From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Mon Dec 20 2004 - 20:53:57 EST
At 1:36 PM -0500 12/20/04, Gerald_A_Levy@MSN.COM wrote: > > Winternitz is arguing that in the boom demand may be strong enough >> both to effect continously technical change as embodied in >> accumulated capital goods and to keep running equipment that will >> become outdated in the recessionary phase. > >Rakesh, > >Why will the constant fixed capital become outdated in the >recessionary phase but not the expansionary phase of the cycle? It does, only less so. Bankruptcy, obsolescence are permanent features. Capital is never in equilibrium. >In other words, there doesn't have to be a global shortage of labor power >for an international crisis to be triggered by the shortage of labor power >in one or more major capitalist social formations. I wasn't contesting the theory as a matter of logic; it does not seem to me empirically robust at the present time. > >In solidarity, Jerry
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