From: Jim Devine
As an Amurrican, I have a hard time understanding other languages than American, so I didn't get this at all. As for a "Marxist" or revolutionary interest-rate rule, I don't think there is one. The theory of (real) interest rates that Marx suggests in volume III of CAPITAL is basically one of supply and demand within the limits set by zero and the rate of profit. One might bring in institutions and say that the balance of power between industrial/commercial capitalists and banking capitalists could play a role. ^^^^^^ CB: Is the concept of ficticious capital involved in the concept of interest rate ? ^^^^ In any event, it's the rate of profit (akin to a Keynesian "average efficiency of capital") that's dominant. If the rate of profit (as measured at full employment, so that realization problems play no ^^^ CB: Tangentially or parenthetically, there is still realization problems for producers of means of personal consumption and subsistence with "full-employment" as the surplus value exploited is mostly not spent on means of personal consumption and subsistence by 1%. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
