How the hell can W pretend to be in favor of the wonders of
free trade
and want to put the imports on steel, just to get Ohio, PA and
WV votes?
Because it's about --and has been since at least as far back as Bush
I--managed trade, not free trade and not fair trade That is, managed trade
What does Ripplewood know about running a credit bank in Japan? Pt 1
The Ripplewood plan is simple actually: use high equity valuations and
inflated asset prices in the US and an ability to operate as largely
unregulated capital worldwide to buy up and profit from distressed Asia
(Asia post
Ripplewood Pt 2
I would say that the difference this time is that most Japanese investments
in the US turned out very bad for them, while the private equity groups like
Carlyle and Ripplewood know how to make a buck It's the same way GE Capital
makes money too They aren't in Japan to re-tool the
Ripplewood Pt 3
And as things become totally bizarre and muddled (mostly because Koizumi
deregulation and liberalization are going to have immediate postive
effects), we find Ripplewood/Shinsei and its good friends, Goldman Sachs,
mixed up in it all A lot of it, by the way, has to do with what
I hope soon to respond more fully to Mat Forstater, Jim Devine,
and Justin Schwartz. Now there's no time.
So for now, let me just try to refocus attention on the central
reason why I say there's suppression of Marx by the Marxist and
Sraffian economists. Everyone else in the discussion seems
MARX AND HIS POSTERITY
Admittedly the founder of what has been the working-class movement shares
some responsibility in the confusion of the thought that is meant to be
Marxist or Marxism-related. But he did not deserve to get zealots completely
lacking of critical judgment as heirs. Marx
G'day all,
Just keeping Doug, and anyone else interested in Australia's miracle
economy, up to date on the way of things. The little Ozzie battler (the
consoomer) is still throwing the Visa at anything shiny, and the quiet
achievers (business) are investing in capital equipment again (it's
At 3/4/2002, you wrote:
...
And as far as I can tell, Dornbusch's obsession with having their money in
Miami is patronising in the extreme, and seems almost calculated to give
the impression that all rich Latin Americans are coke smugglers. In fact, I
would guess that rich Argentines are old
Alan writes:The problem I see with the (mainstream) economics
profession---and I suspect that this is what many people on this list
rightly object to---is the exaltation of mathematical formalism above all
else. If formal models were taken as just _one more_ tool in the economists'
toolkit then
Lax auto safety rules cost thousands of lives forcesofproduction/destruction
by Charles Brown
03 March 2002 23:23 UTC
NHTSA forfeits oversight role
http://wwwdetroitnewscom/specialreports/2002/nhtsa/
For example, in 1994, NHTSA dropped a case against GM pickups with fuel tanks that
Both of you are right. Early Schumpeter believed in innovation by herioic
individuals; later, Bell Labs.
On Mon, Mar 04, 2002 at 07:03:25AM -, Davies, Daniel wrote:
But, in any case, I believe that attention in recent years by economic
historians has been given to the role of
There is a difference between making an unconvincing argument of logical
inconsistency and claiming a logical inconsistency without any attempt
to demonstrate it (By the way, I never understood the Sraffian
argument against the LTV as in general based on logical inconsistency--I
thought it was
The Taliban do not allow you to sing for your supper. Ashcroft requires that
you do.
Cheers, Ken Hanly
Ashcroft's eagle soars, but some see a turkey
By Julian Borger in Washington
Since John Ashcroft became the United States Attorney-General last year,
workers at the Department of Justice
For
those not on afeemail, this Veblen
quote showed up there during a discussion of enron.
From
Veblen's 1904 book _The Theory Of
Business Enterprise_ [Chapter 6].
It
follows, further, that under these circumstances the men who have the
management of such an industrial enterprise,
: SDTHE GI AS TERMINATOR
From: [EMAIL PROTECTED]
Subject: SDTHE GI AS TERMINATOR
The following article appeared in the March 1, 2002, issue of the
Mid-Hudson (NY) Activist Newsletter, published in New Paltz, NY.
THE GI AS TERMINATOR
The Pentagon is not content with simply possessing more
At least it's not let the eagle roll. But have people noticed the
resemblance between Ashcroft and the late J. Edgar Hoover. Is it possible
that Ashcroft's singing is a sublimation of his inability to look good in a
little black dress?
Jim Devine [EMAIL PROTECTED]
There is a difference between making an unconvincing argument of logical
inconsistency and claiming a logical inconsistency without any attempt
to demonstrate it (By the way, I never understood the Sraffian
argument against the LTV as in general based on logical inconsistency--I
thought it was
Was Sraffa a Sraffian/neo-Ricardian; did he ever go beyond critiquing
neo-classical garbage?
On Mon, Mar 04, 2002 at 10:07:16AM -0600, Forstater, Mathew wrote:
There is a difference between making an unconvincing argument of logical
inconsistency and claiming a logical inconsistency without
In a message dated 3/4/2002 7:17:33 AM Central Standard Time, [EMAIL PROTECTED] writes:
MARX AND HIS POSTERITY
Admittedly the founder of what has been the working-class movement shares
some responsibility in the confusion of the thought that is meant to be
Marxist or Marxism-related. But he did
Michael Perelman writes:Marshall's biography -- he is also a villian in
this piece -- shows that he pushed formalization of econ. to prevent
outsiders from taking part in the subject.
this fits with my sense that economists embrace math so fervently partly
because it provides a basis for
Daniel, I don't disagree with you, although the PBS television show, Nova, did
do a pretty good job. I was asking about the examples of models that were able
to teach something about the nature of the economy. Obviously, mathematics is
important in finance, but I'm not sure how much it can
Please, to all concerned, try not to make this personal.
Drewk wrote:
In his latest attack on me, Justin Schwartz leaves out and does
not respond to the following (I wrote it in response to him
yesterday):
I think that the use of the term, suppression, is a problem. I don't
think much of
[was: RE: [PEN-L:23443] RE: Re: RE: Question to Various comments in In Dige
st 77]
Daniel Davies writes:
... if you're going to say that productive means productive of things
which are desired by human beings at that particular point in history, then
I don't see how historical materialism can
Roemer and Veneziani
by Devine, James
04 March 2002 00:08 UTC
-clip-
The workers don't save assumption, by the way, is used by some extreme
right-wingers to suggest that capitalists are rational and workers aren't
so The assumption should be dropped
Jim Devine
^^^
CB: This reminds
Michael Perelman
I don't agree with Romer [Roemer], but as Jim D.? observed, he probably
caused
more people to take a look at Marx. If some of these people read Marx
with intelligence, so much the better.
it's important to be careful with spelling here, since there are at least
two
The usual. The followers -- the Sraffians or neo-Ricardians -- weren't as
good as their Master (Sraffa). As Joan Robinson made clear, the standard
Sraffians wage/profit frontier model was only good for critiquing, since
it described equilibrium states that couldn't persist.
Jim Devine [EMAIL
-Original Message-
From: Michael Perelman [mailto:[EMAIL PROTECTED]]
Sent: 04 March 2002 16:43
To: [EMAIL PROTECTED]
Subject: [PEN-L:23467] Re: RE: Re: Rigor mortis?
Daniel, I don't disagree with you, although the PBS television show, Nova,
did
do a pretty good job. I was asking about
Was Sraffa a Sraffian/neo-Ricardian; did he ever go beyond critiquing
neo-classical garbage?
No we wasn't one, and no he didn't Personally, I have some reason to think
he was a Stalinist When I was at Cambs I was friends with a grad student of
his who said that in his rooms he had Stalin's
Jim wrote,
More generally, math by its very nature describes an idealized world. That
doesn't mean that it shouldn't be used as much as that it has to be used
_very carefully_ if one's goal is to understand the world.
I, who has used math in a previous life and am now learning game theory,
Devine, James wrote:
this fits with my sense that economists embrace math so fervently partly
because it provides a basis for Mandarinism (Mandarinism refers to the
pre-20th century practice of requiring would-be Chinese state bureaucrats to
take examinations in stuff like calligraphy
Anyway, it was Justin who said that Roemer probably caused more people to
take a look at Marx or something like that I don't know if that
encouraged
people to read Marx with intelligence
Wasn't me, but I think it's true As far as his effect on economists, I
can't say He made _me_ read Marx a
Eric writes: This does not mean that math models are not helpful when we
consider the real world. They can point out possible mechanisms and
connections that are unlikely to be discovered in other forms of
discourse.
I think it's important to remember that the phrase the real world is
redundant.
Jim D wrote,
I think it's important to remember that the phrase the real world is
redundant.
I guess this depends on one's epistemology, but I don't want to start any
discussion about epistemology. Pen-l seems to have a lot on its plate now.
;)
Also, isn't it more accurate to say tht math
Question to Various comments in In Digest 77
by Davies, Daniel
-clip-
And whatever else
one thinks about Cohen's work, I think he has to be right that Marx had a
theory of history, and that this theory of history was materialsit and based
on the productive forces
'course, I never understood
I think that the answer to Michael's question is yet to be fully
answered. Sraffa's papers were for many years not available to most
people. I have made the argument that there is a difference between
Sraffa and the Sraffians myself, or at least that Sraffa is open to
other interpretations, but
I'm sorry this took so long, but maybe it was worth it.
Gil writes: Jim raises a number of interesting issues that go well beyond
the simple point I suggested re Marx's V. III transformation of commodity
values into prices of production. I react to some of these points below.
Those not
CB: Doesn't _The Manifesto of the Communist Party_ make it
pretty clear that Marx's theory of history is rooted in the
relations of production aspect of the forces of production,
the division of labor, and the class struggle ? History is a
history of class struggles, not technological
*
BUSINESS
ECONOMICS SOCIETY INTERNATIONAL
(www.besiweb.com
2002
CONFERENCE
MONTREAL
- QUEBEC / CANADA
July
24-29, 2002
Delta Montreal Hotel
Devine, James wrote:
this fits with my sense that economists embrace math so fervently partly
because it provides a basis for Mandarinism (Mandarinism refers to the
pre-20th century practice of requiring would-be Chinese state
bureaucrats to
take examinations in stuff like
Powers of destruction
by Charles Brown
04 March 2002 16:18 UTC
: SDTHE GI AS TERMINATOR
From: [EMAIL PROTECTED]
Subject: SDTHE GI AS TERMINATOR
The following article appeared in the March 1, 2002, issue of the
Mid-Hudson (NY) Activist Newsletter, published in New Paltz, NY.
THE GI AS
As for her, Rosa Luxemburg, although she hoped and prayed for the
proletarian revolution, had understood that the accumulation could not be
endogenous and on the contrary needed an expansion within space, what was
attested by colonialism She logically concluded that this expansionism was
materialist theory of history
by Devine, James
[cf Brenner -- since Marx never studied feudalism
seriously]
^
CB: Engels studied feudalism seriously cf book on german peasant revolts
Whether or not that's a sufficient condition
to be not impressed with a work in political
economy is a judgment call, of course. I'm certainly
not insisting one must be impressed by Roemer's work.
But there exist many very insightful contributions
to the understanding of capitalism that
MIT team tied to questionable missile studies
By David Abel, Globe Staff, 3/4/2002
A Pentagon agency, two major military contractors, and an independent
research team led by MIT scientists produced flawed
If it had been flying to North Korea, Iran, or Iraq it would have been much
worse!
Cheers, Ken Hanly
Italian Plane Passengers See Flames, Vote to Land
Mon Mar 4,10:14 AM ET
MILAN (Reuters) - The pilot of a charter flight to Cuba from Italy that
burst into flames during takeoff had
CB: In Engels' day, and in Lenin's, even if there was a global limit ,
there was no need to wait for that limit to have the world revolution.
Today, we may not even approach the limit really.
First, there is no global limit in marxist-leninist theory because,
according to it, endogenous
Unsubscribe
http://www.prospect-magazine.co.uk
Are global poverty and inequality getting worse?
Dear Martin
22nd January 2002
You have written eloquently in the Financial Times about
globalisation. You make three main points. (1) Poverty and
inequality on a world scale have both fallen over the past
Ian Murray wrote:
However, this result comes from fast growth
in China and India If they are excluded this measure of
inequality shows no obvious trend since 1980
Well yeah, but China and India together account for 44% of the
developing world's population I can see the point of excluding
Wasn't Wade's point that much of the increase in inequality was within
countries rather than between them?
On Mon, Mar 04, 2002 at 06:28:13PM -0500, Doug Henwood wrote:
Ian Murray wrote:
However, this result comes from fast growth
in China and India. If they are excluded this measure of
In all of these income numbers, are non-market sources of subsistence
measured? Is it possible that measured and reported gains in market income
are cancelled out if one subtracts the effects of the abolition of the
availability of non-capitalist means of subsistence (the end of the iron
rice
Economistcom
Friday March 1st 2002
Tax haven hall of shame
From The Economist Global Agenda
The collapse of Enron has brought to light a problem that has plagued rich
economies for some years: the existence of tax havens through which big
corporations can legitimately avoid tax The
Michael Perelman wrote:
Wasn't Wade's point that much of the increase in inequality was within
countries rather than between them?
Well yeah, but there's a tendency in left discourse to bracket out
China, except to talk about sweatshops and political repression The
US recession has gotten far
Devine, James wrote:
In all of these income numbers, are non-market sources of subsistence
measured? Is it possible that measured and reported gains in market income
are cancelled out if one subtracts the effects of the abolition of the
availability of non-capitalist means of subsistence (the
Martin [Wolf?] writes: Economic growth is, almost inevitably, uneven. Some
countries, regions and people do better than others. The result is growing
inequality. To regret that is to regret the growth itself.
according to Kuznets, after awhile growth is supposed to help _fight_
inequality (as
See UNU/WIDER paper by Cornia and Court (2001) Inequality, Growth and
Poverty in the Era of Liberalization and Globalization) on these issues
Cheers, Anthony
Anthony P D'Costa
Associate Professor
- Original Message -
From: Doug Henwood [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Monday, March 04, 2002 3:57 PM
Subject: [PEN-L:23500] Re: RE: Wade vs Wolf
Devine, James wrote:
In all of these income numbers, are non-market sources of
subsistence
measured? Is it possible that
Gazing at all the relics that the internet has washed up on my pc via
google, I see a veritable who's who of US equity in on the same Cayman Is
tax scams as Enron: AIG, CreditSuisse/First Boston (apparently a real
enabler for Enron who started wanting it all as well), Ripplewood, Lonestar,
and of
Henwood:
Well yeah, but there's a tendency in left discourse to bracket out
China, except to talk about sweatshops and political repression The
US recession has gotten far more PEN-L traffic than growth in
China, which has grown almost 10% a year over the last two decades
Well, for a start
the same questions apply. I know growth is
so much less fun than crisis, but maybe a few words...
Doug
Hi Doug,
Let me ask you a direct question: Is it your point that
capitalism is not as bad a system as some of us here think it is?
Sabri
On Monday, March 4, 2002 at 18:57:45 (-0500) Doug Henwood writes:
Devine, James wrote:
In all of these income numbers, are non-market sources of subsistence
measured? Is it possible that measured and reported gains in market income
are cancelled out if one subtracts the effects of the abolition
On Monday, March 4, 2002 at 18:56:42 (-0500) Doug Henwood writes:
Michael Perelman wrote:
Wasn't Wade's point that much of the increase in inequality was within
countries rather than between them?
Well yeah, but there's a tendency in left discourse to bracket out
China, except to talk about
A relative who works for a healthy credit union in the US asked me, What's
your take on the bad loan problem that is supposed to be a crisis in Japan?
If I was trying to explain it in a simple analogy, I first came up with
this:
Imagine trying to help someone who has cut an artery by applying a
Monday, March 4, 2002
Ruling Seen as Win for Competitive Electric Markets
WASHINGTON (Reuters) - The U.S. Supreme Court Monday upheld a
1996 Federal Energy Regulatory Commission (FERC) order designed
to ensure open access to the interstate energy transmission
grid.
The vote is a major victory
Doug Henwood put us onto the questionable nature of World Bank
statistics in Indonesia. Doug has also strongly criticized some of
David Dollar's work, if I recall correctly.
I cannot believe that poverty is decreasing in China. I realize
that some have risen, but many more have fallen.
Bill
Charles J. writes: the US cheap dollar/strong yen policy has pushed China
into the fore as huge exporter to both the US and Japan
huh? the US$ has been soaring since the mid-1990s. How could it be cheap?
Are you saying that the Yen is even stronger?
JDevine
what do you think of the Krugman proposal that the Bank of Japan set an
inflation target of 2 or 3 percent per year in order to fight deflation and
get real interest rates down (to stimulate spending)?
Jim D
huh? the US$ has been soaring since the mid-1990s How could it be
cheap?
Are you saying that the Yen is even stronger?
JDevine
Damn, the myths of the western financial press (in service to investment
banks) die hard The US dollar (and the yen, too) has soared against the
currencies of
what do you think of the Krugman proposal that the Bank of Japan set an
inflation target of 2 or 3 percent per year in order to fight deflation
and
get real interest rates down (to stimulate spending)?
Jim D
To my mind, Krugman is more a paid consultant and NYT author than he is an
economist
Charles J:
okay, the high yen makes sense to me now, but then why does Japan have
such a large trade surplus?
anyway, let's combine two threads. I'm no expert on Japan -- or foreign
exchange matters, for that matter -- but it seems like there are three
hypotheses I can think of:
1) Japan is
CB: Doesn't _The Manifesto of the Communist Party_ make it pretty clear
that Marx's theory of history is rooted in the relations of production
aspect of the forces of production, the division of labor, and the class
struggle ? History is a history of class struggles, not technological
okay, the high yen makes sense to me now, but then why does Japan have
such a large trade surplus?
Basically because the US buys large amounts of Japanese-made automobiles and
parts Meanwhile, only a crazy person would buy a US-made car in Japan Ford
does sell some Mazdas with the Ford
72 matches
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