On Mar 19, 2008, at 10:57 AM, Louis Proyect wrote:
...the current crisis, which does not involve an increasing organic
composition of capital...
Don't be so sure of that. No real Marxist study of the organic
composition of capital in the US economy has been done since 1962,
but the huge increase in the proportion of "socially necessary but
unproductive labor"
in the economy is reflected in a huge increase in the fixed capital
needed for its employment (examples: Office skyscrapers, Megamalls,
etc.). All this is included in the organic composition (C/v+s). If,
as I strongly suspect, the falling tendency of the rate of profit
underlies the real stagnation of the US economy since the 1980's and
the explosion of "fictitious capital," the old Marxian ratios are more
relevant than ever.
Shane Mage
"Thunderbolt steers all things...it consents and does not consent to
be called Zeus."
Herakleitos of Ephesos
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