Sandwichman: > I would challenge the implicit assumption that surplus value is first > produced and then redistributed. It might seem "intuitively obvious" that > you can't redistribute something that doesn't exist yet but of course you > can. You just distribute claims on future wealth creation. That's what > capitalization is about.
I like what Tom say a lot. We can say this: accounting is about the past whereas finance is about the future. Can we say this: what is in Capital Volume 1 is about accounting whereas what is in Capital Volume 3 is about finance? Therefore, the LTV should go beyond Volume 1 and incorporate Volume 3, also? As you may remember, Minsky was claiming that any economic theory which does not take finance into its heart cannot explain the world we live in well or something to that effect. Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
