Sandwichman wrote: > Here's how I parse it. Secular stagnation is the deep structure. <
why is that? is it because the average propensity to consume is slowly falling (a la Hansen)? because the degree of monopoly is rising (Baran & Sweezy)? why? Marx, for example, didn't accept the underconsumptionist idea that the natural state of a capitalist economy was to fall into depression. That is not to deny the role of inadequate mass consumption at times (such as the last 30 years in the US, IMHO). But he pointed to what might be seen as the other side of the coin, i.e., the normal tendency of capitalists to aggressively accumulate. -- Jim Devine / "Nobody told me there'd be days like these / Strange days indeed -- most peculiar, mama." -- JL. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
