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Re: Query on Recessions

One minor amplification of Jim Devine's excellent note.  He wrote:

"A key problem is that the Greenspan years involved not "solving"
recessions as much as delaying them."

Marx was probably correct in saying that delays -- in effect, trying to resolve one
concrete contradiction -- only makes the inevitable crisis worse.  I use the analogy
of preventing forest fires, where the fuel builds up, making the eventual fire worse.



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

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
michaelperelman.wordpress.com
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