lation of the financial sector, notably
>the abolition of bank reserves, have made the debt problem much worse. We
>need more debt-free money in circulation.
I hope he's not proposing the re-establishment of bank reserves, since that
would deflate the economy.
>A sound monetary system is the first prerequisite for a sound economy.
sure. This guy should read Irving Fisher on the "debt deflation theory of
great depressions."
Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine
Perhaps some Pen-L might comment on this..
Cheers, Ken Hanly
April 6, 2001
CBC Radio One Commentary
by David Gracey
These days the media is full of bad news stories about the economy. We
hear
of massive layoffs in the auto sector. Consumer confidence is
plummeting.
The same economists who
Tom writes:
> Although the "total working day" may be hard to quantify, it has
>qualitative limits, depending upon definite technical, historical and
>physiological factors. At some unspecifiable (and malleable) point,
>increasing the length of the working day won't do any more good becaus
Jim Devine wrote:
>Tom wrote:
>>Somewhere in vol. III of Capital (I haven't been able to track down the
>>location), Marx criticized those vulgar political economists who become so
>>enamored of the idea of interest-bearing capital that they even proclaim
>>wages as a form of interest on the lab
Michael Perelman wrote:
>I tried to tell the story of the Great Depression of the late 19th century
in my
>book, End of Economics. Not only did the Depression occur in the way Jim
cited
>Doug Dowd, but most of the leading economists of the time in the United States
>explicitly recognized that
Tom wrote:
>What if we push the preceding argument "Beyond Capital" (so to speak) to
>consider the depreciation of wage labour on more or less the same basis?
>Somewhere in vol. III of Capital (I haven't been able to track down the
>location), Marx criticized those vulgar political economists who
G'day again,
For those of you who missed Wynne Godley's latest; it's compellingly
summarised here. For those of you interested in comparisons between
Australia's 'boom' and America's; here 'tis. For those of you who have a
view about how legal across-the board import duties would be under WTO a
I tried to tell the story of the Great Depression of the late 19th century in my
book, End of Economics. Not only did the Depression occur in the way Jim cited Doug
Dowd, but most of the leading economists of the time in the United States explicitly
recognized that reality.
Tom Walker wrote:
>
Jim Devine wrote:
>Some might say that the period from 1973 to 1992 or so in the US was a
>"great depression" of sorts. I don't find this very useful, either. If
>people want to call it a great depression, that's fine with me, but since
>the three "dep
pitalism, how many "great depressions" have
> >there been?
>
> It depends on your definition, some would say two. I would say one. The
> "great depression" of the 19th century US was different from that of the
> 1930s. To quote the Doug Dowd who used to be at Cornel
[was: Re: [PEN-L:5527] Re: Re: Re: Re: Re: Re: the downturn]
Carrol asked:
>In the history of industrial capitalism, how many "great depressions" have
>there been?
It depends on your definition, some would say two. I would say one. The
"great depression" of the 19t
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