[PEN-L:32470] Re: RE: Re: RE: Re: The Economics Biz

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

Obviously, Marx would not be a supply sider.  Desai has prove conclusively
that he would be a follower of Hayek. :)

On Fri, Nov 22, 2002 at 08:57:19AM -0800, Devine, James wrote:
> 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

--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael@xxxxxxxxxxxxxxxxx