Brad DeLong asked a question below. When I read Abba Learner's The Economics of Control I had a brief period of elation, thinking the public sector could stabalize things. But only a brief reflection explained why that can't work. Private businesses stop the public sector from building and operating useful things. Military spending is fine, almost everything else is off limits. So, if I could understand this in three or four days, Marx probably was able to figure it out as well.
Gene Coyle On May 3, 2011, at 10:52 AM, Brad DeLong wrote: > The question remains. Given the absence of commercial crises and depressions > in the AMP and the FMP, why wouldn't replicating the building of cathedrals, > the building of aqueducts, or the conquest of Gaul stave off the crisis and > so allow capitalism to engage in stable, balanced growth? > > Lenin writes that the conquest of Gaul does--but eventually you run out of > Gauls. But that doesn't explain why the public sector can't stabilize things > via non-military Keynesianism. To my knowledge Marx never provided an > answer--but he was damned sure it wouldn't... > > Yours, > > Brad DeLong > > On Tue, May 3, 2011 at 10:20 AM, Doug Henwood <[email protected]> wrote: > > On May 3, 2011, at 1:08 PM, raghu wrote: > > > Apologies for the terrible subject-line, but I am curious about > > reactions to this critique of Marx's crisis theory by Bad DeLong > > This is what my late friend Bob Fitch liked to call Vol. 1 Marxism. Marx > wrote plenty about credit, and believed, among other things, that it helped > capitalism stretch beyond its boundaries. > > Doug > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > > If economists could manage to get themselves thought of as humble, competent > people on a level with dentists, that would be splendid! > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l
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