I would say that devaluation of fictitious capital [specifically corporate capital, not government paper] is important in raising the rate of profit.
On Tue, Jan 15, 2002 at 06:12:16PM -0800, Rakesh Bhandari wrote: > > > >This brings us back to the discussion that set off the thread on > >crises. Capitalism has proven resilient and has withstood a number of > >shocks over the centuries. > > yes, michael, but the question is how are crises overcome? jim's > theory leads to one conclusion--raising consumption and/or prices > should work to restore a crisis of overaccumulation as jim d defines > it ; grossman's, mattick's, yaffe's and cogoy's, shoul's, > dunayevskaya's, daum's and moseley's present another diagnosis of the > crisis, which implies that it will be cured in a different way. > > the historic evidence and theoretical reasoning are clearly in favor > of the latter school of thought (which by the way has its origins in > Grossman's recovery of the essence of Marx's crisis theory). > > Rakesh > -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
