From: Fred Moseley (fmoseley@MTHOLYOKE.EDU)
Date: Sat Nov 20 2004 - 09:38:18 EST
On Fri, 19 Nov 2004, Riccardo Bellofiore wrote: > At 10:21 -0500 19-11-2004, Fred Moseley wrote: > > > >Riccardo, I don't recall any of the Levy crowd saying anything about the > >rate of profit, whereas I think it is fundamental to understanding the > >current world economic situation. > > > >And they certainly do not say anything about unproductive labor, the > >main cause in my view of the decline of the rate of profit in the postwar > >US economy. > > of course, my point was about the financial side. I am not asking PK > guys to be Marxists, but I may ask Marxists to recognize where PK > theorists have contributed significantly. Riccardo, I certainly agree that PK theorists have contributed significantly to the understanding of debt problems and financial instability, which is a valuable supplement to Marx's theory of the rate of profit. Fred
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