Right, it is a neoclassical loanable funds theory of the
savings-investment relation and interest rate determination. Savings
are the 'supply of loanable funds' and the decision to save more because
of deficits would constitute a shift out of the savings function, which
cet par. would mean
I wrote:
the argument is that long term rates are determined by supply and
demand
'in the long end' so if government sells more long term securities
long
term rates get pushed up.
Rakesh replies:
Which then pushes up mortgage rates, weakening the stimulus through
refinancing.
Long rates can
as often is the case, I wonder what is worse--that the Deomorats don't understand the
wrongheadedness of the claim that the disappearance of the surlus is the cause of the
economic troubles or that they know that is not right but are saying it for political
reasons. Either way, they are
Right Rakesh. But we still have to ask whether working people and the poor will be
better off with more spending and jobs and less taxes or not. In the long run we need
to think about alternatives to a system that just doesn't make sense, but in the
meantime we need to think about how we can
Rakesh - I don't see why I am assuming that underconsumption is the problem. Why not
underinvestment (public as well as or even more so than private)? I am supporting
govt spending for both infrastructure investment and spending on education, health
care, child care, etc. I could (and do)
Rakesh - Honestly I have not read Mattick Sr's book on Marx and Keynes since grad
school, where it was required reading in Shaikh's class. I have continued these
discussions with Anwar as well as some of his former students who have continued this
work, like Jamee Moudud. Actually we were
Does anyone know how luxury consumption/spending has been doing recently? Have those
who are fairly economically secure been taking advantage of low interest rates, etc,
or has the supposed 'wealth effect' been overpowering that, etc? Thanks. leads to data
would be appreciated also. Mat
I don't know Rajani Kanth personally, but I really like his recent books, even though
I don't agree with him on everything (including some of his interpretations of Marx).
But how many economists are willing to bring up the issue of eurocentrism in the
discipline? For that alone I think his
I just was handed a patacon from someone who just returned from Argentina. The first
thing that hits you is that it looks so much like their peso. The patacon was issued
and used to pay government worker salaries. They key state power here was the
declaration that patacones would be accepted
Well, it can be found in Adam Smith (a few passages), and there are some other
proto-chartalist meanderings, but the key text is Knapp's State Theory of Money.
Keynes in the Treatise on Money explicitly accepts Knapp's main theses. Abba Lerner
also embraced it in a short piece in the AER,
the argument as it has been developed recently is that there are horizontal and
vertical components of the money supply process. The horizontal component is the
state money component. The vertical component covers most of these other
instruments you refer to, which are basically understood
he wouldn't say his dad is too liberal, but too socialist. liberal for people like
David Friedman means classical liberal or libertarian. by the way, for the austrian
take on the state theory of money there is a good article by Selgin called On
Assuring the Acceptability of a New Fiat
The Polanyi Institute was set up by Karl's daughter Kari, who does work
along the lines of her father. There is a Polanyi *Society* that is
dedicated to the work of Karl's brother Michael. They have a newsletter
etc as well. To my knowledge the two brothers never cited one another,
and they
This is casual empiricism, but of all the long time econ profs at the
new school, I think the one whose students most end up on or near wall
st is Anwar Shaikh. mat
-Original Message-
From: Michael Perelman [mailto:[EMAIL PROTECTED]]
Sent: Monday, January 14, 2002 4:18 PM
To: [EMAIL
http://www.guardian.co.uk/quiz/questions/0,5961,612460,00.html
Chairman
of the Federal Reserve since 1988, Greenspan visited the campus for a talk at Stude Concert Hall sponsored by the James A. Baker III
Institute for Public Policy. Following his lecture, he received the Baker
Institute's Enron Prize for Distinguished Public Service. The prize, made
It is like Darity's managerialism.
See William A. Darity, Jr., The Undersirables, America's Underclass in
the Managerial Age: Beyond the Myrdal Theory of Racial Inequality
Daedalus: proceedings of the American Academy of Arts and Sciences. 124,
no. 1, (Winter 1995): 145ff. and the references
capacity supplants property ownership as the key to
access to the modern elite.
-Original Message-
From: Forstater, Mathew
Sent: Tuesday, January 15, 2002 5:06 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:21433] RE: crisis causes the end of capitalism?
It is like Darity's managerialism.
See
.
-Original Message-
From: F G [mailto:[EMAIL PROTECTED]]
Sent: Tuesday, January 15, 2002 8:32 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:21453] Re: RE: RE: Re: RE: Re: crisis causes the end of
capitalism?
From: Forstater, Mathew [EMAIL PROTECTED]
Reply-To: [EMAIL PROTECTED]
To: [EMAIL PROTECTED
I support anything that I think will make the lives of working people
and the poor (and the working poor!) better than it is now, including
deficit financed job creation, government spending on various social
programs, living wage, etc. I don't believe that these things can end
the business
Rakesh asks:
Mat,
(1) what happens if govt deficits in the pursuit of full employment
have arresting effects on private investments; could this happen? why
or why not?
If you are talking about some kind of crowding out then, first, I
think that many of the arguments for crowding out are
Jim, I have thought about this recently and come to the conclusion that,
first, unregulated or badly regulated capitalism is both
macroeconomically unsatisfactory and environmentally unsustainable.
Second, traditional policy approaches to both unemployment and
environmental degradation are
Hi Peter -
I have taken a multi-pronged approach that includes arguments about
valuation problems (criticisms of contingent valuation, travel cost, and
other methods); an alternative view of social costs based on Kapp's work
that includes cumulative causation; critique of optimality notions
Would one of those important and true insights be that the value
contributed by labor power to the product of labor power exceeds the
value paid to labor by capital for its contribution?
-Original Message-
From: Justin Schwartz [mailto:[EMAIL PROTECTED]]
Sent: Thursday, January 31, 2002
Jks writes:
I don't want to get into this in great detail, but here's the short
version.
What's called the LTV has two meanings. The lose meaning, intended by
most
people, is the vulgar version, that labor is the only source of value,
which
Marx accepts, but not in the sense used by most of
Full cite please Michael?
I wrote about this in more detail a few years ago in the Cambridge
Journal
of Economics.
Two (related) things I have learned from (or that have been reinforced
by) the hermeneutic Austrians (Lachmann school Austrians at GMU and
NYU):
1. read others generously though critically
2. humility about one's own position
the first was known by grad students at NYU during Lachmann's times
Many laws such as the laws of supply and demand are really neither
descriptive nor predictive, but can only really be seen as
*prescriptive*. This is what you *should* do if you want such and such
results. (This is what Adolph Lowe called instrumental analysis.)
Subject: [PEN-L:22404] LOV and
CB: Can we get into a little more what a heuristic is?
Anyone interested in heuristics should consult a wonderful little book
called _How to Solve It_ by Georges Polya. The aim of heuristics
according to Polya is to study the methods and rules of discovery and
invention. People like Polya
and pete seeger lives on
Harvey Matusow, 75, an Anti-Communist Informer, Dies
By DOUGLAS MARTIN
Harvey Matusow, a paid informer who named more than
200 people as Communists or Communist sympathizers in
the early 1950's, only to recant and say he lied in
almost every instance, died on Jan.
http://www.michaelmoore.com/2002_0129.html
Lowe had an interesting little paper on value theory where he asked,
Suppose a universal amnesia were to wipe out the knowledge of all
present prices, would there be a rule for reestablishing them? He then
looked at both neoclassical marginalist (utility) theory and
classical/Marxian (labor
I am way behind in e-mail messages, but would recommend Smythe's book,
called Dependency Road: Communications, Capitalism, Consciousness, and
Canada to everyone. Smythe had been a visiting prof at Temple the two
years before I started there, and it seemed like everyone was reading
him when I
I always liked Lennon's (not Lenin's) definition:
God is a concept by which we measure our pain.
Though I'm not exactly sure what it means.
Since when do Marxists and Sraffians suppress Marx or the study of Marx?
All of my Marxist and Sraffian teachers (eg, Shaikh, Gordon,
Garegnani, Eatwell) promoted the careful study of Marx They always
provided logical and textual evidence for their interpretations and
disagreements, though one
:[EMAIL PROTECTED]]On Behalf Of Forstater,
Mathew
Sent: Sunday, March 03, 2002 4:27 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:23411] RE: RE: Re: RE: Re: Some questions
Since when do Marxists and Sraffians suppress Marx or the study of
Marx?
All of my Marxist and Sraffian teachers (e.g., Shaikh
There is a difference between making an unconvincing argument of logical
inconsistency and claiming a logical inconsistency without any attempt
to demonstrate it (By the way, I never understood the Sraffian
argument against the LTV as in general based on logical inconsistency--I
thought it was
For
those not on afeemail, this Veblen
quote showed up there during a discussion of enron.
From
Veblen's 1904 book _The Theory Of
Business Enterprise_ [Chapter 6].
It
follows, further, that under these circumstances the men who have the
management of such an industrial enterprise,
I think that the answer to Michael's question is yet to be fully
answered. Sraffa's papers were for many years not available to most
people. I have made the argument that there is a difference between
Sraffa and the Sraffians myself, or at least that Sraffa is open to
other interpretations, but
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 like the classical/Marxian class-based approach supplemented with the
Veblen-Duesenberry relative income hypothesis far more than the life
cycle/permament income approach.
refusal to do anything to preserve the
traditions of the GF? Prewitt's hire was a coup for the GF--after a
couple very weak Deans, this former head of the U.S. census had raised
hopes...
-Original Message-
From: Forstater, Mathew
Sent: Thursday, March 07, 2002 10:16 AM
To: [EMAIL PROTECTED
I am also no student of Japan! (who is, anyone here...there were some
East Asia watchers down under, no...Rob?)
Anyway, one thing I can say is that the idea of downgrading Japanese
sovereign debt (as Moody's has already done and is considering doing
again) is another case study in
This should be interesting. Stockton is near the beach in South Jersey.
In addition to Deb Figart, Paul Lyons is there. He wrote, among other
things, _Philadelphia Communists, 1936-1956_ (Temple U. Press). Before
he went to Stockton, he was my high school teacher (courses in
Communism and Marx
I've always thought that the distinction between accumulation and
extended reproduction was an important one. Simple and extended (or
expanded) reproduction are both models; accumulation describes real life
capitalism.
L. wrote his dissertation (from another U.) while in residence at Kiel
U.,
Monday, March 11, 2002
Resignation at New School U. Adds to Ph.D. Students' Fears About
Programs Being Shortchanged
By CHRISTOPHER FLORES
Ph.D. students at the New School University are worried that
last week's resignation of a graduate dean -- after less than
a year in office -- is
Does anyone know the details on submitting session proposals for the
URPE meetings at ASSA, D.C., 2003--deadline, who to send it to, e-mail,
etc.?
Drewk, you seem to think that proof is something everyone agrees on.
One person's proof is another's obfuscation, suppression, etc., as you
yourself admit. I don't know the details of the history of your
interaction with other points of view, so I don't know whether others
have totally ignored
I don't see the problem with the notion of a physical surplus. The
surplus product is production over and above production of the (socially
and historically determined) means of subsistence. My understanding is
that the time required to produce the means of subsistence is necessary
labor time.
Drewk, I'll have to admit I have perused a couple of your papers on the
web and I'm interested in understanding your argument(s). I have looked
at some of your and your colleagues stuff in the past but I have not
really devoted myself to a careful study. I am always interested in
anything that
Anyone listen to Ws press conference? He kept saying nucular
for nuclear. He also said commiserate
with when it seemed like he was trying to say consistent with.
I've seen the 2 x 2 box used as an interesting-dare I say the
word-heuristic. For example, Nell has used them to show why firms tend
to all build in extra capacity, resulting in overall excess capacity;
and why countries all take austerity approaches, resulting in a general
global recessionary
In the examples I gave, what you have to do is consider the point of
view (and therefore behavior) of one member of the group in relation to
the entire rest of the group. Then you imagine that each one of the
members takes the same view (and behaves similarly) in relation to the
rest of the
Sabri, you might want to check out the article Sraffa and von Neumann
by Heinz Kurz and Neri Salvadori in Review of Political Economy, Vol.
13, No. 2, April 2001. Also, M. Dore, et al., John von Neumann and
Modern Economics, Clarendon Press, 1989. For these authors, his A
model of general
true solicitation received recently. dont even know
where to begin with this one!
-
Friends,
acquaintances, economists, investors:
Are
you interested in investing a bit of your
It has always struck me that some Marxist and some public
choice/Austrian frameworks do converge in a way on these kind of issues.
Both sides see markets (or capitalism) as all-pervasive. This is
why in some debates in anthropology, for example, it was striking that
the neoclassicals were
I can sympathize with Louis Proyect's lament concerning the lack of good
available work on the Argentinian situation from a radical or Marxian
perspective in English. But one good recent work at least should be
mentioned:
Stunted Lives, Stagnant Economies: Poverty, Disease, and
Unfortunatetly, quoting of the butcher and baker passage out of
context is exactly what the 1980s Adam Smith tie-wearing Reaganite
Gordon Greed is Good Gekko types did to promote the idea of Smith as
an unabashed promoter of self-interest. A. L. Macfie's The Individual
in Society (and his and
I agree that characterization of Smith as populist seems peculiar to me.
That said, I think many other characterizations of Smith are also wrong.
Advocating markets in the 18th c., when the fetters of euro-feudal life
were still in force strongly, and advocating markets in the late 20th
c.,
Re: Louis' Argentina piece:
Regarding the January 24, 2002 proposal of Argentine economists of the
University of Buenos Aires, setting out an alternative,
non-freemarketneoliberal, program -- An english translation of this
program is now up on the Monthly Review website at
I have two books here that are worth taking a look at:
Microeconomics: Neoclassical and Institutionalist Perspectives on
Economic Behavior by Susan Himmelweit, Roberto Simonetti and Andrew
Trigg; Thomson Learning, 2001.
Alternative Principles of Economics by Stanley Bober, M. E. Sharpe,
2001.
You can call me anything you like. Call me a monster or a murderer...
Better a live Judeo-Nazi than a dead saint... Even if you prove to me
that
the present war in Lebanon is a dirty immoral war, I don't care... We
shall
start another war, kill and destroy more and more, until they will have
had
Apologies for sending the quote before seeing the correction, and thanks
to Louis for pointing it out. At least I didn't send the one about
Spielberg making a movie on the Intifadah!
Title: FW: Spielberg to direct feature based on Palestinian Uprising
Bogus, as far as I know. Sofor entertainment only.
Spielberg to direct feature based on Palestinian Uprising
April 16 2002 at 12:47 AM
The Hollywood Reporter (no login)
Spielberg to direct feature based on
This one Im pretty sure about:
Everybody has to move, run and grab as many (Palestinian) hilltops as they can
to enlarge the (Jewish) settlements because everything we take now will stay
ours...Everything we don't grab will go to them.
-
Ariel Sharon, Israeli Foreign Minister,
On an NPR program, an Israeli professor says, in response to criticisms
of Sharon, yes, but he is a democratically elected leader and the
citizens can vote him out of they want to, whereas the Palestinian and
many other leaders of Arab countries are not democratically elected as
though this
How unbelievably arrogant and ignorant. This is supposed to be some
kind of 'public intellectual'? What an embarrassment. I don't even
know where to begin... He is an *historian*??!! What a joke. The
single word 'slavery' means the same thing in all times and all places??
He doesn't care
Military Keynesianism can have certain kinds of 'multiplier' effects.
But the examples used in the news articles show what kind: workers
building guns eat at nearby restaurants, etc. But military expenditure
does not have the kind of *dynamic* multiplier effects from other types
of spending.
This is probably old for many others, but I didn't recall ever seeing
this.
You may seen a rare beardless photo of Marx between 15 and 16 years old
at
http://br.groups.yahoo.com/group/attacorg/
Hicks?
-Original Message-
From: Ian Murray [mailto:[EMAIL PROTECTED]]
Sent: Friday, May 10, 2002 4:00 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:25863] pop quiz time
[who said it?]
...confusion forces practical economists to explain the determination
of
interest by opportunity cost
One of the best on real and nominal interest rates was the late great
George Brockway. See his latest edition of THE END OF ECONOMIC MAN,
Norton. For a brief summary and commentary (and tribute to George) see
http://www.cfeps.org/pubs/pn/pn0203/pn0203.html
University of Southern Maine
If you are including smaller undergrad schools:
Franklin and Marshall College
Dickinson College (University?)
(both in Penna.)
There are lots more little ones.
UM Lowell? Who's there? Tufts? What's the criteria here?
-Original Message-
From: Max B. Sawicky [mailto:[EMAIL PROTECTED]]
Sent: Sunday, May 12, 2002 5:59 PM
To: Pen-L
Subject: [PEN-L:25931] Hetero Depts
I want to put a list of heterodox econ depts
(loosely defined) on my web site.
Dickinson College in Carlisle PA, has a Marxist (Sinan Koont, phd from
UMass-Amherst), a neo-Marxists/radical political economist (Chuck
Barone, Phd from American) an institutionalist (Gordon Bergsten, Phd
from UCB), and a non-neoclassical Austrian (Bill Bellinger). Their
visiting people are
Cal State San Bernardino has Nancy Rose, Mayo Torunyo, Eric Nilsson (on
pen-l I believe).
Listen, one hetero economist does not a hetero dept make. That's called
a marginalized token.
I say either there has to be a concentration of non-mainstream people
(not all, maybe not even half, but a
Sorry, sent my note before I saw Eric's post. Wow, Eric, thousands of
dollars from alums to fund scholarships in econ--cool!
Colorado State - Fort Collins still has a bunch of institutionalists and
a program or concentration in institutional or political economy. Ron
Stanfield, Ronnie Phillips, etc.
University of Denver has Post Keynesians and institutionalists like
Peter Ho, Tracy Mott, Robert Urquhart, etc.
Wright
Kalamazoo has two New Schoolers, Louis-Philippe Rochon (who has a name
chair) and Matias Vernengo, and they have their own institute, hold
conferences, etc.
Hey, just about the whole world is heterodox!
Michael, I heartily disagree that for Smith profits were wages of
supervision. In WN, Smith states that:
The profits of stock, it may perhaps be thought, are only a different
name for the wages of a particular sort of labour, the labour of
inspection and direction. They are, however,
Sven Larson (Post Keynesian) is at Roskilde. CBS actually has a bunch of
people interested in non-neoclassical stuff, but they are in something
like the Organizational Learning dept. I was there a year or two ago for
a conference--it was held in the King's former summer home on the Black
Center for Full Employment and
Price Stability
workshop on
The State of the World
Economy
Analysis and
Prospects
with
William F. Mitchell
Center of Full Employment and
Equity, University of Newcastle
Warren Mosler
AVM, Ltd.
Stephanie Bell
Center for Full
I don't know how many pen-lers are on this kapital gang list, I don't
think I even subscribed to it, so maybe we are all on there. Anyway,
there was just an announcement of Joel Kovel's new book, with the great
title The Enemy of Nature: The End of Capitalism or the End of the
World. The
For a good piece on related issues and a great example from a NY
restaurant menu, see Bruce Pietrykowski, Consuming Culture in
Rethinking Marxism from a the mid nineties.
I admire both Galbraith and Heilbroner, but it always seemed clear to me
that Heilbroner (save maybe his New Yorker articles or whatever) was
writing at a more complex, deeper level (even in NYRB--articles on
Schumpeter, Keynes, etc.). One may differ with, e.g., his
interpretation of dialectics
-power didn't exist _as a
commodity_. I
don't insist that everything I read agree with either Marx or me, but
his
avoidance of basic Marxian concepts seems to encourage fuzzy thinking.
Jim Devine [EMAIL PROTECTED] http://bellarmine.lmu.edu/~jdevine
-Original Message-
From: Forstater
New Schoolers have been notoriously famous for taking 'forever'--ten
years not unusual at all, with some coming in for 'extensions' after the
time limit has been reached. There have been some notable
exceptions--e.g., George Argyrous, Stephanie Bell, Jim Stanford--but all
came in with an M.A.
Harry Chang is very good on this. See his Toward
a Marxist Theory of Racism (two essays by Harry Chang), edited by Paul Liem and Eric Montague in Review of Radical Political
Economics, Vol. 17, No. 3, Fall, 1985, pp. 34-45. (Special Issue: The Political
Economy of Race and Class, Gary
Both 'purely' natural (biological) and social theories of race are wrong
(though if they are the only available the social is certainly
preferable, imo). The reason why the purely social theory is incomplete
is because of the physiognomic rule -- physiognomic traits are
biologically inherited.
Chang, following
Marx, also uses the Gemeinschaft vs. Gesellschaft distinction to demonstrate that a race or
a racial group cannot be a class in the strictly economic-relational sense of
classes. While, in the U.S. prior to the Civil
War it was true that all slaves were Black and all
to
the concepts of Gemeinschaft vs. Gesellschaft and reification, Chang uses
the concept of objectification to try to sort out the issues.
-Original Message-
From: Forstater, Mathew
Sent: Wednesday, May 29, 2002 3:10
PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:26432] RE: Re:Text
File Capitalist
But this is why Oliver C. Cox's distinction between racism (and
race) and race antagonism (or racial oppression) is so important.
For Cox, the former is ideological/superstructural, but the latter is
very much a part of material reality, soaked with blood.
We have all come across some perhaps
I read it as a derivation of perpetuate or perpetuity perpetuance?
Perpetuant? A truant pet? A pet per to chance? Pet purr to nuance?
-Original Message-
From: Timework Web [mailto:[EMAIL PROTECTED]]
Sent: Friday, May 31, 2002 3:19 PM
To: [EMAIL PROTECTED]
Subject: [PEN-L:26479] re:
See Downgrading Japan, C-FEPS Policy Note 02/01
It is no secret that the Japanese economy remains moribund, facing its
third recession in a decade and with rising unemployment, price
deflation, and persistently stagnant growth. And in spite of near-zero
interest rates, large fiscal deficits, and
From Hamza Alavi
What is specific and central to the capitalist mode of
production (in agricultural capitalism as well as industrial) is the
separation of the producer from the means of production. As Marx
himself put it, 'This separation of labour from the conditions of
labour is the
Title: Rogoff letter
How about:
Karl Marx by David McLellan, Viking Press, 1975.
A while back I forwarded a message concerning this subject to Anwar
Shaikh. Here is his reply--better late than never! Mat
-Original Message-
From: Anwar Shaikh [mailto:[EMAIL PROTECTED]]
Sent: Tuesday, July 09, 2002 5:12 PM
Response to Eric Nilsson
Dear Eric
The issue you raise is
of the
private sector. Consumers were able to maintain their spending only
through expanding debt to record levels.
Forstater, Mathew wrote:
Check this out:
http://www.nationalreview.com/nrof_nugent/nugent082401.shtml
--
Michael Perelman
Economics Department
California State University
[EMAIL
We can split the private sector into households and businesses fairly
easily, though this doesn't address inequality within those sectors. But
we do know that businesses, in the aggregate, remain in the black, so
far, even if profits are declining. So for the private sector as a whole
to be in
Key address by Dr. Fidel Castro Ruz, President of
the Republic of Cuba at the World Conference against
racism, racial discrimination, xenophobia and
related intolerance Durban, South Africa.
September 1, 2001
Excellencies:
Delegates and guests:
Racism, racial discrimination and xenophobia
is anyone following the 'patacon' phenomenon in Argentina? In the face
of budget balancing requirements, Buenos Aires has issued a different
currency, the patacon (singular; plural is patacones) so that they can
can pay workers wages and meet other commitments. an important part of
promoting
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