From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Fri Aug 25 2006 - 13:19:24 EDT
So far there has been no comment on my complaint that many of my criticisms of Trigg were appropriated without acknowledgement. But a search of the OPE-L archive will reveal that I clearly made the following points. 1. I argued that Kalecki and Crotty were confused about whether profits determined investment or profits determined investment. I argued that Crotty was wrong to rule out the possibility that declining profitability could depress investment. 2. I argued against Trigg for suggesting that capitalists could spend their way out of crisis. I suggested that his banners would have to say Capitalists of the World Unite and Luxuriate! 3. I argued that Grossmann's emphasis on production was apposite for the analysis of protracted, deep and general crises. I granted that Andrew T's demand side analysis may well be illuminating for less serious forms of crisis. 4. I argued that Andrew T allowed for unrealistic and unbounded rises in the rate of surplus value as effected by autonomous increases in luxury spending. One can judge for oneself whether these points have simply been repeated in the following. Rakesh
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