment, and many labor leaders and politicians 
suggested that the solution was to reduce the workweek so that the same 
number of hours would be worked by all the workers. This view -- that the 
amount of work to be done is fixed -- is called the lump-of-labor fallacy.

To begin with, we note the grain of truth in this viewpoint. For a 
particular group of workers, with special skills and stuck in one region, a 
reduction in the demand for labor may indeed pose a threat to their 
incomes. If wages adjust slowly, these workers may face prolonged spells of 
unemployment. The lump-of-labor fallacy may look quite real to these workers.

But from the point of view of the economy as a whole, the lump-of-labor 
argument implies that there is only so much remunerative work to be done, 
and this is indeed a fallacy. A careful examination of economic history in 
different countries shows that an increase in labor suply can be 
accommodated by higher employment, although that increase may require lower 
real wages. Similarly, a decrease in the demand for a particular kind of 
labor because of technological shifts in an industry can be adapted to -- 
lower relative wages and migration of labor and capital will eventually 
provide new jobs for the displaced workers.

Work is not a lump that must be shared among the potential workers. Labor 
market adjustments can adapt to shifts in the supply and demand for labor 
through changes in the real wage and through migrations of labor and 
capital. Moreover, in the short run, when wages and prices are sticky, the 
adjustment process can be lubricated by appropriate macroeconomic policies. 




Re: Re: models and theory

2002-08-08 Thread Ulhas Joglekar

Anthony D'Costa wrote:
 Both import substitution industrialization and export oriented
 industrialization can be seen as national strategies, which are not quite
 the same thing as models.  On hindsight strategies may become models,
 when theorised and abstracted.

Yes, the word strategy would cover a wide range of policies on trade and
tariff, monetary and fiscal policy, pubilc sector investments, regulatory
framework etc. These are ultimately grounded in relations of production etc.
in a given social formation.

Ulhas




Re: RE: Re: models and theory

2002-08-08 Thread Ulhas Joglekar

Jim D. wrote:

I didn't say that India was pursuing the export-led growth model. My
understanding -- based on incomplete info, BTW -- is that after
independence the model was import-substitution and that in the last 10
years or so, India was in the process of switching over to export-led
growth (without going all the way, since India has such a large internal
market).

My point was that the economy must have substitutable imports in sufficient
magnitude to make import substitution model possible. Further, the debate
about the export led and import substitution models focuses on the role of
markets in capital accumulation. My question is this: Is it capital
accumulation that creates markets or markets that stimulate capital
accumulation? I am assuming that the problem is posed from the standpoint,
not of individual capital, but of the total capital.

Ulhas





Re: The leisure life of the lousy lump of labor lie

2002-08-08 Thread Tom Walker

Thanks, Ben, for further information see my The Lump-of-Labor Case
Against Work-Sharing: Populist Fallacy or Marginalist Throwback? in
_Working Time: International trends, theory and policy perspectives_, edited
by Lonnie Golden and Deb Figart, Routledge, 2001. Or I will send copies of
the MS Word file on request. I also have a short piece online, Remembrance
of Work Time Standards Lost at http://www.straightgoods.com/item439.asp

Gar, I take the comment about being zen as a compliment.

At 02:16 PM 8/8/2002 -0700, Gar Lipow wrote:
Please be a little less Zen.

What is the lump of labor fallacy? Ok no one actually believed it; but
what is it that no one actually believed.

 From P.A. Samuelson  W.D. Nordhaus, ECONOMICS, 16th edition, Irwin
McGraw-Hill, 1998, p. 239.
The Lump-of-Labor Fallacy

We close our analysis of wage theory by examining an important fallacy
that often motivates labor market policies. Whenever unemployment is high,
people often think that the solution lies in spreading existing work more
evenly among the labor force. For example, Europe in the 1990s suffered
extremely high unemployment, and many labor leaders and politicians
suggested that the solution was to reduce the workweek so that the same
number of hours would be worked by all the workers. This view -- that the
amount of work to be done is fixed -- is called the lump-of-labor fallacy.

To begin with, we note the grain of truth in this viewpoint. For a
particular group of workers, with special skills and stuck in one region, a
reduction in the demand for labor may indeed pose a threat to their
incomes. If wages adjust slowly, these workers may face prolonged spells of
unemployment. The lump-of-labor fallacy may look quite real to these
workers.

But from the point of view of the economy as a whole, the lump-of-labor
argument implies that there is only so much remunerative work to be done,
and this is indeed a fallacy. A careful examination of economic history in
different countries shows that an increase in labor suply can be
accommodated by higher employment, although that increase may require lower
real wages. Similarly, a decrease in the demand for a particular kind of
labor because of technological shifts in an industry can be adapted to --
lower relative wages and migration of labor and capital will eventually
provide new jobs for the displaced workers.

Work is not a lump that must be shared among the potential workers. Labor
market adjustments can adapt to shifts in the supply and demand for labor
through changes in the real wage and through migrations of labor and
capital. Moreover, in the short run, when wages and prices are sticky, the
adjustment process can be lubricated by appropriate macroeconomic policies.


Tom Walker
604 254 0470




PBS show on Argentina

2002-08-08 Thread Carl Remick

I just saw that PBS show on Argentina that Lou recommended earlier, The 
Empty ATM.  Quite interesting, especially the Stiglitz interview at the 
end.  One memorable quote from an Argentine:  In a land where everyone 
protests, nothing gets done.  Of course, looking at the US, it seems clear 
that in a land where few protest, nothing productive gets done either.

Carl

_
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Why be zen?

2002-08-08 Thread Tom Walker

Gar Lipow requested:

 Please be a little less Zen.

Although the characterization of my style as 'zen' is not 100% technically
accurate, there is an affinity between how I write and zen. I CAN write in a
linear style. Sometimes I have to because I make my living as a writer. But
when I was out walking the dog this evening I wondered why much that I want
to communicate seemingly can't be communicated linearly.

It occured to me that the function of the clear, concise exposition is to
make what is being read forgetable. People desire clear messages so they can
read them, digest them and forget about them all in one gulp. Get the gist,
put it in a drawer and shut the drawer.

Then when I got home I glanced at the abstract to a paper on the marriage of
time and identity: Kant, Benjamin and the nation-state and my eye fell on
this line, The progressive notion of time is seen as dangerous by Benjamin,
since it generates forgetfulness and inner impoverishment of the self.

Justin said the other day People are motivated by the outrage of felt
injustice. Well, what if they forget? What if they live in a temporal frame
that has become a machine for forgetting? What if the news they get today
has been designed to make them forget the news they got yesterday?

Make it clear so I can forget it. I suppose I could do that. I've read
lots of books on clear exposition. I've done and taught plain language
editing.

Watch September 11th carefully. There will be an orgy of remembrance
calibrated to make people forget.

Please be a little more Zen.

Tom Walker
604 254 0470




War Question

2002-08-08 Thread Michael Perelman

I read that Dick Army, Sen. Lugar  Hagel are questioning the war.  What
Dems. have spoken up?
-- 
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]




Re: PBS show on Argentina

2002-08-08 Thread Anthony D'Costa

Now what does productive mean, to poke a hornet's nest?

Cheers, Anthony

xxx
Anthony P. D'Costa, Associate Professor
Comparative International Development
University of WashingtonCampus Box 358436
1900 Commerce Street
Tacoma, WA 98402, USA

Phone: (253) 692-4462
Fax :  (253) 692-5718
xxx

On Fri, 9 Aug 2002, Carl Remick wrote:

 I just saw that PBS show on Argentina that Lou recommended earlier, The
 Empty ATM.  Quite interesting, especially the Stiglitz interview at the
 end.  One memorable quote from an Argentine:  In a land where everyone
 protests, nothing gets done.  Of course, looking at the US, it seems clear
 that in a land where few protest, nothing productive gets done either.

 Carl

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