[PEN-L:32473] Re: RE: Re: RE: Re: The Economics Biz

[Doug Henwood <dhenwood@xxxxxxxxx>]

Devine, James wrote:

> 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.

The Marx of vol 3 wasn't quite this classical though, was he?

But my point was political - I doubt that Marx would be agitating for
lower marginal tax rates and elimination of the capital gains tax.

Doug