Jim One possibility to consider here is that it's not possible for the government to manage effective demand to overcome a protracted crisis and that the economy left to itself will also suffer protracted depression, not the sharp V recovery as economic libertarians such as Hayek and Schumpeter claimed. Why no V shaped recovery? Debt deflation spirals (Devine, Krugman), imperfect competition (Preobrazshensky), the very business consolidations undertaken to reduce capital/output ratios and thereby restore profitability compound the unemployment problem in the short to medium term and thus the problem of effective demand as well (my leading candidate)? Lakshmi
_______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
