Previously, I made the case that the financial meltdown was basically a
delayed response to the severe neglect of investment in plant,
equipment, and infrastructure. I also explained the cause of this neglect.
http://radicalnotes.com/content/view/73/39/
Here, I'm going to discuss the financial side of the crisis, which,
while secondary, is still important.
This crisis has been nicely described as a Minsky moment, but it may
just as well be described as a Marx moment. Marx's term fictitious
capital and the more conventional discounted present value are not
entirely different, but Marx's expression emphasizes the fact that the
future is both unknown and unknowable.
more at
http://michaelperelman.wordpress.com/2009/01/31/marx-before-minskymarx-before-minsky/
--
Michael Perelman
Economics Department
California State University
Chico, CA
95929
530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com
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