I like the classical/Marxian class-based approach supplemented with the
Veblen-Duesenberry relative income hypothesis far more than the life
cycle/permament income approach.
Mat writes:
I like the classical/Marxian class-based approach
supplemented with the
Veblen-Duesenberry relative income hypothesis far more than the life
cycle/permament income approach.
I think that all of these approaches have something to add. For example, the
permanent income hypothesis'
]
Subject: [PEN-L:23636] RE: RE: RE: Re: workers' saving Marxian
political economy
I like the classical/Marxian class-based approach supplemented with the
Veblen-Duesenberry relative income hypothesis far more than the life
cycle/permament income approach.
I wrote: I think that rich people are taught how to behave: for example,
they go to Phillips Exeter or some other prep school to learn never to dip
into capital and to live off income instead.
Justin writes:My acquaintances and friends at Tigertown [Princeton] in the
mid 1970s who had gone to
Jim writes,
A key introductory point: I am _not_ defending the specifics of Marx's
analysis per se (e.g., what he says in volume I, ch. 25, of CAPITAL).
Instead, I am defending his general method and theoretical framework,
This is indeed a key point. The comment of mine that prompted this
The idea that the classical/Marxian assumption that workers don't save
(and capitalists live on air) implies that working people are
'impatient' or whatever suffers from quite a few problems:
1) the assumption is a macro assumption--it says that in the aggregate
workers don't save. This is
I wrote:A key introductory point: I am _not_ defending the specifics of
Marx's analysis per se (e.g., what he says in volume I, ch. 25, of CAPITAL).
Instead, I am defending his general method and theoretical framework...
Gil now writes:This is indeed a key point. The comment of mine that
Mat writes: What we are saying when we make that assumption is that
capitalist consumption does not fluctuate when profits go up or down by
relatively small amounts. Capitalists have various means of maintaining
consumption levels when profits fall.
yeah, I think that the forward-looking
