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

I was deliberately giving an idealised gold standard account to be in line with the bank practice of his day
________________________________________
From: ope-bounces@lists.csuchico.edu [ope-bounces@lists.csuchico.edu] On Behalf Of Gerald Levy [jerry_levy@verizon.net]
Sent: Thursday, January 28, 2010 4:12 PM
To: Outline on Political Economy mailing list
Subject: 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 Fri Jan 29 03:10:58 2010