Re: US Consumer Confidence indexsurges

["J. Barkley Rosser, Jr." <rosserjb@xxxxxxx>]

Charles,
     Most of those who insist on the falling rate of
profit as an inevitable law attempt to get around
the transformation problem one way or another.
This is the case with Kliman-McGlone, without
getting into the technical details.  The approach
of Moseley is separate from what one thinks of
the transformation problem, I think, although I
stand to be corrected if wrong.  His approach
involves defining some workers as productive
and others as unproductive, and then doing the
calculations from there.
Barkley Rosser
----- Original Message -----
From: "Charles Brown" <CharlesB@xxxxxxxxxxxxxxxxxxxxx>
To: <pen-l@xxxxxxxxxxxxxxxxxxx>
Sent: Wednesday, March 28, 2001 4:27 PM
>Subject: [PEN-L:9700] US Consumer Confidence indexsurges


>
>
> >>> lnp3@xxxxxxxxx 03/28/01 02:21PM >>>
> >Louis,
> >      Declining rate of profit?  Oh, so you really
> >are into all that OPE-L stuff after all, eh?  Do
> >you buy the Kliman-McGlone counterattack
> >against the Okishio Theorem to save the idea,
> >or do you prefer Fred Moseley's more empirical
> >approach with its special categorizations of labor?
> >Barkley Rosser
>
> Actually, I prefer not to get involved in these sorts of arcane debates
> abstracted from the real economy. What I am much more interested in is how
> the airline industry, which accounts for some 30 percent of the US export
> market, ran into a profit crunch in the late 1960s. This has to do with
the
> price of fuel, the investment in 747s, etc. So I suppose that I am
> something of a Moseley-ite if push comes to shove. In any case, I start
out
> with the premise that profits did hit a brick wall. When I sit down to
> write my analysis, I will probably delve into Ernest Mandel for a
> theoretical orientation. He stands head and shoulders over anybody else
who
> has done economics in the past-WWII period.
>
> (((((((((((
>
> CB: Anyway, following Marx on the law of the tendency of the rate of
profit to fall does not entail agreeing that there is a "transformation
problem" with Marx's theory, does it ?
>
>