postmodernism and neoclassical economics

Lew lew at lewhiggins.freeserve.co.uk
Wed Feb 3 12:05:07 PST 1999


In article <2.2.16.19990203102023.4607754c at pop.igc.org>, Roger Odisio <rodisio at igc.org> writes


>There has been a thought cycle followed that can be crudely
>summarized as follows. J.B. Say: supply creates its own demand. More
>particularly for capitalism, saving creates investment which creates growth.
>The central accomplishment of Keynes was to show that there was no automatic
>link between savings and investment that would serve to keep things
>functioning smoothly, ever expanding output and profits.

I think you will find that Marx spotted the flaw in Say's thinking before Keynes did.

-- Lew



More information about the lbo-talk mailing list