Charles Brown
>From the stock market to the Marxit
>>> Doug Henwood <dhenwood at panix.com> 09/02 6:08 PM >>>
Carrol Cox wrote:
>Someplace in Vol. 3 of *Capital* Marx declares that there is no law of
>interest rates, for interest rates are driven by the kind of contingent events
>that bourgeois economists claim drives prices, and that therefore they are
>utterly unpredictable. Does something like this observation apply to the stock
>market?
You thinking of this? "Where, as here [with interest rate determination], it is competition as such that decides, the determination is inherently accidental, purely empirical, and only pedantry or fantasy can seek to prsent this accident as something necessary." And yes; you could easily take stocks as a form of interest-bearing capital.
Doug