From: ajit sinha (sinha_a99@YAHOO.COM)
Date: Wed Dec 06 2006 - 11:12:49 EST
--- Paul Cockshott <wpc@DCS.GLA.AC.UK> wrote: > I put the high level of unemployment down to : > 1) Restrictive monetary policies which hindered > capital accumulation. > 2) An obsession with reducing the state budget > deficit > 3) A shift in the distribution of income from the > working class towards > the rentier class who have a lower propensity to > consume ________________________ Paul, they are all Keynesian arguments. I think it works when you are describing recessions. It is hard to make Keynesian arguments for unemployment when an economy is growing around the rate of 8% or at least 6% on the average for 25 years (which is the case of India). I think we need to wind this debate down. But just out of curiosity, I have a question: When do you measure labor content of commodities, how do you homogenize heterogeneous labor? Do you use wage differentials? If so, then how do you justify it? Cheers, ajit sinha __________________________________________________ Do You Yahoo!? Tired of spam? Yahoo! Mail has the best spam protection around http://mail.yahoo.com
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