Greenspan IQ query
Rakesh Bhandari
bhandari at phoenix.Princeton.EDU
Fri Apr 7 09:53:14 PDT 2000
Enrique, I was referring *real* accumulation of physical machines, etc and
addition of capacity in producer goods. In order to avoid excess
capacity/idle capital, the reservoir of labor cannot dry up; scarcity of
workers in relation to real capital means surplus of workers. Of course
overcoming labor shortage does not mean profits extracted will actually
be sufficient for further accumulation--and these market caps will be
revealed to be ridiculous. But shortage of surplus value--which is what
governs all of Marx's thought--can be brought about by an insufficient
population base and/or insufficient rate of exploitation. No credit to
Greenspan really.
Yours, Rakesh
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