On Jul 6, 2013, at 11:56 AM, Jim Devine wrote:
Shane Mage wrote:
But, of course, Marx defined the Law of the falling tendency of the
rate of
profit as "requiring, for its defeat, periodic crises." Nothing
"irreversible" about that--on the contrary, the function of crises is
precisely to reverse it! The Law is a *long-term* tendency, an
"economic law
of motion of modern society." It is capitalism's "peau de chagrin."
[the magic skin?] Read Balzac!!!
quoting Marx does no good if his argument for the theory isn't
convincing.
The point is that the tendency was called "irreversible" and Marx was
quoted to show that he said the exact opposite! As to whether his
argument for the theory is "convincing" in terms of his theoretical
system, that case is made in my forthcoming reply to Heinrich's MR
attack on it.
Shane Mage
This cosmos did none of gods or men make, but it
always was and is and shall be: an everlasting fire,
kindling in measures and going out in measures.
Herakleitos of Ephesos
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