Michael, I've also a question. In value terms, excess capacity presumably means an over-abundance of capital, leading me to wonder how this differs from Smith's explanation of a tendency for the rate of profit to fall in these terms? Marx's retort to Smith is that the problem is merely transitory, appearing towards business cycle peaks. "Permanent crises do not exist" he says. But Brenner at least is trying to explain a secular tendency.
Tom Dickens -----Original Message----- From: PEN-L list [mailto:[EMAIL PROTECTED] On Behalf Of Doug Henwood Sent: Wednesday, February 23, 2005 2:06 PM To: [email protected] Subject: Re: [PEN-L] questions ???? Michael Perelman wrote: >Excess capacity is an ongoing problem. For whom, exactly? I've been hearing this lament for something like 30 years and I keep waiting for it to matter more than it has. Should I just be more patient? Could you be more specific about why it's such a problem? Doug
