Re: [OPE-L] J Winternitz's "The Marxist Theory of Crisis" online

From: Gerald_A_Levy@MSN.COM
Date: Fri Dec 24 2004 - 10:18:19 EST

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> 1. Recessions may not improve best practice as much as bring capital
> into line with it. Webber and Rigby consider this type of technical
> change.

Rakesh:

As far as I can determine, Webber and Rigby (_The Golden Age
Illusion_) did not claim that the empirical evidence shows that
replacement investment in constant fixed capital occurs more
rapidly in the resecessionary phase of the cycle.

In solidarity, Jerry

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