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On Fri, 6 Aug 1999 11:17:49 Jim heartfield wrote:
>The orthodox marxists rejected the argument that wage rises could
>account for inflation. As they said then - a wage rise is just one kind
>of price rise, so it is just a tautology to say that price rises cause
>price rises. The argument ran that the underlying cause of inflation was
>the declining profitability of capital, which led capitalists to
>artificially hike prices in an attempt to realise profits on the market
>that they had not earned through increased productivity.
>
Orthodox marxists with a theory of competition borrowed from the neoclassical's perfect/imperfect dichotomy, adopted by citing Kalecki's work to make it seem "heterodox", where prices can be increased independent of competition through some obscure/conspiracy theory of collusion. If this is suppossed to be Marx, it is time to start questioning the Marxist orthodoxy!!
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