[PEN-L:3841] Re: stock market & investment

[ROSSERJB@xxxxxxx]

To Doug,
     This will be my over and out, unless I am seriously
provoked.  For your book on Wall Street I think you are
going to have a hard time using Marx as a "general theory."
He may have an edge on Keynes with regard to real capital
investment, the apparent point of your original posting,
but in terms of explaining what goes on on Wall Street, Keynes
clearly has it all over Marx, although Marx's analysis of
financial markets was a lot more sophisticated than most are
probably aware of.
     Again, I don't think anybody on this list has seriously
questioned your arguments that Keynes may have been wrong when
he asserted in a few places that real capital investment is
determined by what goes on on Wall Street, etc.  On the other
hand we have all pointed out that that is only a part of Keynes's
argument about real capital investment which involves a number
of ideas that do not appear, or very clearly so in Marx, e.g.
fundamental uncertainty/animal spirits.
Barkley Rosser