I partially disagree. In my opinion, a marked distinction between offer and demand shocks is more mainstream economics than marxist, which favours for a more holistic approach (obviosly depending on the author. Michael Roberts tends to focus too exclusively on the fall of the rate of profit; in my opinion a more multicausal theory of crisis is required, as developed by many other marxists). That said, in my opinion the covid crisis must be considered as generated by collapse in offer due to lockdowns that led (almost simultaneous) to a collapse in demand due to layoffs. The feed back effects between both sides of the crisis have been very important, and only partially contained by stimulus packages that will have very severe consequences for many countries as a result of unbearable public debt.
Esteban On Sun, Dec 13, 2020 at 1:14 PM Vladimiro Giacche' < [email protected]> wrote: > I agree with you: this crisis started with a collapse in demand due to > lockdown etc. > VG > > Inviato da iPhone > > Il giorno 13 dic 2020, alle ore 16:00, John Reimann <[email protected]> > ha scritto: > > > I have some questions about the analysis of Marxist economist Michael > Roberts, and I would be interested in the thoughts of others. Roberts > writes: > "But the ensuing slump in world production, trade, investment and > employment did not start with a financial or stock market crash, which then > led to a collapse in investment, production and employment. It was the > opposite. There was a collapse in production and trade, forced or imposed > by pandemic lockdowns, which then led to a huge fall in incomes, spending > and trade. So the slump kicked off with an ‘exogenous shock’, then the > lockdowns led to a ‘supply shock’ and then a ‘demand shock’." > I have trouble with this. At least here in the US, it seems to me that it > did start exactly with a "demand shock", not a collapse in production. > > > Roberts' article: > https://thenextrecession.wordpress.com/2020/12/02/a-credit-crash-ahead/ > > -- > *“Science and socialism go hand-in-hand.” *Felicity Dowling > Check out:https:http://oaklandsocialist.com also on Facebook > > > > -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#4413): https://groups.io/g/marxmail/message/4413 Mute This Topic: https://groups.io/mt/78928153/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/8674936/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
