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Re: [Pen-l] Quiggin on the Austrian Business Cycle

Doug Henwood wrote:
> But the underappreciation of money & finance is why many Marxists have
> turned to Keynes and Minsky.

Marx's underappreciation of money & finance is to some extent due to
their much simpler nature (than today) during the period in which he
wrote. But he did write some interesting empiricist stuff about the
financial boom and crash, and how the scamsters are discovered as soon
as the financial boom ends. (For Marx, a financial crash involves a
big increase in the demand for cash and the rejection of credit,
somewhat akin to the Keynesian idea of a liquidity trap.)

Of course, Keynes and Minsky had a lot of important things to add.
-- 
Jim Devine / "If heart-aches were commercials, we'd all be on TV." -- John Prine
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