I think that an important problem which Michael Roberts doesn’t adequately
address, is that the economy as a whole stays fairly stagnant, despite profits
being high. What needs to be explained, is how economic stagnation can
continue, despite fairly high average profitability. No doubt we have to factor
in differences in profitability between different sectors. If it is true that
roughly two-fifths of the corporate profit volume is earned by the FIRE sector
(finance, insurance and real estate), that would already explain a lot.
J.
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