--
On Fri, 6 Aug 1999 11:39:42 Max Sawicky wrote:
>Properly conceived, inflation would be the excess rate
>of growth of the price level, relative to productivity
>growth.
Properly conceived but unsatisfactorily defined, (...and profits are revenue minus costs, but what are profits really?!). These are all accounting definitions we inherited from orthodox economists that fail to truly define the origin and cause of inflation, which means that the left still lacks today a coherent and logical explanation of inflation. Maybe something to do with the lack of development of a price theory based on the labor theory of value discussing things like aggregate demand and its connection to productivity, wages, prices and values (mmm sounds like topics related to the "outdated" and unfinished debate on the "transformation problem"...)
Angelfire for your free web-based e-mail. http://www.angelfire.com