Doug writes that Jude Wanniski thinks that > Marx would be a supply sider today, which is silly<
it's not totally off-base, since Marx assumed the validity of Say's Law throughout most of volume I of CAPITAL after chapter 3. He argues there that higher profit rates encourage faster accumulation, which raises GDP growth.... a very "supply side" view. (What they miss are the contradictions of this process.) Finally, Marx assumed that gold was the basis for international money, which arguably made sense empirically at the time.
Jim Devine
- [PEN-L:32477] Political Economy Research Institute Newsletter, Michael Perelman Fri 22 Nov 2002, 18:13 GMT
- [PEN-L:32476] RE: Re: RE: Re: RE: Re: The Economics Biz, Devine, James Fri 22 Nov 2002, 17:53 GMT
- [PEN-L:32471] RE: The Economics Biz, Devine, James Fri 22 Nov 2002, 17:06 GMT
- [PEN-L:32474] Re: RE: The Economics Biz, Doug Henwood Fri 22 Nov 2002, 17:46 GMT
- [PEN-L:32469] RE: Re: RE: Re: The Economics Biz, Devine, James Fri 22 Nov 2002, 17:00 GMT
- [PEN-L:32470] Re: RE: Re: RE: Re: The Economics Biz, Michael Perelman Fri 22 Nov 2002, 17:04 GMT
- [PEN-L:32473] Re: RE: Re: RE: Re: The Economics Biz, Doug Henwood Fri 22 Nov 2002, 17:43 GMT
- [PEN-L:32465] RE: Re: The Economics Biz, Devine, James Fri 22 Nov 2002, 16:28 GMT
- [PEN-L:32466] Re: RE: Re: The Economics Biz, Joel Blau Fri 22 Nov 2002, 16:48 GMT