Re: [OPE] Did Marx have a loanable funds theory of the interest rate?

> The idea of loanable funds is misleading one.

Hi Paul C:

I agree. What's misleading is that it represents the perspective of
individual banks
looked at in isolation from the role of the state and the macroeconomy.

Like so much of what is wrong with how others interpret Marx (and
capitalism) , they take _Capital_ (and capital-in-general) in isolation from
other
integral sunjects such as the major classes, the state, trade, and the world
market.

In solidarity, Jerry

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Received on Thu Jan 28 11:17:37 2010