Consumer debt crunch and division by two

Rob Schaap rws at
Thu Jun 11 09:29:12 PDT 1998

> ... didn't Larry Summers and one of his many sidekicks argue that
>spending on machinery and equipment is the best predictor of future
>economic growth?

And who was it who said, overcapacity in such capital equipment manufacture was a great predictor of impending crisis?

>But if the equipment investment consists of lots of Sun
>workstations in Wall Street trading rooms, you have to wonder if that rule
>applies this time. The low level of investment overall seems a pretty weak
>foundation to build a Long Boom on, but maybe I'm just lost in Second Wave,
>Old Paradigm kind of thinking.

Just you stay lost, Doug! All this new worldism is all hype without referent. 'The road ahead' goes in the same direction as the road so far, only its going down a hill now that we have 'the transformation of science itself into capital' (which quote is by Morris-Suzuki of Harry Braverman, who was, after all, only paraphrasing book 5 of the Grundrisse, eh?).

I hope to make some sense of myself when this #*! marking is over ...

Cheers, Rob.

PS You really should be watching the Italy v Chile game. It's a bewdy!

More information about the lbo-talk mailing list