http://thenextrecession.wordpress.com/2012/06/26/profits-call-the-tune/
Empirical work done on the causes of ‘business cycles’ or booms and
slumps in capitalist economies by all the mainstream economics researchers
(Matthews, Wesley Mitchell, Tinbergen) conclude that the movement in
investment is driven by movements in profitability. But Keynes and the
Keynesians ignored the evidence and continued with the mantra that “it is
investment that calls the tune” , to use the phrase of Hyman Minsky. This is
the direct opposite of Marx’s view that ‘profits call the tune’.
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