The pairing of structural versus cyclical confines the mind to an unproved restriction. Namely, capitalism might need more or less modification, but there is some modification of capitalism that would achieve the goal (in this case, very low unemployment). In other words, capitalism can be eternal.
But it cannot. The use of profits to invest for more profits not only collapses from time to time in a bust, throughout the life of capitalism. At a point now being reached, the profit-investment-profit process cannot expand further. (This qualitative change has nothing to do with manipulations, always inconclusive, of equations about the falling rate of profit.) It is an open question how much the arrival at this barrier results in unemployment and how much in degraded living conditions of the employed. My explanation for this is in http://www.amazon.com/NO-RICH-POOR-CHARLES-ANDREWS/dp/096799053X _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
