[Pen-l] Neo-classical crises

["Max Sawicky" <sawicky@xxxxxxxxxxx>]

On my ever-lengthening to-do list is investigating the mainstream's counterpart to marxian crisis theory.

Seems to me it is reduced to a currency crisis or bubble and, in contrast to the claims of high theory, tends to the anecdotal and episodic -- maybe historical -- rather than seen as a basic feature of capitalism.   (Reminds me of the classic SNL sketch of Three-Mile Island where Richard Benjamin says 'we have had a . . . surprize.')  Or, in re: the Great Depression, a consequence of imperfect economic knowledge which has since been rectified. 

Feel free to contradict me.

In this vein, a paper of interest is here:

http://www.uq.edu.au/economics/johnquiggin/JournalArticles06/Bell&QuigginJEI06Assetpricestability.pdf

The author is John Quiggin of Oz, an outstanding social-dem economist and blog-acquaintance of mine.



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